AlphaScala Daily: NKE cluster buy, TROW tops the model

Good morning.

Gold sits at $4,060 and ETH is holding just under $1,884 into a quiet Friday tape, with BTC flat near $65K. The signal that stands out: four Nike insiders bought in the last 30 days, a net $2.17M over 90 days, while TSM logged a 10-insider cluster for a fraction of that dollar amount. T. Rowe Price leads our model at 81, with Kinross Gold close behind at 79. Rep. Jim Himes, meanwhile, sold BAC, XOM and Home Depot. Here's what matters.

Markets

• XAU/USD 4,060.03 ▲ +0.26% (Gold)
• ETH/USD 1,883.92 ▲ +0.29% (ETH)

Deal Flow

M&A

• Mirae Asset Acquires 97% of Korbit After Regulatory Clearance (Crypto Economy) Mirae Asset Consulting now holds 97.15% of Korbit after regulatory clearance. Services continue without interruption, and customer assets remain separate under Korean law.
• Mirae Asset Takes 97% of Korbit in TradFi-Crypto Infrastructure Play (Tokenpost) Mirae Asset Consulting acquired 97.15% of South Korea's first crypto exchange, placing a $1T TradFi group behind a regulated digital-asset gateway. Korbit stressed operational…
• Mirae Asset Group acquires 97% of Korbit exchange (CoinDesk) Mirae Asset Group's affiliate now holds a 97.15% stake in Korbit, South Korea's oldest crypto exchange. Services continue unchanged; the deal signals traditional finance's push…
• Man Group Discloses 1.2% Stake in AMG Critical Materials NV (Manilatimes) Man Group bought 1,000 shares at €16.64 each, according to a Takeover Panel filing. The disclosure comes as demand for critical metals like vanadium and lithium stays steady.
• Mirae Asset rebrands Korbit as Digital X in crypto push (Crypto news) Mirae Asset rebrands Korbit as Digital X after acquiring 97% of the exchange. The group plans to build tokenization and STO products, positioning the platform at the center of its…

Headline Roundup

Earnings

• TSMC Q1 Revenue Tops Estimates, AI Revenue 7% of Total (SA) TSMC Q1 revenue beat by $120M, Q2 guidance above consensus. AI chip demand from Nvidia boosts outlook. CapEx guidance unchanged at $28-32B.

Stocks

• STL revenue jumps 87% to record INR 1,910 Cr in Q1 FY27 (BL) Revenue hit INR 1,910 Cr, EBITDA INR 397 Cr, both records. Data center business scaled as AI demand boosted product mix. Order book at INR 18,618 Cr.
• At 55, 300 applications and 14 months without a job offer (BI) A 55-year-old communications professional has applied for more than 300 jobs since March 2025. She says ageism and overqualification are keeping her out.
• Ukraine's Defense Industry Shift Rewrites the Playbook for Western Military Contractors (BI) Ukraine evolved from accepting old weapons to driving military innovation. Western defense contractors are now partnering with Kyiv to learn rapid development and battlefield…
• Seeking Alpha Article Calls AppLovin a Strong Buy After 17% Drop (SA) A Seeking Alpha contributor with a long position in APP calls the stock a strong buy after a 17% decline. The AlphaScala Score is 45/100, labeled Mixed.
• Alphabet's 7% Drop Erases a Beat. The Cloud Number Held. (SA) Alphabet beat revenue and profit estimates but shares fell 7% on higher capex guidance. Cloud revenue topped $11B, signaling the company is holding share in the AI race.
• India's PLI schemes draw ₹2.4 lakh crore investment, ₹35,354 crore disbursed (BL) India's PLI schemes drew ₹2.4 lakh crore in investment through March, with ₹35,354 crore in incentives disbursed. Pharma sector sales hit ₹3.64 lakh crore.
• Why Abolitionists Sought Disunion (Mises) Abolitionists like William Lloyd Garrison and William Leggett argued that the Union protected slavery. They called for disunion as a moral strategy to end the institution.
• Government and CJP to Meet Again Saturday Over Pradhan Resignation (Mint) The government and CJP will hold a third round of talks Saturday. The resignation demand remains unresolved after Friday's two-hour meeting, with the government seeking more time.

Crypto

• Bitfinex completes El Salvador licence set across three markets (Crypto news) Bitfinex secured a DASP licence in El Salvador, completing a regulatory structure for spot trading and derivatives. The exchange, which also has a securities entity, said the…
• Crypto Study Projects $55 Billion, 232,000 US Jobs (The Currency Analytics) A new study projects the US crypto sector will inject $55 billion into the economy and support 232,000 jobs directly and indirectly, framing the industry's broader footprint…
• Crypto market maker B2C2's $1B valuation stalls sale talks (CoinDesk) B2C2's sale talks have dragged on for 18 months as a $1B valuation remains a sticking point, with M&A expected to accelerate in 2026 as crypto firms consolidate.
• EU Holds Fire on Tariff Retaliation, Crypto on Edge (Crypto Briefing) Brussels signals it may invoke the Anti-Coercion Instrument against Trump's 25% auto tariffs, a move that could amplify crypto sell-offs and force leveraged unwinds.
• Dogecoin and Shiba Inu hit three-year low as bitcoin's share surges (CoinDesk) Dogecoin and Shiba Inu combined market cap falls to $13.27B, lowest in three years, as bitcoin's 10% rally pulls capital from meme tokens toward institutional-grade assets.
• ICBC Executes First Digital Yuan CBETS Transaction with Singapore (Blockonomi) ICBC executed a 10 million yuan cross-border digital yuan settlement via CBETS, cutting settlement time from days to hours. The transaction signals growing adoption of China's…
• Tokenized assets need a price-feed safety net before institutions commit DeFi capital (CryptoSlate) Tokenized stocks and bonds need price feeds that survive weekends and halts. Institutions demand an oracle governance layer before committing DeFi capital at scale.
• Meta's new Seller app for Marketplace avoids crypto payments (Crypto Briefing) Meta's new standalone Seller app for Facebook Marketplace streamlines listings for small sellers. A decade in, the platform still runs on traditional rails with no crypto…

Forex / Commodities

• Harley-Davidson Q2 2026 Call: Analysts Watch for Forward Guidance (SA) Harley-Davidson reported Q2 2026 results on July 23. CEO Arthur Starrs and CFO Jonathan Root addressed analysts from Baird, Morgan Stanley, and others. The company cautioned on…
• Sensex, Nifty Drop Fifth Session; Infosys Cuts Forecast (Rediff) FIIs sold Rs 2,999 crore; Brent crude eased 3.7% to $97 after topping $100. Infosys trimmed revenue guidance, adding to tech drag. Analysts see near-term pressure.
• Oil pulls back 2.7% as markets pause ahead of weekend (Forex Live) WTI crude fell 2.7% to $89.65 as markets took a breather from the week's risk-off tone. The dollar edged lower, European equities posted modest gains, and gold recovered to…
• RBI Intervention shields rupee in face of oil, hedging strain (The Economic Times) The RBI sold dollars via sell-buy swaps as crude climbed and NDF maturities created dollar demand. Oil's rise widens India's import bill, threatening the current account.
• Tech selloff, oil above $100 drag ASX 200 0.8% lower (Smallcaps) Oil above $100 and a tech selloff on AI cost fears pushed the ASX 200 down 0.8%. Energy names rose. US megacap earnings and local CPI data are next.
• Infineum, Kangtai expand distribution pact in Southern Asia (Manilatimes) Infineum and Kangtai signed a distribution deal for Southern Asia on July 22, giving Infineum's distributors access to Kangtai's lubricant additives and specialty chemicals.
• UK Flash PMI Composite Rises to 52.1, Returns to Expansion (Action Forex) UK flash composite PMI rose to 52.1 in July, its highest in three months, as manufacturing output hit a 22-month high. Services also returned to growth. Easing price pressures…
• UK July services PMI rises to 51.8, topping expectations (Forex Live) Activity rebounded on good weather and World Cup, though growth remained lacklustre. Manufacturing now growing faster than services; sustained cooling not assured, S&P Global…

Smart Money

• James A. Himes (D-CT): SALE BAC
• James A. Himes (D-CT): SALE XOM
• James A. Himes (D-CT): SALE HD
• Dan Newhouse (R-WA): PURCHASE ACN
• Insider cluster: TSM: 10 insiders bought in last 30 days, net $45K (90d)
• Insider cluster: NKE: 4 insiders bought in last 30 days, net $2.17M (90d)
• Insider cluster: SPG: 3 insiders bought in last 30 days, net $139K (90d)

On the Radar

• Alpha Score top: TROW (T. Rowe Price Group Inc.), Alpha Score 81/100, top of AlphaScala model. Alpha Score of 81 reflects strong overall profile with strong momentum, strong value, strong quality, strong sentiment.
• Alpha Score top: KGC (KINROSS GOLD CORP), Alpha Score 79/100, top of AlphaScala model. Alpha Score of 79 reflects strong overall profile with strong momentum, strong value, strong quality, moderate sentiment.
• Alpha Score top: FLYW (Flywire Corp), Alpha Score 77/100, top of AlphaScala model. Alpha Score of 77 reflects strong overall profile with strong momentum, strong value, moderate quality. Based on 3 of 4 signals – score is capped at 90 until remaining data ingests.
• Alpha Score bottom: BJGPY (Beijing Geekplus Technology Co., Ltd./ADR), Alpha Score 0/100, bottom of AlphaScala model
• Alpha Score bottom: BRAI (Braiin Ltd), Alpha Score 0/100, bottom of AlphaScala model
• COT extreme: New Zealand Dollar (NZD): hedge funds net short 62,766 contracts, 53.1% of open interest
• COT extreme: Canadian Dollar (CAD): hedge funds net short 176,279 contracts, 47.8% of open interest
• COT extreme: Mexican Peso (MXN): hedge funds net long 72,955 contracts, 36.6% of open interest

This Week's Briefings

• Sp500: S&P 500 edges down 0.8% as tech lags; Alpha Scores flag weak sentiment in mega-caps
• Nasdaq: QQQ drops 2.31% as MSFT, NVDA slide; Alpha Scores show weak sentiment across big tech
• Bitcoin: Bitcoin gains 2.6% as Nasdaq drops 2.3%; CFTC prepares crypto oversight
• Crypto: BTC slides 4% alongside gold as QQQ dips just 0.45%; LAB short-squeeze jumps 28%
• Forex: Euro and sterling sink as dollar rally broadens; EUR long squeeze, GBP record short test support

Back Monday before the bell.