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News Breaks
July 24, 2014
12:05 EDTYELP, ANGIAngie's List plummets after Q2 report triggers multiple downgrades
Shares of consumer-driven review service Angie's List (ANGI) are plummeting after the company reported second quarter losses per share and revenue that were worse than expected, prompting a number of downgrades of its stock by Wall Street analysts. WHAT'S NEW: Angie's List reported a Q2 loss per share of (31c) which was worse than analysts' consensus forecast for a (24c) per share loss. The company's Q2 revenue was $78.9M, which was below analysts' consensus of $80.19M. The review service reported Q2 gross member additions of approximately 399K at an average cost per acquisition of $90 and reported total end of period paid memberships of 2.84M. Angie's Q2 average membership renewal rate was 77%. Angie's List guided to Q3 revenue of $80.5M-$82.5M, which is lower than analysts' consensus of $86.63M. Angie's List added that it expects to generate positive adjusted EBITDA for FY14, with CEO Bill Oesterle saying, "While revenue growth in e-commerce was lower than expected, we continued to make progress against our strategy of enabling service providers and populating their stores with offers. We expect significant improvement in margin in the second half of the year and continue to see compelling opportunities for growth." ANALYST REACTION: After Angie's List's report, at least seven Street research firms downgraded their ratings on its stock. Oppenheimer analyst Jason Helfstein downgraded Angie's List to Perform from Outperform, stating that while executives feels that vendor renewal rates are strong, the ratio of selling expense to vendor revenue is leaning negatively, productivity per rep is decreasing and e-commerce revenue is decelerating. MKM Partners analyst Rob Sanderson downgraded the review service company to Neutral from Buy, saying that Angie's List gave several "layers" of disappointing news in the Q2 earnings report. Sanderson said that the data went against its anticipation for signs of stability this quarter. Piper Jaffray analyst Gene Munster lowered his price target for Angie's List to $12 from $17 and believes that shares of Angie's List, but believes shares are "washed out" after the company gave its Q2 report. Munster perceives the firm's outlook to be conservative and feels investor anticipations are at "rock bottom," which could mean that any optimistic updates from Angie's list could have "meaningful" and "positive" benefit. Munster maintained an Overweight rating on the stock. PRICE ACTION: During midday trading, shares of Angie's List fell $2.07, or 20% to $8.10. OTHERS TO WATCH: Yelp (YELP), which also allows users to review local businesses, is up 1% to $69.40 near noon.
News For ANGI;YELP From The Last 14 Days
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March 25, 2015
12:05 EDTYELPYelp further expands in Asia with Taiwan launch
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07:47 EDTYELPYelp offers bookings for five additional business categories
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March 23, 2015
06:06 EDTYELPStocks with implied volatility below IV index mean; CSCO YELP
Stocks with implied volatility below IV index mean; Cisco (CSCO) 18, Yelp (YELP) 40 according to iVolatility.
March 22, 2015
17:07 EDTYELPFTC disclosures embolden potential EU Google probe, WSJ says
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March 20, 2015
11:45 EDTYELPYelp management to meet with Brean Capital
Meeting to be held in San Francisco on March 24 hosted by Brean Capital.
06:16 EDTYELP2012 antitrust report calls Google harmful to market, WSJ says
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06:11 EDTYELPYelp selloff yesterday a buying opportunity, says Wunderlich
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06:08 EDTYELPStocks with implied volatility below IV index mean; LL YELP
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March 19, 2015
13:51 EDTYELPYelp weakness a buying opportunity, says Cowen
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10:12 EDTYELPYelp puts active after plans for critical documentary announced
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09:43 EDTYELPYelp falls after plans for critical documentary announced
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March 18, 2015
10:58 EDTANGIAngie's List calls active on speculation the company canceled a conference
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10:44 EDTANGIRumor: Angie's List active on speculation the company canceled a conference
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March 17, 2015
07:20 EDTANGIBofA/Merrill to hold a conference
Smid Cap Conference 2015 is being held in Boston on March 17-18.

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