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March 27, 2014
10:13 EDTYELP, YHOOResearch firms upbeat on Yelp after partnership deals
Two research firms issued positive notes on Yelp (YELP) earlier today, saying that the company's recently announced partnerships are positive for the company. Yelp offers reviews of local businesses. WHAT'S NEW: In a note to investors earlier today, Wunderlich analyst Blake Harper raised his price target on the stock to $90 from $78. Yelp's deal with YP, formerly known as Yellow Pages, should enable Yelp to increase its penetration of the local ad market, Harper predicted. While YP is much maligned due to its weakening print business, the company has significant brand name recognition and had over 120M unique visitors to its website in Q4, the analyst noted. The deal will enable Yelp to more effectively expand its business, according to Harper, who kept a Buy rating on the stock. Meanwhile, Stifel analyst Michael Purcell wrote in a note to investors earlier today that Yelp's YP deal along with its deal with Yahoo (YHOO) highlight the review site owner's growing strength in the local ad market. Yelp's partnership strategy increases the website's distribution and usage rates, while raising the number of marketing solutions that the company can provide to local businesses, Purcell contended. He kept a $95 price target and Buy rating on the shares. PRICE ACTION: In early trading, Yelp was up 0.9% to $78.00.
News For YELP;YHOO From The Last 14 Days
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September 29, 2015
12:33 EDTYHOOOn The Fly: Top stock stories at midday
Stocks on Wall Street were slightly higher at midday as the market seeks to break its losing streak, helped by an improvement in consumer confidence that came despite the recent market volatility. ECONOMIC EVENTS: In the U.S., consumer confidence unexpectedly rose in September. Analysts expected the consumer confidence reading to pull back to 96.8 from the prior 101.5 figure, but it actually strengthened to 103.0. The S&P/Case-Shiller 20-city composite home price index was up a seasonally adjusted 0.2% month over month in July, versus the consensus forecast for a rise of 0.1%. Stocks sold off in much of Asia last night, with China's Shanghai composite index sliding 2% while Japan's Nikkei dropped 4%, erasing year-to-date gains in the process. COMPANY NEWS: Shares of Yahoo (YHOO) advanced 3% after its board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA). MAJOR MOVERS: Among the notable gainers was Radius Health (RDUS), which rose nearly 10% after Ben Harrington of the Betaville blog stated during an appearance on Tip TV that he has heard that "something will be happening" in terms of M&A involving the company over the "next few weeks." Also higher were several recently beaten down biotech stocks that were seeing some bounceback, including Vertex Pharmaceuticals (VRTX), which gained 5%, and Biogen (BIIB), which advanced 4%. Notably, both of them, along with Amgen (AMGN), were mentioned in a note to investors by Cowen analyst Ken Cacciatore as "hypothetical" targets for Allergan (AGN). Among the noteworthy losers was OvaScience (OVAS), which dropped 38% after saying it now longer expects to meet its 2015 goal of 1,000 Augment cycles. Esperion (ESPR) also fell 38% after the company warned that the FDA could require it to undertake new studies before its ETC-1002 is approved. INDEXES: Near midday, the Dow was up 7.27, or 0.05%, to 16,009.16, the Nasdaq was up 7.38, or 0.16%, to 4,551.35, and the S&P 500 was up 4.56, or 0.24%, to 1,886.33.
09:27 EDTYHOOOn The Fly: Pre-market Movers
HIGHER: Yahoo (YHOO), up 4.5% after the company's board authorized the company to continue to pursue its spin-off of Aabaco Holdings, a newly formed independent registered investment company that will hold all of Yahoo's remaining holdings in Alibaba Group (BABA)... Phoenix Companies (PNX), up 164% after Nassau Reinsurance agreed to acquire Phoenix for $37.50 per share in cash... McDonald's (MCD), up 1.4% after the stock was upgraded to Outperform at Credit Suisse... Johnson & Johnson (JNJ), up 1% following upgrade at Deutsche Bank. LOWER: Esperion (ESPR), down 29% after reporting that the FDA has encouraged the company to initiate a cardiovascular outcomes trial promptly since any concern regarding the benefit/risk assessment of ETC-1002 could necessitate a completed cardiovascular outcomes trial before approval... Solera (SLH), down 2% after IHS (IHS) said on its earnings call that it is not pursuing an acquisition of the company, as previouly indicated in media reports... Zosano (ZSAN), down 54% after the company announced that it would discontinue its ZP-PTH agreement with Eli Lilly (LLY).
