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REPLAY | Restaurants & Consumer Staples LIVE + Interactive

Our Restaurants and Consumer Staples analysts Howard Penney and Shayne Laidlaw were LIVE in the studio Wednesday at 2:15PM ET. The duo discussed key issues affecting investors including industry trends, recent developments and provide an overview of their best ideas.


CLICK HERE to download the slides for this presentation. 



Rickards: Why Gold Is Going To $10,000

Bestselling author Jim Rickards sits down with Hedgeye CEO Keith McCullough to discuss his new book, “The New Case for Gold,” and why a cocktail of factors makes it more critical than ever for investors to protect their portfolios with gold.


Follow Jim on Twitter @JamesGRickards

Purchase his book: “The New Case for Gold

Learn more at the JamesRickardsProject

We Think Valeant Still Has Over 40% Downside | $VRX

Takeaway: Our analysts have been bearish on Valeant for almost two years. Meanwhile, Wall Street's VRX price target implies 257% upside. Okay.

We Think Valeant Still Has Over 40% Downside | $VRX - Ackman cartoon 10.26.2015


Ka-boom ... Shares of Valeant Pharmaceuticals (VRX) were cut in half today after the company cut its 2016 revenue forecast by 12% and said a delay in filing its annual report could pose a debt default risk. Our Healthcare analysts Tom Tobin and Andrew Freedman have been warning about the company's "unsustainable business model" for a while now.



Here's the "VRX | Bear Case $20" note in its entirety:


We Think Valeant Still Has Over 40% Downside | $VRX - valeant


Never fear Valeant shareholders! Wall Street consensus still sees 257% upside from here.


Click to enlarge

We Think Valeant Still Has Over 40% Downside | $VRX - valeant price target


Now, that's obviously ridiculous. But so is the sell side's track record for predicting a VRX price target. Check out the chart below. Keep in mind that Valeant shares currently trade around $35. 


We Think Valeant Still Has Over 40% Downside | $VRX - graph valeant



Daily Trading Ranges

20 Proprietary Risk Ranges

Daily Trading Ranges is designed to help you understand where you’re buying and selling within the risk range and help you make better sales at the top end of the range and purchases at the low end.

Cartoon of the Day: Crude Or Crud?

Cartoon of the Day: Crude Or Crud? - oil cartoon 03.15.2016


Oil prices continue to fall despite Wall Street's continued predictions otherwise.

A Paradigm Shift In Retail Is Happening

Takeaway: We hit the point where e-commerce dollar growth surpassed Brick & Mortar. 2016 is officially ‘Game On’ for financial impact of e-comm.

Editor's Note: This is a brief excerpt from an institutional research note written by Hedgeye Retail analysts Brian McGough and Alec Richards. To access our institutional research please email sales@hedgeye.com.


A Paradigm Shift In Retail Is Happening - z retail


Today’s 60bp negative revision for January Retail Sales (from +0.2 to -0.4%) was obviously disappointing, albeit not terribly surprising to anyone listening to retail conference calls over the past four weeks...


Let’s step away from the obvious for a minute and look at a powerful trend that’s actually investable...


Today, e-commerce accounts for 7.3% of total Retail Sales. A decade ago that number was 2.5%, and five years ago it was 4.4%. At face value we’re talking really small numbers…right? Not really. Consider this…in the fourth quarter, e-commerce accounted for 65% of all incremental Retail Sales


A Paradigm Shift In Retail Is Happening - retail sales 22 

That’s S-I-X-T-Y F-I-V-E percent! This ramped from 23% a year ago, and 45% in the prior quarter.



A Preview of Super Tuesday... & Sizing Up Democratic Defections

Takeaway: What to watch on the election 2016 campaign trail.

Below is a brief excerpt from Potomac Research Group Chief Political Strategist JT Taylor's Morning Bullets sent to institutional clients each morning.



A Preview of Super Tuesday... & Sizing Up Democratic Defections - hillary another


Tonight's results will likely determine whether the Republican race goes on, or if Donald Trump becomes the prohibitive frontrunner heading into Cleveland -- today's significance to Democrats, however, may have been overlooked by comparison. Having flexed his muscle in MI, Bernie Sanders will look to replicate his win in the analogous states of IL, MO, and OH. Conventional wisdom holds that Hillary Clinton is on track for easy victories in both NC and FL, due in part to overwhelming support among African American voters. If Sanders carries all or a combination of IL, MO, and OH, or scores an upset in FL, the Dem race would face an upheaval and call Clinton's frontrunner status into serious question.



A Preview of Super Tuesday... & Sizing Up Democratic Defections - cruz cruz


Trump could run the table in all five states tonight, but Ted Cruz is banking on picking off a state or a sizeable number of delegates tonight, and will continue his campaign no matter the results.  With the potential elimination of Marco Rubio and/or John Kasich, Cruz's long-awaited dream of a one-on-one with Trump appears almost at hand. He can afford to look past tonight's votes and is the only one who has made ad buys in post-March 15th states, having already purchased $200,000 worth of airtime in AZ -- but will bump up against Trump, who is sure to benefit from Gov. Jan Brewer and Sheriff Joe Arpaio's endorsements in the state. Cruz's team has their sights on sweeping all of the delegates in the closed-caucus state of Utah (March 22nd), and putting WI in play on April 5th.  As we've said, the primary calendar gets tough for Cruz from here on out. He's now primarily competing to be the plausible alternative to Trump at a contested convention in Cleveland.



The industrial heartland of Ohio is seeing large numbers of Democrats changing their registration to Republican, with the apparent motivation being Trump's anti-free trade campaign rhetoric. In Mahoning County alone there were over 7,000 early votes cast as of March 3rd, with the Youngstown Vindicator reporting that 14% were Democratic crossovers. This much-discussed shift of blue-collar Dems to Trump would provide him with a major boost across the Rust Belt should it actually materialize.

Early Look

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