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Yesterday, $ARCB's Chief Yield Officer announced he was stepping down after 26 years with the company.
LTL tonnage has been declining for months and we believe this is a sign that pricing is beginning to turn. When it does, it won't be pretty.
Landstar ($LSTR), one of the largest trucking companies, cuts 2Q guidance by 5.3% on demand weakness, less than a month from their late-April guidance.
They already knew April's sales...so May and June must have been way below expectations.
But by far the most salacious part of the story revolves around Multi Employer Pension Plans (MEPP) and the contingent liabilities surrounding those. Read the full report to find out more!
But as this unwinds (and it is currently unwinding) with inventory still near all-time highs, it is not the season to be a LTL with the highest cost structure
New from Bleecker Street:
We are short shares of ArcBest $ARCB: It is the story of a deal that isn't going to happen, a bailout you have never heard of, and a fight over $5b in profits.
Read our full story here:
There's announcing the dismissal of your auditor on a Friday after the close, and then there is doing it on a stock market holiday Friday. Yikes. $HOFV
Something tells me the FAA won't like "company conforming" as much as Softbank liked community adjusted EBITDA, but the end result might be the same.
Note also mentions $JOBY could be having weight problems with its aircraft.
Steads
$JOBY
"Company conforming" = Community Adjusted EBITDA but for eVTOL
Many thought that the record of 9 months from IPO to bankruptcy would never be broken... Yet the junk from the '20/21 SPAC boom are filing for bankruptcies at a record-breaking pace.
Squeeze these stocks at your own peril, for the most part these businesses (if you can call them that) are awful and generate massive losses.
J.C. Parets
It's a lot more fun watching these permabears blowing up and go into hiding if we're on the long side of their short positions. Here's a list of stocks that can help us continue to do just that...
New from Bleecker Street:
Credit Acceptance $CACC has long been considered a compounder, but this is not the season to be a subprime auto lender.
We see a company with deteriorating fundamentals that is not nearly as profitable as management portrays.
13 months later Alfi $ALF has thrown in the towel. On Friday it announced it was ceasing operations and filed for Chapter 7 bankruptcy.
Shares are down 96% since our report. If you need a new tablet might want to keep an eye on the liquidation. https://t.co/NHV4X30shQ
Bleecker Street Research
Miami's first tech IPO is quintessential Florida. Read how Alfi $ALF became a $140 million market cap ad-tech company with 9,600 $100 Lenovo tablets that can facially fingerprint users in the back of rideshares. We are short shares.
Joby Aviation $JOBY: Tesla Meets Uber in the sky is set to crash and burn.
Claiming it will become the largest aircraft manufacturer in the world by 2026, we believe we have evidence Joby has massively overstated its manufacturing plans.
READ HERE:
https://t.co/J1vNE3Dtb4
We will be revealing a $1b+ short idea at the conference below on September 29. Stay tuned for an exciting story.
Institutional investors please sign up! The idea will be released publicly the following day.
We thought we were done with Hall of Fame Village $HOFV but then we looked into recent financings and decided to re-short the stock. We think HOFV will eventually be bankrupt. Read here. https://t.co/og9dz3YolS