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News For AMZN;EBAY;BBY;SCOR From The Last 14 Days
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September 30, 2015
14:14 EDTSCORShareholder Huff says will vote in favor of Rentrak, comScore merger
William Huff, Managing General Partner of WRH Partners II, provided the following comment on the merger of Rentrak (RENT) and comScore (SCOR): "I am highly supportive of merging Rentrak and comScore and will vote in favor of the transaction. I believe that this deal has incredible strategic logic and will produce tremendous synergies. The combination will have a big multiplier effect and unlock substantial shareholder value. This multiscreen measurement solution will serve as a unique industry platform which is well positioned for dramatic growth over the next five years."
13:39 EDTSCORAnalysts, investors cheer Rentrak, comScore merger plan
Shares of both Rentrak (RENT) and comScore (SCOR) are driving higher in afternoon trading after the companies announced a stock-for-stock merger agreement following Tuesday's session close. The move could see the companies developing new, compelling products to track cross-platform media consumption amid changing viewership trends, according to executives and analysts. MERGER: Rentrak and comScore announced a stock-for-stock merger agreement that will see comScore shareholders owning approximately 66.5% of the combined company and Rentrak shareholders owning roughly 33.5%. comScore's current CEO, Serge Matta, will lead the combined company as Chief Executive, while Rentrak CEO Bill Livek will transition to executive vice chairman and president. The combined company expects total synergies of at least $20M in 2016 and at least $35M in 2017, with those figures "very, very heavily" weighted towards revenue, as noted by comScore CFO Mel Wesley. EXECUTIVE COMMENTARY: On a conference call discussing the merger agreement, comScore Chief Executive Matta remarked that the media industry is at an "inflection point" in terms of consumer behavior, which is trending towards cross-platform, cross-device, delayed media viewing. Rentrak Chief Bill Livek explained that the combined company will be capable of delivering cross-platform viewership and advertising metrics "that account for all of the ways in which content is consumed," something that the industry has been "pleading" for, according to Livek. ANALYST TAKE: William Blair analyst Timothy McHugh weighed in on the merger, saying that while both companies previously had some fledgling cross-platform initiatives, their combined capability is undoubtedly stronger. McHugh added that the industry "ultimately appears headed" towards cross-media consumption habits, to which the combined company should be better positioned to respond. On the other hand, Rentrak-comScore still cannot truly challenge Nielsen's (NLSN) TV metrics even as the company develops similar cross-platform capabilities, said McHugh, though he did acknowledge that the deal looks incrementally negative for Nielsen. Meanwhile, Needham analyst Laura Martin said the "compelling" deal still relies on the merged company's eventual cross-platform products, which must be seen as unknowns at this point. Martin downgraded Rentrak to Buy from Strong Buy and cut her price target to $60 from $85, noting that if the deal fails, she believes there are other potential purchasers for Rentrak. PRICE ACTION: Shares of Rentrak are up about 24% to roughly $54 in Wednesday afternoon trading, while comScore has risen about 12% to trade above $46 per share. Meanwhile, Nielsen has slipped about 2.5% to $44 per share.
12:10 EDTSCOROn The Fly: Top stock stories at midday
Stocks on Wall Street were higher at midday as the unquestionably hard quarter looks like it will end on an up note. Relief, as well as end of the quarter window dressing, may be the main drivers of this morning's rebound as investors are certainly ready to turn the page on the third quarter with the monthly non-farm payrolls report and the start of earnings season on the horizon. ECONOMIC EVENTS: In the U.S., payroll processor ADP reported that 200,000 jobs were added this month, topping expectations for 190,000 job additions. The Chicago PMI business barometer index fell to 48.7 in September, missing expectations for a reading of 53.6. Additionally, the Senate passed a continuing resolution, officially funding the government through December 11. COMPANY NEWS: Shares of two clothing companies moved in opposite directions after an executive for one left to take over for an icon at the other. Last night, Gap (GPS) announced that Stefan Larsson will step down as global president of Old Navy effective October 2. Larsson is leaving Gap to become the new Chief Executive Officer of Ralph Lauren (RL), replacing the man who founded the company that bears his name. At least three research firms downgraded Gap shares to sell or equivalent ratings and the stock fell 7% in the wake of the executive shake-up, while Ralph Lauren shares were upgraded to Buy at UBS and the stock advanced 12% near noon. MAJOR MOVERS: Among the notable gainers were Rentrak (RENT) and comScore (SCOR), which gained 20% and 9%, respectively, after the companies agreed to a stock-for-stock merger. Also higher were shares of Western Digital (WDC), which rallied 14.5% after Unisplendour, a unit of China's Tsinghua Holdings, struck a deal to buy a 15% stake in the U.S. data storage company. Among the noteworthy losers was Barracuda Networks (CUDA), whose shares plunged 35% after the IT security and storage solutions company reported lower than expected revenue and provided weaker than expected guidance. Also lower were shares of Mellanox (MLNX), which were down 9% after the company agreed to acquire EZchip (EZCH) in a transaction implying a value of approximately $811M, or roughly $620M net of cash. Potentially overshadowing the deal was the fact that the company failed to reiterate its guidance despite being asked repeatedly by analysts on today's acquisition conference call, Summit Research analyst Srini Nandury told investors in a research note. EZchip, which will be bought for a cash purchase price of $25.50 per share, rose 14% following the deal announcement. INDEXES: Near midday, the Dow was up 128.64, or 0.8%, to 16,177.77, the Nasdaq was up 56.46, or 1.25%, to 4,573.78, and the S&P 500 was up 18.68, or 0.99%, to 1,902.77.
