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 case you missed it, I recently had the opportunity to speak with Leslie Norton of Barron's about PAA Research, our approach to idea generation, and some of our latest thoughts on for-profit education, payment processing and OPEN, Z, BGG, and TTC. You can find the full interview HERE.
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 >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 >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 >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 >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 >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 >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 >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 >We recently introduced a pair trade idea: long BGG/short TTC. Thus far the trade has returned 2.1% compared to a 2.3% gain for the S&P 500. We still think the pair trade has the potential to generate a total...
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 >TTC reported 2Q10 results earlier today. You can read the full release here. The company's earnings results were inline with TTC's positive pre-announcement on 5/13.Key Observations from TTC's 2Q10 ResultsHere are...
READ MORE >The outdoor power equipment sector is an industry whose revenue growth trends have historically been driven by three primary factors: home sales, general consumer confidence, and weather. It should come as no surprise given these factors that unit sales...
READ MORE >SELL/SHORT
$230
SELL/SHORT
$55
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