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Title Date Pages
CL – Got Some Questions, Here Is What Sarah Eisen Said on CNBC (doesn’t really say much tbh) 2020-08-28
WMT/TikTok – Interim CEO V. Pappas Interview on CNBC (pre-mkt) + TikTok F20/21 revs projections from late July Reuters article 2020-08-28
Ground control losses sight of Gap idea, an interesting night at Nutanix, Peltz sticks with Procter, Abbott does a Daniel Day-Lewis impression (GPS, NTNX, PG, KO, ABT, DLTR) 2020-08-28 4
BIG – Key Conf. Call Takeaways; July +HSD% w/Aug seeing an acceleration 2020-08-28
JR's Consumer Daily – 8.28.20 2020-08-28
WMT/TikTok – Friday AM incremental tidbits in news article 2020-08-28
PG – Proxy hits w/Peltz remaining listed as a Nominated Director for 2020 meeting. 2020-08-28
KO – Announcing Structural Reorganization inc. a Large Workforce Reduction 2020-08-28
Consumer read-through – Interesting note from J. Farmer Analyzing State-by-State Unemployment Benefits & The Fiscal Cliff/Slope (relevant for other cos w/skewed geographic exposure, even outside Restaurants) 2020-08-28
BIG - EPS at high-end of 6/26 preannc despite stronger topline/GMs as co paid out incremental $10M bonuses not in 6/26 guide; Inventories clean; QTD 'strong start'; will provide update at Sept-end when has better visibility on Q3 2020-08-28
Fiscal Cliff/Slope is Here: A Closer Look at Restaurant Exposure - State-by-State Guide to Unemployment Benefits – CA is Home to ¼ of Total U.S. Claims Thanks to Temporary “Gig” Worker Benefits 2020-08-28 9
WMT/TikTok - the more articles out, the more interested WMT sounds in a deal; CNBC article says WMT's original plan was to become the majority owners (w/GOOGL & Softbank minority owners) but when that group fell apart last week, WMT had become so convinced TikTok was a strategic fit it partnered w/MSFT 2020-08-27
LB – Les Wexner (founder/former CEO who recently stepped back from CEO/Chairman role) sold 3M shrs on 8/25 for $89.1M ($29.70/shr) - SEC 2020-08-27
WMT/TikTok - WSJ Updates on TikTok Sales Negotiations - ByteDance is asking $30B which bidders haven't been willing to pay. MSFT/WMT's bid considered the front-runner 2020-08-27
Retail M&A - BBG article discusses rationale of a WMT TikTok deal & GPS's "portfolio" commentary from earnings CC 2020-08-27
ULTA – Key Conf. Call Comments; 2H Guidance (2H SSS dn LDD/mid-teens% w/Q3 'somewhat better' than Q4; GM deleverage, though less than 1H; $35-40M PPE/COVID Exp; planning to pull back on promotional activity in 2H to drive profitability 2020-08-27
GPS – Key Conf. Call Comments 2020-08-27
BURL: Burlington Stores, Inc. - Tough Times for OPR’s . . . But Model Has Shown Durability; Management C/B Confirms LT Favorable Bias; Post 2Q Notes 2020-08-27 6
Consumer - OLLI Conf. Call Comments, AZO CFO Change, BIG Share Repo/Div announcement (ahead of earnings tom AM), GPS announces 10/22 Investor Day (on IR page) 2020-08-27
DG: Dollar General - There’s the General . . . And Then There Is Everyone Else; Mgmt C/B Confirms Positive Bias on 3 Fronts, Stay Buy-Rated/$230 PT 2020-08-27

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