The Zorro Trade Journal

Notes on IPOs, sector rotation, screening and market structure — written from the same models and data that run the app. A new entry most days.

• This Week in IPOs — India's Two Biggest Deals Diverge
  Jio Platforms set a price band below earlier hopes this week while Zetwerk's valuation guidance moved higher — plus a biotech prices and a dental-tech files.
  2026-10-11 · ipos · pipeline
• The AI Power Boom Is Skipping the Utilities Sector
  Dozens of AI power-infrastructure IPOs are filing, but none in Zorro's pipeline carry a Utilities sector tag. Here's the classification gap behind that.
  2026-10-10 · rotation · pipeline
• The Breaking Out screen: Zorro's one momentum filter, explained
  Seven of Zorro's eight stock screens look for cheap, steady or undervalued. One looks for strength instead. Here are its four exact conditions.
  2026-10-09 · screening · methodology
• ADSs Explained: Why DayOne and Nscale List Differently
  DayOne is offering ADSs on Nasdaq; Nscale is listing ordinary shares directly on the NYSE. Both are foreign-headquartered IPOs — the mechanism differs for a real reason.
  2026-10-08 · ipos · education
• Nscale's IPO: a $45B Anthropic Deal It Still Has to Finance
  Nscale filed to list on the NYSE days after signing a $44.6B Anthropic compute deal. The S-1 itself says the buildout still needs financing.
  2026-10-07 · ipos · pipeline
• This Week in IPOs — Two National Records, One Monday
  GCash and Firmus Technologies both open public order books on October 6, while DayOne Data Centers and Lycia Therapeutics file fresh IPO paperwork.
  2026-10-06 · ipos · pipeline
• Utilities Flipped Direction 5 Days Straight. That's Not a Trend.
  The average NASDAQ-listed utility stock reversed sign every session for a week while the 10-year yield rose 11bp. Here's why that's noise, not rotation.
  2026-10-05 · rotation · markets
• Forward-to-Trailing P/E: The Value Screen's Trap Filter
  Forward P/E over trailing P/E is how two of Zorro's value screens catch a stock that's cheap only because this year's earnings won't repeat.
  2026-10-04 · screening · methodology
• Direct Listings, Explained — Why 2026 Broke the Model
  Direct listings skip underwriters and bookbuilding entirely. 2026 had more of them than any year on record — and most lost the bulk of their value.
  2026-10-03 · ipos · education
• Airtel Money IPO Spotlight: London's Biggest Listing Since Wise
  Airtel Money priced its London IPO at a $7B valuation on Oct 1 — the city's largest listing in five years, and every single share sold is secondary.
  2026-10-02 · ipos · pipeline
• This Week in IPOs — Oura Pulls Its Deal, GCash Prices Lower
  Oura postponed its oversubscribed IPO the night before pricing. Mynt (GCash) just cut its price 34% and went anyway. Same week, opposite calls.
  2026-10-01 · ipos · pipeline
• Why the S&P 500 Can Fall While Most Sectors Rise
  On Sept 29, 2026 the S&P 500 dropped 0.8% even as eight of eleven sectors gained. The mechanics of cap-weighting explain the gap.
  2026-09-30 · markets · rotation · education
• Dividend yield vs. growth: what AT&T's 2022 cut explains
  AT&T yields over 4% today but hasn't raised its payout since a 2022 cut. Here's why a dividend screen needs growth and coverage, not yield alone.
  2026-09-29 · screening · education
• Cornerstone Investors — How Anchor Money Gets Locked Into an IPO
  How cornerstone investors like Nvidia and Eli Lilly pre-commit IPO capital before pricing, what the lock-up requires, and why it's not free for the issuer.
  2026-09-28 · ipos · education
• GCash's IPO: why most of the ₱92.3B raise skips the company
  Mynt's GCash prices October 1 for a ₱92.3 billion IPO — the Philippines' largest ever — but most of the shares sold are secondary.
  2026-09-27 · ipos · pipeline
• This week in IPOs — Oura sails through as data-center deals stall
  Oura's roadshow drew cornerstone buyers this week, while SB Energy delayed its IPO on valuation pushback. Same week, opposite outcomes — here's why.
  2026-09-26 · ipos · pipeline
• Utilities and Real Estate Split After the Same Rate Shock
  Both fell hard on September 14's Treasury spike as bond proxies. Ten sessions later, one kept sliding and one round-tripped to flat. Here's why.
  2026-09-25 · rotation · markets
• The fallen angel screen: what actually has to clear it
  A beaten-down stock isn't a screen. Here are the six exact conditions Zorro Trade's fallen angel preset checks, walked through with a real 2026 name.
  2026-09-24 · screening · education
• S-1 risk factors: when the investor is also the customer
  Nscale and SB Energy's S-1 filings show how AI-infrastructure IPOs disclose customer concentration when the biggest backer is also the biggest buyer.
  2026-09-23 · ipos · education
• Spinny IPO spotlight: a full-stack bet on used cars
  Spinny filed confidential IPO papers with SEBI on September 22 — here's its buy-refurbish-resell model and how it differs from CarTrade's marketplace.
  2026-09-22 · ipos · pipeline
• This week in IPOs — two deals finish, one is still a headline
  NSE India and Ligent both hit final IPO milestones today, while ProEnergy's $50B listing is still a Bloomberg report with no S-1 filed yet.
