Hedgeye's Healthcare Sector Head Tom Tobin and Analyst Andrew Freedman give a preview of their SHORT Zimmer Holdings (ZMH) black book call next week and discuss some of their other favorite names in this free Q&A event from earlier today.
Don’t get fooled by YELP’s Q1 print! Listen to what Hedgeye Internet & Media Sector Head has to say on YELP’s recent questionable changes to their advertising and accounting metrics.
UPDATE: We believed revenues from SeatMe (reservation service) would be reclassified from YELP's Other Services segment into its core Local Advertising segment starting in 1Q15. However, that already happened in 1Q14! The reclassification wasn't explicitly disclosed in any of YELP's filings until its 2014 10-K filed two weeks ago, yet there has been no reported revisions to its 2014 quarterly segment revenues.
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"Get the US Dollar right, and you tend to get a lot of other things right," Hedgeye CEO Keith McCullough wrote in today's Morning Newsletter, "Our #StrongDollar Global #Deflation Theme remains firmly intact."
Link to Report: MCD: Free-Falling February Comps
This note was originally published by Hedgeye U.S. macro analyst Christian Drake on March 06, 2015 at 11:19 in Macro. Click here for more information on how you can subscribe to Hedgeye.
Insular Strength: The domestic labor market remains insularly strong with February employment holding near cycle highs despite serial storm activity, the rising drag from the energy sector, and global growth in discrete retreat. The best run in payroll gains since the late 1990’s extended in the latest month with employment growth accelerating for a 6th straight month, the unemployment rate approaching the Fed’s NAIRU level and employment growth across the key housing demographic of 20-34 year olds accelerating.
Best Before the Crest: We remain late cycle in the current expansion and the data is always best before the crest but the labor market remains the recipient of positive macroeconomic reflexivity currently and the expectations build into the Fed announcement on March 18th will now be that much more acute.
A summary review of the February NFP highlights:
Christian B. Drake
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