Didn’t we go through the same experience last quarter? Zillow beat revenue and EPS for 4Q12, operating metrics were stellar, and management guided lower in large part due to increased expectations for...
READ MORE >Well at least they didn’t miss consensus revenue estimates again…. Seriously though, do you remember the “good old days” when supposed growth companies that reported a massive deceleration in operating metrics, low quality...
READ MORE >Over the past month, PAA Research conducted a survey of approximately 80-85 restaurant operators a significant percentage of which are clients of OPEN and MCRS. The general purpose of the survey was to gain...
READ MORE >Heading into XOXO’s 3Q12 earnings release we thought we knew the following: The Knot and the Bump franchises remained incredibly strong from a consumer engagement perspective Investors had...
READ MORE >If you told us heading into the earnings print that Zillow would have added more than 4,000 premier agent subscribers in the third quarter, we almost certainly would have expected Zillow shares to trade higher. Obviously that has not...
READ MORE >Heading into the company’s 3Q12 earnings release, OPEN shares had rallied 31.8% over the past 3-months compared to a meager 3.4% gain for the Nasdaq. Clearly investor enthusiasm for OPEN shares continued to increase over the past...
READ MORE >In the housing depression over the past five years, there has been one segment of the marketplace that has performed quite well – rentals. Historically, the rental property market has been largely comprised of...
READ MORE >Zillow shares traded off sharply after hours yesterday following earnings results that were good, but perhaps not strong enough relative to “whisper numbers”. Additionally, the company filed a shelf offering which included the option for significant stock holders to sell as much as 3.6MM...
READ MORE >With OPEN shares down 24% in the past month and now trading at what some might think is an attractive 18.7x consensus EPS for 2013 we shouldn’t be completely surprised by the strength in the stock...
READ MORE >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 >Some investors might be perplexed by the strength in Zillow shares after hours. Yes, the company did report strong 1Q12 results that handily beat estimates. Yes, the operating metrics delivered in 1Q12 were fantastic and well above what most...
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 >This is a report about housing. This is also a report about a company that has the potential to transform the home purchase process in the US. Every Spring for each of the past three years we have...
READ MORE >Humor us for a moment and allow us to walk you through a sequence of events that occurred for a company for the past 12-months. For the moment we will not reveal the name of the company (but at...
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 >Make no mistake, KNOT’s 1Q11 results provide further evidence that the company’s efforts to improve monetization of their major media platforms have started to result in accelerated revenue growth. However, KNOT reported 1Q11 results that fell short of...
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 >In August of 2010, KNOT introduced daily deal offerings on its weddingchannel.com site in 7 markets. Generally speaking the KNOT’s Daily Deals offering includes products and services related to the preparation for (dance lessons,...
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 >KNOT reported 4Q10 results that were more or less inline with our expectations and above consensus estimates. The company’s 4Q10 results further validated our thesis that KNOT reached a critical inflection point in 2H10 and is poised to generate accelerated revenue...
READ MORE >KNOT will report 4Q10 earnings results after the market close on Thursday, February 10th. We expect the company’s 4Q10 results will further validate our thesis that KNOT reached a critical growth inflection point in the second...
READ MORE >Approximately 12-months ago in a report entitled "When the Castle Is Under Siege It Helps To Have a Wide Moat: Long CSGP/Short LOOP" we introduced a pair trade idea: long CSGP/short LOOP. Our thesis at that time was as follows: CSGP (CSGP 42.3 ↑0.74%) has...
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