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
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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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This is an excerpt from Hedgeye morning research by CEO Keith McCullough. Click here for more information on how you can become a subscriber today.
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