In another market environment things might be different. Marking the fifth time in the past three years, OPEN missed consensus revenue expectations for 2Q13. On top of that, the company lowered guidance for FY13 substantially. Panic? Not exactly. Had the...
READ MORE >In what can only be described as a surprise to the marketplace, OPEN announced that it had reached an agreement to acquire IACI’s Rezbook. As part of the deal Urbanspoon, a leading mobile...
READ MORE >And so it begins….Two and a half years ago we introduced OPEN as a short idea predicated on four principal tenets: At its core, OPEN provides a “solution without a problem”. OPEN’s ERB technology and...
READ MORE >Yesterday we had the opportunity to tour the floor at the National Restaurant Association’s 2013 annual conference. We wanted to pass along some key observations from our time in the exhibit...
READ MORE >Seriously, who wouldn’t love this business? In 4Q12, OPEN’s growth in diners seated per restaurant collapsed, but the company had healthy net additions in restaurant clients, stability in NA cover...
READ MORE >A few weeks ago we published a lengthy report which outlined some of the more troubling competitive developments for OPEN in North America. We maintain our view that the company is on the cusp of a major deceleration in many of its key...
READ MORE >It’s true, OPEN shares are up 55.6% over the past 12-months with the stock witnessing gains of nearly 22% in the past 3-months alone. The short interest, which once represented close to 50% of the float has now...
READ MORE >SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
LONG
$128
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