AYI will report 3Q10 results before the market opens tomorrow. We expect the company to deliver inline revenues, but once again top consensus estimates due to better than expected gross margins. ...
READ MORE >MLHR reported 4Q10 earnings after the close. You can read the full release here. Overall, the company's revenue and earnings results fell well short of consensus and PAA Research's even more cautious estimates....
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 >Over the past 48 hours a significant change has occurred in the operating landscape for proprietary higher education institutions. While most investors and sell-side analysts debate the eventual outcome of the Department of Education's "gainful employment" proposal,...
READ MORE >Earlier this evening THQI hosted its investor presentation at this year's E3 Expo. The company's presentation focused on its impressive core gamer title slate for CY11. Think about it this way: THQI spent almost an hour discussing more than a dozen...
READ MORE >Yesterday we had the opportunity to speak with Hal Mechler, CFO of Imperial Sugar Company. Management's tone was more positive than on the company's most recent conference call both about the broader sugar market and the...
READ MORE >Approximately three months ago, we introduced MLHR as a short idea. At that time we thought shares were poised to witness downside following a 25% run up in the stock. even though sell through trends in the office furniture...
READ MORE >We wanted to provide you with an update on the performance of our SMid Cap portfolio, which we introduced on 9/3/09. As a reminder this is a “mock” portfolio with an initial value of $100 million. We plan to manage the portfolio like a long/short equity hedge...
READ MORE >We've stated it before and we'll say it again: we are firm believers in Edward Leamer's thesis that "Housing is the Business Cycle". It continues to be the prism through which we view the economic cycle. It colors every investment idea we evaluate and how we position the PAA...
READ MORE >THQI will release one of its key titles for FY11 tomorrow, UFC Undisputed 2010. Expectations among gamers, MMA fans, and investors is high following the strong sell through for UFC Undisputed 2009 and...
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 >We wanted to provide you with an update on the performance of our SMid Cap portfolio, which we introduced on 9/3/09. As a reminder this is a “mock” portfolio with an initial value of $100 million. We plan to manage the portfolio like a long/short equity...
READ MORE >Earlier this week, the USDA released an update on its World Agricultural Supply and Demand Estimates. Overall, the report was generally supportive of higher raw sugar prices. Domestic raw sugar prices have come under pressure in the...
READ MORE >IPSU reported 2Q10 earnings results this morning. You can read the full release here. As we discussed in our preview of the quarter, IPSU's operating results were hampered by a slower than expected ramp-up of capacity at the company's...
READ MORE >WPO reported 1Q10 results on 5/7. Overall, the results did little to alter our short thesis on the stock. The company beat our estimates on the topline but fell short of our EPS forecast due to lower than expected profitability at the...
READ MORE >THQI reported 4Q10 results after the close and provided initial guidance for 1Q11 and FY11. You can read the company's earnings release here. The earnings results and initial guidance provided by management were inline...
READ MORE >COCO reported 3Q10 earnings results this morning. You can read the full release here. Overall, we would characterize the results as more or less inline, but they will likely be viewed as a...
READ MORE >We wanted to provide you with an update on the performance of our SMid Cap portfolio, which we introduced on 9/3/09. As a reminder this is a “mock” portfolio with an initial value of $100 million. We plan to manage the portfolio like a long/short equity...
READ MORE >BCO reported 1Q10 results this morning. You can read the full release here. Overall we would characterize the results as disappointing in light of the improvement in the global economy over the...
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 >We introduced BCO as a long idea approximately 9-months ago, you can read our original report here. It has not been our best call. The stock has effectively gone no where while equity markets have ripped. On Thursday,...
READ MORE >We are closing our our Thomas Weisel Partners Group long idea today with a 44% gain. You can read our original report here. This morning Stiffel Financial Corp. announced a deal to acquire TWPG in a stock deal. TWPG shareholders will receive...
READ MORE >We recently introduced two short ideas: TTC and BGG. Both are leading manufacturers in the outdoor power equipment market. Our thesis on the two companies was as follows: Our channel checks indicated...
READ MORE >ESI reported 1Q10 results this morning that topped PAA Research and consensus expectations. You can read the full release here. Here are the quick highlights: Revenues and EPS of $384.0 million and $2.46 beat consensus...
READ MORE >We wanted to provide you with an update on the performance of our SMid Cap portfolio, which we introduced on 9/3/09. As a reminder this is a “mock” portfolio with an initial value of $100 million. We plan to manage the portfolio like a long/short equity...
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 >ESI will report 1Q10 results on Thursday, 4/22 before the market opens. Based on the feedback from our recent survey of privately held for-profit education institutions, we think enrollment momentum across ESI's network of...
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 >THQI spent the better part of FY08 and FY09 streamlining its studio system, reducing headcount company-wide, and altering its project development process. It was an arduous, painful process...
READ MORE >In the for-profit postsecondary education sector, controversy never dies and it seems like trading opportunities are omnipresent. After a one-month period during which news flow within the industry slowed to a...
READ MORE >SELL
$50
LONG
$110
SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
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%
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