Takeaway: June Existing Home Sales in-line with where PHS would have predicted. Absolute inventory grows, though months supply cools off a bit.

Our Hedgeye Housing Compendium table (below) aspires to present the state of the housing market in a visually-friendly format that takes about 30 seconds to consume. 




Today's Focus: Existing Home Sales & FHFA HPI



The FHFA HPI for May showed home prices decelerated a further -70bps sequentially to +5.5% YoY.  With Corelogic and Case-Shiller data for June and April, respectively, reflecting a similar slope of improvement, the three primary HPI measures continue to tell a cohesive story of discrete price deceleration.   





Existing Home Sales 

The National Association of Realtors (NAR) released its monthly Existing Home Sales report for June earlier this morning. 


As we've stated here before, there's limited usefulness in the EHS report on the sales side since the data is well-telegraphed by the Pending Home Sales report. We show this in the chart below, where we've offset the EHS data by one month to show its correlation to PHS on a 1-month lag. That being said, there is value in the data on inventory and the composition of sales (first-time buyers, cash buyers, investor share). 





EHS Quick Take:

Total Existing Home Sales increased +2.6% MoM against upwardly revised May figures.  The year-over-year rate of change remained negative but improved to -2.3% vs -4.7% prior.  As highlighted above, the sequential improvement in Existing Home sales was not particularly surprising given the strong +6.1% MoM gain in Pending Home sales reported in May. From a growth perspective, comps peak next month (July 2013 was +17.2% YoY) before getting progressively easier through the balance of 2H.   


Regional:  All regions showed sequential improvement in the rate of change in YoY growth on a seasonally adjusted basis.  Growth in the Northeast/Midwest/West held negative while the South saw +1.0% growth in sales Y/Y – the first month of positive growth since January.


Inventory:  On a unit basis, existing home inventory increases 2.2% MoM and +6.48% YoY, marking the fourth consecutive month of accelerating YoY growth in supply.  On a months supply basis, inventory declined -0.4% MoM and rose +9.0% YoY as the gain in sales more than offset the inventory increase. Months supply currently stand at 5.5, down from 5.6 last month.


Home Prices:  Median home prices continued to increase in the mid-single digits across the South, Midwest and West.  Notably, the median home prices in the Northeast registered its 3rd straight month of negative growth.


Other:  Distressed sales declined to 11% of the market, Cash sales held at 32% of the market, 1st time homebuyers remained depressed at 28% of the market, and median time on the market improved for a 6th straight month to 44 days (vs 47 prior).















About Existing Home Sales:

The National Association of Realtors’ Existing Home Sales index measures the number of closed resales of homes, townhomes, condominiums, and co-ops. Existing home sales do not take into account the sale of newly constructed homes. Existing home sales account for 85-95% of all home sales (new home sales account for the remainder). Therefore, increases in existing home sales tend to signify increasing consumer confidence in the market. Additionally, Existing Home Sales is a lagging series, as it measures the closing of homes that were pending home sales between 1 and 2 months earlier.



The NAR’s Existing Home Sales index is published between the 20th and the 22nd of each month. The index covers data from the prior month.


Joshua Steiner, CFA


Christian B. Drake

FLASHBACK: A Castle-in-the-Air (Or Why You Should Short Del Frisco's $DFRG)

This prescient note was originally published July 02, 2014 at 08:11 in Morning Newsletter. As of this posting, shares of Del Frisco's (DFRG) are down over 17%. Click here for information on how you can subscribe to Morning Newsletter. 

“Dreams of castles in the air, of getting rich quick, do play a role – at times a dominant one – in determining actual stock prices.” -Burton G. Malkiel

The big picture

For the past several days, I’ve been reading a gem of a book recommended by my colleague, Howard Penney.  Malkiel’s A Random Walk Down Wall Street is a timeless, thought provoking piece that most curious investors would enjoy reading poolside on a beautiful summer day.  I certainly did.  After all, restaurant research isn’t limited to cheeseburgers and fries.  In fact, a large part of our job pertains to understanding both human and market psychology.  The castle-in-the-air theory, which concentrates on the psychic values of investors, serves as a constant reminder of this fact. 


