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Marshall Hargrave

 
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  • Foot Locker: Up Nicely With More Room To Run
    Fri, Sep. 12 FL 2 Comments

    Summary

    • The company had a big earnings beat, and is now near its 52-week highs.
    • But the shares are still attractively priced.
    • The company also has other key growth areas, which includes tapping the women's and kids' market, as well as making apparel a bigger part of its business.
  • Ross Stores: Still A Buy Despite The Pop
    Fri, Sep. 12 ROST Comment!

    Summary

    • Shares got a boost after a solid earnings report last month.
    • But are they still a buy at these prices?
    • Its off-price business model is still resonating with shoppers.
  • Is Salesforce.com A Long-Term Investment?
    Fri, Sep. 12 CRM 6 Comments

    Summary

    • The company still trades at a high valuation but it could be a growth story.
    • It reported another solid quarter that topped estimates and expects the rest of the year to be impressive.
    • Its acquisitions and new product launches should carry the stock higher in 2015.
  • eBay: Revisiting The Value Of A PayPal Spin-Off
    Fri, Sep. 12 EBAY 7 Comments

    Summary

    • Rumors of eBay spinning off PayPal have kept the stock propped up.
    • But Apple Pay could put pressure on the company in the interim.
    • The spin-off would be a positive for shareholders, even if it's not great for the core eBay business.
  • Netflix: Rich Valuation, But Worth Buying?
    Fri, Sep. 12 NFLX 2 Comments

    Summary

    • The company has been on a tear over the last couple years, but could still offer value.
    • The shift away from the high-margin DVD business is being offset by international expansion.
    • It's now competing with HBO very effectively.
  • Why RadioShack Is Worth Avoiding
    Fri, Sep. 12 RSH 2 Comments

    Summary

    • RadioShack has been a trader's dream over the last week or so.
    • The company might be getting a much-needed lifeline in the form of financing.
    • But it might not be enough to save the company from bankruptcy.
  • Update: Pep Boys Manny Moe & Jack Earnings
    Thu, Sep. 11 PBY Comment!

    Summary

    • The company missed top- and bottom-line consensus estimates.
    • We are still bullish on the company given its DIY and DIFM hybrid model.
    • We didn't expect the recent weakness given a setback in the DIY business.
  • Update: Campbell Soup Earnings
    Thu, Sep. 11 CPB Comment!

    Summary

    • The company posted fiscal 4Q earnings and revenues in line with expectations.
    • We are still bearish on the company given the weakness in organic growth and declining soup sales.
    • We felt the company could miss earnings and the note the in-line expectations still showed weakness.
  • Update: dELiA*S Earnings
    Thu, Sep. 11 DLIA 6 Comments

    Summary

    • The company managed to post revenues that were down 23% y/y for 2Q.
    • We note that the company could still be a value trap, but is a dark horse with Tracy Gardner as CEO.
    • We didn’t expect the huge selloff in the stock and poor streak of earnings.
  • Keurig Green Mountain: Overhyped Short Opportunity?
    Thu, Sep. 11 GMCR Comment!

    Summary

    • The stock has soared on key deals, including those with Kraft and Coca-Cola.
    • But has the market gotten ahead of itself, with the valuation still above comfort levels.
    • The fact that the company could be understating guidance, coupled with higher coffee prices, could lead to an earnings miss.
  • Lancaster Colony Remains Dead Money
    Wed, Sep. 10 LANC Comment!

    Summary

    • The company managed to beat fiscal 4Q consensus on the top line but missed on the bottom line.
    • We still remain neutral on the stock given the valuation and lack of catalyst.
    • The recent earnings miss was in line with our expectations as consumers continue to shift toward healthier foods.
  • Lululemon: Should Investors Keep Their Pants On?
    Wed, Sep. 10 LULU 3 Comments

    Summary

    • Yoga pants are becoming increasing popular as streetwear and even showing up in the office setting.
    • However, competition for yoga wear and for women's athletic apparel is really heating up .
    • For Lulu, the key is to get overseas as fast as possible and to reinvent athletic apparel.
  • Starbucks: Just How Much Upside Remains?
    Mon, Sep. 8 SBUX 9 Comments

    Summary

    • The coffee shop continues to impress investors with new store formats, products and tech innovation.
    • However, its stock price has been less than exciting -- by our standards.
    • New products, new food and customer loyalty should help improve that rather disappointing stock performance.
  • Hewlett-Packard: A Less Risky Investment
    Sun, Sep. 7 HPQ 4 Comments

    Summary

    • The company managed to post fiscal 3Q earnings and revenues that were relatively in line with expectations.
    • We still have a long-term bullish thesis on the company given its transition toward the higher-growth server business.
    • We felt the company could beat earnings given the recent strength in PC sales.
  • Target Earnings Presents A Buying Opportunity
    Sun, Sep. 7 TGT 1 Comment

    Summary

    • The company beat 2Q consensus on the top line, but missed the bottom line.
    • We still have a bullish thesis on the retailer given the market’s low expectations and the company's push toward omnichannel strategies.
    • The recent quarter weakness was in line with our expectations, where we felt the next 12 months or so could continue to be weak.
  • Update: Shoe Carnival Earnings
    Sun, Sep. 7 SCVL Comment!

