“…the long-term opportunity for Rentals, we look at competitors in the rental space kind of pure play what they call ILSs or Internet Listing Sites, Internet Listing Services and we see a couple...
READ MORE >“Oracle is focused, focused like a laser on one goal over the next few years: becoming the number one company in Cloud computing's two most profitable segments: software-as-a-service, SaaS; and platform-as-a-service, PaaS.” · Larry...
READ MORE >Yesterday we had the opportunity to tour the floor at the National Restaurant Association’s 2014 annual conference. We wanted to pass along some key observations from our time in the exhibit hall. As you might imagine given our...
READ MORE >For the past 6-9 months we’ve been screaming from the mountain tops (or this molehill depending on your perspective) that much of MCRS’s recent revenue growth has been largely a function of...
READ MORE >Stasis is MCRS’s best asset. That’s our grand takeaway from the company’s investor day. Otherwise, we can’t help but wonder how bulls on the stock feel about the company’s growth prospects and management team. Those who were...
READ MORE >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...
READ MORE >“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...
READ MORE >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...
READ MORE >Yesterday we had the opportunity to tour the floor at the National Restaurant Association’s 2013 annual conference. We wanted to pass along some key observations from our time in the exhibit...
READ MORE >When we initially introduced MCRS as a short idea roughly 8-months ago, here were the principal tenets of our thesis: The elimination of the hardware “tether” could result in rapid share gains...
READ MORE >MCRS reported a quarter that was as uneventful as it was uninspiring. Ultimately there were operating metrics that improved somewhat and those that could be construed as confirmation of our short thesis. Below we discuss the key positives and negatives from the quarter.
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 >Yesterday we had the opportunity to tour the floor at the National Retail Federation’s “Big Show 2013”. We wanted to pass along some key observations from our time in the exhibit hall. As you might imagine given our outstanding short call on...
READ MORE >It’s been nearly four months since we first introduced MCRS as a short idea. Since that time the stock has declined (-13%) compared to a 1% gain for the S&P 500 over the same period. As so often is...
READ MORE >With one simple statement, the management of Urban Outfitters changed the entire perception surrounding the sustainability of incumbent providers of PC based POS software solutions to restaurants and retailers. On September 27th at the Urban Outfitters investor day, the...
READ MORE >“I just charge additional license fees for these iPad implementations, so it actually drives business”Peter Rodgers, EVP Investor Relations and Business Development MICROS Systems, Inc.That’s it, nothing to see here....
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 >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 >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 >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