As a reminder, we took YUM off for the quarter.
Now that that’s out of the way, it's back to Hedgeye Restaurants analyst Howard Penney's breakup "sum of the parts" thesis and analysis.
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In this excerpt from today's edition of RTA Live, Hedgeye CEO Keith McCullough weighs in on what to look for when considering a pairs trade in response to a subscriber question.
RTA Live is a run-down of Hedgeye's Real-Time Alerts positions followed by live Q&A with Keith McCuollough, available EXCLUSIVELY to Real-Time Alerts subscribers. Sign up HERE for access.
In today's edition of RTA Live, Hedgeye CEO Keith McCullough breaks down all of the Real-Time Alerts positions as of 10:30AM on 2/9 and takes subscriber questions on the Russell 2000, recent moves for MLPs like $LINE and $BWP, and his thoughts on pair trading within an industry.
Takeaway: A very weak start to February even after considering the CNY shift
CALL TO ACTION
We continue to think that a down 35% February suggests Macau fundamentals are stable with recent monthly volumes. However, if the first week of February is any indication, the trend may be worsening.
Please see our detailed note: