Earlier this week, the American Arbitration Association ruled on a dispute between a former student of CECO’s California School of Culinary Arts (since rebranded the Le Cordon Bleu College of...
READ MORE >In a move that received little fanfare this past February, ESI’s board of directors established a short term element to the company’s compensation policy for senior management that could be payable in...
READ MORE >How much are 400-600 ITT Tech students worth? In a report in which we will outline some of the critical questions surrounding ESI, this is the question we have been pondering all day. Afterall, it...
READ MORE >We have little doubt that among the kernels of information included in ESI’s 2012 10-K filing that the disclosure of the subpoena from the SEC will receive the greatest attention – as it should. However, for anyone who has followed the...
READ MORE >Who said volatility is dead? In a day that will go down in infamy for ESI investors, the stock traded in an astounding 40%+ range today. After gaping down in excess of 20% in early trading ESI shares rebounded over the course of the day to close up 17.7% - efficient...
READ MORE >If you were to distill our short thesis on ESI into its central elements (which we’ve now had in place for almost four years now) it can be succinctly summarized in two points: 1. The company’s...
READ MORE >Losing Altitude and Gaining Speed…..At the simplest level, here are the five things that you need to know about ESI following the company’s 3Q12 earnings release and fall term enrollment...
READ MORE >On Tuesday, October 16th APOL will kick-start the earnings season in the for-profit postsecondary education sector. Investor expectations for the company’s results, particularly surrounding new...
READ MORE >More Correspondence with the SEC….We just wanted to flag a round of correspondence between ESI and the SEC that occurred in July and August of this year. The letters were just released through the SEC’s...
READ MORE >Fundamentals Are Breaking Down…. And Liquidity Now Becomes a Real ConcernFor some the 2Q12 earnings season will be remembered as the quarter in which the publicly traded for-profit postsecondary...
READ MORE >Make no mistake, as we navigate earnings season in the for-profit education space over the next 2-3 weeks, the poor operating results from DeVry will look like an accurate gauge of the operating...
READ MORE >Early this morning, the Consumer Financial Protection Bureau (CFPB) released its long awaited report on the Private Student Loan (PSL) industry. The report provides a broad overview of the characteristics of the private student loan market for the...
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 >There is little doubt that the for-profit postsecondary education sector has been under siege for the past 2-3 years. Most stocks in the space are trading at or near their 52-week lows and at valuations most investors and management teams in...
READ MORE >It’s True They Did Beat, But….ESI reported 1Q12 revenue and EPS results that were significantly better than consensus estimates. Despite the overall outperformance, there are CLEAR signs now that...
READ MORE >Today the 1Q12 earnings season in the for-profit postsecondary education sector kicks off in earnest. Thus far, many of the 12 issues that we thought would matter most this year have weighed...
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