If you were to listen solely to OPEN management, the company’s path to market dominance in the online restaurant reservation space is merely an exercise in “blocking and tackling”. Management continues to execute on the same strategy the company had in...
READ MORE >Was it really just only 12-months ago that OPEN was the darling of Wall Street? It seems like another lifetime. Approximately one year ago to the day, OPEN reported another quarter of 40%+ YOY organic revenue growth and handily...
READ MORE >At the highest level here are the headlines about OPEN’s 4Q11 earnings results and subsequent earnings conference call: 1) the company delivered a low quality beat, 2) underlying operating metrics for the most part were...
READ MORE >Stop us if you’ve heard this one before: a heavily shorted stock, which was one of the worst performing names in its sector in 2011 has now rallied more than 20% to start the year. Of course in...
READ MORE >In the lengthy report we published on OPEN on Monday (backed by a survey of 110-120 restaurant owners) we outlined a number key issues that we expected to become discounted in the stock over the next...
READ MORE >In the 7+ months since we introduced OPEN as a short idea, we have been in a position where the stock has gained more than 40% against us and now trades more than 40% below where we initiated our...
READ MORE >OPEN shares traded off sharply today in response to GOOG’s announcement that it had acquired Zagat, a worldwide publisher of ratings and reviews of restaurants and other businesses. The Zagat restaurant surveys, launched more than 30 years...
READ MORE >Approximately 5-months ago, we introduced OPEN as a short idea based on the following thesis: 1. OPEN’s electronic reservation booking system (ERB) in many respects is a solution without a problem 2. Restaurants view the...
READ MORE >If you happen to be looking at OPEN for the first time, you might be wondering: what’s the big deal about the stock from a pure performance perspective? Year-to date the stock has gained a measly 0.5%, compared to a 2.8% gain for the S&P 500. Obviously, OPEN has been...
READ MORE >Approximately 12-weeks ago, we introduced OPEN as a short idea. You can read our original 40-page report by clicking here. The principal elements of our short thesis are as follows: 1. OPEN’s electronic reservation booking system...
READ MORE >Approximately 8-weeks ago, we introduced OPEN as a short idea. You can read our original 40-page report by clicking here. The principal elements of our short thesis are as follows: 1. OPEN’s electronic reservation booking system (ERB) in many respects...
READ MORE >Approximately 2-weeks ago, we introduced OPEN as a short idea. You can read our original 40-page report by clicking here. The principal elements of our short thesis are as follows: 1. OPEN’s...
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 >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