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 >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 >Approximately 7-months ago we introduced a pair trade: long CSGP/short LOOP. Thus far the trade has worked out reasonably well. Both stocks have appreciated considerably, but shares of CSGP have outperformed those of...
READ MORE >We introduced KNOT as a long idea approximately 3-4 months ago based on the following: KNOT still has leading media and ecommerce franchises serving large end-markets. The company has just started to scratch the surface of its market opportunity. We...
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 >LOOP reported 1Q10 results after the close. Overall, the company delivered solid outperformance on the topline ($18.8 million vs. $18.2 million consensus) and a penny of upside on the bottomline. The bigger headline for the bulls on the stock is that the company...
READ MORE >Approximately two months ago we introduced a pair trade idea to go long CSGP against a short position in LOOP. You can read our original report here. Thus far the trade has not delivered the type of return we...
READ MORE >This report was originally published on 2/11/10.A few years ago, Warren Buffet stated to Fortune magazine:“The key to investing is not assessing how much an industry is going to affect society, or how much it will grow, but rather...
READ MORE >This report was originally published on 1/7/10.We wanted to highlight a few noteworthy developments related to our pair trade recommendation of long SIG/short NILE (55.39 ↓0.40%). First, we wanted...
READ MORE >This report was originally published on 12/16/09.Shares of SIG (29.54 ↓0.94%) have pulled back in the past 10-days following ZLC (3.03↓6.19%)’s 10-Q filing, in which Zale’s reported...
READ MORE >This report was originally published on 11/4/09.We introduced a pair trade idea in June to go long Signet (SIG 29.49 ↓1.11%) Jewelers against a short position in Blue Nile (NILE 55 ↑0.22%). Although we...
READ MORE >This report was originally published 11/2/09.In our original report on our pair trade idea: long Signet (SIG 29.43 ↓1.31%) Jewelers/shortBlue Nile (NILE 54.76 ↓0.22%), we highlighted the risk that a lawsuit against Blue Nile could pose to the...
READ MORE >This report was originally published 9/9/09.SIG reported 2Q10 results this morning. You can find the full press release here. Overall, the company handily beat consensus expectations and the stock has reacted...
READ MORE >This report was originally published 8/25/09.In a recent post on NILE (54.88 ↑1.95%), we discussed the primary fundamental short thesis on the stock, which included among other things the company’s “operating margin conundrum”. In short, it is our view that...
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