Well at least they didn’t miss consensus revenue estimates again…. Seriously though, do you remember the “good old days” when supposed growth companies that reported a massive deceleration in operating metrics, low quality...
READ MORE >Over the past month, PAA Research conducted a survey of approximately 80-85 restaurant operators a significant percentage of which are clients of OPEN and MCRS. The general purpose of the survey was to gain...
READ MORE >Heading into the company’s 3Q12 earnings release, OPEN shares had rallied 31.8% over the past 3-months compared to a meager 3.4% gain for the Nasdaq. Clearly investor enthusiasm for OPEN shares continued to increase over the past...
READ MORE >We had to laugh. Approximately two weeks ago, rumors started to surface that YHOO under the stewardship of Marissa Mayer, might consider an acquisition of OPEN. Outside of combining one high margin, mature business facing...
READ MORE >With OPEN shares down 24% in the past month and now trading at what some might think is an attractive 18.7x consensus EPS for 2013 we shouldn’t be completely surprised by the strength in the stock...
READ MORE >In case you missed it, I recently had the opportunity to speak with Leslie Norton of Barron's about PAA Research, our approach to idea generation, and some of our latest thoughts on for-profit education, payment processing and OPEN, Z, BGG, and TTC. You can find the full interview HERE.
READ MORE >If you were to listen solely to OPEN management, the company’s path to market dominance in the online restaurant reservation space is merely an exercise in “blocking and tackling”. Management continues to execute on the same strategy the company had in...
READ MORE >Was it really just only 12-months ago that OPEN was the darling of Wall Street? It seems like another lifetime. Approximately one year ago to the day, OPEN reported another quarter of 40%+ YOY organic revenue growth and handily...
READ MORE >At the highest level here are the headlines about OPEN’s 4Q11 earnings results and subsequent earnings conference call: 1) the company delivered a low quality beat, 2) underlying operating metrics for the most part were...
READ MORE >Stop us if you’ve heard this one before: a heavily shorted stock, which was one of the worst performing names in its sector in 2011 has now rallied more than 20% to start the year. Of course in...
READ MORE >In the lengthy report we published on OPEN on Monday (backed by a survey of 110-120 restaurant owners) we outlined a number key issues that we expected to become discounted in the stock over the next...
READ MORE >In the 7+ months since we introduced OPEN as a short idea, we have been in a position where the stock has gained more than 40% against us and now trades more than 40% below where we initiated our...
READ MORE >OPEN shares traded off sharply today in response to GOOG’s announcement that it had acquired Zagat, a worldwide publisher of ratings and reviews of restaurants and other businesses. The Zagat restaurant surveys, launched more than 30 years...
READ MORE >Approximately 5-months ago, we introduced OPEN as a short idea based on the following thesis: 1. OPEN’s electronic reservation booking system (ERB) in many respects is a solution without a problem 2. Restaurants view the...
READ MORE >If you happen to be looking at OPEN for the first time, you might be wondering: what’s the big deal about the stock from a pure performance perspective? Year-to date the stock has gained a measly 0.5%, compared to a 2.8% gain for the S&P 500. Obviously, OPEN has been...
READ MORE >Approximately 12-weeks ago, we introduced OPEN as a short idea. You can read our original 40-page report by clicking here. The principal elements of our short thesis are as follows: 1. OPEN’s electronic reservation booking system...
READ MORE >Approximately 8-weeks ago, we introduced OPEN as a short idea. You can read our original 40-page report by clicking here. The principal elements of our short thesis are as follows: 1. OPEN’s electronic reservation booking system (ERB) in many respects...
READ MORE >Approximately 2-weeks ago, we introduced OPEN as a short idea. You can read our original 40-page report by clicking here. The principal elements of our short thesis are as follows: 1. OPEN’s...
READ MORE >Let’s get this out of the way early on – we are firm believers in the concept that valuation is not a short thesis, or more simply stated valuation is not a thesis. Ask any hedge fund manager who has relied on...
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