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Inside Arbitrage Friday Wrap – Retail Earnings Week

  • November 18, 2022

FRIDAY WRAP

Our list of curated tweets for the current week

 

Special Situations

Activist investor Ancora plans to vote against IAA's takeover by Ritchie Bros.

$RIO Tinto agreed to terminate agreements with named securityholders regarding transaction with Turquoise Hill $TRQ.

Apollo completed its leveraged buyout of Tenneco today

While the $OPNT CVR is large at $8 compared to the deal price of $20, it is hard to figure out if they will hit any of the revenue milestones

Cowen $COWN announced a special meeting of shareholders from earlier this day

$STCN Mgmt plays hard ball with minority shareholders and drops offer.

InsideArbitrage - Deals In The Works

$CNDT is a business processes outsourcing company that was spun off from Xerox in 2016.

It previously planned to spin off its Transportation division, but has put those plans on hold given the market volatility.

VNT generates high returns on capital and requires minimal capex.

$BABA continues to buy back shares

$VVV Crushed it and added an additional $1.6B share repurchase authorization

Azenta beats by $0.09, beats on revs

Visa said Thursday that CEO Alfred Kelly will step aside

Investing

Bruce Flatt, CEO of $BAM, should be on the Mount Rushmore of investor letter authors.

2008 looked like it was going to be Peter Thiel’s year.

Called Schwab’s fixed income desk about some convertibles.

Einhorn on macro at '09 VIC

Trivago $TRVG anyone? Shares are totally bombed out.

10 years ago $NVDA traded at 12x free cash flow. It's at 64x today.

A new wave of Twitter employees began posting farewells Thursday

Elon Musk has identified somebody as potential successor for Tesla CEO role. Wow... who could it be?

Earnings

$WMT: Walmart 3Q'23 Results vs. Consensus

Inventories Q3 22

https://twitter.com/paulcerro/status/1592845525283672069

$M-iracle on 34th Street?

Macy’s is only big retail name so far to show any inventory discipline.

BJ's follows in mould of Walmart, not Target. Comp +5.3%.

$DOCS Outlook: "For the third fiscal quarter of 2023, we expect revenue in the range of $110.7 million to $111.7 million

The Fed

Fed governor Christopher Waller on the October CPI report

This wasn't a pivot rally, this was a rate hike taper rally.

Crypto

The redemptions on Monday from every institutional vehicle designed for crypto investing are going to be insane.

I just read FTX's Chapter 11 First Day Affidavit.

¶46 explains there was roughly no corporate governance

¶62 Employees were paid by through online chat, and managers "approved disbursements by responding with personalized emojis."

Coinbase's debt is trading near 60 cents on the dollar despite the fact that it has enough cash to buy back all outstanding debt and still have billions on the balance sheet.

 

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