“….but I do want to remind everybody that CoStar has shown again and again and again that we are able to reduce costs after an investment initiative. We are very good at that and we need credit for that.” Andy...
READ MORE >In the 45-50 minutes of prepared remarks from CSGP’s management on the company’s 4Q15 earnings conference call, it was quite clear Andy Florance and co. were hoping to accomplish the...
READ MORE >The point of sale (POS) terminal/credit card acceptance device. In the United States the hardware has become somewhat of an afterthought in the broader point of sale experience at best and at worst a PCI/EMV compliance...
READ MORE >We cannot think of a better testament to the skill and guile of ARC’s current management team than the chart below. In it we compare ARC’s aggregate free cash flow generation over the past five...
READ MORE >Admittedly when we founded PAA Research, investment recommendations like what BCO has become for us, were exactly what we’re trying to avoid. Our absolute return focus and strict adherence to loss...
READ MORE >We remain as enthusiastic as ever about the share appreciation prospects for BCO. In the 2-years since we first introduced the BCO as an investment idea the stock has barely budged even though the company is on track to generate EBITDA...
READ MORE >We first introduced BCO as a long idea in June of 2009. Admittedly, this has not been one of our best stock ideas. The stock has returned an anemic 2% while the S&P 500 has surged 29% higher over the same time frame – not exactly...
READ MORE >Our Revised EstimatesARC’s 1Q11 results were more or less inline with our expectations after adjusting for accelerated amortization of trade names and costs associated with elimination of the company’s interest rate swaps as a result of the company’s debt refinancing. Recent...
READ MORE >We first introduced BCO as a long idea in June of 2009. Admittedly, this has not been one of our best stock ideas. The stock has returned a relatively uninspiring 14% while the S&P 500 has surged 44% higher over the same time...
READ MORE >After slogging through three brutal years of weak demand for non-residential construction services, it appears that ARC might finally start to benefit from a recovery in project activity in 2011. Suddenly signs of life in the commercial real...
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 >We first introduced BCO as a long idea in June of 2009. Admittedly, this has not been one of our best stock ideas. The stock has returned a measly 4% while the S&P 500 has surged 39% higher over the same time frame – not exactly the...
READ MORE >GCA reported 3Q10 results after the close that we can only characterize as "more of the same....". That is to say, the company's results were hampered by continued weakness in same store transaction volumes, a mix shift towards ATM transactions, both of which had a...
READ MORE >As early as April of this year, we argued that the revenue trends in the reprographics industry were on the cusp of stabilization, if not recovery. Obviously we have been a little bit early in our call,...
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 >Obviously this is an earnings call we did not get right. In our preview of the quarter, we argued that ARP was poised to deliver revenue and earnings upside for the second quarter based in large part on...
READ MORE >BCO reported 2Q10 results this morning. You can read the full earnings release here. Overall, the company delivered both topline and bottomline outperformance for the first time in many quarters. Although management tempered its full year...
READ MORE >In April, we argued that the reprographics industry was showing signs of imminent revenue stabilization, despite what continued to be weakness in the macro-economic data related to non-residential construction...
READ MORE >GCA shares sold off an astonishing 44.4% yesterday on massive volume (19.2MM shares) following the announcement that the company had received notice from Harrah's that the casino operator would not...
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 >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 >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 >We recently conducted a survey of 30-35 independent reprographers to gain a better understanding of industry-wide trends during 1Q10, their outlook for 2Q10 and the rest of 2010, and how BIM has impacted the...
READ MORE >We recently had the opportunity to speak with senior management of ARP. Although we discussed a number of issues that will impact ARP shares in the near-term, our primary focus was on the strategic direction of the company in light of the increased usage...
READ MORE >This report was originally published on 2/22/10.We introduced GCA (8.05 ↓0.86%) as a long idea approximately 4-months ago, since that time shares have appreciated more than 20%. GCA will report its 4Q09 earnings after the market closes on Tuesday, February 23rd....
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 2/3/10.Normally when a non-financial services company issues an earnings release that is more than 25 pages, it usually is cause for significant concern. However...
READ MORE >This report was originally published on 1/27/10.After the close today, ARP (7.65 ↓1.80%) issued a press release indicating that the company now expects to beat its prior revenue and EPS guidance for 4Q09. You can read the...
READ MORE >This report was originally published on 1/20/10.We introduced ARP (7.64 ↓1.93%)as an investment idea approximately 9-months ago. At that time we thought the stock had considerable upside based in...
READ MORE >This report was originally published on 12/21/09.After the close today, BCO (27.21 ↑0.55%) announced its intention to repatriate cash held in Venezuela at the “parallel rate” opposed to the “official rate”, which the company has...
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