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MLHR Misses (Again), Even With Acceleration in Order Activity Consensus For FY11 Needs to Come Down

June 23rd, 2010

MLHR reported 4Q10 earnings after the close.  You can read the full release here.  Overall, the company's revenue and earnings results fell well short of consensus and PAA Research's even more cautious estimates....

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MLHR: The Theme In the Office Furniture Market Appears to be Stagnation More than Acceleration

June 10th, 2010

Approximately three months ago, we introduced MLHR as a short idea.  At that time we thought shares were poised to witness downside following a 25% run up in the stock. even though sell through trends in the office furniture...

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MLHR Misses, Street Estimates for FY10 and FY11 Still Look TOO High

March 22nd, 2010

MLHR reported 3Q10 results after the close.  You can read the full earnings release here.  Overall the company missed on both the top and bottom line.  We introduced MLHR as a short idea earlier this week based on our expectations that revenue...

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In the Office Furniture Market the Second Derivative Is Improving, but Maybe Not Quickly Enough – Closing Out Our...

March 14th, 2010

In July of 2009 we introduced a pair trade: Long MLHR/Short HNI.  Our thesis at that time was predicated on the following: MLHR is a superior company to HNI based on almost every financial...

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The State of the Office Furniture Market – Still Recommending Long MLHR/Short HNI

March 10th, 2010

This report was originally published on 9/10/09.In our original report on the office furniture market entitled: “Generating Returns in an Industry in a Deep Freeze” we advocated going long Herman Miller (MLHR 20.04...

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Our Long MLHR/Short HNI Has Gone From a Catalyst Driven Trade to a Relative Value Trade, but We Still Like it

March 10th, 2010

This report was originally published on 7/26/09.Our pair trade recommendation to go long Herman Miller Inc. and Short HNI Corporation got off to a bumpy start. The trade has returned -6.4% compared to a 4.1%...

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Generating Returns in an Industry in a Deep Freeze – Long Herman Miller Inc. (MLHR)/Short HNI Corporation (HNI)

March 9th, 2010

This report was originally published 7/20/09.Investment Thesis Overview:In the debate over “green shoots” we have directed our attention in large part to the state of the housing market as an indicator...

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Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR