Dealmakers
DIGEST
The Ledger

Every deal, scored in public.

Two tables below. The first holds the live calls... deals scored within days of being announced, before anyone could know how they turn out. The second is the calibration set: the deals the scoring system was built and checked against, scored after the fact and labelled that way. This is the receipt.

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73Live calls
33Calibration
106Tracked total
What the scores mean

Posture is the company's role in the deal: Empire-building (buying something), Focus (selling off a piece of itself), or Partnership (a joint venture, alliance or strategic partnership... working together, nobody buys anybody). Structure is what kind of deal it is: Scale (more of the same), Complementary (buying a capability they lack), or Convergence (combining two worlds to make something new). Cross-industry in front means the two sides come from clearly different industries.

What the numbers mean

Since announced is the live one: the price the stock closed at on the day of the deal, and how far it has moved against the overall market since. It updates every night, so it changes between visits.

The 30d, 90d and 1yr columns are a different thing, and sit behind a dividing line for that reason. They are fixed research horizons measured 30, 90 and 252 trading days after the deal (roughly six weeks, four months and a year), calculated on the frozen method and then left alone. A dot means not enough time has passed yet... that is the point of scoring in public, the number arrives when it arrives. Status shows how much of the outcome is in so far.

Both are measured against the market, not raw price, so a stock that rose less than the index still reads as negative.

On the timestamps

Scored is the date this row was committed and pushed to a public repo. GitHub records the push time on its own servers, independent of anything set locally in the commit, and the full history has been public since this page went live. Anyone can audit it.

Read this honestly

These are research observations about how the market has reacted historically, not investment advice and not predictions about any single stock. The patterns are exploratory and small-sample. Every quarter I report back, including the misses.

The live table

Scored before the outcome was known

Every row here was scored within 14 days of the deal being announced, before any of the outcome numbers existed. All 73 of them are still waiting on the market. The first 30-day numbers land around 2026-09-02.