For those unfamiliar with its origin, the castle-in-the-air theory was popularized by John Maynard Keynes in 1936.  While we tend to disagree with Keynes’ and his disciples on a number of economic issues, the notion that stocks trade off of mass psychology is widely appealing.  Accordingly, some investors attempt to front run this onslaught of groupthink, not by identifying mispriced stocks, but rather by identifying stocks that are likely to become Wall Street’s next darling.  All told, this can be a profitable strategy – until it’s not.  


FLASHBACK: A Castle-in-the-Air (Or Why You Should Short Del Frisco's $DFRG) - castle

Macro grind

We believe we’ve identified one of Wall Street’s current darlings and recently added it to the Hedgeye Best Ideas list as a short.  Del Frisco’s Restaurant Group (DFRG) owns and operates three distinctly different high-end steak chains.  After coming public in July 2012, the stock has gained over 114%; quite impressive, by any measure.  More importantly, however, we believe cheerleading analysts and the subsequent madness of the crowd have propelled the stock during this time.  Is it reasonable to call a company whose adjusted EPS declined 7% in 2013 one of the greatest growth stories in the restaurant industry?  We think not. 


As Malkiel goes on to say:


“Beware of very high multiple stocks in which future growth is already discounted, if growth doesn’t materialize, losses are doubly heavy – both the earnings and the multiples drop.”


Beware indeed.


The truth is, the company currently screens as one of the most expensive stocks on both a Price-to-Sales and EV-to-EBITDA basis in the casual dining industry.  While we’re not insinuating DFRG is the beneficiary of a “get-rich quick speculative binge,” we are confident the stock is severely dislocated from its intrinsic value.


Part of the hype has been driven by the company’s positioning within the restaurant industry.  Del Frisco’s caters to the high-end consumer; a cohort that the stock market would suggest is doing quite well.  While this may be true, we believe the high-end consumer has been slowing on the margin as inflation in the things that matter (food, energy, rent, etc.) continues to accelerate.  Contrary to popular belief, high-end consumers can feel the pinch too and two-year trends at the company’s hallmark concept, Del Frisco’s Double Eagle Steakhouse, would suggest the same. 


Admittedly, the Double Eagle Steakhouse, though slowing, is a healthy concept.  But it’s only 25% of the overall portfolio.  The other 75% consists of a fundamentally broken concept (Sullivan’s) and an unproven growth concept (Grille).  Naturally, the Street is discounting an immediate turnaround at Sullivan’s and a flawless rollout of the Grille, neither of which we see materializing.  In fact, we continue to expect restaurant level and operating margin deterioration throughout 2014.  This has less to do with all-time high beef prices (32.8% of Del Frisco’s 2013 cost of sales) and the recent wave of minimum wage increases (25% of Del Frisco’s restaurants have exposure), than it does with the fact that the company is systematically growing at lower margins and, consequently, returns.


More broadly, there are a number of red flags that the Street is unwilling to acknowledge right now including decelerating same-store sales and traffic trends, declining margins, declining returns, increasing cost pressures, expensive operating leases, peak valuation, positive sentiment and high expectations.  We simply refuse to give the company credit for what it has not proven and while we can’t hit on all the minutiae of our thesis in this note, we do have a 67-page slide deck that does precisely that (email for more info).  In short, our sum-of-the-parts analysis suggests significant downside.


You can delay gravity, but you can’t deny it.  Needless to say, we don’t expect this particular castle-in-the-air to stay there much longer.

  • CASH: 16

Our levels

Our immediate-term Global Macro Risk Ranges are now:


UST 10yr Yield 2.50-2.59%

SPX 1949-1976

RUT 1169-1208

VIX 10.61-12.74

Brent Oil 111.51-115.43

Gold 1310-1330 


Stay grounded,


Fred Masotta



FLASHBACK: A Castle-in-the-Air (Or Why You Should Short Del Frisco's $DFRG) - new

Retail Callouts (7/22): ICSC, WMT, TGT, DKS, TIF, GPS, NKE

Takeaway: ICSC - positive trends continue. Walmart sets tone for Back to School.



