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Stock Market & Financial Investment News

News Breaks
June 13, 2014
12:59 EDTAWAY, OPEN, YELP, PCLN, GRUBAnalyst 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 28, 2015
06:18 EDTYELPYelp downgraded to Hold from Buy at Deutsche Bank
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July 27, 2015
17:36 EDTGRUBOn The Fly: Top stock stories for Monday
Stocks began the session deep in negative territory, with weakness attributed to the Chinese market suffering its worst one day loss in over eight years. The U.S. indexes remained in the negatives throughout the day as traders prepare for one of the heaviest weeks for this earnings season. ECONOMIC EVENTS: In the U.S., durable goods orders advanced 3.4% in June versus expectations for a 3.2% increase. Excluding transportation items, the core reading was up 0.8% against estimates for a 0.5% gain. In China, the Shanghai composite index fell 8.5% and the Shenzhen composite dropped 7%, with the moves generally attributed to concerns over growth and fears that the government may pull its market support. Note that Dow Jones quoted the country's top securities regulator this morning as saying China plans to increase stock purchases by the state. COMPANY NEWS: Shares of Teva (TEVA) jumped $10.15, or 16.41%, to $72.07 after the generic drugmaker dropped its pursuit of Mylan (MYL), opting instead to acquire Allergan's (AGN) global generic pharmaceuticals business for $40.5B. Allergan shares rose 6.09% for the session, and Mylan fell 14.51% to $56.37 while reiterating its commitment to pursue Perrigo (PRGO), whose shares gained 3.81% to $193.60. MAJOR MOVERS: Among the notable gainers was Wabtec (WAB), which rose $6.59, or 7.21%, to $97.93 after agreeing to buy Faiveley Transport for roughly $1.8B, noting that it expects EPS accretion in 2016. In other M&A news, Magnetek (MAG) finished the session up $17.27, or 53.55%, to $49.52 after Columbus McKinnon (CMCO) agreed to acquire the company for $50 per share, while Beacon Roofing Supply (BECN) jumped $2.62, or 8.71%%, to $32.70 after agreeing to buy Roofing Supply Group at a transaction value of about $1.1B. Also higher were shares of Xueda Education (XUE), which surged 50.63% after Xiamen Insight Investment announced a deal to purchase the company for $5.50 per American Depository Share. Xueda's positive move came in stark contrast to numerous Chinese stocks traded in New York, with Baidu (BIDU) slipping 4.16% and Alibaba (BABA) losing 2.01% after China's Shanghai composite index plunged overnight. Also lower was McGraw Hill Financial (MHFI), declining $6.01, or 5.69%, to $99.59 after agreeing to acquire SNL Financial for roughly $2.225B in cash. Additionally, GrubHub (GRUB) lost 8.37% to $30.99 following a downgrade from Cowen citing competitive concerns and market saturation. INDEXES: The Dow fell 127.94, or 0.73%, to 17,440.59, the Nasdaq lost 48.85, or 0.96%, to 5,039.78, and the S&P 500 declined 12.01, or 0.58%, to 2,067.64.
15:35 EDTGRUB, YELPGrubHub plummets as analyst sees first-mover advantage 'eroding'
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15:03 EDTGRUBNotable companies reporting before tomorrow's open
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11:41 EDTGRUBGrubHub tumbles, levels to watch
Shares are off the earlier lows, last at $30.48 and down 9.8% on the day. Cowen earlier cut its rating on the stock to Market Perform and reduced its price target to $30 on competitive and EBITDA concerns. At current price the 52-week low at $29.68 is next support. The company is scheduled to report earnings tomorrow.
10:00 EDTGRUBOn The Fly: Analyst Downgrade Summary
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09:54 EDTGRUBGrubHub pullback an overreaction, says Stifel
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07:20 EDTGRUBGrubHub downgraded to Market Perform from Outperform at Cowen
Cowen downgraded GrubHub to Market Perform form Outperform on competitive concerns and EBITDA risk on investments to regain competitiveness. Cowen lowered its price target to $30 from $39 on GrubHub shares.
