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Axelrod Research — SNEX: The $1.6 Quadrillion TAM Still Is Not Revenue
September 5, 2026
The price has barely moved, and neither has the proof. StoneX closed at $69.46 on September 4, 2026, versus $69.66 on August 26, 2026; the promoted $1.6...
Axelrod Research — The Week: Prices Moved, but the Proof Still Did Not
September 5, 2026
Prices moved; the underwriting did not. Across five names, this was a week in which the tape tried to outrun the evidence: the strongest move was NVIDIA, yet...
Axelrod Research — NU: A Higher Price Still Lacks the Credit Proof
September 4, 2026
Nu's payments-to-banking thesis remains plausible, but the evidence still does not establish that credit economics justify paying more for it. With the...
Axelrod Research — PAGS: The Rebound Still Lacks an Underwritten Earnings Case
September 3, 2026
PagBank has rallied, but the evidence still does not support upgrading a broad payments narrative into a buy. The decision today is to HOLD: wait for issuer-...
Axelrod Research — NVDA: The $12.9bn Rumor Still Does Not Change the Call
September 2, 2026
The reported Hugging Face deal still has no primary-source foundation in the research record. At NVIDIA’s $217.44 adjusted close on 1 September 2026, the...
Axelrod Research — SHEL: At $92, an $8bn Sale Rumor Is Not a Buy
September 1, 2026
The reported ~$8bn sale of Shell chemical assets is still not an investable thesis. With SHEL at $92.3748 at 7:02 a.m. ET on 1 September 2026, the right call...
Axelrod Research — AAPL: Apple Pay Still Does Not Earn Its Own Valuation
August 30, 2026
Apple Pay may own the customer screen, but Apple still does not disclose enough payments economics to value that position separately. With AAPL closing at...
Axelrod Research — The Week: Headlines Multiplied, but Proof Did Not
August 29, 2026
A busy tape did not produce a busy book. The common thread was the gap between a corporate headline and investable evidence: an alleged $12.9bn AI...
Axelrod Research — KLAR: A 75% Drawdown Still Does Not Make the Economics Investable
August 28, 2026
Klarna’s collapse from its 52-week high looks tempting, but the evidence is still too thin to underwrite the credit cycle. The stock is cheap only relative...
Axelrod Research — UBER: Drone Delivery Is Optionality, Not Yet an Earnings Catalyst
August 27, 2026
The drone-delivery story does not change the Uber call today. End-2026 launch timing and a 2029 scale target may be strategically interesting, but neither...
Axelrod Research — DB: A $39 Stock Still Needs Proof of the Commodities Rebuild
August 26, 2026
The market can price a strategy before management explains it, but investors should not pay for an unverified one. Deutsche Bank's reported commodities...
Axelrod Research — WMT: $106 Prices In More Margin Than Q1 Delivered
August 25, 2026
Walmart’s U.S. operating-chief change remains real but financially unproven; the stock price is doing far more work than that personnel story. At the 24...
Axelrod Research — JPM: Strong Earnings Are Fully Priced at 3.1× Tangible Book
August 24, 2026
JPMorgan’s operating quarter remains excellent; the valuation is the constraint. At $351.58 at the 21 August 2026 close, the shares trade at roughly 3.1×...
Axelrod Research — COIN: A 25% Rally Moves the Call to Hold
August 23, 2026
Coinbase’s diversification thesis still works, but the stock has moved faster than the evidence. With no newer operating filing than Q2 2026 and COIN up...
Axelrod Research — MRNA: Phase 2b Evidence Does Not Justify Chasing $145
August 22, 2026
The melanoma signal is real; the certainty being sold around it is not. Moderna closed at $145.13 on 21 August 2026 after touching $159.47, but the evidence...
Axelrod Research — The Week: Proof, Not Personnel Headlines, Left LMT the Sole Buy
August 22, 2026
The week split cleanly between evidence that can be underwritten and headlines that cannot. Lockheed Martin remains the book’s sole BUY because demand is...
Axelrod Research — XOM: Better Cash Flow Does Not Justify Chasing $166
August 21, 2026
XOM’s operating case is stronger than it was in July; the price case is not. Record Permian output and Q2 cash generation validate the company-specific...
Axelrod Research — LMT: The Patriot Thesis Still Works Below $600
August 20, 2026
The Patriot thesis has barely moved while the share price has: Lockheed Martin closed at $589.15 on August 19, 2026, only 1.1% above the $582.74 August 1...
Axelrod Research — AMD: At $484, the $460 Line Still Says Wait
August 19, 2026
AMD's AI-infrastructure thesis is still alive, but the stock has not offered the price needed to underwrite its execution risk. Since my 3 August issue, AMD...
Axelrod Research — MRK: The Bridge Is Working, but $136 Is a Hold
August 18, 2026
Merck’s post-Keytruda bridge is becoming more credible: Q2’26 sales grew, KEYTRUDA held its trajectory, and WINREVAIR accelerated. The stock has also moved...
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