UPDATE: Removing UUP + VNQ From Investing Ideas Today

Takeaway: Please note that we are removing REITs (VNQ) and the U.S. Dollar (UUP) today.

Our macro team is removing REITs (VNQ) and the U.S. Dollar (UUP) from Investing Ideas today.


UPDATE: Removing UUP + VNQ From Investing Ideas Today - z dollar

GLD: Adding Gold to Investing Ideas (Long Side)

Takeaway: We are adding Gold to Investing Ideas today.

Please note that we are adding Gold (GLD) to Investing Ideas today. We will send out a full report from our macro team outlining our bullish case in a separate email.


GLD: Adding Gold to Investing Ideas (Long Side) - z gold

REPLAY: RTA Live with Keith McCullough (Free Sneak-Peek!)

If you've never seen RTA Live before... now's your chance!


Hedgeye CEO Keith McCullough (the guy who called the global growth slowdown) hosted a special, must-see RTA Live on Friday updating his latest market thoughts and levels.


Like what you see?  SIGN UP HERE for more.



the macro show

what smart investors watch to win

Hosted by Hedgeye CEO Keith McCullough at 9:00am ET, this special online broadcast offers smart investors and traders of all stripes the sharpest insights and clearest market analysis available on Wall Street.

RTA Live: August 28, 2015




ZOES | Entering the Big Leagues

Zoës Kitchen (ZOES) is on the Hedgeye Restaurants Best Ideas list as a LONG.


Yesterday after the close, ZOES reported impressive 2Q15 numbers. If the street wants to point to one blemish, due to the continued success of the business and stock price appreciation, ZOES had to roll forward a few public company expenses as they are no longer labeled an emerging growth company under the JOBS Act. This is part of entering the big leagues and is more a positive than a negative in our view.


ZOES reported revenue of $54.5mm a 30% increase YoY, narrowly beating consensus estimates of $54.0mm. Comparable restaurant sales increased 5.6% versus consensus estimates of 5.2%. The 5.6% was built up by a +1.3% increase in traffic, a +3.5% increase in product mix and +0.8% increase in price. ZOES had impressive performance all the way down the P&L leading to EPS of $0.05 beating consensus estimates by a penny.


ZOES | Entering the Big Leagues - 8.28.15 SSS chart


ZOES opened seven new company-owned restaurants in the quarter, bringing the total company-owned restaurants to 148, with three franchised locations. Through August, they have opened seven additional restaurants bringing the total to 158.  


Looking forward, management revised their guidance up slightly. Management is now projecting Restaurant sales between $220mm and $224mm up slightly from the previous $218mm to $223mm. Comparable restaurant sales growth is expected to be in the range of 5.0% to 6.0% bringing up the low end of previous guidance between 4.0% to 6.0%.


Listening to this management team talk makes us feel even more confident in the success of this company. They simply get it, the team environment cornered in everyone working toward the same goal together is culminating in great success. This story is nowhere near over and we expect to see continued strong performance from this company.


Please call or e-mail with any questions.


Howard Penney

Managing Director


Shayne Laidlaw




CHART OF THE DAY: A Scary Immediate-Term Downside Setup

Editor's Note: The following chart and brief excerpt are from this morning's Early Look written by Hedgeye CEO Keith McCullough. It makes a lot of sense to subscribe. Trust us.


 CHART OF THE DAY: A Scary Immediate-Term Downside Setup - z ben 77 08.28.15 chart


...As I look at what I call the downside of the “probable range” in Global Equity markets this morning, for the first time in my career I don’t think I want to be right.


That’s a tough thing for me to write because the goal of the game is to be right. We’ve spent the last 7-8 years trying to evolve the Global Macro risk management #process to the point where many aren’t unprepared for this. Unfortunately, many are.


Rather than depress you with words, let me just show you the numbers my models showed me...


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