The most boring part of any deal just became the most interesting story in enterprise software. 

You can get ahead of the market’s take on this AI contract partnership before the adoption numbers start showing up in the earnings calls.

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Consumer Audio

Sonos Inc (NASDAQ: SONO) is back in the room, and this time it has nothing to do with a buggy app update or a delayed hardware release. 

Coliseum Capital quietly invested roughly $9 million in the stock across several sessions, building upon a substantial existing position. 

When a fund with a reputation for concentrated, high-conviction bets keeps reaching into the same name, that’s a deliberate statement about where they think price is going.

The tone around Sonos has genuinely shifted. You’re looking at a company that proved it can execute, with a large, experienced shareholder doubling down at market price.

A Seasoned Fund Just Pressed Play at Today’s Price

Big money landing at current trading levels rather than well below them sends a specific message: this isn’t bargain hunting from a deep discount, it’s forward-looking conviction placed right where the stock actually trades. 

The fund didn’t wait for a dip that never arrived. 

It stepped in at the market and kept going, which is the kind of accumulation pattern that tends to matter once the price starts moving in the right direction.

Deliberate Buying Tends to Mean More Than a Single Big Print

The purchases were spread across multiple sessions, unhurried and consistent... exactly the fingerprint of a fund adding with intent rather than reacting to a news catalyst

. When accumulation happens at today’s range rather than some historical low, the trade is squarely on where the stock is heading, not where it came from.

Engineering & Construction

Fluor Corporation’s (NYSE: FLR) price action has been grinding higher in a way that looks like patient accumulation — the kind of move that trend followers clock early, and momentum traders miss until it’s already priced in and obvious.

Volume has been cooperative throughout. 

Relative performance across multiple timeframes has held up, and participation patterns point toward sustained interest rather than a short burst of enthusiasm that fades before you can act on it. 

Momentum that breathes through consistent liquidity rather than headline spikes tends to last... and right now, Fluor’s tape is reading exactly that way.

Earnings Forecast Revisions Are Drifting Higher

The earnings outlook has been quietly improving with the consistency of a company that’s earning its re-rating rather than borrowing one from a hot sector narrative. 

Expectations are settling into a brighter range, and the gradual nature of that shift is actually a feature rather than a limitation — slow confidence sticks better than the kind that arrives in a press release and evaporates two weeks later.

Volume Patterns Are Telling You Someone Has Been Paying Attention

Participation in the shares has stayed healthy across recent sessions, with volume trends pointing toward ongoing interest rather than episodic bursts that flare and fade. 

Momentum needs liquidity to sustain itself, and Fluor’s tape is currently providing exactly that — steady, quiet, and worth watching before it gets louder.

Technology Hardware

Something is shifting in how the market thinks about Vishay Precision Group (NYSE: VPG), and fair value estimates moving from the high forties into the low fifties is the clearest sign of it. 

B. Riley Financial and Lake Street Capital Markets are both pointing higher, working from stronger assumptions around revenue stability and margin expansion. 

It’s not a dramatic reprice — it’s a careful one — and careful upgrades backed by revised fundamentals tend to age better than the headline-driven kind.

Higher Price Targets Mean the Bar Just Moved

Revised fair value estimates backed by stronger revenue and margin assumptions are doing exactly what they’re supposed to — making the market reconsider what it’s been willing to pay. 

The upgrade cycle is early enough that quarterly results are still the thing that validates or quietly walks back the new targets, which means the next few reports carry more weight than a typical quarter would.

Index Inclusion Puts This Name on Radars

Joining the S&P Technology Hardware Select Industry Index isn’t just a badge — it changes the structural ownership universe overnight. 

Passive funds and sector-focused strategies now have a mechanical reason to hold the stock, and that kind of systematic flow tends to be steadier and less sentiment-driven than discretionary buying alone.

Installed Building Products Inc (NYSE: IBP) is one of those names where the earnings scorecard does more convincing than any analyst write-up could. 

Three upside EPS surprises in four quarters is a pattern, not a coincidence, and revenue clearing expectations alongside it tells you project flow inside the construction ecosystem is holding up better than the broader sector noise implies. 

The near-term story leans on management’s next guidance read, but the track record earns a spot on the tactical watch list for anyone running a short-horizon construction thesis without wanting to own pure commodity risk.

DocuSign Inc (NASDAQ: DOCU) just handed the market a concrete reason to reconsider what it is now versus what it was at peak SaaS valuations. 

The Anthropic partnership moves its Intelligent Agreement Management platform from a passive document repository into something that actually executes... drafting, routing, and managing contracts through natural language without trading away enterprise-grade security. 

CEO Allan Thygesen is framing it as a workflow transformation, which either proves itself in adoption metrics over the next few quarters or doesn’t. 

Shares near 52-week lows mean a momentum catch-up trade exists if the near-term adoption data comes in strong, and that’s worth watching before the broader market finishes reading the press release.

Chewy Inc (NYSE: CHWY) is at the point in its story where the gap between what DCF models suggest and what the market is pricing has become the headline itself. 

Intrinsic value estimates around the mid-$20s assume steady customer growth and continued service expansion — and the recurring nature of pet care spending gives those assumptions more defensibility than most consumer retail platforms can credibly claim. 

Short-term sentiment is still an overhang, but the underlying platform thesis hasn’t structurally broken. 

If margin discipline keeps improving, the valuation gap closes from both ends simultaneously, and that’s usually when patience stops feeling like a liability.

That's our coverage for today; thanks for reading! Reply to this email with feedback or any value names you'd like us to dig into.

Best Regards,
—Noah Zelvis
Undervalued Edge