Category Archives: Quick Blurbs

QUICK BLURBS [AAL, AMZN, GOOG, OAK, PSA]

(2,596 words) [AMZN] Per this PYMNTs article, Amazon Pay, which represents yet another instance of Amazon broadening and then tightening its grip on the e-commerce ecosystem, seems to be gaining rapid adoption.  Amazon Pay – like PayPal, Masterpass, and Visa Checkout – is a button placed on an e-retailer’s checkout page that enables quick and secure […]
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QUICK BLURBS [ADS, AXP, BAC, IBKR, KMX, SVU]

(4,146 words) [IBKR] Partly due to an exceptionally low volatility trading environment, which has made it difficult to earn profits and which Petterfy says may continue “indefinitely,” the company is winding down its options market making operations. While the company will use the excess capital from market making to further support its brokerage operations, the latter […]

QUICK BLURBS [DAL, GBX, MSM/FAST]

(2,130 words) [MSM: 4/6/17; FAST: 4/12/17] Recall that 70% of MSM’s sales come from manufacturing customers (esp. metalworking), who have seen their average daily sales decline by msd/hsd for each of the last 5 quarters prior to 4q16.  Last quarter, the company saw the beginnings of a recovery…. Management is reluctant to say that the […]
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QUICK BLURBS [DLTR, EQC, PYPL, RUSHA, SQ]

(1,427 words) [DLTR: 3/1/17] Respectable quarter with positive comps and margin expansion at both Dollar Tree (+2.4% ex. fx, positive comps each month) and Family Dollar (+0.2%, avg ticket +30bps, traffic down, particular strength in the West and Northeast) driving total sales to the mid of the guided range and EPS above the top-end.  As expected, […]
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QUICK BLURBS [CBG, EXPE, KR, PCLN, ROST, TGT]

(2,306 words) [KR: 3/2] Deflation (pharmacy disinflation, greater produce deflation, offset by some grocery inflation), which accelerated slightly q/q from 1.1% to 1.3%, was the main reason 4q comps came in -0.7%.  Without inflation, comps would have been positive.  Furthermore, 35 relocated/expanded stores were pulled out of the comp base, causing a 70bps headwind to […]
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QUICK BLURBS [ARII, CF, H, HD, JCP, MCO, PSA, SAM]

(2,423 words) [JCP: 2/24] Fell short of sales and gross profit goals, but some budding signs of improvement.  4q comps -0.7% (but the 2Y stack +3.4%) with positive lsd comps in during December and January.  Good results from toys (offered toys this holiday season for the first time in years) and appliances (500 showrooms with […]
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QUICK BLURB [AIG, CAR, CBS, DISCA, DNOW, MAR, OZM]

(2,886 words) [CAR: 2/16] Americas volume -1% as: 1) CAR elected not to chase lower-priced business, 2) commercial volumes softened entering the quarter (commercial pricing was also -2%), 3) Halloween moved to a weekday, and 4) the election negatively impacted travel.  Oversupply drove Americas pricing 70bps lower during the quarter, with really competitive pricing in Florida […]
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QUICK BLURBS [DIS, EMR, FOXA, JLL, KORS, NLSN, NWL, SPSC, TWX, WD]

(2,906 words) [WD: 2/8] Pressing the accelerator pretty hard.  This company is a non-balance sheet multifamily real estate lender with > 5% of total lending share on multifamily properties in the US, which is big for a non-bank lender.  In 2016, WD was Fannie’s 2nd largest lender, Freddie’s 3rd largest seller servicer, and a top 10 […]
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