As Boromir famously said, "One does not simply raise interest rates…"
Takeaway: Penn National Gaming Inc. was added to Investing Ideas on Tuesday, February 24th 2015.
Earlier today Gaming/Lodging/Leisure Sector Head Todd Jordan sat down with Hedgeye CEO Keith McCullough to discuss the myriad of bullish catalysts for Penn National Gaming Inc.
The current macro environment, a new casino and a great management team are three factors in Todd's bull case for PENN.
Takeaway: Overall positive commentary out of NCLH. Pricing raised in last few weeks - a positive takeaway from the discussion
NCLH PRESTIGE INVESTOR DAY (PART 2)
Jason Montague, President and COO Prestige
Wendy Beck, CFO NCLH
Hedgeye CEO Keith McCullough handpicks the “best of the best” long and short ideas delivered to him by our team of over 30 research analysts across myriad sectors.
Takeaway: CEO wants synergies to be implemented quickly - by end of Q3 2015. Possible China opportunity for Norwegian brand in 2018/2019.
Frank Del Rio (President/CEO)
Drew Madsen (President/ COO)
The UST 10YR Yield is getting smoked after Fed Chair Janet Yellen takes a toke of the dovish peace pipe, keeping the “patient” word in, and acknowledging what she cannot reverse (#Deflation in all reported inflation metrics). In other words, her acknowledging deflation (without actually calling it that) is what kept "patient" in the vernacular.
The UST 10YR is at 1.96% this morning and is down -14 basis points lower than just 24 hours ago with slowing CPI and GDP reports (Thursday and Friday) up next.
On a related note, the USD evidently did not like the dovishness either, but the selloff here is modest compared to bond yields. The USD is only -0.2% vs. Burning Euros and Yens. That should put a short-term bottom in for Oil, Gold, etc. And that also helps keep the S&P 500 at all-time highs (both rate sensitive and inflation expectation stocks stop going down).
For the record, Yellen is as dovish, on the margin, as I thought she could be.
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