Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Equity Bottom-Up

<ul>
<li>Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. </li>
<li>Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.</li>
<li>Today we are flagging Corsair Gaming, Sinclair Broadcasting, Overstock, Ziff Davis.</li>
</ul>


Sales declines, margin compression, cuts in SG&amp;A and cuts in guidance and estimates feature in our Declining Businesses model. 
Declining business shorts tend to be lower beta, have longer time horizons, and tend to produce steadier (although slower) short returns.
Today we are flagging Corsair Gaming, Sinclair Broadcasting, Overstock, Ziff Davis.


Declining Business Short Candidates: Corsair Gaming, Sinclair Broadcasting, Overstock, Ziff Davis

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

Ongoing market dynamics continue to support our overall bullish outlook. Continue to buy dips. In today’s report we highlight attractive Groups and stocks within Communications and Transportation: Broadcasting, Movies, Entertainment, Programming, Small-Cap, Publishing, Small-Cap, and Shipping, Dry-Bulk.

Ongoing market dynamics continue to support our overall bullish outlook. Continue to buy dips. In today’s report we highlight attractive Groups and stocks within Communications and Transportation: Broadcasting, Movies, Entertainment, Programming, Small-Cap, Publishing, Small-Cap, and Shipping, Dry-Bulk.

U.S. Equity Strategy: Upgrading Communications To Overweight; Financials Breaking Above 2007 Highs

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Friday saw the release of the latest Assassin's Creed outing: Assassin's Creed: Odyssey. Normally, this would be of interest to fans of the franchise and not much more. However, in Japan, the game is available on Switch via a streamed service. This is only the second time a PS4-era game has been available for streaming on Switch - the other was Resident Evil 7 - but the first time from launch. As well as ending the idea that Switch can't play PS4-level games as it is not powerful enough, it shows the threat streaming can be to the console gaming industry. The company that has to be most worried by this is Sony.

Friday saw the release of the latest Assassin's Creed outing: Assassin's Creed: Odyssey. Normally, this would be of interest to fans of the franchise and not much more. However, in Japan, the game is available on Switch via a streamed service. This is only the second time a PS4-era game has been available for streaming on Switch - the other was Resident Evil 7 - but the first time from launch. As well as ending the idea that Switch can't play PS4-level games as it is not powerful enough, it shows the threat streaming can be to the console gaming industry. The company that has to be most worried by this is Sony.

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

One of the bones of contention underlying opposition to Sinclair Broadcast Group’s $3.9 billion acquisition of Tribune Media, Inc., stems from new technologies called ATSC 3.0 that U.S. television broadcasters hope will prevent them from going the way of the dinosaur.

One of the bones of contention underlying opposition to Sinclair Broadcast Group’s $3.9 billion acquisition of Tribune Media, Inc., stems from new technologies called ATSC 3.0 that U.S. television broadcasters hope will prevent them from going the way of the dinosaur.

The Tribune/Sinclair Merger and the Move to ATSC 3.0

The proposed $3.9 billion merger of Sinclair Broadcasting and Tribune Media is ringing many of the same alarm bells among activist groups and Democrats in Congress as other recent mega-media deals, but the transaction will likely receive a green light from federal regulators albeit with some conditions attached, industry observers told CTFN.

The proposed $3.9 billion merger of Sinclair Broadcasting and Tribune Media is ringing many of the same alarm bells among activist groups and Democrats in Congress as other recent mega-media deals, but the transaction will likely receive a green light from federal regulators albeit with some conditions attached, industry observers told CTFN.

Activist Groups and Democrats in Congress Unlikely to Stop Tribune/Sinclair Deal

United States

Sinclair Broadcast Group, Inc. is a diversified broadcasting company that owns or provides programming services to television stations across the United States.  The Company's television group includes FOX, WB, ABC, CBS, NBC, and UPN affiliates.

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Sinclair Broadcast Group A (SBGI US)

Declining Business Short Candidates: Corsair Gaming, Sinclair Broadcasting, Overstock, Ziff Davis

Declining business shorts pursue profit by following negative business momentum. Today we are flagging Corsair Gaming, Sinclair Broadcasting,...

Eric Fernandez, CFA

U.S. Equity Strategy: Upgrading Communications To Overweight; Financials Breaking Above 2007 Highs

Ongoing market dynamics continue to support our overall bullish outlook. Continue to buy dips. In today’s report we highlight attractive Groups and...

Vermilion Research

Sony and the Battle for the Living Room

Friday saw the release of the latest Assassin's Creed outing: Assassin's Creed: Odyssey. Normally, this would be of interest to fans of the...

Pelham Smithers Associates

The Tribune/Sinclair Merger and the Move to ATSC 3.0

One of the bones of contention underlying opposition to Sinclair Broadcast Group’s $3.9 billion acquisition of Tribune Media, Inc., stems from new...

CTFN

Activist Groups and Democrats in Congress Unlikely to Stop Tribune/Sinclair Deal

The proposed $3.9 billion merger of Sinclair Broadcasting and Tribune Media is ringing many of the same alarm bells among activist groups and...

CTFN

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