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  "documentTitle": "Wayfair (W)",
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  "authorName": "Citron Research",
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  "presentationDate": "2018-08-28 00:00:00",
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      "kind": "callout",
      "text": "God bless the “Moviepass” economy",
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      "text": "EBIDTA: ($35M)",
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      "text": "In 2018, insiders have sold $121 million at W vs. $76 million at AAPL and $71 million at AMZN.",
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      "kind": "paragraph",
      "text": "With short interest at a 52-week low, Citron cannot blame those who have covered, but every day is a new day, and with new information at hand, Citron is putting on a new short position at current prices.",
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      "text": "3rd party data with >90% correlation that was published last week implies that W is on track to miss revenue estimates this quarter ... with the stock being at all-time highs.",
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      "text": "Last quarter both WSM and RH did over 55% of their sales online, proving the importance of the multichannel retailing. Market Cap: $6B, WSM delivered $131M in EBIDTA $3B, RH delivered $78 mil in EBIDTA Wayfair $12B, delivered ($35M) in EBIDTA",
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      "text": "Since the beginning of 2016, W’s stock is up as much as AMZN’s, though W has repeatedly missed profit estimates and AMZN has repeatedly delivered. Since 12/31/15, W consensus 2018 adj. EPS estimate has gone from $1.19 to ($3.60), while AMZN’s has gone from $19.61 to $26.75.",
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      "text": "3. More insider selling at Wayfair than either AAPL or AMZN",
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      "text": "2. Checks Point to Revenue Miss",
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      "text": "4. Let’s comp to William Sonoma and Restoration Hardware",
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