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Stock Market & Financial Investment News

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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February 9, 2016
05:49 EDTYELPYelp price target lowered to $19 from $26 at Piper Jaffray
Piper Jaffray analyst Gene Munster cut his price target for Yelp shares to $19 citing decelerating user engagement and account growth following the company's December quarter results. The will be range bound following another quarter of "disappointing core advertising revenue and lighter profitability than anticipated," Munster tells investors in a post-earnings research note. He reiterates a Neutral rating on Yelp.
February 8, 2016
16:23 EDTYELPOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory thanks in part to lower oil prices, poor banking data out of China, and selling in Europe. The market saw little in the way of buying for most of the day, with all ten of the S&P sectors in negative territory. Oil prices struggled to stay above $30 per barrel, while "safe haven" gold moved above $1,200 an ounce, its highest price since June. Once oil settled, stocks saw a late rally and cut into their losses, but the averages still ended the day deep in the red even following the comeback. ECONOMIC EVENTS: In the U.S., the labor market conditions index came in at 0.4 for January, below expectations for a reading of 2.0. In Asia, markets in mainland China, Hong Kong, Taiwan and Korea were all closed for the New Year holiday. Data was still released in China that showed the country's foreign currency reserves fell to their lowest level since May 2012, dropping about $99B in January, though that was better than analyst forecasts and ahead of some recent whispers. COMPANY NEWS: Chesapeake Energy (CHK) tumbled 33.2% to $2.05 after media reports indicated that the natural gas producer has hired restructuring lawyers from Kirkland & Ellis. The company later remarked that the law firm has been retained as an adviser, though Chesapeake noted it has "no plans" to pursue bankruptcy, which helped the stock recover some of its early losses... Meanwhile, another player in the oil space with ties to Chesapeake, Energy Transfer Equity (ETE), declined 41.3% to $4.10 after the company disclosed it was making a change to the Chief Financial Officer of its general partner. Williams Company (WMB), which has agreed to merge with Energy Transfer, also slid nearly 35%... Yelp (YELP) ended Monday down 11% at $16.11 after the earlier than expected release of its quarterly earnings report, which the company blamed on the news distribution service that issued the press release before the results were due. Yelp's earnings and revenue came in above expectations, though the company also disclosed that its finance chief Rob Krolik would be stepping down. MAJOR MOVERS: Among the notable gainers was Apollo Education (APOL), which rallied 24% to $8.62 after agreeing to be acquired for $9.50 per share by a group of investors led by private equity firm Apollo Global (APO), with the news also sending its for-profit education competitor DeVry (DV) up 5.5%. Also higher was GoPro (GPRO), which gained 10.3% to $10.99 after Microsoft (MSFT) announced a new collaborative patent licensing agreement with the beaten down action camera maker. In addition, Outerwall (OUTR), owner of the Redbox and Coinstar kiosk brands, rose 11% to $30.01 after Bloomberg reported that at least three buyout firms have sought to take it private in the past two years, with activist investor Engaged Capital later in the day confirming a 14% stake in the company. Among the noteworthy losers was Sarepta (SRPT), which declined 12.1% to $10.74 after the FDA delayed a decision on the company's closely-watched Duchenne muscular dystrophy treatment eteplirsen. Also lower was BioCryst (BCRX), which plunged 71% to $1.77 after a clinical trial of its hereditary angioedema drug failed to meet its primary endpoint. Meanwhile, Twitter (TWTR) fell 5.3% to $14.89 following reports over the weekend that it is rethinking its news feed, potentially ordering posts based on popularity rather than chronological date. INDEXES: The Dow fell 177.92, or 1.1%, to 16,027.05, the Nasdaq lost 79.39, or 1.82%, to 4,283.75, and the S&P 500 declined 26.61, or 1.42%, to 1,853.44.
14:02 EDTYELPYelp outlook shows business still transitioning, says Piper Jaffray
Piper Jaffray analyst Gene Munster says Yelp's guidance shows the business is still in transition. The good news is investors expected a worse outlook, the bad news is Yelp's structural problems are not fixed, Munster tells investors in a research note after Yelp's earnings came out intraday. He keeps a Neutral rating on the stock.
13:50 EDTYELPYelp: Early earnings release caused by vendor error, CNBC says
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13:24 EDTYELPYelp trading halted again for circuit-breaker, down 5.3% at $17.14
Shares have been volatile after the company issued an intraday earnings release and announced that its CFO plans to leave.
