Earnings Commentary - Trade Setup

A lower conviction earnings play but asymmetric return potential nevertheless.

With real estate being a significant laggard and the interest rate not cooperating (yet), this is not an easy purchase ahead of earnings - few fundamental factors support a purchase here but two things make me believe it’s likely that the earnings reaction could be positive. 1. Contribution margin appears to be their focus so I expect them to beat on earnings. 2. The outlook is likely to be far more favorable than on past calls.