In the 18-months that we have been recommending going Long shares of WWE, we have been highly critical of management’s reluctance to provide investors with the company’s general operating and financial...
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 >Didn’t we go through the same experience last quarter? Zillow beat revenue and EPS for 4Q12, operating metrics were stellar, and management guided lower in large part due to increased expectations for...
READ MORE >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 >WWE shares have advanced 7.8% thus far this year compared to a 6.0% gain for the S&P 500. Despite the solid stock price performance to start the year, we doubt that many WWE investors are taking “victory laps”. After all, in the...
READ MORE >Despite all of the levers the company has pulled (cohort default rate “management”, asset sales, off-loading student loan credit risk temporarily, sale lease backs) over the past two years, it finally appears that COCO is starting to run out of...
READ MORE >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 >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 >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 >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 >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 >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