Wednesday (7/23)

  • HBI - Earnings Call: 4:30pm
  • SKX - Earnings Call: 4:30pm


Thursday (7/24)

  • CRI - Earnings Call: 8:30am
  • UA - Earnings Call: 8:30pm
  • DECK - Earnings Call: 4:30pm
  • AMZN - Earnings Call: 5:00pm




ICSC - Chain Store Sales Index


Takeaway: Another week of sales growth as measured by the ICSC. The 2.8% YY growth rate was the lowest number reported since late May. We usually don't get caught up on the commentary associated with the release, but the 'unusually cool weather' excuse is borderline ridiculous.


Retail Callouts (7/22): ICSC, WMT, TGT, DKS, TIF, GPS, NKE - chart1 7 22 2014

Retail Callouts (7/22): ICSC, WMT, TGT, DKS, TIF, GPS, NKE - chart2 7 22 2014





WMT, TGT - Wal-Mart Cuts Prices More Aggressively for Back-to-School



  • "Wal-Mart Stores Inc. plans to cut prices more aggressively during this year’s back-to-school season and will add inventory to its online store as the chain battles retailers for student spending."
  • "Wal-Mart will reduce prices on 10 percent more items this year, said Steve Bratspies, the company’s executive vice president for U.S. general merchandise. The number of back-to-school items Wal-Mart sells online will grow 30 percent to 75,000, he said."


Takeaway: The NRF is forecasting that spending on students in Kindergarten - High School will be flat to last year at $26.5bil. We don't put much credence in NRF forecasts, but it does help provide context to the environment WMT is operating in.  WMT sets the tone for the BTS season, and this move is all about market share. TGT, AMZN, K-Mart, etc. have almost no choice but to follow the precedent.




TGT - Target Launches In a Snap App



  • "Target Corp. is using mobile technology to try to get more out of its print ads."
  • "The retailer said Monday it had launched In a Snap, an image recognition app for Apple devices that lets users easily buy Target items they see in ads. 'In a Snap recognizes select ads, makes a ‘snap’ sound to let you know when it’s ready, and then shows you additional info about each product in the ad, making them easy to immediately purchase or consider later,' the retailer said."


DKS - Ad of the Day: Dick's Sporting Goods Scores With Another Dramatic Salute to Everyday Athletes



  • "Like the everyday athletes it profiles, Dick's Sporting Goods remains a bit of an unsung hero in the sports marketing world. But that continues to change, thanks to its consistently strong advertising from Anomaly."
  • "The company prefers unknown athletes to superstars, and the purity of real sports moments to the phony glitz and glamour of hero worship."





  • "Tiffany & Co. announced that its long-standing chief executive officer, Michael J. Kowalski, will retire from the company effective March 31, 2015. Mr. Kowalski, who has been a member of the company's Board of Directors since 1995, will continue to serve on the Board, in the role of non-Executive chairman. The Board has named Frederic Cumenal, currently the company's president, to succeed Mr. Kowalski as chief executive officer effective April 1, 2015."





  • "Express, Inc.  … announced that Chairman and Chief Executive Officer, Michael Weiss, will retire as Chief Executive Officer on January 30, 2015.  David Kornberg will assume that role in addition to his current responsibility as the Company's President.  Mr. Weiss will remain on the Board, serving as non-executive Chairman of the Company's Board of Directors, and Mr. Kornberg will join the Company's Board of Directors upon assuming the role of Chief Executive Officer."


GPS - Gap Inc. Announces Global Expansion Plans



  • "Continuing to deliver on its global growth plans, Gap Inc. today announced that it will introduce the Gap brand to Slovenia and Austria through agreements with new and existing franchise partners. Magistrat International, a new partner, has been selected for the launch of Slovenia and Gottex, which currently manages the Gap franchise business in Israel and Hungary, will launch Austria."


NKE - Cristiano Ronaldo Debuts Footwear



  • "Cristiano Ronaldo has launched a footwear line, CR7. Announcing the new project on his Facebook page, the Portuguese soccer player is hoping to score points with a luxury offering."
  • "Featuring the athlete's name stamped on the leather upper and the brand name on its sole, CR7 is made entirely in Portugal."



investing ideas

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Keith's Macro Notebook 7/22: EURO CHINA VIX

Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging

Takeaway: The latest survey of mutual fund trends relayed the biggest weekly outflow in U.S. stock funds in 79 weeks since the first week of 2013

This unlocked note was originally published July 10, 2014 at 09:13 in Financials. To learn more about subscribing to Hedgeye click here.