06:03 EDTPCLNPriceline implied volatility of 41 at upper end of index
July 24, 2015
07:10 EDTYELPYelp July weekly volatility elevated into Q2 and outlook
Yelp July weekly call option implied volatility is at 116, August is at 70, September is at 56; compared to its 52-week range of 39 to 81, suggesting large near term price movement into the expected release of Q2 results on July 28.
July 21, 2015
08:29 EDTPCLNPriceline price target raised to $1,435 from $1,380 at Oppenheimer
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08:09 EDTYELPYelp ending efforts to find buyer a positive, says Brean Capital
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07:48 EDTGRUBGrubHub weakness a buying opportunity, says Brean Capital
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July 20, 2015
10:43 EDTYELPZillow slides to 52-week low after Barclays cuts to sell
The shares of Zillow (Z) are falling after Barclays downgraded the stock to Underweight, the firm's equivalent of a "Sell" rating, citing increased competition in the "local" segment of the Internet market. Zillow's websites advertise homes that are up for sale. WHAT'S NEW: In a note to investors earlier today, Barclays analyst Christopher Merwin wrote that, heading into second quarter results, he does not recommend Internet stocks that have been "challenged" and have relatively "cheap" valuations. These valuations are only "cheap" based on consensus estimates that are probably too high, the analyst believes. Based on that criteria, he downgraded Zillow to Underweight from Equal Weight. He also used the same criteria to downgrade Yelp (YELP), whose website features user reviews of local businesses, to Equal Weight from Overweight. Both companies are facing an "atypical level" of competition, driven by a favorable venture capital funding environment, Merwin indicated. The competition has driven down the companies' multiples, he believes. WHAT'S NOTABLE: Merwin recommended that investors buy the shares of small and mid cap Internet companies whose estimates are just beginning to be revised upwards by analysts. He identified IAC (IACI), which owns several dating websites, as one stock in this category. IAC should benefit from increased monetization of its popular Tinder dating app and the stabilization of its core dating websites, the analyst contended. Also poised for further positive estimate revisions are video game makers Electronic Arts (EA) and Activision Blizzard (ATVI), Merwin believes. The companies' increased revenue from digital games should mitigate the risk they face from slowing software growth as sales of new consoles slow, the analyst believes. He noted that 50% of both companies' revenue are now generated from digital games and identified Electronic Arts and Activision Blizzard as two of his top ideas. PRICE ACTION: In morning trading, Zillow fell 5% to $79 after hitting a 52-week low of $76.82 earlier in the session. Meanwhile, Yelp slid 1.6% to $34.40, IAC fell fractionally to $83.83, Electronic Arts added about 1% to $74.15 and activision Blizzard rose 0.5% to $25.93.
10:00 EDTYELPOn The Fly: Analyst Downgrade Summary
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09:52 EDTYELPYelp August volatility elevated as shares trend lower
Yelp July weekly call option implied volatility is at 49, August is at 69; compared to its 52-week range of 38 to 81, suggesting large August price movement.
09:42 EDTYELPYelp hits a new 52-week low, levels to watch
Shares are down over 3.8% to $33.62 at time of writing. At that price next support is at $33.35, the new low, and then at $32.88. Resistance is at $34.62. Barclays downgraded the stock to Equal Weight and cut its price target to $36.
09:22 EDTYELPOn The Fly: Pre-market Movers
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05:44 EDTYELPZillow Group downgraded to Underweight from Equal Weight at Barclays
Barclays analyst Christopher Merwin downgraded Zillow Group (Z) to Underweight saying competition is increasing in local. Underweight is Barclays' equivalent to a sell rating. The real estate and rental marketplace owner closed Friday at $83.27. Merwin believes consensus growth estimates are likely too high heading into Zillow's Q2 results and cut his price target for the stock to $70 from $90. The analyst this morning also downgraded Yelp (YELP) to Equal Weight for similar reasons. His top U.S. Internet picks heading into Q2 earnings season are IAC (IACI), Activision Blizzard (ATVI) and Electronic Arts (EA). Merwin thinks Activision and Electronic Arts will receive more than half of their 2015 revenue from digital.
05:37 EDTYELPYelp downgraded to Equal Weight from Overweight at Barclays
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