  2026-09-21 · ipos · pipeline
• Why Bank Stocks Fell Hardest After the Fed's Rate Hike
  The Fed raised rates Sept 16 for the first time since 2023 — and bank stocks had their worst day in months. Here's the mechanism the textbook skips.
  2026-09-20 · rotation · markets
• EV/EBITDA vs. P/E: what AT&T's $163B in debt hides
  AT&T's P/E of 8.4 looks cheap on its own, but EV/EBITDA of 5.9 tells a fuller story once $163B of debt enters the calculation.
  2026-09-19 · screening · education
• The underwriting discount: what IPO banks actually get paid
  Every IPO prospectus cover page lists a fee few readers notice. Holtec Nuclear's Nasdaq debut today is a real deal to walk through how it works.
  2026-09-18 · ipos · education
• Discord's IPO: a valuation cut and a legal overhang
  Discord's IPO has drifted from a March 2026 target toward 2027, while secondary pricing has nearly halved since 2021 — for concrete reasons.
  2026-09-17 · ipos · pipeline
• This week in IPOs: three exchanges, three allocation mechanisms
  Holtec prices on Nasdaq, NSE India opens for subscription, and Ligent debuts in Hong Kong — one week, three different ways to allocate an IPO.
  2026-09-16 · ipos · pipeline
• When bond yields spike, rate-sensitive sectors move first
  A single day's 10-year Treasury spike to 5% split S&P sectors by nearly five points. Here's the mechanism, and why one day isn't a rotation call.
  2026-09-15 · rotation · markets
• ROIC vs. ROE: the metric a quality screen actually needs
  Return on equity gets inflated by debt; return on invested capital doesn't. Here's why a quality screen leans on ROIC, with the exact thresholds involved.
  2026-09-14 · screening · education
• The IPO Quiet Period, Explained Through Holtec's Timeline
  Holtec Nuclear's roadshow shows why "quiet period" is two separate rules — one restricting the company pre-IPO, another restricting analysts after.
  2026-09-13 · ipos · education
• The S&P 500 Index-Inclusion Effect, Explained
  Joining the S&P 500 forces passive funds to buy a stock for reasons that have nothing to do with its business. Here's the mechanism, with real cases.
  2026-09-12 · markets · education
• NSE IPO spotlight: an all-OFS listing, a decade in the making
  India's National Stock Exchange set a ₹1,700–1,785 price band this week for an IPO that raises no new capital at all — here's why, and what it sells.
  2026-09-11 · ipos · pipeline
• This week in IPOs — Holtec prices, Jio roadshows, Oura waits
  Holtec Nuclear set terms this week, Jio Platforms began its global roadshow, and Oura's S-1 still has no price range — three stages, one pipeline.
  2026-09-10 · ipos · pipeline
• Why GARP screens use two growth rates, not one
  The classic PEG ratio trusts a single growth number. Here is how a GARP screen forces revenue and earnings growth to agree before trusting either.
  2026-09-09 · screening · education
• The greenshoe option, explained through Holtec's 7.5M shares
  Underwriters can sell up to 15% more IPO shares than a company issues. Holtec Nuclear's filing this week hits that cap exactly — here's why it exists.
  2026-09-08 · ipos · education
• When GICS redraws sector lines, rotation weights jump overnight
  Not every sector-weight shift is money moving. Twice this decade, index providers redrew sector boundaries and reshuffled weights overnight.
  2026-09-07 · rotation · methodology
• Backlog isn't revenue — reading SB Energy's $439B number
  SB Energy's S-1 lists $439B in contracted backlog, but only ~$1B is expected to become revenue in 24 months. Here's how backlog actually converts.
  2026-09-06 · ipos · education
• Anthropic IPO Spotlight — A Potential $2 Trillion Listing
  Anthropic's prospectus has slipped to late September, but revenue that just passed OpenAI's explains why the valuation target keeps climbing.
  2026-09-05 · ipos · pipeline
• This week in IPOs — Oura, SB Energy and Aggreko file
  Oura's public S-1 showed 74% revenue growth, SB Energy filed with $3B from Nvidia, and Aggreko joined the data-center power IPO wave.
  2026-09-04 · ipos · pipeline
• Free cash flow yield, done properly (and where it breaks)
  FCF yield beats P/E on paper — until it hits a bank, a bad data print, or a company with no cash flow history yet. Here's how to use it correctly.
  2026-09-03 · screening · education
• IPO lockup expirations: what they are and why the calendar matters
  Insiders can't sell for roughly 90 to 180 days after an IPO. When that window opens, supply changes overnight — here's how lockups work and what typically happens.
  2026-09-02 · ipos · education
• Oura's IPO: the math behind the $16B target
  Oura filed confidentially for an IPO in May and is targeting a September listing above $16B, up from $11B a year ago. Here is the math behind it.
  2026-09-02 · ipos · pipeline
• SPACs and real IPOs don't belong in the same statistic
  Most "average IPO return" numbers blend blank-check shells with operating companies. The two cohorts behave nothing alike — and the blended number describes neither.
  2026-09-02 · ipos · methodology
• What is sector rotation, and how do you read a rotation model?
  Money moves between sectors in cycles — out of what's overheated, into what's neglected. Here's the logic behind rotation models and how to read one without overtrading it.
  2026-09-02 · rotation · education