Swipe sideways for the outcome columns →

CompanyDeal dateScoredPostureStructureSince announced30d90d1yrStatusSources
Sysco
SYY
2026-08-122026-08-13Empire-buildingScale-2.0%from $84.69···pendingSEC · News
Boeing
BA
2026-08-122026-08-13FocusComplementary-1.0%from $231.20···pendingSEC filings · News
Kinder Morgan
KMI
2026-08-122026-08-13PartnershipScale+0.4%from $31.73···pendingSEC filings
NextEra Energy
NEE
2026-08-112026-08-12Empire-buildingScale-0.5%from $85.74···pendingSEC · News
Berkshire Hathaway
BRK.B
2026-08-112026-08-12Empire-buildingCross-industry Scale-2.6%from $516.38···pendingSEC · News
Martin Marietta Materials
MLM
2026-08-102026-08-11Empire-buildingScale-1.5%from $549.54···pendingSEC
Skyworks Solutions
SWKS
2026-08-102026-08-11Empire-buildingComplementary+0.8%from $68.79···pendingSEC · News
Teledyne Technologies
TDY
2026-08-102026-08-11Empire-buildingComplementary-3.0%from $690.25···pendingSEC · News
Intel
INTC
2026-08-102026-08-11PartnershipComplementary+7.0%from $97.52···pendingSEC filings · Release
Fox Corporation (Class A)
FOXA
2026-08-092026-08-10Empire-buildingComplementary+2.6%from $63.42···pendingSEC filings · News
Fox Corporation (Class B)
FOX
2026-08-092026-08-10Empire-buildingComplementary+2.5%from $56.33···pendingNews
Skyworks Solutions
SWKS
2026-08-082026-08-10Empire-buildingComplementary+0.8%from $68.79···pendingSEC filings · News
Skyworks Solutions
SWKS
2026-08-082026-08-10FocusScale+0.8%from $68.79···pendingSEC filings · News
Berkshire Hathaway
BRK.B
2026-08-082026-08-09Empire-buildingScale-4.5%from $529.42···pendingSEC filings · News
Nvidia
NVDA
2026-08-082026-08-09PartnershipComplementary+3.4%from $217.55···pendingSEC filings · News
Palantir Technologies
PLTR
2026-08-082026-08-09PartnershipCross-industry Convergence+1.9%from $175.23···pendingSEC filings · News
Uber
UBER
2026-08-072026-08-08Empire-buildingScale+1.0%from $75.02···pendingSEC · News
Yum! Brands
YUM
2026-08-072026-08-08PartnershipScale-0.5%from $150.76···pendingSEC
Oracle
ORCL
2026-08-072026-08-08PartnershipConvergence+6.1%from $147.02···pendingSEC filings · News
Biogen
BIIB
2026-08-062026-08-08Empire-buildingComplementary+0.9%from $206.28···pendingSEC filings · Release
Realty Income
O
2026-08-062026-08-07PartnershipCross-industry Convergence-0.3%from $62.36···pendingSEC filings
Martin Marietta Materials
MLM
2026-08-052026-08-07Empire-buildingScale-2.6%from $553.37···pendingSEC
Clorox
CLX
2026-08-052026-08-05Empire-buildingScale-0.4%from $105.84···pendingSEC filings · News
Prologis
PLD
2026-08-042026-08-05Empire-buildingScale+0.7%from $139.05···pendingSEC · News
International Flavors & Fragrances
IFF
2026-08-042026-08-05FocusScale+3.1%from $80.89···pendingSEC
Marriott International
MAR
2026-08-042026-08-05PartnershipCross-industry Convergence+1.3%from $345.20···pendingSEC filings · Release
MGM Resorts
MGM
2026-08-042026-08-05PartnershipCross-industry Convergence-4.5%from $45.72···pendingSEC filings · Release
Alphabet Inc. (Class C)
GOOG
2026-08-032026-08-05PartnershipComplementary-10.1%from $372.47···pendingSEC filings · Release
Autodesk
ADSK
2026-08-032026-08-04Empire-buildingComplementary+7.2%from $234.71···pendingSEC
Skyworks Solutions
SWKS
2026-08-032026-08-04Empire-buildingScale+11.2%from $61.29···pendingSEC · News
Berkshire Hathaway
BRK.B
2026-08-032026-08-04Empire-buildingScale-3.6%from $513.14···pendingSEC filings · News
Microsoft
MSFT
2026-08-032026-08-04PartnershipComplementary-0.5%from $487.65···pendingSEC filings · Release
Nvidia
NVDA
2026-07-312026-08-02PartnershipConvergence+8.2%from $200.75···pendingSEC filings · Release
Qualcomm
QCOM
2026-07-312026-08-02Empire-buildingComplementary+7.6%from $147.61···pendingSEC
Intercontinental Exchange
ICE
2026-07-302026-08-02Empire-buildingComplementary-5.5%from $156.27···pendingSEC · News
Eli Lilly
LLY
