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OPEN: Closing Out OPEN Short Idea With a (-19.7%) Loss, Alpha Generation of +48.7%

June 13th, 2014

It would be easy for us to simply dismiss PCLN’s proposed acquisition of OPEN for $103/share as an irrational bid and nothing more than another chilling sign of Internet bubble 2.0, but in no way would that approach improve our...

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MCRS and OPEN: Market Share Losses and Cannibalization of TAM Are Accelerating

May 21st, 2014

Yesterday we had the opportunity to tour the floor at the National Restaurant Association’s 2014 annual conference.  We wanted to pass along some key observations from our time in the exhibit hall.  As you might imagine given our...

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OPEN: Deceleration in Cover Volume and Continued Restaurant Share Losses Pose Problems

May 2nd, 2014

In what surely has become an alarming trend for bulls on the stock, OPEN MISSED consensus revenue expectations for the fourth time in five quarters.  We cannot think of another situation where a growth company so consistently fell...

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CTC

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ATGE

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AYI

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HCG.TO

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RON.TO

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BIG

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$28

ESI

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BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

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25%

Z

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NA.TO

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ING.PA

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$35

ZU

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OPEN

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$30

BCO

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WWE

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$25

KNL

PAIR - LONG KNL/SHORT MLHR

25%

XOXO

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$20

CSGP

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$100

GCA

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IPSU

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MLHR

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$22

ARC

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$12.50

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

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$35

WPO

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$275

COCO

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$0

HNI

SIG

RGR