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News For FB;YHOO From The Last 14 Days
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February 3, 2016
09:17 EDTYHOOYahoo CEO says can't speculate on potential bidders, possible premium in sale
Yahoo CEO Marissa Mayer repeated while speaking on CNBC that the company will not be commenting on its exploration of strategic alternatives while the process is ongoing.
09:15 EDTYHOOYahoo CEO says separating Alibaba stake 'most direct path' to maximizing value
Yahoo CEO Marissa Mayer is speaking on CNBC.
09:09 EDTYHOOYahoo CEO says company now has 600M mobile monthly users
Yahoo CEO Marissa Meyer says the company is "now coming from a position of strength" based on what it has acheived so far in mobile. Meyer is speaking on CNBC.
08:22 EDTYHOOYahoo downgraded to Hold from Buy at Axiom
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08:05 EDTYHOOYahoo price target lowered to $33 from $42 at RBC Capital
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07:53 EDTYHOOYahoo decision to seek sale of core business positive, says SunTrust
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07:43 EDTYHOOYahoo turnaround to take more time, says Susquehanna
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07:25 EDTYHOOPassive investors will like Yahoo plan, says Oppenheimer
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07:22 EDTYHOOYahoo downgraded to Sell, no fundamental reason to own, says Rosenblatt
Rosenblatt Securities analyst Martin Pyykkonen downgraded Yahoo (YHOO) to Sell from Neutral saying the fundamental outlook for Yahoo as a "growth" stock stock continues to erode, especially in light of strong secular trends in mobile benefiting Facebook (FB) and Alphabet (GOOGL). The analyst said Yahoo's platform is simply much less relevant to advertisers than it used to be and does not see a fundamental reason to own shares. Pyykkonen said the current valuation implies a potential acquisition of the company would be a take-under and said he is hard press to think of a buyer that would pay a premium for the core business versus what is already factored into shares.
06:52 EDTYHOOYahoo CEO: Recent announcements move to 'reassure people,' NY Times says
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06:27 EDTYHOOPiper's Munster says Yahoo growth to remain challenged for years
Piper Jaffray analyst Gene Munster says Yahoo's (YHOO) core business "seems even more challenged than before" following the company's Q4 results. Yahoo's fundamental growth challenges "will remain for multiple years," Munster tells investors in a post-earnings research note where he cut his price target for the shares to $31 from $39. He keeps an Overweight rating on Yahoo, however, pointing out that the shares still trade below a fully taxed value for both its Alibaba (BABA) and Yahoo Japan (YAHOY) stakes. The current share price seems to imply zero value for the core business, which is unfair given Verizon's (VZ) $4.4B acquisition of AOL last year, Munster contends. He believes Alibaba still provides upside to the story. Yahoo is trading down 51c to $28.55 in pre-market trading following its Q4 results.
05:12 EDTFBStocks with implied volatility below IV index mean; UA FB
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February 2, 2016
19:42 EDTYHOOYahoo shares fall after reporting Q4 results, announcing strategic alternatives
Yahoo (YHOO) shares fell Tuesday after the company reported its fourth quarter results and announced a strategic plan to simplify the embattled Internet firm. WHAT'S NEW: Yahoo reported Q4 earnings per share of 13c, in line with analyst expectations of 13c, and revenue of $1.27B, against consensus estimates of $1.19B. Yahoo also reported Q4 display revenue was up 13% year-over-year to $601M, while gross search revenue was down 7% to $866M. The company indicated that the number of ads sold during the quarter rose 8%, while price-per-ad increased 6% and paid clicks fell 10%. The company also provided first quarter and fiscal 2016 guidance, forecasting Q1 adjusted operating income of ($50M)-($30M) and revenue of $1.05B-$1.09B under Generally Accepted Accounting Principles, against consensus estimates of $1.14B. The company expects FY16 operating income of $150M-$250M and sees yearly GAAP revenue of $4.4B-$4.6B, against consensus estimates of $4.78B. WHAT'S NOTABLE: Yahoo announced it will pursue a reverse spin of its stake in Alibaba (BABA) alongside an "aggressive" strategic plan to simplify the company. Yahoo plans to reduce its workforce by roughly 15% and exit five offices in Dubai, Mexico City, Buenos Aires, Madrid and Milan. The company also announced it will simplify its product portfolio to emphasize the products that "distinguish the company competitively" and drive the most substantial portion of users, revenue, and market opportunity. It plans to shift most of the resources in its search business toward more forward-leaning mobile search investments, positioning it to "redefine" search for mobile devices as it seeks long-term growth and differentiation. Yahoo noted it will continue to invest in its Mavens strategy to counterbalance legacy business declines, with an emphasis on mobile. In the earnings release, Yahoo's chairman Maynard Webb commented, "The board believes that exploring additional strategic alternatives, in parallel to the execution of the management plan, is in the best interest of our shareholders. Separating our Alibaba stake from our operating business continues to be a primary focus, and our most direct path to value maximization. In addition to continuing work on the reverse spin, which we've discussed previously, we will engage on qualified strategic proposals." Separately, the company disclosed in a regulatory filing that Charles Schwab gave notice he was resigning from Yahoo's board of directors effective February 2. ANALYST REACTION: Piper Jaffray analyst Gene Munster released a note following Yahoo's earnings release indicating the firm is maintaining its Overweight rating on the stock. Munster said he believes the company's focus should remain on the Alibaba split as the company reorganizes in FY16, adding that he continues to see $10 upside potential if the company is able to reach a tax-free resolution. PRICE ACTION: Shares of Yahoo are down 1.58% to $28.60 in after-hours trading. TECHNICAL ANALYSIS: At Yahoo's price, the next support is at the 52-week low at $27.20. Resistance is at the closing price at $29.06.
19:22 EDTYHOOOn The Fly: After Hours Movers
UP AFTER EARNINGS: Boot Barn (BOOT), up 16.5%... Wabash National (WNC), up 9.7%... Oclaro (OCLR), up 6.8%... Myriad Genetics (MYGN), up 8%... Ultimate Software Group (ULTI), up 6.2%... Natural Health (NHTC), up 6.2%... Edwards Lifesciences (EW), up 6.2%... Viavi Solutions (VIAV), up 2.4%... Gilead Sciences (GILD), up just under 1%. DOWN AFTER EARNINGS: Match Group (MTCH), down 7.3%... Yahoo (YHOO), down 1.2%... Chipotle (CMG), down 7.1%. ALSO LOWER: Barnes & Noble (BKS), down 2.4% after General Growth (GGP) CEO Sandeep Mathrani announced that Amazon (AMZN) is going to open 300-400 brick-and-mortar bookstores.
19:07 EDTYHOOJudge orders Yahoo to disclose details of ex-COO compensation, Reuters says
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18:13 EDTYHOOYahoo says will engage on qualified strategic proposals
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16:59 EDTYHOOYahoo says Charles Schwab resigns from board, size of board cut to seven
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16:57 EDTYHOOYahoo sees FY16 adjusted operating income $150M-$250M, consensus 56c
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16:54 EDTYHOOYahoo sees Q1 adjusted operating income ($50M)-($30M), consensus 13c
Sees Q1 GAAP revenue $1.05B-$1.09B, consensus $1.14B. Sees Q1 cost of revenue - TAC $230M. Sees Q1 revenue ex-TAC $820M-$860M. Sees Q1 adjusted EBITDA $100M-$120M.
16:46 EDTYHOOYahoo reports Q4 gross search revenue $866M, down 7% y/y
Gross search revenue was $3.612B for the full year of 2015, an increase of 7% compared to the prior year.
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