We are closing out our long idea on IPSU with a 63% loss. Our views on the relatively positive fundamentals in the US sugar markets (widening refined sugar spreads) the asset value inherent in the company, and the cash flow potential of the business once normalized...
READ MORE >Even in the context of a market that has been characterized by huge price swings and “whip-saw” action, IPSU’s stock has distinguished itself in terms of volatility. It seems almost impossible to...
READ MORE >Admittedly, IPSU’s stunningly poor 3Q11 earnings results still have us somewhat shell-shocked. Even the company’s greatest skeptic probably could not have painted an earnings scenario for 3Q11 as...
READ MORE >Even the most ardent bulls on IPSU shares (ourselves included) could not have predicted the violent rally in the stock over the past three months. IPSU have gained an astounding 71% since the company reported a big...
READ MORE >On Friday, May 26th after the close, IPSU announced that it would not exercise its option to acquire the remaining ownership stake in Wholesome Sweeteners from Edward Billington and Son Ltd, a UK based food...
READ MORE >In our 2Q11 earnings preview for IPSU we argued that we were excited about the company’s pending earnings release even though we did not expect the quarterly results themselves to be particularly compelling. As a reminder our enthusiasm heading into the quarter was based on the...
READ MORE >In the 21-months since we published our initial report recommending that investors go long shares of IPSU, quite a bit has changed. One thing that has not: IPSU’s share price. The stock has declined 1.5% since we published our original report, compared to a 34.5% gain in the S&P 500...
READ MORE >As IPSU muddles along all too close to its 52-week lows, we thought it might be interesting to consider the following: US Refined/raw sugar spreads are close to record levels. List bulk industrial refined sugar prices through...
READ MORE >IPSU reported 1Q11 results this morning that can be best characterized as more of the same. The company reported an operating loss as a result of ongoing production issues at its Port Wentworth refinery, which were further exacerbated...
READ MORE >Heading into IPSU's 4Q10 earnings release, we thought a messy quarter would be overshadowed by commentary from management highlighting significant production gains at the company's Port Wentworth refinery. Our...
READ MORE >In the 15-months since we initially recommended going long shares of IPSU, the stock has been volatile but has only yielded a total gain of 5.0%, compared to a 21.0% return for the S&P 500. The lackluster performance of IPSU shares is...
READ MORE >We are adjusting our 4Q10 and FY11 estimates to reflect a slower ramp-up in production at IPSU's Port Wentworth refinery and the feedback we received in our conversation with management. We recognize that many investors are frustrated by...
READ MORE >IPSU reported its 3Q10 results this morning and issued its 10-Q filing for the quarter. Overall, the company's topline exceeded our expectations, but EPS fell short due to continued efficiency issues at the company's Port Wentworth refinery as well as a few other one-time...
READ MORE >Almost one year ago, we introduced IPSU as a long investment idea. At that time we argued IPSU shares were poised to witness substantial upside based on the following: The company's Port Wentworth refinery was on the brink of...
READ MORE >LONG
$70
SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0