Hi, it's Paul here.

I'm not convinced that the recent US market volatility is over yet. So personally I'm braced for potentially another lurch down at some point.

To get you started today, I've added a new section on the profit warning issued by Gattaca (LON:GATC) to yesterday's article, here.

Fresh forecasts for GATC have just come through this morning, from commissioned research company, Equity Development. The beauty of commissioned research is that it's freely available online to investors - very important now that MiFID has bug***ed up my access to other research notes. As with all broker notes, I ignore the recommendation and price targets. However, it's very helpful to get the best guess from a capable analyst. I've updated yesterday's report to include the revised forecasts. Given its poor track record of repeatedly missing forecasts, I think it's wise to factor in an additional level of caution with the latest forecasts.

On to today's news;

OnTheBeach - just a quick mention in passing, as it's now too big to cover here (market cap of c.£654m). There's an in line with expectations update today from the company, which reads very well. This online travel company (mainly UK) is remarkably profitable, and growing nicely. International expansion is underway, albeit at an early stage. I'm kicking myself for selling this one far too early, and think it might even be worth revisiting at the current, higher price. The valuation is far from aggressive, considering it's turning out to be very successful. They're clearly doing something right. I should own this one, but don't.

Revolution Bars (LON:RBG)

Share price: 162.5p (unchanged today)
No. shares: 50.0m
Market cap: £81.3m

(I hold a long position in this share)

A new CEO has been appointed, Rob Pitcher - a very appropriate name for a bars operator. The RNS today gives a few details of his track record, which is 25 years in the hospitality sector. I'm very pleased the company has appointed someone with lots of industry expertise, and not a financial engineer. I just hope they don't offer him a ridiculously generous "incentives" package. Such arrangements seem totally discredited in my eyes, particularly after the obscene payouts for Persimmon (LON:PSN) management, who just happened to…

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