Investment Company Institute Mutual Fund Data and ETF Money Flow: 


In the most recent 5 day period, aggregate bond funds including both taxable and tax free products netted another $3.2 billion in new investor subscriptions. Conversely, the combined equity mutual fund complex had substantial outflows with $8.8 billion alone coming out of domestic equity mutual funds, their 10th consecutive week of redemptions and the worst outflow in 79 weeks since the first week of 2013. The broad take-away is that the U.S. retail investor has been retrenching for most of the first half of the year (with only one week of outflows in the past 21 weeks in taxable bonds and 25 consecutive weeks of tax-free or muni bond inflows). This compares to over 2 consecutive months of outflows in U.S. stock funds. We are positioned accordingly with this emerging asset allocation having removed T Rowe Price from our Best Ideas list on May 14th and are positioned more conservatively with our ongoing Long recommendation of leading fixed income manager Legg Mason.


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - 55


Total equity mutual funds put up a significant outflow in the most recent 5 day period ending July 2nd with $7.8 billion coming out of the all stock category as reported by the Investment Company Institute. The composition of the $7.8 billion redemption continued to be weighted towards domestic equity funds with a massive $8.8 billion coming out of domestic stock funds which was offset by a $1.0 billion inflow into international products. This significant drawdown in domestic equity funds was the biggest outflow in 79 weeks since the first week of 2013 and has become an intermediate term trend with now the tenth consecutive week of outflow in the category. The running year-to-date weekly average for equity fund flow is now a $1.9 billion inflow, which is now below the $3.0 billion weekly average inflow from 2013. 


Fixed income mutual fund flows had a solid week of production with the aggregate $3.2 billion that came into the asset class besting the 2014 running year-to-date average inflow of $2.2 billion. The inflow into taxable products of $2.9 billion made it 20 of 21 weeks with positive flow for the category and the inflow into municipal or tax-free products of $277 million was the 25th consecutive week of positive subscriptions. The 2014 weekly average for fixed income mutual funds now stands at a $2.2 billion weekly inflow, an improvement from 2013's weekly average outflow of $1.5 billion, but still a far cry from the $5.8 billion weekly average inflow from 2012 (our view of the blow off top in bond fund inflow). 


ETF results were broadly negative with outflows in both equity and fixed income products. Equity ETFs experienced $1.1 billion in redemptions, breaking two consecutive weeks of strong subscriptions, while fixed income ETFs suffered another outflow of $1.1 billion. The 2014 weekly averages are now a $1.6 billion weekly inflow for equity ETFs and a $856 million weekly inflow for fixed income ETFs. 


The net of total equity mutual fund and ETF trends against total bond mutual fund and ETF flows totaled a negative $11.0 billion spread for the week ($8.9 billion of total equity outflow versus the $2.1 billion inflow within fixed income; positive numbers imply greater money flow to stocks; negative numbers imply greater money flow to bonds). The 52 week moving average has been $5.9 billion (more positive money flow to equities), with a 52 week high of $31.0 billion (more positive money flow to equities) and a 52 week low of -$37.5 billion (negative numbers imply more positive money flow to bonds for the week). 


Mutual fund flow data is collected weekly from the Investment Company Institute (ICI) and represents a survey of 95% of the investment management industry's mutual fund assets. Mutual fund data largely reflects the actions of retail investors. Exchange traded fund (ETF) information is extracted from Bloomberg and is matched to the same weekly reporting schedule as the ICI mutual fund data. According to industry leader Blackrock (BLK), U.S. ETF participation is 60% institutional investors and 40% retail investors.   


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - 56



Most Recent 12 Week Flow in Millions by Mutual Fund Product:


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 2


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 3


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 4


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 5


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 6



Most Recent 12 Week Flow Within Equity and Fixed Income Exchange Traded Funds:


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 7


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 8



Net Results:


The net of total equity mutual fund and ETF trends against total bond mutual fund and ETF flows totaled a negative $11.0 billion spread for the week ($8.9 billion of total equity outflow versus the $2.1 billion inflow within fixed income; positive numbers imply greater money flow to stocks; negative numbers imply greater money flow to bonds). The 52 week moving average has been $5.9 billion (more positive money flow to equities), with a 52 week high of $31.0 billion (more positive money flow to equities) and a 52 week low of -$37.5 billion (negative numbers imply more positive money flow to bonds for the week). 


