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Some Thoughts on HD’s Q2 Results

With retail earnings dominating the morning’s news flow, we thought we would offer some (brief) commentary on Home Depot’s (HD) Q2 results. There is no quibbling about the comp – +10.7%, a full 400 bps above consensus with the U.S.

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The EPA Speaks on the 2013 and 2014 RFS

Consistent with the timing in years past, the Environmental Protection Agency (EPA) set out its final rule for the use of renewable fuels for 2013 and offered some initial commentary with respect to 2014.  Our focus is on the latter;

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Potash – Breaking Up Apparently Isn’t That Hard to Do

All discarded lovers should be given a second chance, but with someone else.” –          Mae West This morning, Belaruskali, the erstwhile cartel partner of Uralkali announced that it had reached a preliminary agreement with a Qatar-based fertilizer marketing company, Muntajat,

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Additional Thoughts on the Disruption in the Fertilizer Market

The global fertilizer market remains in a state of shock in the wake of Uralkali’s announcement that it would abandon the output limits that have supported global potash prices. Uralkali announced that it was leaving the export cartel in which

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Fertilizer Turmoil

It has been an interesting 24 hours for fertilizer stocks, to say the least.  Yesterday, Dan Loeb said in an investment letter that his firm had taken a stake in CF Industries (CF), North America’s largest nitrogen fertilizer manufacturer.  The investment

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Providing Some Context for a Solid New Home Sales Number in June

We know it is the busiest day of corporate earnings, but there is more data out there than just EPS.  For example, new home sales (yesterday) rose 8.3% in June versus May to 497,000, the highest level since May ’08. 

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Panera (PNRA) – Q2 Results and the Broader Group

Last week, we suggested that we were having a tough time finding value in the restaurant group given what we saw as an unappealing combination of “full” multiples across the sector and aggressive revenue and EPS expectations. We also suggested

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McDonald’s (MCD) and Inflation

While commenting on quarterly results is something that we, as a firm, don’t do a heck of a lot of, we see value in highlighting data points from the various releases that are interesting and relevant to our broader thematic

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