Obviously this is an earnings call we did not get right. In our preview of the quarter, we argued that ARP was poised to deliver revenue and earnings upside for the second quarter based in large part on...
READ MORE >BCO reported 2Q10 results this morning. You can read the full earnings release here. Overall, the company delivered both topline and bottomline outperformance for the first time in many quarters. Although management tempered its full year...
READ MORE >In April, we argued that the reprographics industry was showing signs of imminent revenue stabilization, despite what continued to be weakness in the macro-economic data related to non-residential construction...
READ MORE >GCA shares sold off an astonishing 44.4% yesterday on massive volume (19.2MM shares) following the announcement that the company had received notice from Harrah's that the casino operator would not...
READ MORE >BCO reported 1Q10 results this morning. You can read the full release here. Overall we would characterize the results as disappointing in light of the improvement in the global economy over the...
READ MORE >We introduced BCO as a long idea approximately 9-months ago, you can read our original report here. It has not been our best call. The stock has effectively gone no where while equity markets have ripped. On Thursday,...
READ MORE >Approximately two months ago we introduced a pair trade idea to go long CSGP against a short position in LOOP. You can read our original report here. Thus far the trade has not delivered the type of return we...
READ MORE >We recently conducted a survey of 30-35 independent reprographers to gain a better understanding of industry-wide trends during 1Q10, their outlook for 2Q10 and the rest of 2010, and how BIM has impacted the...
READ MORE >We recently had the opportunity to speak with senior management of ARP. Although we discussed a number of issues that will impact ARP shares in the near-term, our primary focus was on the strategic direction of the company in light of the increased usage...
READ MORE >This report was originally published on 2/22/10.We introduced GCA (8.05 ↓0.86%) as a long idea approximately 4-months ago, since that time shares have appreciated more than 20%. GCA will report its 4Q09 earnings after the market closes on Tuesday, February 23rd....
READ MORE >This report was originally published on 2/11/10.A few years ago, Warren Buffet stated to Fortune magazine:“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather...
READ MORE >This report was originally published on 2/3/10.Normally when a non-financial services company issues an earnings release that is more than 25 pages, it usually is cause for significant concern. However...
READ MORE >This report was originally published on 1/27/10.After the close today, ARP (7.65 ↓1.80%) issued a press release indicating that the company now expects to beat its prior revenue and EPS guidance for 4Q09. You can read the...
READ MORE >This report was originally published on 1/20/10.We introduced ARP (7.64 ↓1.93%)as an investment idea approximately 9-months ago. At that time we thought the stock had considerable upside based in...
READ MORE >This report was originally published on 12/21/09.After the close today, BCO (27.21 ↑0.55%) announced its intention to repatriate cash held in Venezuela at the “parallel rate” opposed to the “official rate”, which the company has...
READ MORE >This report was originally published on 11/16/09.CanonInc. today announced its intention to launch a takeover bid for Oce N.V., a leading manufacturer of digital printing systems and document management service provider. Canon (CAJ 44.5...
READ MORE >This report was originally published on 11/4/2009.Similar to other consumer oriented sectors, there are growing signs that a trough in activity in the gaming sector has been reached or is rapidly approaching. Let’s look at a few recent...
READ MORE >This report was originally published on 10/29/09.The Brink’s Company (BCO 27.09 ↑0.11%) reported 3Q09 result this morning. You c an read the full release here. There were a number of “puts and takes” in the quarter that have clouded...
READ MORE >This report was originally published on 10/26/09.We introduced the Brink’s Company (BCO 27.05 ↓0.04%) as what we thought would be a compelling long idea a few months ago based on the...
READ MORE >This report was originally published 10/6/09.ARP shares are off sharply today in response to a press release in which the company announced it was lowering guidance for the year and had recently completed an amendment to its...
READ MORE >This report was originally published 7/31/09.Huron Consulting announced an earnings restatement, changes to management and lowered guidance for the fiscal year after the close today – in short a complete disaster for...
READ MORE >This report was originally published 7/31/09.We continue to recommend purchase of ARP shares, even after the 50% gain in the stock since we first introduced the idea. The company will report...
READ MORE >This report was originally published 7/30/09.In our original post on the Brink’s Company, we argued that the company would perform well in the current economic environment based on the steady secular growth of cash in circulation (cash is still king),...
READ MORE >This report was originally published on 6/24/09.Since reaching its YTD high of $10.11 on June 5, ARP shares have witnessed a 20% correction. At today’s price, ARP shares now sport a free cash flow (FCF) yield of 20%. After generating $20 million in FCF...
READ MORE >This report was originally published 6/8/09.If we have learned anything over the past 12-18 months, it has been that “cash is king”. Not only is cash king, but it is a significant growth business on a global basis. Even with the proliferation of credit...
READ MORE >This report was originally published 6/2/09Mary L. Schapiro, Chairman of the Securities and Exchange Commission (SEC) testified before the Subcommittee on Financial Services and General Government today. The purpose of the...
READ MORE >This report was originally published on 5/29/09.To say the Securities and Exchange Commission (SEC) has been embarrassed over the past few years would be an understatement. It is hard to imagine a worse period for the SEC than what the agency...
READ MORE >This report was originally published on 5/20/09.The American Institute of Architects (AIA) released their Architecture Billings Index (ABI) for April 2009 today. Overall, the ABI index has been proven to be a solid indicator...
READ MORE >This report was originally published on 5/7/09.ARP reported 1Q09 results after the close. You can read the detail here. The quick highlights are as follows: Revenues were inline with street consensus, but the company had clear positive...
READ MORE >This report was originally published on 5/6/09.We had the opportunity to speak with a three-decade veteran of the reprographics industry to get a better sense of his views on the state of the marketplace, the competitive landscape, consolidation opportunities, and the...
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