13:20 EDTYELPYelp says CFO Rob Krolik to step down in coming months
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13:20 EDTYELPYelp down 10% to $16.37 after earnings release, CFO change
13:19 EDTYELPYelp reports Q4 app unique devices up 38% to 20M on monthly average basis
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13:17 EDTYELPYelp sees FY16 revenue $685M-$700M, consensus $687.42M
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13:16 EDTYELPYelp sees Q1 revenue $154M-$157M, consensus $154.4M
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13:15 EDTYELPYelp reports Q4 adjusted EPS 11c, consensus (3c)
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13:15 EDTYELPYelp halted for circuit-breaker after intraday earnings release
07:05 EDTYELPYelp volatility elevated into Q4 and outlook
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06:22 EDTYELPWall Street view of Yelp soured by higher costs, slowing user growth, WSJ says
Wall Street sentiment towards Yelp (YELP) has soured as the company struggles with rising costs and weakening user growth, Steven Russollilo of the Wall Street Journal's Ahead of the tape says. With the company poised to report Q4 results Monday, Yelp is closer to falling below its $15 IPO price for the first time, which seemed very unlikely a few years ago when its shares were trading above $100, the Journal says. The company has nearly tripled its employee count over the past three years, but generates a lower revenue per employee than multiple tech companies, including Facebook (FB) and Alphabet (GOOG), the report says. In addition, Yelp's niche market is becoming increasingly competitive, with companies like Google diverting traffic to its own listings, the report says. Reference Link
February 5, 2016
08:14 EDTYELPYelp volatility elevated into Q4 and outlook
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February 3, 2016
16:40 EDTANGIOn The Fly: Top stock stories for Wednesday
Stocks began the session in positive territory but were unable to hold their early gains. Following larger than expected builds in energy inventories, oil moved lower, taking equities with it. By the noon hour oil prices recovered and moved higher once again, helping to lift equities. While oil prices continued their advance and moved up more than 7%, stocks lagged, especially the Nasdaq, which was down as much as 1.5% this afternoon. That changed in the last hours of trading, which saw the Dow spurt higher and the Nasdaq recover most of its losses heading into another heavy dose of corporate earnings reports after the close. ECONOMIC EVENTS: In the U.S., ADP estimated that private payrolls grew by 205,000 jobs in January, topping the consensus forecast for 190,000 job additions. Markit's services PMI came in at 53.2, versus the consensus 53.7 forecast. The Institute for Supply Management's non-manufacturing index came in at 53.5 for January, down from 55.3 in the previous month and below the 55.1 reading forecast by analysts. In Asia, the Caixin services PMI for China climbed to 52.4 in January from 50.2 in December, while Japan's services PMI rose to 52.4 from 51.5 in the prior month. Additionally, China's National Development and Reform Commission set its economic growth projection range for this year at 6.5%-7%, noting that attempts to curb overcapacity will increase unemployment in provinces with high output of steel and coal. In Europe, Markit's composite purchasing managers index for January declined to 53.6 from 54.3 in December. COMPANY NEWS: Shares of Yahoo (YHOO) declined 4.75% to $27.68 after the embattled Internet company reported fourth quarter results and announced plans to simplify its product portfolio and reduce its workforce by roughly 15%. Maynard Webb, Yahoo's chairman, said the board is committed to its turnaround efforts and supportive of management's plan, but also believes that exploring additional strategic alternatives is in the best interest of its shareholders... Chipotle Mexican Grill (CMG) fell 2.89% to $461.92 after reporting lower than expected revenue and a 14% plunge in same-store sales for the quarter. Adding to the negative headlines, the restaurant operator also disclosed a subpoena broadening the scope of a criminal investigation that was previously limited to a single Chipotle location in California. Also punished by food safety worries were shares of Buffalo Wild Wings (BWLD), which slid 4.24% to $143.64 after one of its restaurants was named a suspected source of new norovirus-like cases in suburban Kansas City, though the company disputed a link between its location and the illnesses. The stock continued to move lower in after-hours trading following the company's earnings report and lower than expected guidance... Merck (MRK) was one of the worst performers on the Dow, dipping to as low as $48.58 before ending the day down 0.7% at $50.04 after its earnings narrowly topped estimates but guidance for the new year fell short of expectations. Among other large cap names reporting earnings this morning, Comcast (CMCSA) rose 5.95% following its report, while General Motors (GM) slid 2.43%. MAJOR MOVERS: Among the notable gainers was Autodesk (ADSK), which rallied 8% to $49.56 after announcing a restructuring plan that will see its workforce cut by roughly 10%. Also higher was Angie's List (ANGI), which jumped 13.53% to $9.48 after the New York Post reported that InterActiveCorp (IAC) is preparing a "big run" to acquire the company. In addition, Syngenta (SYT) rose 2% to $80.21 after receiving a $43B-plus takeover offer from ChemChina. Among the noteworthy losers was Lowe's (LOW), which fell 6.2% to $67.42 after agreeing to acquire Canada's RONA in a deal valued at $2.3B. Also lower was Barnes & Noble (BKS), which declined 9.6% to $7.32 after mall operator General Growth (GGP) said during a conference call that Amazon (AMZN) plans to open 300-400 physical bookstores. After the closing bell, General Growth CEO Sandeep Mathrani indicated that his previous statement "was not intended to represent Amazon's plans." Meanwhile, Marathon Petroleum (MPC), Mondelez (MDLZ) and Match Group (MTCH) lost 7.6%, 6.5% and 12.6%, respectively, following their quarterly reports. INDEXES: The Dow rose 183.12, or 1.13%, to 16,336.66, the Nasdaq fell 12.71, or 0.28%, to 4,504.24, and the S&P 500 advanced 9.50, or 0.5%, to 1,912.53.
10:35 EDTYELPYelp losing traffic share, says B. Riley
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05:51 EDTANGIIAC/InterActiveCorp preparing to make new bid for Angie's List, NY Post reports
IAC/InterActiveCorp (IAC) is preparing to make a new bid for Angie's List (ANGI), The New York Post reports, citing a source, who has indicated that "this will be a big run." IAC first made an unsolicited $512M bid for Angie's List in November, but its offer was rejected. Reference Link
January 28, 2016
10:05 EDTANGIOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: AMAG Pharmaceuticals (AMAG) initiated with an Outperform at Northland... Angie's List (ANGI) initiated with a Neutral at Roth Capital... Bio Blast Pharma (ORPN) initiated with a Buy at Rodman & Renshaw... British American Tobacco (BTI) initiated with a Buy at UBS... Imperial Tobacco (ITYBY) initiated with a Buy at UBS... Instructure (INST) initiated with an Outperform at Barrington... Nektar (NKTR) initiated with a Buy at Janney Capital... Par Pacific (PARR) initiated with an Outperform at Imperial Capital... Pure Storage (PSTG) initiated with a Buy at Maxim... comScore (SCOR) initiated with a Hold at Evercore ISI.
08:20 EDTANGIAngie's List initiated with a Neutral at Roth Capital
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