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Stock Market & Financial Investment News

News Breaks
June 13, 2014
12:59 EDTPCLN, OPEN, GRUB, YELP, AWAYAnalyst sees Priceline expanding in more areas after OpenTable buy
After Priceline Group (PCLN) agreed to buy OpenTable (OPEN), which operates an online restaurant reservation network, research firm Piper Jaffray predicted that Priceline would probably expand into additional areas. WHAT'S NEW: Priceline can move into additional categories, including events, ride sharing, and attractions, Piper analyst Michael Olson wrote. The company's decision to buy OpenTable shows that it is poised to move into new business areas, Olson contended. As for the OpenTable deal, the analyst thinks that there are obvious synergies between online travel and online restaurant reservations, and that the two companies will be able to promote their respective offerings to each other's customers. Additionally, Priceline's expertise in overseas operations will enable OpenTable to expand to perform more effectively in that area, the analyst contended. He kept an Overweight rating and $1,485 price target on Priceline. OTHERS TO WATCH: Yelp (YELP) allows its users to review local businesses, including restaurants, and its platform provides local businesses with a range of services, including its newly launched reservation system. GrubHub (GRUB) is an online and mobile platform for restaurant pick-up and delivery orders that similarly connects local restaurants with diners. Shares of HomeAway (AWAY), which operates an online marketplace for the vacation rental industry, are also higher, with the move potentially related to investor belief that it could be targeted for an acquisition by one of the larger players in the space. PRICE ACTION: In early afternoon trading, Priceline fell 2.4% to $1,196, while OpenTable soared 47% to $103.50.
News For PCLN;OPEN;GRUB;YELP;AWAY From The Last 14 Days
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July 25, 2014
11:06 EDTPCLNZillow, Trulia continue climb after takeover talks report seen as 'credible'
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08:29 EDTGRUBGrubHub reported very strong Q2 results, says Canaccord
Canaccord said GrubHub reported very strong Q2 results with every metric ahead of the firm's estimates, citing an increased take rate, increased Diner growth, and improved pricing of its Seamless platform. Canaccord raised its price target on GrubHub to $42 from $40 and keeps its Buy rating on the stock.
08:18 EDTPCLNZillow, Trulia merger story viewed as credible at Deutsche Bank
Deutsche Bank views Bloomberg's report of merger talks between Zillow (Z) and Trulia (TRLA) as credible, saying the deal would make a lot of sense. The firm says Trulia shares would be worth around $63 in a takeover when using Priceline's (PCLN) acquisition of OpenTable as a comparison. Even at that price, the firm sees nearly 20% upside for Zillow's enterprise value should an acquisition occur. Deutsche notes that neither company has denied yesterday's report, nor has either company announced an earnings date. It cautions, though, that the potential merger could easily fall apart as well. It has a Buy rating on Trulia and Hold rating on Zillow.
July 24, 2014
16:07 EDTAWAYHomeAway up 10% to $36.00 after earnings, guidance
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16:07 EDTAWAYHomeAway sees FY14 revenue $444M-$449M, consensus $441.02M
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16:06 EDTAWAYHomeAway sees Q3 revenue $114.5M-$116.5M, consensus $113.57M
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16:05 EDTAWAYHomeAway reports Q2 Visits up 14.2% to 229.5M
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16:04 EDTAWAYHomeAway reports Q2 EPS 15c, consensus 15c
Reports Q2 revenue $114.3M, consensus $110.36M. Reports ending paid listings of approximately 1.04M, up 34.2% year-over-year. The company said, "We've had another great quarter, once again delivering results above our expectations. We also achieved a significant milestone, reaching one million live listings on our global network of sites."
12:05 EDTYELPAngie'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.
09:06 EDTGRUBGrubHub sees Q3 revenue $55.5M-$57.5M, consensus $54.28M
Sees Q3 adjusted EBITDA $13M-$15M
09:06 EDTGRUBGrubHub reports Q2 active diners up 51% to 4.19M
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09:05 EDTGRUBGrubHub reports Q2 EPS 3c, consensus 7c
Reports Q2 revenue $60.01M, consensus $54.68M
08:23 EDTPCLN, OPENPriceline completes OpenTable tender offer
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07:13 EDTYELPYelp August volatility elevated into Q2 and growth outlook
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July 23, 2014
18:34 EDTYELPOn The Fly: After Hours Movers
UP AFTER EARNINGS: Fortinet (FTNT), up 7.8%... Hanesbrands (HBI), up 5.4%... 8x8 (EGHT), up 5.1%... Infinera (INFN), up 4.9%... Facebook (FB), reverses and is now trading up 5.1% following second quarter earnings conference call. NOTABLE: Twitter (TWTR), up 1.7%, LinkedIn (LNKD), up marginally, and Yelp (YELP), up 1.6% after Facebook reports second quarter results. ALSO HIGHER: Spectranetics (SPNC), up 7.1% after receiving FDA clearance for atherectomy products, Turbo-Tandem and Turbo Elite... Ariad Pharmaceuticals (ARIA), up 7.1%... Jamba (JMBA), up 3.8% after Engaged Capital reports stake in the company and announced that they had discussions with management. DOWN AFTER EARNINGS: AT&T (T), down 1.2%... Angie's List (ANGI), down 16.4%... Tripadvisor (TRIP), down 11.5%... Orchids Paper (TIS), down 7.4%... Cirrus Logic (CRUS), down 6.6%... Cliffs Natural (CLF), down 1.2%... Teradyne (TER), down 4%. ALSO LOWER: Kandi Technologies (KNDI), down 3.8% after being mentioned negatively in a Seeking Alpha blog post.
11:24 EDTPCLN, AWAYIndustry data points to strong Q2 for online travel names, says Piper Jaffray
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July 22, 2014
09:47 EDTYELPYelp initiated with a Neutral at Tigress Financial
09:13 EDTAWAYAmazon HomeAway TripAdvisor should be bought into results, says Pacific Crest
Pacific Crest expects TripAdvisor (TRIP), Amazon (AMZN) and HomeAway (HOME) to report strong Q2 results. The firm thinks that all three companies have strong fundamentals.
July 16, 2014
18:03 EDTOPEN, PCLNMedAssets to replace OpenTable in S&P 600 as of 7/23 close
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July 15, 2014
10:56 EDTYELPFed calls small cap social media, biotech valuations 'stretched'
The Board of Governors of the Federal Reserve in its Monetary Policy Report dated today said valuation metrics in "some sectors" appear substantially stretched, "particularly those for smaller firms in the social media and biotechnology industries, despite a notable downturn in equity prices for such firms early in the year." A later part in the document reads, "Equity valuations of smaller firms as well as social media and biotechnology firms appear to be stretched, with ratios of prices to forward earnings remaining high relative to historical norms." The specific targeting of sectors by the Fed seems to be having an impact on stocks in the social media and biotech spaces. Shares of Yelp (YELP) are down over 5% to $67.51, while Twitter (TWTR) and Facebook (FB) are each down 2%. Celgene (CELG) and Amgen (AMGN) are leading the biotech space lower with pullbacks of greater than 1%.
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