07:22 EDTYELPIrvine experience at Blue Nile may benefit Yelp, says Brean Capital
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06:45 EDTYHOOAlibaba volatility elevated as shares trade near IPO low
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06:28 EDTYHOOYahoo volatility up, board authorized to continue to pursue the Aabaco spin-off
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September 28, 2015
19:11 EDTYHOOOn The Fly: After Hours Movers
HIGHER: Yahoo (YHOO), up 3.3% after the board authorized Yahoo to continue to pursue the Aabaco spin-off plan... Cheniere Energy (LNG), up 0.67% after Carl Icahn raised his stake in the company to 11.43%... Republic Airways (RJET), up 7.4% after the company was upgraded to Buy from Hold at Deutsche Bank... Exelon (EXC) and Pepco (POM), higher by 1% and 2.4%, respectively, after the DC Mayor's office released a statement confirming discussions of a settlement agreement with the companies. LOWER AFTER EARNINGS: SYNNEX (SNX), down 2.7% after the company reported Q3 results, gave Q4 guidance, and raised its quarterly dividend. ALSO LOWER: Zosano (ZSAN), down 52.5% after it discontinued development of its Daily ZP-PTH treatment for severe osteoporosis and terminated a collaboration agreement with Eli Lilly (LLY)... OvaScience (OVAS), down 15.9% after the company announced it doesn't expect to meet its previous 2015 goal of 1,000 Augment treatment cycles.
17:25 EDTYHOOYahoo board authorizes company to continue to pursue Aabaco spin-off plan
On September 8, Yahoo! (YHOO) filed a Current Report on Form 8-K disclosing, among other things, that the Internal Revenue Service had notified Yahoo's counsel that it had determined, in the exercise of its discretion and without ruling adversely, not to grant Yahoo's request for a private letter ruling regarding certain aspects of its previously announced plan for a spin-off to Yahoo's stockholders of all of the stock of Aabaco Holdings, a newly formed independent registered investment company, which will hold all of Yahoo's remaining holdings in Alibaba Group Holding (BABA) and Aabaco Small Business,. Yahoo further disclosed in the September 8 Form 8-K that work was proceeding on the Aabaco spin-off plan, and that Yahoo's Board of Directors would continue to carefully consider the Company's options, including proceeding with the spin-off transaction on the basis of an opinion of counsel. On September 14, the IRS issued a formal "no-rule" policy with respect to certain transactions similar to the Aabaco spin-off and, in a notice released on the same day, indicated that the IRS and U.S. Department of the Treasury are studying the possibility of promulgating new guidance with respect to such transactions in the future. Neither this ongoing guidance project nor the IRS's decision not to rule with respect to the Aabaco spin-off transaction changes the current law applicable to the proposed spin-off. In addition, on September 19, an IRS official indicated in a public statement that any future guidance issued as part of the project would not apply retroactively to transactions completed prior to the issuance of such guidance. On September 23, Yahoo's Board of Directors authorized the Company to continue to pursue the plan for the Aabaco spin-off transaction as previously disclosed, except that completion of the spin-off will not be conditioned upon receipt of a favorable ruling from the IRS. The spin-off transaction will continue to be subject to certain other conditions, including final approval by Yahoo's Board of Directors, receipt of a legal opinion with respect to the tax-free treatment of the transaction under U.S. federal tax laws and regulations, the effectiveness of an applicable registration statement filed with the Securities and Exchange Commission and compliance with the requirements under the Investment Company Act of 1940, and other customary conditions, each of which conditions may be waived, in whole or in part , by Yahoo in its sole discretion.Completion of the transaction is expected to occur in the fourth quarter of 2015, subject to the conditions described above.
09:06 EDTYHOOCiti sees 'few if any' roadblocks for Yahoo's Alibaba spin
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09:01 EDTYELPYelp appoints Diane Irvine as Chairperson of the Board effective immediately
Yelp announced the election of current board member, Diane Irvine, to the position of non-executive board chairperson, effective immediately. Irvine takes over from Max Levchin, who recently stepped down from Yelp's and other boards to dedicate more time to the company he founded and leads. Diane is also a board member of XO Group and Rightside Group.
08:06 EDTYHOOYahoo announces updates to advertising technology portfolio
Yahoo announced key updates to its advertising technology portfolio at Advertising Week in New York: BrightRoll is Yahoo's new, unified brand for programmatic advertising technology, offering a suite of media-agnostic tools to help advertisers, publishers and partners connect with consumers across ad formats and devices. Yahoo Gemini, the company's proprietary marketplace for search and native advertising across devices, introducing new product features and the Yahoo Preferred Partner Program. Over the past year the company has focused heavily on product development, and is bringing together the strengths of Yahoo, BrightRoll and Flurry to build a robust technology offering that simplifies the overall experience of digital advertising and drives measurable results for advertisers.
