Category: Publications

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Article: Why Dollarama Is A Broken Growth Story And We See 40%+ Downside Risk

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Why Dollarama Is A Broken Growth Story And We See 40%+ Downside Risk

Ben Axler, 31 October 2018

Spruce Point believes that Dollarama (TSX: DOL / OTC: OTC:DLMAF or “the Company”) is now a broken growth story that will fail to hit its lofty long-term growth targets, placing its industry-leading margins and valuation multiple at risk of material contraction. As a result, we see ~40% downside risk to C$24.60 per share.

Rising product prices, progressively saturated markets due to heightened competition, and increasingly stale stores out of touch with Millennials have caused per-store traffic to contract for several years as consumers realize it is no longer a true dollar store. The Company is on pace for its lowest new store count in years despite management’s continued efforts to expand the store base. Dollarama’s gross and EBITDA margins are inexplicably high relative to peers, and seem too good to be true. Management also claims to have never closed a store for performance reasons. We expect growth and profitability expectations to fall back to reasonable levels as a number of fundamental factors – tougher competition, wage increases, FX, and logistics costs, among others – pressure the business going forward.
Continue reading “Article: Why Dollarama Is A Broken Growth Story And We See 40%+ Downside Risk”

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Article: Traders betting against FAANG stocks have made $5.5 billion during the brutal October sell-off (FB, AMZN, AAPL, NFLX, GOOG)

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Traders betting against FAANG stocks have made $5.5 billion during the brutal October sell-off (FB, AMZN, AAPL, NFLX, GOOG)

Ethel Jiang, 30 October 2018

Betting against some of this year’s best-performing tech stocks — the FAANG basket — has been a money-making machine during the brutal tech sell-off in October. Short sellers of FAANG stocks, or those investors betting against these shares, have seen $5.52 billion in mark-to-market profits since the beginning of the month, a return of 17.14% on an average short position of $32.2 billion, according to data from S3 Partners, a financial-analytics firm.

Since that time, the tech-heavy Nasdaq index has plunged 12%, in large part because of the FAANG stocks — Facebook (-13%), Apple (-6%), Amazon (-24%), Netflix (-26%), and Google (-15%). Continue reading “Article: Traders betting against FAANG stocks have made $5.5 billion during the brutal October sell-off (FB, AMZN, AAPL, NFLX, GOOG)”

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Article: Lakewood’s Anthony Bozza Recommended Shorting Three Pot Stocks at Robin Hood

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Lakewood’s Anthony Bozza Recommended Shorting Three Pot Stocks at Robin Hood

Joshua Fineman, 30 October 2018

(Bloomberg) — Lakewood Capital Management LP’s Anthony Bozza recommended shorting Tilray Inc., Canopy Growth Corp., and Aurora Cannabis Inc. at the Robin Hood Investors Conference in New York City, according to a person with knowledge of the presentation. Two of these companies, Canopy Growth and Aurora Cannabis, were named new shorts by Lakewood in their fourth-quarter letter to clients in January.

Bozza said that it’s not a matter of if, but when these pot stocks collapse. Tilray shares have reversed about 9 percent for the day’s peak, turning negative around the same time that Bozza was scheduled to present at RobinHood.
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Article: (SEC) Meeting with Representatives of Overstock.com, DowLohnes Government Strategies and Haverford Group

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(SEC) Meeting with Representatives of Overstock.com, DowLohnes Government Strategies and Haverford Group

basserdan, 27 October 2018

On September 8, 2008, Jonathan Johnson of Overstock.com, Kenneth Salomon of DowLohnes Government Strategies LLC, and John Wellborn of the Haverford Group met with Commissioner Aguilar and his counsel, Cyndi Rodriguez. They discussed issues related to the amendments to Regulation SHO, Rel. No. 56213 (S7-19-07) and the Emergency Order, Rel. Nos. 58166 and 58190 (S7-20-08) and issues related to data on the volume of failures to deliver. Continue reading “Article: (SEC) Meeting with Representatives of Overstock.com, DowLohnes Government Strategies and Haverford Group”

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Article: Overstock Subsidiary Medici Ventures Invests in Minds, Patrick Byrne to Join Board

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Overstock Subsidiary Medici Ventures Invests in Minds, Patrick Byrne to Join Board

JD Alois, 22 October 2018

Overstock (NASDAQ:OSTK), via subsidiary Medici Ventures, has invested in Minds, Inc. a cryptocurrency social network. The investment will be joined by Overstock founder and CEO Patrick Byrne joining the board of directors of Mind. Details on the amount invested were not disclosed.

