We hope you will consider this report for your weekend reading list. Over the past few weeks we surveyed more than 300 real estate agents in Canada. The attached presentation outlines the feedback we received from those agents...
READ MORE >Heading into BIG’s 4Q17 earnings release, we thought the company would be able to generate positive comps, albeit lower than consensus, but would struggle to generate the kind of operating leverage on meager SSS growth it has achieved over...
READ MORE >Presumably BIG will report 4Q17 earnings results on Friday morning. At this stage, the company has not yet announced an official reporting date which is somewhat unusual. Historically, BIG has...
READ MORE >“Against this backdrop, management and the Board are reassessing the corporate strategy and are focused on finalizing the Company’s long-term strategy during the first half of 2018 to help grow the business, create...
READ MORE >“Somethin' ain't right. Gonna get myself, I'm gonna get myself Gonna get myself connected I ain't gonna go blind For the light which is reflected I see through...
READ MORE >For the past 18-24 months ATGE bulls have argued that the removal of DVU from the company’s portfolio of education assets would result in meaningful share price appreciation. For many an ATGE investor, DVU’s severe revenue declines and modest...
READ MORE >“I’m not an economist so I don’t have a crystal ball” Vernon Nagel, Chairman, President, and CEO. Acuity Brands Inc. 1/9/18. 1Q18 earnings conf. call Finally, a...
READ MORE >PAA Research surveys lighting agents across the country on a semi-annual basis. The latest survey was conducted in the first few weeks of November. 35 lighting agents responded to our survey.
READ MORE >In a move that has been telegraphed for some time but occurred sooner than expected, ATGE announced that it has reached an agreement with Cogswell Education to “sell” DVU. The headline purchase price is $1,...
READ MORE >Expanded square footage, broader product offerings and SKU sets (gray!), more liberal down payment options through Progressive, and the Big Lots private label credit card couldn’t prevent BIG from witnessing massive deceleration in growth...
READ MORE >The gravity of this statement from The Wire’s Omar Little is not lost on us. Time and time again in the two and half years that we have been following the Canadian housing market investors have suggested to...
READ MORE >Meet the new Boss, same as the old Boss? When Yousry Bissada steps up to the mic today to discuss the performance of HCG during the first three months of his stewardship, we’re almost certain...
READ MORE >Even through the prism of what some might argue are “jade colored glasses”, we cannot find enormous fault with Zillow’s 3Q17 earnings results and 4Q17 outlook. The company delivered a modest topline beat largely due to better than...
READ MORE >“We are often asked about the vitality and conditions of the key end markets we serve. We now know that the overall growth rate of the lighting market over the last 2 quarters was essentially flat and even slightly down compared with the...
READ MORE >“Games people play, You take it or leave it Things that they say, Just don't make it right If I'm tellin' you the truth right now, do you believe it Games people play in...
READ MORE >This morning STRA and CPLA announced their intention to “merge” in an all-stock deal. CPLA shareholders will receive 0.875 shares of STRA stock for each share they own. Although this transaction has been...
READ MORE >“We’re focused on growth in e-commerce….I don’t think enough companies worry about obsolescence. We think about it all the time.” Kevan Gorrie, CEO Pure Industrial REIT 2/9/17 (Canada...
READ MORE >For some investors and analysts, today was yet another grand exercise in banging your head against the wall, which some have affectionately (or not so affectionately) called short selling. We recognize why...
READ MORE >“We're very excited to take the online lead in the segment with such spectacular growth. As we integrate ForRent, we believe that we can offer their perspective renters access to the most...
READ MORE >“I guess the best thing that I can say is from a strategic standpoint, Seasonal and Furniture and Soft Home seem to be categories that not everybody is focused on.” Timothy A. Johnson, Big Lots CFO, 8/25/17 2Q17 Earnings Conf....
READ MORE >The attached powerpoint presentation summarizes our findings from our 8th annual survey of real estate agents in the United States.
READ MORE >“Our transformation is well underway, as reflected in our heightened focus on our student-centric culture, our new corporate name and our improving financial performance.” Lisa Wardell, CEO Adtalem Global Education, Inc. 8/17/17 Well at least...
READ MORE >Redfin is trying to get rid of buyers' agents, and we'll see how that goes. As I said previously though, we are focused on doing something different. We are brokerage-agnostic is the way for...
READ MORE >Are HCG investors really better off than they were three months ago? At that time, HCG faced a liquidity crisis that the company narrowly survived. The stock price, which many would argue...
READ MORE >Approximately two weeks ago, Spencer Rascoff, CEO of Zillow published a post on LinkedIn entitled: “Why Some Investors Care About Culture”. In the post, Mr. Rascoff lauded two (unnamed) investors that are large...
READ MORE >In what can only be described as a shocking development to most participants in the Canadian financial ecosystem, HCG announced late last night that Berkshire Hathaway will provide the company with a...
READ MORE >There has been a great deal of discussion in the investment community over the past 6-12 months about the slowdown in the lighting equipment industry. Many investors as well as the lighting equipment...
READ MORE >“This is a notable earnings call for me as it marks 1 year since I assumed the CEO position in May of 2016. We have accomplished a great deal in a short period of time, and we're well...
READ MORE >HCG reported 1Q17 adjusted EPS of….. Just kidding. Make no mistake the entity known as Home Capital Group and its primary lending subsidiary, Home Trust no longer exist. As we argued a few...
READ MORE >“Mark, on the CFPB, we don't break out the amount of the revenue that comes from co-marketing efforts, but we have said and it continues to be the case that it's a small portion of overall revenue.” Kathleen Phillips, CFO Zillow, 1Q17 Earnings Conf. Call....
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