09:35 EDTAMZNActive equity options trading on open
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09:16 EDTSCORcomScore deal to improve competitive positioning, says Oppenheimer
After comScore (SCOR) agreed to buy Rentrak (RENT), Oppenheimer says that the merger "significantly increases (the company's) competitive positioning with respect to digital media analytics and measurement" The firm thinks that the deal strengthens comScore's cross-platform and video offerings. It keeps a $68 price target and Outperform rating on the shares. .
09:02 EDTSCORcomScore acquisition positive, says SunTrust
After comScore (SCOR) agreed to buy Rentrak (RENT), SunTrust says that comScore's valuation is attractive, if it is able to obtain the synergies that it's projecting from the deal. The firm notes that comScore's customers thinks the deal has "strategic merti." The firm keeps a Buy rating on comScore.
07:14 EDTSCORcomScore, Rentrak merger makes lot of strategic sense, says William Blair
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06:46 EDTAMZNMercadoLibre still has competitive advantage over Amazon, says Piper Jaffray
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06:14 EDTAMZNRackspace expected to partner with Amazon, WSJ reports
Rackspace Hosting (RAX) is expected to partner with Amazon (AMZN) to make it easier for corporate customers to move computing operations to Amazon Web Services from their own facilities, The Wall Street Journal reports. According to two sources, the partnership, which is similar to an agreement Rackspace signed with Microsoft (MSFT) in July, will be announced at a conference for AWS users next week. Reference Link
05:28 implied volatility of 59 at upper end of index mean range
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05:27 EDTBBYStocks with implied volatility below IV index mean; ASHR BBY
Stocks with implied volatility below IV index mean; X-trackers Harvest CSI 300 (ASHR) 50, X-trackers, Best Buy (BBY) 33 according to iVolatility.
September 29, 2015
19:50 EDTAMZNAmazon launches Flex delivery service
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17:17 EDTSCORRentrak up 13% after merger agreement with subsidiary of comScore
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16:21 EDTSCORRentrak, comScore announce stock-for-stock merger agreement
comScore (SCOR) and Rentrak (RENT) announced that the companies have entered into a definitive merger agreement under which the companies will combine in a stock-for-stock merger. Pursuant to the terms of the merger, which has been approved by the boards of both companies, Rentrak will merge into a wholly-owned subsidiary of comScore, and each share of Rentrak will be converted into the right to receive 1.15 shares of comScore. comScore shareholders are expected to own approximately 66.5% and Rentrak shareholders are expected to own approximately 33.5% of the combined company on a fully diluted basis. comScore's current CEO, Serge Matta, will lead the combined company as CEO. Magid Abraham will remain as the executive chairman of the board. Bill Livek, Rentrak's current vice chairman and CEO, will serve as the company's executive vice chairman and president. Mel Wesley will continue as CFO, and David Chemerow, Rentrak's current COO and CFO, will serve as a strategic advisor to the CEO, focused on the integration of the two companies. The combined company's board will consist of twelve directors -- eight from comScore and four from Rentrak. "This merger also recognizes the critical importance of combining digital and TV assets for next generation media measurement, which requires a higher degree of precision at both a national and local market level," remarked Serge Matta. comScore expects the transaction to be mildly dilutive to its adjusted EPS in 2016, and accretive in 2017. The combined company is expected to have total synergies of at least $20M in 2016 and at least $35M in 2017. The company also anticipates a significant portion of the synergies to be revenue related, which it expects to grow over time with an "attractive" contribution margin. The transaction is expected to be completed by early 2016.
16:16 EDTSCORRentrak to merge into wholly-owned subsidiary of comScore
16:14 EDTSCORcomScore, Rentrak to merge in stock-for-stock transaction
15:25 falls to session lows, levels to watch
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12:23 retests round number support at $500
The shares are retesting near $500, which is a psychologically important round number support. On a break below $500 next support would be at $494.47. Resistance is at $504.72.
09:35 EDTBBY, AMZNActive equity options trading on open
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09:04 EDTAMZNSizmek selected to join Amazon Creative Partner Program
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