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  "documentTitle": "Weis Markets, Inc. (WMK)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2018-09-05 00:00:00",
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      "kind": "callout",
      "text": "Q3'17 results drive WMK to a multiyear low",
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      "text": "May 2018: Waits until Q1 to disclose accounting changes made at year end 2017, boosting operating cash flow",
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      "text": "April 2018: Announces $101m capex plan, with two new stores, but doesn't disclose three planned store closures",
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      "text": "Our forensic analysis reveals numerous one-time factors and aggressive accounting changes that are flattering recent results.",
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      "text": "share price: 46.07",
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      "kind": "paragraph",
      "text": "With supermarkets under pressure from disruptive new threats (Amazon entering the supermarket and pharmacy space / home delivery services), as well as big box supercenters like WalMart gaining traction in the grocery space, we found it unusual that Weis’ share price went from a 52 week low to a 52 week high in a few months. We believe Weis’ share price increase is a result of investors’ buying into Weis’ recent financials at face value, and extrapolating that recent performance is indicative of future results. Our forensic analysis reveals numerous one-time factors and aggressive accounting changes that are flattering recent results. As a result, we believe that Weis will be unable to sustain future earnings and cash flow increases, resulting in plummeting growth rates and a stiff reversal of its share price.",
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      "text": "Source: Bloomberg",
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      "kind": "title",
      "text": "Weis Markets Rapid Share Price Increase Merits Intense Scrutiny",
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