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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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September 28, 2015
08:53 EDTEBAYMercadoLibre downgraded to Sell from Neutral at Citi
Citi downgraded MercadoLibre (MELI) to Sell with an $80 price target citing unfavorable currency moves and slower growth assumptions for Brazil. The stock is three times more expensive than eBay (EBAY), Citi tell investors.
07:38 EDTEBAYBox to hold a user conference
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September 24, 2015
08:51 EDTEBAYCiti cuts Twitter estimates below consensus, drops target to $30
Citi analyst Mark May says his analysis indicates the consensus estimates for Twitter (TWTR) may be too high as they assume "meaningful increases" in monetization which he believes may prove difficult to realize. May cut his 2015, 2016 and 2017 earnings per share estimates for Twitter to 30c, 34c and 58c, respectively, well below the consensus estimates of 34c, 63c, and $1.03. He also cut his 2016 revenue estimate to 3% below the consensus. It will be difficult for the stock to achieve sustained multiple expansion until user growth accelerates and/or revenue growth stabilizes, May tells investors in a research note. He moved the stock to Citi's "High Risk" designation given Twitter's recent user trends and his belief that his estimates are unlikely to move up in the near-term. He keeps a Neutral rating on the name. May's top picks among U.S. Internet stocks remain Facebook (FB), (AMZN) and eBay (EBAY).
06:39 EDTEBAYJPMorgan sees 'choppy' near-term outlook for eBay, cuts target to $32
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