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July 16, 2014
13:20 EDTEBAYEarnings Preview: eBay set to report Q2 earnings since security breach
eBay (EBAY) is expected to report second quarter earnings after the market close on Wednesday, July 16 with a conference call scheduled for 5:00 pm ET. eBay is a technology company that enables commerce through Marketplaces, Payments, and GSI. EXPECTATIONS: Analysts are looking for earnings per share of 68c on revenue of $4.38B. The consensus range is 64c-72c for EPS, and $4.16B-$4.49B for revenue, according to First Call. LAST QUARTER: eBay reported first quarter EPS of 70c against estimates of 67c on revenue of $4.3B against estimates of $4.23B. The company gave Q2 EPS guidance of 67c-69c and Q2 revenue guidance of $4.33B-$4.43B as well as FY14 EPS guidance of $2.95-$3.00 and FY14 revenue guidance of $18B-$18.5B. eBay expects FY14 adjusted effective tax rate to increase by more than 1 point to 20%-21% and said it would lower StubHub's fee structure this year. NEWS AND STREET RESEARCH: In the past quarter, eBay had asked users to change passwords following a cyberattack that compromised a database containing encrypted passwords and other non-financial data. Pacific Crest said the security issues could cause eBay to miss street estimates and the low-end of its Q2 guidance. TW Baird also warned that the company had slowed in the latter half of May, also saying it may report weaker-than-expected Q2 results. ChannelAdvisor reported SSS was up 14% in April, up 11.5% in May and up 12.3% in June. Piper Jaffray said the numbers showed eBay's gross merchandise volume growth slowed in May due to the breach. BGC Financial also lowered Q2 revenue estimates for the company, but said the impact of the security breach would mostly be confined to the June quarter. The firm reaffirmed its full-year outlook. eBay announced a deal where Google listed PayPal among its payment methods to buy apps and digital content. The partnership received positive comments from BofA/Merrill, RW Baird, and Stifel who said the relationship presents a large potential opportunity and could expand over time. eBay announced its PayPal President David Marcus was leaving the company to join Facebook (FB) and its senior engineering director April Chang was set to leave for Eventbrite. In light of the news, JMP Securities said PayPal had a deep bench and the hands-on management of eBay's CEO will enable the unit to maintain growth. Ahead of the Q2 report, Piper Jaffray remains positive on eBay, saying it sees limited downside due to low expectations. The firm said investors have become increasingly bearish on eBay over past few months given the security breach and a change in Google algorithm. However, Piper Jaffray sees these concerns as short term. PRICE ACTION: eBay shares have dropped more than 7.2% since the first day of trading following the company's Q1 report. In Wednesday midday trading ahead of its Q2 report, eBay shares are trading down fractionally.
News For EBAY From The Last 14 Days
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November 27, 2015
12:55 EDTEBAYBlack Friday online spending estimated up 15% in early read, Bloomberg reports
Adobe said in an e-mailed statement to Bloomberg that early data show a 15% increase in online spending compared to last year, with $822M spent online between midnight and 11 am this Black Friday morning.
11:15 EDTEBAYChannelAdvisor says Amazon SSS up 29% on Thanksgiving, eBay up 7%
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08:26 EDTEBAYAdobe says U.S. e-commerce sales surged on Thanksgiving, Bloomberg reports
Adobe Systems estimated that online shoppers in the U.S. spent $1.1B by 5 pm ET on Thanksgiving and projected that $1.7B would be spent in online shopping by day's end, a 22% jump from last year, reported Bloomberg. Major e-commerce players that may benefit from the surge in spending include (AMZN) and eBay (EBAY), while companies with omnichannel presences including e-commerce and brick-and-mortar locations include Wal-Mart (WMT), Target (TGT), Best Buy (BBY) and Macy's (M). Reference Link
November 25, 2015
10:29 EDTEBAYeBay says working to resolve issues some users are experiencing
In a tweet to its official Twitter account, eBay states: "We're aware that some users are experiencing issues & we're working to resolve. We apologize for any inconvenience! Stay tuned for updates." Reference Link
10:04 EDTEBAYOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 21Vianet (VNET) downgraded to Neutral from Overweight at JPMorgan... Anglo American (AAUKY) downgraded to Reduce from Hold at HSBC... Boulder Brands (BDBD) downgraded to Market Perform from Outperform at William Blair... Cracker Barrel (CBRL) downgraded to Hold from Buy at Argus... HP Inc. (HPQ) downgraded to Hold from Buy at Needham... PTC Therapeutics (PTCT) downgraded to Underperform from Hold at Jefferies... SunEdison (SUNE) downgraded to Sell from Neutral at UBS... TerraForm Power (TERP) downgraded to Sell from Neutral at UBS... Tiffany (TIF) downgraded to Neutral from Buy at Monness Crespi... Valspar (VAL) downgraded on negative catalysts at RBC Capital... eBay (EBAY) downgraded to Buy from Conviction Buy at Goldman.
06:46 EDTEBAYeBay downgraded to Buy from Conviction Buy at Goldman
Goldman analyst Heath Terry removed eBay from the Conviction Buy List due to share outperformance. Terry maintains his Buy rating and increased his price target to $33 from $30 on shares, citing a more focused strategy following the PayPal spinoff, investments in technology and marketing to support Marketplaces, ongoing capital returns and what he views as a favorable risk/reward ratio.
November 16, 2015
17:16 EDTEBAYIcahn liquidated eBay stake, took Paypal stake
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17:02 EDTEBAYPoint72 added to lululemon position, subtracted from Netflix position
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09:59 EDTEBAYOmega bought Valeant in Q3, sold some SuneEdison
Leon Cooperman's Omega Advisors gave a quarterly update on its stakes in a filing this morning, disclosing its positions as of September 30. NEW STAKES: Pfizer (PFE), Valeant (VRX) Walgreens Boots Alliance (WBA), TerraForm Global (GLBL), Cigna (CI). INCREASED STAKES: Google Class A (GOOGL), Facebook (FB), Delta Air Lines (DAL). DECREASED STAKES: SunEdison (SUNE), Shire (SHPG), Citi (C), KAR Auction (KAR), LyondellBasell (LYB). LIQUIDATED STAKES: McKesson (MCK), 21st Century Fox (FOXA), General Motors (GM), QEP Resources (QEP), eBay (EBAY).
09:33 EDTEBAYeBay second week of November SSS up 0.4%, ChannelAdvisor says
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