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WWE: As We Move Beyond “Proof of Concept” for the Network the Second Phase of Growth Comes Into Focus, Raising...

March 31st, 2014

Was it really only 6-months ago that WWE shares were languishing at multi-year lows and trading 100-200,000 shares a day?  My how things have changed.  In a mere 180 days, WWE shares have now...

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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...

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ESI: PEAKS Losses Inform Investors as Much about the Present as the Past; Lowering Estimates Due to Reduced Starts...

March 25th, 2014

It what has become standard practice for ESI, the company filed an 8-K last Friday after the market close which delivered more unfavorable news.   If bulls are to be believed the latest development...

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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...

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WWE: The “Mark to Market” Could Be Higher Than Previously Thought, Raising Target to $35

February 21st, 2014

We’re going to spare you any comments on WWE’s 4Q13 earnings results. If today’s stock price action is any guide, it appears investors have deemed them irrelevant.  All eyes at this point are on two things: 1) the...

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TRLA: They Had No Choice, Now Come the Tough Questions

February 14th, 2014

Well, now we know why…. In early December, TRLA announced a convertible notes offering which was eventually upsized to $200 million.  The notes convert at $35.93/share, or roughly 2% below where TRLA shares closed yesterday.  The timing of the notes offering...

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TRLA: Share Losses Have Accelerated, How Will the Company Respond?

February 12th, 2014

It all sounds so intoxicating doesn’t it? To company management (and presumably bulls on the stock) Trulia is a leading rapidly growing mobile based residential real estate search platform integrated with a cloud based CRM system.  How many investor...

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OPEN: As Customer Acquisition Costs Sky-Rocket and Competition Gains Momentum Investors Are Left To Ask: If Not Now,...

February 7th, 2014

Approximately three months ago we postulated that OPEN’s EPS in FY14 could actually be flat on a YOY basis. At that time, and at every point up until the company’s earnings release yesterday...

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COCO: The Reasons Why We Think COCO Could Have a Significant Liquidity Crisis over the Next 6-12 Months

February 5th, 2014

In many respects, we are stunned that COCO shares did not trade down more today.  Let’s consider what “new” information we learned as a result of the company’s earnings release: 1) starts trends are...

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ESI: In a Web of Partial Truths, Mis-statements, and False Promises, Focus on These Realities

January 30th, 2014

Really, who would trust this management team?  The current management team of ESI has been wrong on almost every front over the past 3-4 years whether it be: student start prospects, market clearing tuition levels, or actual...

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For-Profit EDU: The Hope for Hope Trade Could Be Coming To an End as Winter Term Enrollment Results Bring a Cold Dose...

January 29th, 2014

The for-profit postsecondary education sector has been a “contrarian’s delight” for the better part of 12-months.  Initially what started as a long trade predicated on overly bearish sentiment...

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A Notice About a Change in Pricing for Basic Subscribers

January 18th, 2014

If you are a gold or institutional subscriber please IGNORE this message.  If you have a basic subscription(s) bundled with a gold or institutional subscription please IGNORE this message.  Your pricing will not change.Effective February 1st, 2014 the price of...

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WWE: Massive Content Monetization Is Here, Raising Target to $23

January 14th, 2014

“You‘ve got to start with the customer experience and work back toward the technology - not the other way around.”-Steve JobsIn the end, it appears the WWE Network will be nothing short of fantastic for WWE fans and the company’s stakeholders. ...

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GCA: Closing out GCA Long Idea with a 51.3% Gain (vs. 75.2% Gain for S&P 500)

January 3rd, 2014

We are closing our our long idea in Global Cash Access Holdings Inc. (GCA) with a gain of 51.3% vs. a 75.2% advance for the S&P 500 over the same time frame.  We initially introduced GCA as a long idea in November 2009 based on our view...

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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