Patrick M. Byrne, a huge blockchain proponent, commented that Minds’ work employing blockchain technology as a social media application is the “next great innovation toward mainstream use of this world-changing technology.” Continue reading “Article: Overstock Subsidiary Medici Ventures Invests in Minds, Patrick Byrne to Join Board”

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Article: Manulife faces backlash from investors over failure to disclose court case

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Manulife faces backlash from investors over failure to disclose court case/

Matt Scuffham, 13 October 2018

TORONTO (Reuters) – Canada’s biggest life insurer is under pressure from shareholders to explain why it failed to disclose details of an ongoing court case which came to light after a short-seller released a report detailing the litigation. The stock has dropped 11.5 percent since Muddy Waters Capital LLC said last week that it had taken a short position, compared with a 4.7 percent decline in the stocks in Canada’s financial sector. Muddy Waters cited a court case pending in the Canadian province of Saskatchewan it believes could damage Manulife’s financials. The case against Manulife was filed on Nov. 23, 2016 by Mosten Investment LP, managed by Ontario businessman Michael Hawkins, documents submitted to the court show.
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Article: INVENTIVA to Participate in the “ROTH Battle of the NASH Thrones Investor Conference”

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INVENTIVA to Participate in the “ROTH Battle of the NASH Thrones Investor Conference”

Yahoo Finance, 12 October 2018

Daix (France), October 12, 2018 – Inventiva S.A. (“Inventiva” or the “Company”), a biopharmaceutical company developing innovative therapies in nonalcoholic steatohepatitis (NASH), systemic sclerosis (SSc) and mucopolysaccharidosis (MPS), today announced that Pierre Broqua, Chief Scientific Officer and co-founder of Inventiva, will participate in the upcoming “ROTH Battle of the NASH Thrones Investor Conference” being held on October 17, 2018 at the Park Hyatt New York hotel, New York, USA.

Pierre Broqua will be speaking in the panel entitled “House of PPARs vs. House of THR-beta”, one of the conference`s four panel discussions covering topics currently at the forefront of drug development in NASH.

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Article: Russian Whistleblower Assassinated After Uncovering $200 Billion Dirty-Money Scandal

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Russian Whistleblower Assassinated After Uncovering $200 Billion Dirty-Money Scandal

Nico Hines, 10 October 2018

A crusading Russian official traveled to Estonia in the summer of 2006 to warn the authorities that an unprecedented money-laundering scheme had been established in the tiny Baltic financial sector. The scam he had uncovered would go on to become the biggest dirty-money operation in history: the $200 billion Danske Bank scandal.

Three months after Andrei Kozlov, the first deputy chairman of the Russian Central Bank, tried to raise the alarm, he was dead. Continue reading “Article: Russian Whistleblower Assassinated After Uncovering $200 Billion Dirty-Money Scandal”

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Article: Goldman Sachs may face $1.76 mn fine for naked short selling

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Goldman Sachs may face $1.76 mn fine for naked short selling

 Jin Young-tae and Choi Mira, 10 October 2018

The U.S. investment banking giant Goldman Sachs could face a fine of up to 2 billion won ($1.76 million) by the South Korean financial authorities for conducting more than 100 naked short selling transactions banned by the Korean law.

This would be the biggest fine to be slapped for a financial institution in short-sale transactions in the country.

According to sources from the investment banking industry on Tuesday, the financial authority decided to impose a 2 billion won fine on Goldman Sachs for illegally shorting more than 100 local stocks on May 30, and will submit its finding to the top decision-making Securities & Futures Commission of the Financial Services Commission (FSC) within this week. Continue reading “Article: Goldman Sachs may face $1.76 mn fine for naked short selling”

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Article: ‘Despondent’ Musk’s Tesla resembles Lehman, Greenlight’s Einhorn says

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‘Despondent’ Musk’s Tesla resembles Lehman, Greenlight’s Einhorn says

Jennifer Ablam, Jonathan Stempel

Reuters, 5 October 2018

Hedge fund manager David Einhorn lambasted Tesla Inc (TSLA.O) and its “despondent” Chief Executive Elon Musk on Friday, comparing the electric car company to Lehman Brothers Holdings Inc, where he had flagged accounting problems several months before its 2008 collapse.