2026-07-292026-08-02Empire-buildingConvergence-7.2%from $1,210.02···pendingSEC filings
Meta Platforms
META
2026-07-292026-08-02PartnershipScale-5.5%from $585.61···pendingSEC · News
ON Semiconductor
ON
2026-07-292026-08-02Empire-buildingComplementary-3.2%from $78.86···pendingSEC filings · News
Paramount Skydance
PSKY
2026-07-292026-08-02Empire-buildingScale+18.8%from $7.95···pendingSEC filings · News
Warner Bros. Discovery
WBD
2026-07-292026-08-02Empire-buildingScale+1.6%from $25.64···pendingSEC filings · News
Johnson & Johnson
JNJ
2026-07-292026-08-02Empire-buildingComplementary-8.4%from $265.53···pendingSEC
Skyworks Solutions
SWKS
2026-07-282026-08-02Empire-buildingScale+2.9%from $64.68···pendingSEC
AT&T
T
2026-07-282026-08-02PartnershipCross-industry Complementary-5.7%from $24.66···pendingSEC
NextEra Energy
NEE
2026-07-282026-08-02Empire-buildingScale-9.0%from $89.28···pendingSEC filings
Nvidia
NVDA
2026-07-282026-08-02PartnershipComplementary+9.0%from $197.01···pendingSEC filings · Release
Warner Bros. Discovery
WBD
2026-07-282026-08-02PartnershipCross-industry Convergence+3.4%from $25.61···pendingSEC filings · Release
EchoStar
SATS
2026-07-282026-08-02FocusScale····pendingSEC
Nvidia
NVDA
2026-07-272026-08-02PartnershipComplementary+9.0%from $196.51···pendingSEC filings · Release
Baker Hughes
BKR
2026-07-262026-08-02Empire-buildingComplementary-0.5%from $60.59···pendingSEC filings · Release
Comcast
CMCSA
2026-07-262026-08-02FocusComplementary+9.2%from $22.80···pendingSEC filings
AbbVie
ABBV
2026-07-252026-08-02Empire-buildingComplementary-8.0%from $256.91···pendingSEC filings
Capital One
COF
2026-07-252026-08-02Empire-buildingScale+2.4%from $207.05···pendingSEC filings
Nvidia
NVDA
2026-07-252026-08-02PartnershipComplementary+9.0%from $196.51···pendingSEC filings · Release
Danaher
DHR
2026-07-242026-08-02Empire-buildingComplementary+0.8%from $191.50···pendingSEC filings
NextEra Energy
NEE
2026-07-242026-08-02Empire-buildingScale-9.9%from $89.78···pendingSEC
Advanced Micro Devices
AMD
2026-07-242026-08-02PartnershipConvergence-13.1%from $521.95···pendingSEC filings · Release
ServiceNow
NOW
2026-07-242026-08-02PartnershipComplementary+23.2%from $98.78···pendingSEC filings · Release
Gartner
IT
2026-07-232026-08-02FocusScale+31.7%from $133.69···pendingSEC filings
Union Pacific
UNP
2026-07-232026-08-02Empire-buildingScale-7.9%from $304.33···pendingSEC · Release
Public Storage
PSA
2026-07-222026-08-02Empire-buildingScale+1.4%from $311.70···pendingSEC
Advanced Micro Devices
AMD
2026-07-222026-08-02PartnershipConvergence-16.6%from $552.33···pendingSEC filings
Carvana
CVNA
2026-07-222026-08-02Empire-buildingConvergence+13.4%from $62.75···pendingSEC filings
Microsoft
MSFT
2026-07-222026-08-02PartnershipComplementary+23.2%from $390.34···pendingSEC filings · Release
Union Pacific
UNP
2026-07-222026-08-02PartnershipComplementary-2.3%from $292.56···pendingSEC filings · Release
Union Pacific
UNP
2026-07-222026-08-02Empire-buildingScale-2.3%from $292.56···pendingSEC filings · Release
Berkshire Hathaway
BRK.B
2026-07-212026-08-02Empire-buildingScale-0.3%from $489.65···pendingSEC filings
Nasdaq
NDAQ
2026-07-212026-08-02FocusScale+4.2%from $90.24···pendingSEC filings · Release
Nvidia
NVDA
2026-07-212026-08-02PartnershipConvergence+4.9%from $207.29···pendingSEC filings · Release
Progressive
PGR
2026-07-212026-08-02PartnershipCross-industry Convergence-2.5%from $205.90···pendingSEC filings · Release
Nvidia
NVDA
2026-07-202026-08-02PartnershipComplementary+6.2%from $203.28···pendingSEC filings · Release
Palantir Technologies
PLTR
2026-07-202026-08-02PartnershipCross-industry Complementary+28.1%from $134.85···pendingSEC filings
Pfizer
PFE
2026-07-202026-08-02Empire-buildingComplementary+3.7%from $24.75···pendingSEC filings
Regeneron Pharmaceuticals
REGN
2026-07-202026-08-02PartnershipComplementary+15.1%from $672.15···pendingSEC filings · Release

The calibration table

Scored after the fact

These 33 rows were scored well after their event, with a scoring lag from 45 to 119 days (median 78). This is the set the scoring system was built and checked against, not a record of live calls. The lag is stated on every row so nobody has to take that on faith.

Swipe sideways for the outcome columns →

CompanyDeal dateScoredLagPostureStructureSince announced30d90d1yrStatusSources
Biogen
BIIB
2026-06-172026-08-0145Empire-buildingComplementary+1.0%from $198.67+2.5%··30d inSEC filings · Release
Qualcomm
QCOM
2026-06-172026-08-0145PartnershipCross-industry Convergence-28.0%from $212.97-43.2%··30d inSEC filings · Release
Vertiv
VRT
2026-06-122026-07-2947Empire-buildingComplementary-10.1%from $302.87-18.3%··30d inSEC
Cintas
CTAS
2026-06-122026-07-2947Empire-buildingScale+9.0%from $176.28+23.2%··30d inSEC · Release
Kraft Heinz
KHC
2026-06-122026-07-2947PartnershipCross-industry Convergence-0.8%from $24.39+12.1%··30d inSEC filings · Release
Eaton
ETN
2026-06-112026-07-2847Empire-buildingScale+9.7%from $393.64+0.0%··30d inSEC
Keurig Dr Pepper
KDP
2026-04-132026-07-25103Empire-buildingScale+6.1%from $26.04+10.2%··30d inSEC filings · Release
CoStar Group
CSGP
2026-05-292026-07-2456Empire-buildingComplementary-0.2%from $32.20+5.3%··30d inSEC
Ecolab
ECL
2026-05-292026-07-2456Empire-buildingComplementary+5.1%from $256.00+8.5%··30d inSEC
Tractor Supply
TSCO
2026-05-282026-07-2457Empire-buildingConvergence+12.2%from $31.37+12.1%··30d inSEC
CVS Health
CVS
2026-05-282026-07-2457PartnershipComplementary+0.2%from $92.97+8.6%··30d inSEC filings · Release
Union Pacific
UNP
2026-05-282026-07-2457Empire-buildingScale+9.6%from $267.00+4.8%··30d inSEC filings · Release
Ford Motor
F
2026-05-212026-07-2464FocusComplementary-3.1%from $13.67+3.6%··30d inSEC
Advanced Micro Devices
AMD
2026-05-212026-07-2464PartnershipComplementary+3.8%from $449.59+5.7%··30d inSEC filings · Release
Keysight Technologies
KEYS
2026-05-212026-07-2464PartnershipComplementary+0.1%from $337.55-23.7%··30d inSEC filings · Release
Boston Scientific
BSX
2026-05-182026-07-2467Empire-buildingComplementary-12.9%from $55.92-11.7%··30d inSEC
Nasdaq
NDAQ
2026-05-082026-07-2477PartnershipConvergence+4.3%from $88.91-6.9%··30d inSEC filings · Release
Carnival
CCL
2026-05-072026-07-2478Empire-buildingScale-1.1%from $27.00+9.9%··30d inSEC
Digital Realty
DLR
2026-05-062026-07-2479PartnershipComplementary-7.1%from $199.68-9.8%··30d inSEC filings · Release
Mastercard
MA
2026-05-062026-07-2479PartnershipCross-industry Convergence+9.9%from $491.89+1.8%··30d inSEC filings · Release
American Express
AXP
2026-05-042026-07-2481FocusScale-0.4%from $319.21+5.5%··30d inSEC
Crown Castle
CCI
2026-05-012026-07-2484FocusScale-23.1%from $89.26+0.5%··30d inSEC
Vertiv
VRT
2026-04-272026-07-2488Empire-buildingComplementary-19.7%from $322.43-30.3%··30d inSEC
PepsiCo
PEP
2026-04-212026-07-2494PartnershipScale-20.2%from $154.92-8.1%··30d inSEC filings · Release
TransDigm Group
TDG
2026-04-172026-07-2498Empire-buildingScale-11.1%from $1,265.88-3.7%··30d inSEC
Ecolab
ECL
2026-04-152026-07-24100Empire-buildingScale-9.0%from $270.37-7.4%··30d inSEC
Leidos
LDOS
2026-04-152026-07-24100PartnershipCross-industry Complementary-21.5%from $159.04-17.2%··30d inSEC
Ares Management
ARES
2026-04-092026-07-24106Empire-buildingScale+28.2%from $104.80+10.0%··30d inSEC filings · Release
Howmet Aerospace
HWM
2026-04-062026-07-24109Empire-buildingScale+1.5%from $236.57-8.4%-14.4%·90d inSEC
Keysight Technologies
KEYS
2026-04-062026-07-24109PartnershipComplementary+2.7%from $292.92-20.7%-52.7%·90d inSEC filings · Release
Starbucks
SBUX
2026-04-022026-07-24113PartnershipScale+0.3%from $90.37+5.9%-0.2%·90d inSEC
Clorox
CLX
2026-04-012026-07-24114Empire-buildingComplementary-16.5%from $104.24-11.4%+10.3%·90d inSEC
Norwegian Cruise Line Holdings
NCLH
2026-03-272026-07-24119PartnershipScale-16.9%from $18.49-32.0%-10.1%·90d inSEC
The scoreboard is free.

This page shows what got scored and how it moved. It does not tell you why: who the players were, what actually changed hands, or the principle underneath it. That goes out on Dealmakers Digest.

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