Fund Flows: Negative Inflection in U.S. Fund Flows, Bonds Keep Chugging - chart 9 




Jonathan Casteleyn, CFA, CMT 



Joshua Steiner, CFA


LEISURE LETTER (07/22/2014)



  • July 23:  TRIP 2Q call (430pm)
  • July 24:  
    • WYN 2Q call (830am) ; pw: Wyndham
    • PNK 2Q call (9am) ; pw: 27759616
    • LHO 2Q call (930am)
    • RCL 2Q call (10am)
    • PENN 2Q call (10am)
    • HOT 2Q call (1030am) ; pw: 61542222
    • AWAY 2Q call (4pm)
    • LA June revs released
  • July 25: PEB 2Q call (9am)
  • July 29: 
    • IGT 2Q release
    • GLPI 2Q call (10am)
  • July 30: 
    • MGAM 2Q earnings
    • MAR 2Q call (10 am) : , pw: 59383825


BEL:PM – confirmed via Philippines stock exchange filing:  1) Belle management is looking to increase public ownership in Sinophil in order to widen public float of the latter.  2) We also confirm that Belle management have had preliminary discussions with owners of land near the City of Dreams Manila site for the purchase or lease of their property, on which we may potentially expand the City of Dreams Manila integrated resort. 

Takeaway: Potentially more capex spend for MPEL at COD Manila for a larger casino.


BYI – announced a partnership with Mohegan Sun for the world’s largest installation of table game progressive jackpots. Bally’s new Game Manager 2 software will be used to track progressive jackpots on 43 tables across Mohegan Sun’s three casinos.

Takeaway: A major progressive table systems installation across the casino floor.


INLOT:GA – won a five-year contract extension with the DC Lottery and Charitable Games Control Board until 2020. The terms of the extension include terminals, peripheral devices and a communications network that links retailer terminals across the district to the central system as well as marketing support.

Takeaway: Another big win/renewal for Intralot.

LVS & 1928:HK – The labor group, Forefront of the Macao Gaming, plans a protest on Wednesday outside the Venetian Macao on the grounds the group received no response from the casino resort’s operator Sands China Ltd, a unit of Las Vegas Sands Corp, over what the association calls a “reasonable” request to increase by approximately 10 percent across the board the pay of casino floor staff working on table games at the firm’s properties.

Takeaway: Didn't LVS already raise wages and pay a big bonus?  As we noted in our March 11th and May 5th Leisure Letters, labor issues have the ability to become a major stumbling block with the operators.   

MGM – Prince George's County officials on Monday approved a building plan for a $925 million MGM Resorts International casino and hotel near the nation's capital on an 8-1 vote, paving the way for MGM to get the permits needed to begin construction. The casino, which will be designed to hold 3,600 slot machines and 140 table games plus a luxury spa and rooftop pool at the hotel. The development also includes plans for high-end retail, as well as fine and casual dining, a 1,200-seat theater venue, 35,000 square feet of meeting and event space and a 5,000-space parking structure. The property could open as early as July 2016.

Takeaway: Let the groundbreaking begin.


H – announced an organization realignment and we note Hyatt's formation of an integrated team to lead the Company’s select service business and the creation of a new global franchising strategy function. Hyatt's Global Head of Development and Real Estate, Steve Haggerty’s role will expand to include responsibility for Hyatt’s franchising strategy and select service business. Hyatt noted its franchising strategy and select service business are two key growth areas for the Company. 

Takeaway: Could Q2 14 industry select service RevPAR strength been the catalyst for this announcement? Hyatt's select service operations could surprise to the upside for Q2.  


INN – announced Mr. Jeffrey Jones and Mr. Kenneth Kay have been appointed to the Company’s Board of Directors, which now includes seven members, five of whom are independent, including Messrs. Jones and Kay. Mr. Jones has been appointed to the Audit and Nominating Committees; Mr. Kay has been appointed to the Audit and Compensation Committees. Jeffrey Jones most recently held the position of Chief Financial Officer of Vail Resorts, Inc. Kenneth Kay was Executive Vice President and Chief Financial Officer of Las Vegas Sands Corp

Takeaway: We know both Jones and Kay and view their appointments very favorably. 


