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MCRS: As MCRS Continues to Lose Share, a Sequence of Short Term Gains Could Create Longer Term Pain

September 27th, 2013

The purpose of this report is to address several critical questions surrounding MCRS and the company’s future growth prospects. In general, we would argue that most of these queries aren’t part of the general...

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WWE: Navigating the Pathway to $200MM in EBITDA, Taking Our Price Target to $19

September 18th, 2013

It’s not every day that the CEO of a publicly traded company offers us the opportunity to put him in a “hammerlock” if the company does not achieve its stated financial objectives.    WWE management has expressed an incredible...

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COCO: Hanging on By a Thread While the Challenges Continue to Mount

August 29th, 2013

We watched the stock price action in COCO over the past two weeks with considerable befuddlement and consternation. After all, the stock rallied more than 25% following the announcement that the Department of Education had preliminarily sided with the...

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MCRS: After a Year of Zero Growth, Are Shareholders Any Better Off Than They Were 12-Months Ago? Analyzing the Marriott...

August 22nd, 2013

“Hope is a dangerous thing.  Hope can drive a man insane.”Morgan Freeman (Red), Shawshank RedemptionWe are not alone in this.  There’s no shortage of short sellers who lament the action in...

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WPO: The Irrational Bid Scenario Now Comes Into Play and Catalysts Are Limited, Closing Out Our Short Idea With a...

August 6th, 2013

This is something we obviously did not see coming, but based on the action in WPO shares over the past 6-months perhaps someone else did.  In retrospect, we should have given greater attention to...

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OPEN: Hope Increasingly Creeping Into the Bull Case

August 1st, 2013

In another market environment things might be different.  Marking the fifth time in the past three years, OPEN missed consensus revenue expectations for 2Q13.  On top of that, the company lowered guidance for FY13 substantially.  Panic? Not exactly.  Had the...

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OPEN: Acquisition of Rezbook - OPEN Dominance or More IACI Incompetence? Probably a Bit of Both, Margin Impact Could be...

August 1st, 2013

In what can only be described as a surprise to the marketplace, OPEN announced that it had reached an agreement to acquire IACI’s Rezbook. As part of the deal Urbanspoon, a leading mobile...

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TRLA: 2Q13 Had More Signposts of Our Short Thesis Then You Might Think, Desktop User Growth is Collapsing – Canary in...

August 1st, 2013

“There’s a party going on right here, a celebration to last through the years….”Kool & the GangIn retrospect it all seems so simple doesn’t it? Let’s play a short game of check this...

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ESI: Robbing Peter to Pay Paul in a Race to the Bottom

July 26th, 2013

In a vacuum, there might be legitimate cause for excitement.  After 11 consecutive quarters during which ESI reported a YOY decline in new student starts the company was finally able to identify an elixir to its enrollment woes – aggressive tuition discounting...

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For-Profit EDU: Just When You Think You Have All of the Answers, We Change the Questions; Feedback from Privately Held...

July 24th, 2013

“And you all know how the story go….Not bad meaning bad but bad meaning good…”-          Run-DMCWith all due respect to Monsieurs Simmons, McDaniels, and Mizell we doubt that they...

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OPEN: YELP’s Acquisition of SeatMe Could Herald the Start of a New Era in the North American ERB Space

July 19th, 2013

And so it begins….Two and a half years ago we introduced OPEN as a short idea predicated on four principal tenets: At its core, OPEN provides a “solution without a problem”.  OPEN’s ERB technology and...

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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