As long time followers of PAA Research know, we have been recommending the shares of THQI for quite some time now. Over the past three years, THQI has transformed itself from a company almost entirely focused on the publication of video games based on key licenses in...
READ MORE >THQI shares have declined 9.7% compared to a 1.3% gain for the S&P 500 since the company reported 3Q11 results and lowered its 4Q11 guidance. We were as perplexed as everyone else about the company’s decision to lower 4Q11 guidance a few weeks prior to what could...
READ MORE >Let’s get this out of the way early on – we are firm believers in the concept that valuation is not a short thesis, or more simply stated valuation is not a thesis. Ask any hedge fund manager who has relied on...
READ MORE >Approximately 18-months ago, we scribed a letter to Warren Buffet, Chairman and CEO of Berkshire Hathaway about his sizeable ownership stake in the Washington Post Company. It might have been an audacious endeavor on our part...
READ MORE >THQI reported 3Q11 earnings results after the close yesterday. You can read the full earnings release here. The headlines are that the company beat consensus expectations for the December quarter, but...
READ MORE >THQI will report 3Q11 earnings after the close on Wednesday February 2nd. Since the release of THQI’s drawing based peripheral for the Wii on November 14th (uDraw), the stock has rallied 41%. ...
READ MORE >At the depths of the summer swoon and what proved to be the nadir for THQI shares, we issued a report entitled "THQI: The Waiting Has Been the Hardest Part, Finally Some Catalysts for THQI". It was late August and THQI shares...
READ MORE >For several months now, we have been waiting for an update on the status of three separate qui tam actions outstanding against Kaplan Higher Education in the United States District Court Southern District of Florida. ...
READ MORE >Approximately two and a half months ago, we published a report that argued that the tail risk associated with owning WPO shares continued to increase. Today we received further evidence that "tail risk" continues to grow for the company.Filing...
READ MORE >Admittedly, WPO's headline earnings results for 3Q10 appear to be compelling. The company reported total revenues of $1.189 billion and adjusted EPS from continuing operations of $11.40. This compares to our...
READ MORE >Approximately 5-months ago we introduced KNOT as a long investment idea. At that time our primary thesis was as follows: KNOT still has leading media and ecommerce franchises serving large end-markets. The company has just...
READ MORE >On Friday, November 5th, WPO will report 3Q10 earnings. WPO is at a significant crossroads. Fundamental demand for the company's primary growth vehicle over the past five years has changed abruptly at a time when secular headwinds facing WPO's...
READ MORE >THQI's "summer of discontent" appears it could finally be coming to a close. Since Memorial Day, THQI shares have lost close to 40% in value. THQI shares now trade below book value and appear to discount a scenario in which the company...
READ MORE >Barron's columnist Andrew Bary published a follow up piece this weekend to his initial write-up on WPO in which he argued that the stock could be worth as much as $900/share. You can read the original article here. Mr. Bary's...
READ MORE >At a time when the US housing market remains in recession (and by proxy the US economy), the benefits of global monetary and fiscal stimulus have started to fade away, and sovereign debt fears cast a long shadow, we have focused on identifying long ideas that are US based companies that...
READ MORE >Earlier this evening THQI hosted its investor presentation at this year's E3 Expo. The company's presentation focused on its impressive core gamer title slate for CY11. Think about it this way: THQI spent almost an hour discussing more than a dozen...
READ MORE >THQI will release one of its key titles for FY11 tomorrow, UFC Undisputed 2010. Expectations among gamers, MMA fans, and investors is high following the strong sell through for UFC Undisputed 2009 and...
READ MORE >WPO reported 1Q10 results on 5/7. Overall, the results did little to alter our short thesis on the stock. The company beat our estimates on the topline but fell short of our EPS forecast due to lower than expected profitability at the...
READ MORE >THQI reported 4Q10 results after the close and provided initial guidance for 1Q11 and FY11. You can read the company's earnings release here. The earnings results and initial guidance provided by management were inline...
READ MORE >THQI spent the better part of FY08 and FY09 streamlining its studio system, reducing headcount company-wide, and altering its project development process. It was an arduous, painful process...
READ MORE >This report was originally published on 1/13/10.Approximately 2-weeks ago we published a report highlighting our positive expectations for Darksiders, THQI (6.5 ↓0.31%)’s second major launch of owned...
READ MORE >This report was originally published 12/31/09.In our original report on THQI (6.5 ↓0.31%), we argued that FY10 would represent the company’s transition from a pure “kids” and “licensed”...
READ MORE >This report was originally published on September 15th, 2009.Please note, the following is a letter PAA Research recently sent to Warren Buffet, Chairman and CEO of Berkshire Hathaway, Inc.. We thought our readers might find the analysis of Washington Post and...
READ MORE >This report was originally published on 9/22/09.THQI shares rallied strongly today based on rumors that the company could be “in-play” as an acquisition target. This is not the first time there has been rampant speculation...
READ MORE >This report was originally published on 7/29/09.It has never been our intention to write about one company on a daily basis or give our thoughts about every single earnings release (there are plenty of traditional sell-side firms that do a...
READ MORE >This report was originally published on 7/28/09THQI will release its 1Q10 earnings after the market close today. The company will host a conference call at 5PM EST. You can listen in here. We have written at length about the...
READ MORE >This report was originally published on 7/27/09.THQI announced this morning that the company received a favorable ruling in its binding arbitration with JAKKS Pacific Ltd surrounding the two...
READ MORE >This report was originally published on 7/12/09At a fan expo for UFC 100, the chairman and CEO of UFC, Lorenzo Fertitta made a few comments about UFC Undisputed 2009 and responded to a question about Electronic Arts’s imminent foray into the MMA space. Here is...
READ MORE >This report was originally published on 6/16/09.We have received a ton of questions about THQI shares in the past few days. Since closing at a year-to-date high of $8.93 on June 10th, the stock has sold off 15.3%, including a 10%+ sell-off...
READ MORE >This report was originally published on 5/31/09Historically, one of the most consistent criticisms of THQI among gamers and investors alike has been the company’s inability to develop video games...
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