STAY – announced resignation of CFO Peter Crage and Jonathan Halkyard was appointed Interim CFO effective Aug 1, 2014. Mr Crage, CFO since 2011, notified the company of his intentions to leave for personal reasons as of 31-Jul, 2014. Crage will complete the preparation and filing of the company’s Form 10-Q for the quarter ended 30-Jun-14 and will serve in an advisory capacity until the end of the year to assist in the transition. Halkyard will continue in his current role as COO during this interim period.

Takeaway: A reorganization following two consecutive earnings misses, in their first two quarters as a public company...we hope a third miss is not in the offering.


NCLH  Enhances Main Dining Menus Cruise Critic

NCLH is overhauling the menu offerings in their main dining rooms fleetwide, as part of its Norwegian NEXT onboard enhancement program. Beginning this month, regionally-focused menus (varying by ship itinerary) will roll out, offering increased selection and contemporary variations on popular dishes.

Takeaway: NCLH's industry-leading onboard yields actually declined YoY in 1Q 2014 (1st decline since 2Q 2012).  The NEXT program betterh help the ship liner get back to growth. 


CTRP – Another Chinese Cruise Line? Ctrip Acquiring Tonnage? Cruise Industry News 

According to sources and a Chinese media report, Ctrip may be entering the cruise industry as soon as this coming 2014/2015 cruise season in Asia.  Ctrip says it sells 10% of all cruise tickets to Chinese passengers.  Now, they may be hot on the heels of local rivals HNA Cruises and Bohai Ferry in entering the business themselves.  A source familiar with the company told Cruise Industry News that Ctrip was in the market for a medium sized vessel, at roughly the 2,000 passenger size.

Takeaway: A Chinese OTA buying a cruise? Why not.


Margaritaville Casino Biloxi – Margaritaville Casino & Restaurant has announced that it will be closing this fall.  According to a press release, the casino will close on or before September 19, and will pay its employees until that time. The casino attributed the closing to its inability to resolve a dispute with its landlords necessary to secure financing for a new hotel and other amenities. Margaritaville made the announcement to its employees this morning. The casino had 359 employees as of March 31, 2014 and opened in May 2012.

Takeaway: Another closure in Mississippi despite only two years in operation.


Nebraska Gaming Expansion – In November, voters will have their say on a constitutional amendment would clear the way for the video terminals (slot machines) at licensed race tracks in Omaha, Lincoln, Hastings, Grand Island and Columbus, as well as the site of the former Atokad Downs in South Sioux City. The amendment would distribute 49 percent of the tax revenue to schools, 49 percent to reduce property taxes and 2 percent to a state treatment fund for compulsive gamblers. Nebraska currently allows keno, horse racing, and a lottery.

Takeaway: Could be a positive for slot sales but a negative for PNK and CZR, two operators in Council Bluffs, IA.


Saipan Casino Development Questioned – Strategic Gaming Solutions CEO Ben Lee suggested a scarcity of labor will be the Saipan casino’s stumbling block and it is extremely difficult to find labor on island, adding that the construction of a 2,000-room casino-hotel will require 2,000 to 3,000 workers. Mr. Lee further stated, such a property will also need at least 1,000 to 1,500 people to run that kind of resort. Beyond labor availability Mr. Lee theorized availability, water and power will be other key challenges for Best Sunshine, which has been awarded a conditional license to run a casino on Saipan.

Takeaway: Finally a voice of reason regarding this potential White Elephant development.


Hard Rock Hotel and Casino Sioux City – is ready to open on August 1 and will feature an action packed weekend with a grand opening celebration, the Summerland Tour 2014 with headlining bands Everclear and Soul Asylum on August 2.

Takeaway: The demise of Argosy Sioux City is at hand.



Hedgeye remains negative on consumer spending and believes in more inflation.  Following  a great call on rising housing prices, the Hedgeye

Macro/Financials team is turning decidedly less positive. 

Takeaway:  We’ve found housing prices to be the single most significant factor in driving gaming revenues over the past 20 years in virtually all gaming markets across the US.

Daily Trading Ranges

20 Proprietary Risk Ranges

Daily Trading Ranges is designed to help you understand where you’re buying and selling within the risk range and help you make better sales at the top end of the range and purchases at the low end.