    Summary

    • The company missed 2Q consensus on the top and bottom lines, sending shares tumbling.
    • We are still bullish on Shoe Carnival’s value-focused business model.
    • We didn’t expect the recent earnings miss, given the weak consumer demand.
  • Family Dollar's Game Of Chicken
    Sun, Sep. 7 FDO 1 Comment

    Summary

    • Family Dollar has rejected yet another bid from Dollar General, this one for $80 a share.
    • Which is well above Dollar Tree's $74.50 a share offer.
    • Family Dollar is playing a game of chicken with investor money, using antitrust as an excuse.
    • Nevertheless, Dollar General not buying Family Dollar could be a positive.
  • Pfizer: You Won't Fool Me Twice
    Sun, Sep. 7 PFE 18 Comments

    Summary

    • We don’t think Pfizer will make the same mistake twice when it comes to tax inversions.
    • There’s still a couple interesting opportunities in the inversion space.
    • Even without an inversion Pfizer has straightened out its pipeline and pays the best dividend among its U.S. dividend peers.
  • Why J.C. Penney Is A Better Turnaround Story Than Best Buy
    Sat, Sep. 6 JCP, BBY 22 Comments

    Summary

    • The J.C. Penney bankruptcy talk has all but disappeared, but the company still has a long way to go in its turnaround.
    • Most notably in its omnichannel and ultimate margin expansion.
    • But compared to other popular turnaround story in the retail space, Best Buy, J.C. Penney can still turnaround its sales decline .
    • Best Buy lacks an actionable strategy.
  • Las Vegas Sands: Asia Exposure Offers More Growth Ahead
    Fri, Sep. 5 LVS 3 Comments

    Summary

    • The best casinos appear to be those with exposure to fast growing Asia.
    • This is ever more important as the casino market in the U.S. continues to flounder.
    • One of the best plays on the market is also on sale and offering the top dividend in the industry.
  • Update: Christopher & Banks Earnings
    Fri, Sep. 5 CBK Comment!

    Summary

    • The company beat 2Q consensus on the top and bottom lines, boosting the stock 10%.
    • We’re still bullish related to the company’s turnaround but note the valuation makes it a hold.
    • The recent quarterly earnings beat was well within our expectations as margin growth was beyond expectations.
  • Update: GIII-Apparel Earnings
    Fri, Sep. 5 GIII Comment!

    Summary

    • The company beat 2Q consensus on the top and bottom lines sending shares up 4%.
    • We are still bullish on the company’s margin improvement but note the valuation isn’t as compelling now.
    • We expected the company to start seeing marked earnings growth as it boosted margins.
  • Why Would Retail Investors Even Bother With Herbalife
    Thu, Sep. 4 HLF 22 Comments

    Summary

    • There's still to much uncertainty to be long or short this stock.
    • There does seem to be a rise in the number of shorts and bears in the market, with the voice of the longs growing weaker.
    • Given the time that it could take for Ackman's thesis to come true, are there better investments in the market?
  • Update: eGain Communications Earnings
    Thu, Sep. 4 EGAN Comment!

    Summary

    • The company missed fiscal 4Q consensus on the top and bottom lines.
    • We remain bearish with the idea but believe the valuation suggests it’s no longer a short.
    • We expected the recent weakness and note that there could be more on the horizon.
  • Update: Norwegian Cruise Line Holdings Acquisition
    Thu, Sep. 4 NCLH 2 Comments

    Summary

    • Norwegian is buying up Prestige Cruises for over $3 billion.
    • We’re still bullish on the company as it has one of the best fleets in the industry.
    • We didn’t expect an acquisition of this size but view the move as a long-term positive as it’s move toward higher end customers .
  • Update: Shanda Games Buyout In Question
    Thu, Sep. 4 GAME Comment!

    Summary

    • Shanda has seen the Carlyle Group and Fountainvest Partners pull out of the deal to buy the company.
    • We are still bullish on the company and the deal.
    • The change in buyers is a surprise to us but could be overblown.
  • Update: Compuware Buyout
    Thu, Sep. 4 CPWR 2 Comments

    Summary

    • Shares are up 15% this week on the news that a private equity firm is taking the private.
    • We think a higher bid could come in but might take time.
    • The buyout offer wasn’t a surprise but the amount was less than expected.
  • Update: Ballard Power Systems New CEO
    Thu, Sep. 4 BLDP 1 Comment

    Summary

    • The company has appointed a new CEO, who will take the helm inearly October.
    • We remain bullish on the stock and think it will be interesting to seethe direction the company takes under MacEwen.
    • We note that the choice was somewhat of a surprise, but theannouncement of a new CEO isn’t a surprise.
  • Update: Bazaarvoice Earnings - Nice Pop But Deserves More
    Thu, Sep. 4 BV Comment!

    Summary

    • The company beat fiscal 1Q consensus on the top and bottom lines with shares jumping 3% on the news.
    • We are still bullish on the stock given its growing customer base and unique business more.
    • The recent beat was within our expectations, but we would have like to see a better market reaction.
  • Update: Amira Nature Foods - Huge Run With More To Go?
    Wed, Sep. 3 ANFI 2 Comments

    Summary

    • The company crushed fiscal 1Q earnings consensus by 56%, sending shares soaring.
    • We still have a bullish thesis on the stock given the company’s stronghold on the basmati rice market.
    • The recent quarterly beat, although a bit more robust than expected, was in-line with our expectations.
  • Update: Net 1 UEPS Technologies Earnings - Shares Pop On Beat
    Wed, Sep. 3 UEPS Comment!

    Summary

    • The company crushed earnings consensus by 175% for fiscal 4Q, shares have soared 12% since then.
    • We still have a bullish thesis on the company as it’s one of the best alternatives to banks.
    • The recent earnings beat was in-line with our expectations as the company continues to see growth across all segments.
  • Update: Pacific Sunwear Earnings - Still A Rocky Turnaround
    Wed, Sep. 3 PSUN Comment!

    Summary

    • The company managed to meet 2Q earnings consensus while beating on the top line.
    • We still have a bullish thesis despite the weak stock price performance over the last year.
    • The recent quarterly consensus meet was in line with our expectations, with its focus on a new customer paying off.