The Bear Cave #347
Welcome to The Bear Cave! The last premium articles for paid readers were “ Problems at Jackson Financial ($JXN) ” and “ More Problems at Ethos (LIFE) .” Our next special investigation is scheduled for Thursday, October 15. Subscribe now New Activist Reports Jehoshaphat Research published on PROG Holdings (NYSE: PRG — $1.21 billion), alleging that looser lending standards and optimistic loss assumptions are masking weakness at the consumer-finance company. It cited past-due loans reaching 27.2% of Four and MoneyApp’s combined portfolio by June-end, with reserves covering just around 73% of those balances. It also questioned whether an accounting change fully explained Purchasing Power’s $70 million revenue-guidance cut, which PROG said would have no material earnings impact. Morpheus Research published on Fervo Energy (NASDAQ: FRVO — $4.05 billion), the geothermal developer that raised $2.2 billion in its May IPO . Using Nevada regulatory records, the firm argued that Fervo’s pilot had performed materially worse than investor presentations suggested. The report questioned whether data on existing projects supports Fervo’s planned commercial expansion and argued that its power contracts could expose the company to losses and performance penalties . Hunterbrook Media published a follow-up on Lennar (NYSE: LEN — $18.2 billion) and Millrose Properties (NYSE: MRP — $3.71 billion), challenging the spinout’s explanation for buying homes from its former parent. Berkshire Hathaway took its first two day break from purchasing Lennar shares since September 17. Notable Departures Recent filings highlighted the following departures: Chief Accounting Officer of Alkami Technology (NASDAQ: ALKT — $1.53 billion) resigned after about 28 months in the job and will remain through November 2 to hand over her responsibilities. The CFO will temporarily assume the principal accounting officer duties while Alkami recruits a replacement. Executive Vice President, Global General Counsel and Corporate Affairs Officer of Kraft Heinz (NYSE: KHC — $26.4 billion) gave notice that she will leave on October 20, roughly 23 months after taking the position. The filing says she is leaving for other opportunities and names no successor. President and Chief Executive Officer of Athleta, a Gap (NYSE: GAP — $8.16 billion) brand, is leaving after about 14 months to become Lululemon ’s President and Chief Product Officer. Her exit followed a second quarter in which Athleta’s net sales fell 12% to $264 million and comparable sales also declined 12%. Senior Vice President of Sales, Americas Enterprise at Snowflake (NYSE: SNOW — $130 billion) left for a sales leadership role at OpenAI after seven years with Snowflake. The departure was not announced by the company. Senior Vice President and Group Executive of Roper Technologies (NASDAQ: ROP — $36.0 billion) announced retirement on LinkedIn October 6. He moved into the full-time operating Group Executive role in April 2024 after leading Deltek as President and CEO. Departure research provided by Canary Data . News of the Week The Financial Times reported that U.S. telecom companies lost $60 billion in market value after SpaceX announced a spectrum acquisition. $ASTS was also hit hard, down 10% in a day. Bloomberg reported that Electronic Arts obtained an investment-grade rating from the ever-controversial Egan-Jones for a subset of its bonds to counter bondholders’ demands for repayment at a premium following its take-private. Creditors allege a default, while EA argues that the rating and Treasury securities set aside to cover future payments eliminate that obligation. Separately, Bloomberg reported that investors withdrew $2.4 billion from Guggenheim Partners ’ four largest mutual funds in September, up from $647 million in August, following reports of a federal investigation into CEO Mark Walter’s business dealings. Guggenheim said the funds continued to deliver competitive investment performance. The FDA issued an early alert about Philips and its Lumify ultrasound systems, citing software and connection problems that can interrupt scanning and delay care. The FDA said Philips had reported eight serious injuries and four deaths associated with the issue. Semafor reported that the New York Fed has been reviewing major banks’ loans to private-credit firms since the spring, including exposures at JPMorgan , Wells Fargo , Barclays , and Morgan Stanley . Officials have examined collateral and risk controls, prompted partly by JPMorgan ’s markdowns of loans in private-credit portfolios, particularly to software companies facing AI disruption. Tweets of the Week @business \n bloomberg.com/news/articles/… ","username":"carlquintanilla","name":"Carl Quintanilla","profile_image_url":"https://pbs.substack.com/profile_images/2039677427241414656/sw7yVB7e_normal.jpg","date":"2026-10-06T22:35:40.000Z","photos":[{"img_url":"https://pbs.substack.com/media/HT-zq0vXYAAbx9U.jpg","link_url":"https://t.co/3tOtNDAuoL"}],"quoted_tweet":{},"reply_count":15,"retweet_count":73,"like_count":200,"impression_count":17400,"expanded_url":null,"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> #Bunge now leaving, following the Chief Accounting Officer departure last month. I thought there was so much upside to the Viterra transaction, why leave now? #bearish \n\n sec.gov/ix?doc=/Archiv… ","username":"sprucepointcap","name":"Spruce Point Capital","profile_image_url":"https://pbs.substack.com/profile_images/1060368199642951681/Rp0CQDXU_normal.jpg","date":"2026-10-06T17:23:26.000Z","photos":[],"quoted_tweet":{},"reply_count":2,"retweet_count":0,"like_count":7,"impression_count":4098,"expanded_url":null,"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> a16z.news/p/this-week-in… ","username":"a16z","name":"a16z","profile_image_url":"https://pbs.substack.com/profile_images/1919488160125616128/QAZXTMEj_normal.png","date":"2026-10-09T20:57:45.000Z","photos":[{"img_url":"https://pbs.substack.com/media/HUN6B-HbcAAdAoQ.jpg","link_url":"https://t.co/PPd2IZND0b"}],"quoted_tweet":{},"reply_count":264,"retweet_count":491,"like_count":5155,"impression_count":790661,"expanded_url":null,"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> @BullpenDotNews the easiest way to discover new stock ideas, especially for tech and consumer investors\n\nEvery morning, we send a free email rounding up the latest stock pitches from across the internet.\n\nSign up and read the last edition:…","username":"StockJabber","name":"Edwin Dorsey","profile_image_url":"https://pbs.substack.com/profile_images/1751115338215792640/_hjkS-mN_normal.jpg","date":"2026-10-09T16:35:03.000Z","photos":[],"quoted_tweet":{},"reply_count":0,"retweet_count":1,"like_count":8,"impression_count":4784,"expanded_url":null,"video_url":null,"video_preview_media_key":null,"belowTheFold":true}" data-component-name="Twitter2ToDOM"> Until Thursday, The Bear Cave New? Sign Up Here Got Feedback? Just Hit Reply The Bear Cave is Not Investment Advice. See Full Disclosures Here . Based on Hunterbrook Media’s reporting, Hunterbrook Capital is short $LIFE, short $LEN and short $MRP at the time of this publication. Positions may change at any time. Twitter: @BearCaveEmail