Market Update: Connecting the Dots
Cannibals,
I won’t bombard your inbox every day.
But there are a few things happening behind the scenes that I think are important, and that you should know about. So this time I am making a small exception and writing a short update. Going forward, these smaller updates will be posted in our Substack Chat or Substack Notes instead.
So don’t hold it against me. I promise I am not trying to turn your inbox into CNBC. 🙂
The first update is that over the last few days I have been working on a new tool that analyzes SEC EDGAR filings. The Cannibal Radar.
Every trading day I want to know which companies announce a new buyback program, increase an existing authorization, extend a repurchase program, or do anything else related to share repurchases.
This will become a new source of ideas and future posts.
The Cannibal Radar has already been running for several days. There are still a few things I need to improve and automate, so don’t criticize me if everything isn’t perfect just yet. But even in its current form, it is already proving to be extremely useful and hopefully no cannibal will escape our attention.
Most of the companies showing up on the radar are either just starting their buyback journey or are increasing and extending existing repurchase programs. Those announcements often go unnoticed by the market.
Sometimes they don’t matter. Sometimes they matter a lot.
In fact, one such example appeared today.
This company is actually very familiar to me. I spent a lot of time analyzing Arch and Consol in the past, and CNR is essentially the merger of those two businesses. Because of that, I already have a decent understanding of the company, and a full write-up will probably be coming sometime next week.
But there are even more important developments taking place right now.
Let’s talk about that.
