SHORT CAKE: CONFERENCE CALL TODAY 1PM

We’re hosting a quick conference call TODAY at 1pm EST to hit on the key points of our thesis and field questions. Please send any questions over to .

We added CAKE to our Best Ideas list as a high conviction SHORT yesterday.

After being the bull on CAKE for the majority of 2013, we have reversed course and turned bearish heading into the 4Q13 print and throughout 2014 for several reasons including, but not limited to:

  • The secular decline of the casual dining industry
  • The end of the road for CAKE’s margin story
  • Growing complacency on the street

Trading at a peak multiple, we see 20-30% downside to the stock in 2014 as full-year earnings estimates and expectations are revised down.

Click here for the full report: CAKE: BEST IDEA SHORT

Call Details:

Toll Free Number:

Direct Dial Number:

Conference Code: 331331#

Howard Penney

Managing Director