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Article: ‘Sure would be quite the story if a Major Broker Dealer is Naked Shorting $OSTK . Where oh where is all the volume in the stock coming from if there is less than 15 million shares in the Float. Lets see how this plays out’ -Short Seller Marc Cohodes Tweets

Article - Media, Publications

‘Sure would be quite the story if a Major Broker Dealer is Naked Shorting $OSTK . Where oh where is all the volume in the stock coming from if there is less than 15 million shares in the Float. Lets see how this plays out’ -Short Seller Marc Cohodes Tweets

Benzinga Newsdesk , Benzinga Staff Writer , 04 October 2018

This headline-only article is meant to show you why a stock is moving, the most difficult aspect of stock trading. Every day we publish hundreds of headlines on any catalyst that could move the stocks you care about on Benzinga Pro, our flagship platform for fast, actionable information that promotes faster, smarter trading. Continue reading “Article: ‘Sure would be quite the story if a Major Broker Dealer is Naked Shorting $OSTK . Where oh where is all the volume in the stock coming from if there is less than 15 million shares in the Float. Lets see how this plays out’ -Short Seller Marc Cohodes Tweets”

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Article: Manulife clashes with short seller Muddy Waters over lawsuit outcome

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Manulife clashes with short seller Muddy Waters over lawsuit outcome

RJ Dumaual, 04 October 2018

Manulife Financial Corp. rejected a short seller’s statements that the company could lose billions of dollars if it loses a lawsuit concerning a universal life policy issued in the 1990s. Hedge fund Mosten Investment LP sued Manulife, claiming that it should be able to deposit as much capital as it can with the Canadian insurer and reap at least 4% in annual interest due to an insurance contract signed in 1997, Bloomberg News reported.

Muddy Waters Capital LLC disclosed a short position in Manulife and said in a report that the insurer is facing billions in losses, Bloomberg reported. Muddy Waters founder Carson Block expects a verdict in 2018. Holders of the policies were allowed to invest in side accounts with guaranteed rates of up to 4%, according to Canada’s Financial Post. The policies were issued at a time of high interest rates and could be profitable for firms amid a low rate environment.
Continue reading “Article: Manulife clashes with short seller Muddy Waters over lawsuit outcome”

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Article: Fact check: Trump says Blumenthal lied (he did) and bragged (he didn’t)

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Fact check: Trump says Blumenthal lied (he did) and bragged (he didn’t)

Jane C. Timm, 30 September 2018

President Donald Trump attacked Sen. Richard Blumenthal, D-Conn., for misleading voters, making some false claims of his own in the process.

“Senator Richard Blumenthal must talk about his fraudulent service in Vietnam, where for 12 years he told the people of Connecticut, as their Attorney General, that he was a great Marine War Hero. Talked about his many battles of near death, but was never in Vietnam. Total Phony!” Trump tweeted. Continue reading “Article: Fact check: Trump says Blumenthal lied (he did) and bragged (he didn’t)”

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Article: Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business

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Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business

Jaclyn Jaeger, 29 September 2028

The New York State Department of Financial Services (NYDFS) has fined Deutsche Bank $205 million as part of a consent order for violations of New York banking law, including efforts to improperly coordinate trading activity through online chat rooms, improperly sharing confidential customer information, trading aggressively to skew prices, and misleading customers.

The violations, announced on June 20, stem from an investigation by NYDFS determining that from 2007 to 2013, when Deutsche Bank was the largest foreign exchange dealer in the world, the bank repeatedly engaged in improper, unsafe, and unsound conduct in its foreign exchange business due to its failures to implement effective controls. In addition, for certain time periods, limited elements of Deutsche Bank’s electronic trading platforms had the potential to improperly disadvantage customers and improperly affect markets, when certain applications did not perform as intended. Continue reading “Article: Deutsche Bank fined $205M for ‘unsound’ conduct in Forex trading business”

THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?