The Spring/Summer 2012 selling season will not be remembered fondly by participants in the outdoor power equipment marketplace. Severe drought through much of the US and ongoing economic in weakness led...
READ MORE >BGG shares traded off modestly today following 4Q12 results and initial FY13 guidance that were both below consensus expectations. Two factors weighed on the company’s 2Q12 and significantly dampened the company’s FY13...
READ MORE >In the 8-months since we originally introduced MLHR as a short idea, the stock has declined (-17.4%) compared to a 7.7% gain in the S&P 500 over the same time frame. For those that also rely on...
READ MORE >Admittedly, we did not expect something like this. Suffice it to say BGG’s 2Q12 earnings results and conference call included a number of unexpected outcomes both operationally and strategically. Obviously the big news of the day was...
READ MORE >If there has been any sector that has served as the backbone of the recent rally in the market it has been the homebuilders. Most of the largest publicly traded homebuilders have witnessed stock...
READ MORE >In the 5-months since we originally introduced MLHR as a short idea, the stock has declined (-18.3%) compared to a (-5.2%) sell-off in the S&P 500 over the same time frame. The sell-off in MLHR shares over the...
READ MORE >As we anticipated, BGG reported 1Q12 results that were well above consensus expectations. The magnitude of revenue upside was larger than we expected, but the company’s loss per share was roughly inline with our forecast. ...
READ MORE >The performance of BGG shares this year have been nothing short of “head scratching”. We recognize that the spring/summer selling season for outdoor power equipment proved to be a disappointment and the company’s initial guidance for FY12 was below our...
READ MORE >For the first time in a long time, TTC reported quarterly results that fell short of expectations. While some investment firms and analysts are willing to look past the company’s “product rework” expense in the quarter as a “one-time” item, we...
READ MORE >Admittedly, BGG’s 4Q11 results and initial FY12 EPS guidance were well below our expectations. Our channel checks indicated that sell through of outdoor power equipment weakened from 1Q11 to 2Q11 and that trends in June and July were modestly worse...
READ MORE >We have been recommending a pair trade: long BGG/short TTC for approximately 9-12 months. Thus far the trade has not been a winner, generating a modest (-3.0%) loss compared to a relatively healthy...
READ MORE >Approximately seven months ago we introduced a pair trade idea: Long KNL/Short MLHR. You can read our original report here. Our pair trade thesis is predicated on the following...
READ MORE >Approximately 6-months ago we introduced a pair trade – Long KNL/Short MLHR. Thus far the trade has returned approximately 11.8% compared to a 2.2% gain for the S&P 500. In our original report, we established the...
READ MORE >BGG shares rallied modestly today, despite the significant outperformance posted by the company on both the top and bottomline for 3Q11. We attribute the tepid stock price response to the relatively muted outlook for 4Q11 provided by...
READ MORE >We have been recommending a pair trade: long BGG/short TTC for approximately 6-9 months. Thus far the trade has not been a winner, generating a modest gain 1.5% compared to a robust 26.5% increase for the...
READ MORE >Although the company’s results were relatively inline with consensus we would argue KNL’s 1Q11 operating results and significant YOY increase in backlog further validated our thesis that the company will be the fastest growing...
READ MORE >Approximately four months ago we introduced a pair trade idea: Long KNL/Short MLHR. You can read our original report here. Our pair trade thesis is predicated on the following...
READ MORE >Approximately 3-months ago we introduced a pair trade – Long KNL/Short MLHR. Thus far the trade has returned approximately 15% compared to a 2% gain for the S&P 500. In our original report, we established the following thesis for our long...
READ MORE >TTC reported 1Q11 results today that were well above consensus expectations. You can read the full release here. Despite the large upside delivered for 1Q11, the upward revision to FY11 guidance, and communication of a FY14 operating...
READ MORE >Approximately 6-weeks ago we introduced a pair trade – Long KNL/Short MLHR. In our report, we established the following thesis for our long KNL/short MLHR pair trade: Order trends have improved materially for...
READ MORE >BGG reported 2Q11 results that we would characterize as far less impressive as the headline numbers would suggest. In general, it appears that relatively strong demand in Australia and Asia combined with slightly earlier...
READ MORE >We have been recommending a pair trade: long BGG/short TTC for approximately three months. Thus far the trade has not been a winner, generating a modest loss (-0.3%) compared to a whopping 21.3% gain for the S&P 500. As a reminder, the...
READ MORE >Acuity Brands has been our favorite long idea in the industrials complex over the past year. As a pure-play lighting equipment manufacturer with a growing portfolio of LED products and lighting...
READ MORE >Approximately 9-months ago we introduced MLHR as a short idea. Many elements of our short thesis have come to fruition: up until recently the recovery in orders for the company and other leading office...
READ MORE >We have been recommending a pair trade: long BGG/short TTC for approximately three months. Thus far the trade has not been a winner, generating a (-4.7%) return compared to a 9.4% gain for the S&P 500. As...
READ MORE >Acuity Brands will report 4Q10 earnings on Wednesday, October 6th before the market opens. Based on our checks with approximately 35-40 lighting agents across the country we anticipate the company is poised to...
READ MORE >TTC reported strong 3Q10 result this morning, you can read the full release here. On the heels of BGG's blow-out numbers, it should come as no surprise that TTC delivered significant upside to...
READ MORE >Approximately three months ago we introduced two short ideas in the outdoor power equipment space: BGG and TTC. Since that time shares of BGG have sold off 21.2%, while those of TTC have declined 7.3% compared to a...
READ MORE >AYI will report 3Q10 results before the market opens tomorrow. We expect the company to deliver inline revenues, but once again top consensus estimates due to better than expected gross margins. ...
READ MORE >MLHR reported 4Q10 earnings after the close. You can read the full release here. Overall, the company's revenue and earnings results fell well short of consensus and PAA Research's even more cautious estimates....
READ MORE >LONG
$70
SELL/SHORT
$4
SELL
$50
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
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