Log In

MCRS: Closing Out Short Idea with a Loss of (-41.3%), Alpha Generation of 5.8%

June 23rd, 2014

“Oracle is focused, focused like a laser on one goal over the next few years: becoming the number one company in Cloud computing's two most profitable segments: software-as-a-service, SaaS; and platform-as-a-service, PaaS.” · Larry...

READ MORE >

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...

READ MORE >

MCRS: Three Reasons Why Investors Should Question the Quality of 3Q14 Upside – XP, Tax Rate, and Record Capitalized...

May 2nd, 2014

For the past 6-9 months we’ve been screaming from the mountain tops (or this molehill depending on your perspective) that much of MCRS’s recent revenue growth has been largely a function of...

READ MORE >

MCRS/ING.PA: Highlights from Southeastern Acquirers Association Conference

March 27th, 2014

Earlier this week we had the opportunity to attend the Southeastern Acquirers Association annual conference.  The event was largely attended by merchant acquirers, ISO’s, and hardware providers in the payment processing industry.  While we...

READ MORE >

MCRS: The Investor Day Was a “Schnoozer” and That’s a Good Thing for Shorts

February 21st, 2014

Stasis is MCRS’s best asset.  That’s our grand takeaway from the company’s investor day. Otherwise, we can’t help but wonder how bulls on the stock feel about the company’s growth prospects and management team.  Those who were...

READ MORE >

MCRS: As MCRS Continues to Lose Share, a Sequence of Short Term Gains Could Create Longer Term Pain

September 27th, 2013

The purpose of this report is to address several critical questions surrounding MCRS and the company’s future growth prospects. In general, we would argue that most of these queries aren’t part of the general...

READ MORE >

MCRS: After a Year of Zero Growth, Are Shareholders Any Better Off Than They Were 12-Months Ago? Analyzing the Marriott...

August 22nd, 2013

“Hope is a dangerous thing.  Hope can drive a man insane.”Morgan Freeman (Red), Shawshank RedemptionWe are not alone in this.  There’s no shortage of short sellers who lament the action in...

READ MORE >

MCRS and OPEN: Thoughts From the NRA Show 2013 – Tablet POS Systems Continue to Come of Age as Competitive Headwinds...

May 21st, 2013

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 >

MCRS: As the Company Runs out of “Arrows in the Quiver”, Bulls Are Left to Wonder What Catalysts Remain as Secular...

April 25th, 2013

When we initially introduced MCRS as a short idea roughly 8-months ago, here were the principal tenets of our thesis: The elimination of the hardware “tether” could result in rapid share gains...

READ MORE >

MCRS: Not Much to See Here…. For Now

January 25th, 2013

MCRS reported a quarter that was as uneventful as it was uninspiring. Ultimately there were operating metrics that improved somewhat and those that could be construed as confirmation of our short thesis.  Below we discuss the key positives and negatives from the quarter.

READ MORE >

Proprietary Restaurant Checks Suggest Challenges Could Mount for OPEN and MCRS in 2013; Other Key Observations

January 22nd, 2013

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 >

MCRS: Thoughts from the National Retail Federation “Big Show”

January 15th, 2013

Yesterday we had the opportunity to tour the floor at the National Retail Federation’s “Big Show 2013”.  We wanted to pass along some key observations from our time in the exhibit hall.  As you might imagine given our outstanding short call on...

READ MORE >

Current Ideas

EXPI

SELL/SHORT

$4

HUSQ.B

SELL

$50

UFPI

SELL/SHORT

$45

TREX

SHORT

$18

PRDO

SELL/SHORT

$5

STRA

SELL/SHORT

$42

CWH

LONG

$75

OSTK

LONG

$128

CM

SELL/SHORT

$50

RY

SELL/SHORT

$50

ARC

LONG

$5.50

AYI

SHORT

$50

BIG

SHORT

$28

WWE

LONG

$65

XOXO

LONG

$37

RLGY

PAIR TRADE

$10

RDFN

PAIR TRADE

$30

BCO

LONG

$35

ING.PA

SHORT

$35

TRUP

SELL/SHORT

$10

CTC

SHORT

$101

ATGE

SHORT

$15

HCG.TO

SHORT

$0

RON.TO

SHORT

$9

ESI

SHORT

$0

BGG

PAIR - LONG BGG/SHORT TTC

25%

TTC

PAIR - LONG BGG/SHORT TTC

25%

Z

SHORT

$14.00

NA.TO

SHORT

$22

ZU

SHORT

$15

TRLA

SHORT

$20

MCRS

SHORT

$31

APOL

SHORT

$35

OPEN

SHORT

$30

KNL

PAIR - LONG KNL/SHORT MLHR

25%

CSGP

SHORT

$100

GCA

LONG

$8

IPSU

LONG

$20

MLHR

SHORT

$22

LOOP

PAIR - LONG CSGP/SHORT LOOP

40%

THQI

LONG

$35

WPO

SHORT

$275

COCO

SHORT

$0

HNI

SIG

RGR