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Matthew_Warder

Matt Warder

Chief Analyst of Cabot Turnaround Letter

Matt Warder is an energy, metals, and mining analyst with nearly two decades of experience covering the natural resource and industrial sectors. As founder and CEO of management consultancy and financial analytics firm Seawolf Research, he provides investment and consulting services to clients across multiple sectors with a pronounced focus on energy, metals, mining, and industrial supply chains.

Prior to forming Seawolf, Matt co-founded and served as Director of Energy Capital Research Group (ECRG), where he managed an 8-person team dedicated to cross-sector equity research, due diligence, financial modeling, and commodity supply/demand/price forecasting for a major financial publisher. In that remit, he designed and directed development of a Python-driven, customizable financial data platform for his team’s proprietary securities analysis, and authored a weekly natural resources-focused newsletter alongside legendary mining investor Rick Rule.

Matt’s tenure at ECRG followed nearly a decade at global energy/metals/mining research consultancy Wood Mackenzie. At WoodMac, Matt served as Principal Analyst for Coal, Iron Ore, and Steel Costs, leading several supply side analysis teams across the North and South American industries, and helping to develop the company’s asset-by-asset cost research from the ground up. While in those positions, he authored over 150 reports annually covering individual assets, regional supply studies, and emerging trends in the steel raw materials markets – in addition to providing bespoke research and consulting services for industry clients and institutional investors.

Matt frequently presents at natural resources conferences around the world and holds a Bachelor of Science in Chemistry from the College of William & Mary.

From this author
Xerox (XRX) reported significant year-on-year decreases in both revenue and earnings on Tuesday, showing a net loss of -$113M (versus estimates of +$49.5M) on revenue of $1.5B, down 12.4% from last year’s 1Q. Despite the disappointing results, CEO Steve Bandrowczak remains optimistic about the company’s restructuring strategy, which aims to align Xerox more closely with market demands and improve operational efficiency.
In twenty years of price forecasting, the most valuable lesson I have learned is that the rate of change tells us everything we need to know about the immediate future. When it accelerates, it tends to continue accelerating. When it decelerates, it tends to continue decelerating. And surprisingly, this tends to be the case no matter what metric we choose to examine.
Nokia (NOK) missed on revenue but beat on earnings yesterday, reporting EPS of $0.10/share, which exceeded estimates by over 50%. CEO Pekka Lundmark noted that 2024 will probably remain a weak year for the mobile RAN (radio access network) market, but reiterated expectations that it will likely pick up over the final two quarters. Declining demand for 5G equipment in the U.S./Canada, and a significant slowdown in China (also notably affecting AAPL) are the root cause, but economic data has only recently started to inflect.
Wells Fargo (WFC) kicked off the Cabot Turnaround Letter earnings season today, showing EPS of $1.26/share, which exceeded estimates by 17 cents. WFC also beat top-line revenue estimates by $710M, coming in at $20.86B. Despite the comfortable beats, WFC shares are essentially flat for the day.
The next earnings season starts very soon, with Mattel (MAT) set to report on Tuesday, April 23.