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McCullough: This Is the Laughable ‘End Game’ of Central Planners

 

In this excerpt from today’s edition of The Macro Show, Hedgeye CEO Keith McCullough answers a viewer’s question on the implications of current monetary policy.


Q&A with Hedgeye Healthcare Sector Head Tom Tobin

Hedgeye's Healthcare Sector Head Tom Tobin and Analyst Andrew Freedman answered questions on athenahealth (ATHN) and Hologic (HOLX) and more in an open Q&A session this afternoon.

 

 


Keith's Macro Notebook 3/3 : USD | Oil | UST 10YR

 

Hedgeye CEO Keith McCullough shares the top three things in his macro notebook this morning.


Early Look

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MACAU: HEDGEYE MONTHLY UPDATE CONF CALL

MACAU: HEDGEYE MONTHLY UPDATE CONF CALL 

 

 

The Hedgeye Gaming, Lodging, and Leisure team will host a conference call tomorrow (Wednesday) at 1PM to discuss the latest Macau data and our overall thoughts on the market and the stocks.  Relevant tickers include:  LVS, WYNN, MGM, MPEL, 0027.HK, 1128.HK, 1928.HK, 2282.HK, 6883.HK, and 0880.HK.


Discussion Points:

  • The company and market details behind February’s 49% GGR decline
  • The true Mass/VIP split is masked by smoking ban related reclassifications of tables – we’ll get you the right numbers
  • Optically, March should look better than February but…
  • Revised 2015 monthly market projections
  • Hedgeye company EBITDA estimates vs the Street (LVS, WYNN, MGM, MPEL, and Galaxy Entertainment)
  • What if Analysis: Junket volumes go to zero

 

Please contact  for dial-in information.


TODAY AT 11AM: CRUISE CONF CALL - FEBRUARY

The Hedgeye Gaming, Lodging, and Leisure team will host a conference call today at 11AM to discuss the latest findings from our proprietary cruise pricing database.

 

 

 

 

Points of discussion include:

  • One market experienced a surge in close-in pricing in February while another discounted summer pricing
  • New ship premiums - 1st look at Norwegian Escape premiums
  • Did the Norwegian brand continue to outperform its contemporary peers in the Caribbean and Europe?
  • Are Costa and Anthem holding their ground in Europe?
  • (NEW*) RCL pricing vs load in Asia
  • (NEW*) Same-ship pricing across different markets (e.g. Europe vs Caribbean)

Please contact  for dial-in information.


MACAU FEBRUARY DETAIL

Takeaway: February GGR down 49%. Trends still worsening - 2015 EBITDA set to disappoint.

CALL TO ACTION

GGR fell 49% - slightly better than expected as of last week but well below expectations prior to the start of the month.  We remain negative on the near and intermediate Macau outlook. Sequential trends continue to worsen and unless volumes pick up sequentially, March could fall 35-40%, despite a relatively easy comparison. For the full year, we are projecting GGR to decline 24% YoY which would disappoint investors and drive company earnings and EBITDA estimates much lower than current Street estimates.  

 

Please see our detailed note:  

http://docs.hedgeye.com/HE_Macau_3.3.15.pdf


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