07:20 EDTYELPYelp said to name Diane Irvine as chairwoman, USA Today reports
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07:10 EDTYELPBlue Calypso, Yelp agree to initial order of KIOSentrix Beacons
Blue Calypso (BCYP) announced that Yelp (YELP) has agreed to explore the use of KIOSentrix AC powered beacons in potential distribution to Yelp's retail customer base. Yelp has committed to an initial order of 4,000 KIOSentrix beacons. Additionally, Blue Calypso and Yelp have agreed to dismiss their pending lawsuit.
September 25, 2015
11:07 EDTYHOOStocks with call strike movement; BABA YHOO
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08:46 EDTYELPYelp has potential positive catalysts, says SunTrust
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September 24, 2015
13:08 EDTYELPYelp volatility increases as shares trend lower
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12:37 EDTYHOOYahoo reports total government data requests 15,583 from January 1-June 30
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06:59 EDTYELPFacebook and Google more 'Yelp-like' than ever, says Northland
Northland analyst Darren Aftahi says Facebook (FB), Google (GOOG, GOOGL) and (AMZN) have recently added new features that focus on improved local search as well as tools enabling easier business-consumer communication. Facebook and Google are now more "Yelp-like" than ever, Aftahi tells investors in a research note. And while Apple's (AAPL) new "swipe right" feature could drive a near-term surge in Yelp (YELP) app downloads, it may translate into lower engagement on the Yelp app over longer term, the analyst argues. He remains cautious on Yelp's growth prospects and cut his price target for the stock to $17.75 from $21.50. Shares of the local business review site closed yesterday down 25c to $23.10. Aftahi has an Underperform rating on the stock, his firm's equivalent of a sell.
September 22, 2015
10:21 EDTYELPYelp management to meet with Needham
Meeting to be held in San Francisco on September 24 hosted by Needham.
September 21, 2015
10:42 EDTYHOOAnalyst says IRS statement removes some risk for Yahoo
An IRS official said that the agency's recent direction on the tax treatment of transactions like Yahoo's (YHOO) planned spinoff of its stake in Alibaba (BABA) "is not a description of future guidance," reported FBR Capital analyst William Bird, who views the comments as incrementally positive for the U.S. tech company. BACKGROUND: On September 8, Yahoo reported that the IRS refused to take a position on whether Yahoo could carry out a tax-free spinoff of its huge stake in Chinese e-commerce giant Alibaba. On September 15, the agency, without mentioning Yahoo or Alibaba by name, stated that "certain distributions" about which the agency had received inquiries may not meet requirements for tax-advantaged treatment. WHAT'S NEW: IRS Associate Chief Counsel Robert Wellen said on Friday that the agency's statement "is not a description of future guidance," FBR's Bird wrote in a note to investors today. The IRS hasn't made any decision about the guidance it could issue regarding spinoffs, Bird quoted Wellen as saying. The agency does not want to make a judgment on Yahoo's proposed spinoff while it is still studying the rules, Wellen explained, according to Bird. Wellen's statement appears to be positive for Yahoo, as it at least removes the possibility that Yahoo's transaction will be subject to potentially more restrictive upcoming rules, according to Bird. However, the analyst believes that the outlook for the tax treatment of Yahoo's spinoff remains uncertain. He kept an Outperform rating on the stock. WHAT'S NOTABLE: A lockup on about 1.58B shares of Alibaba's stock expired on Saturday, meaning that the holders of the shares are able to sell them for the first time today. However, Alibaba founder and chairman Jack Ma and vice chairman Joseph Tsai hold 269M of the shares whose lockup expired, and Tsai has said that they have no intention of selling significant amounts of their shares following the lockup expiration. Yahoo has another 384M of the Alibaba shares whose lockup expired. PRICE ACTION: In early trading, Yahoo rose 2.6% to $31.54 and Alibaba slipped 1.6% to $64.66.
08:19 EDTYHOOFriday's IRS comments remove one Yahoo risk, says FBR Capital
FBR Capital analyst William Bird views comments from the Internal Revenue Service on Friday at the ABA meeting as incrementally positive for Yahoo (YHOO). Robert Wellen, IRS Associate Chief Counsel, said Friday that his agency's recent notice "is not a description of future guidance" and that "nothing in this notice affects an immediate retroactive date." The analyst believes the comments take one Yahoo risk off the table, namely the retroactive treatment of potential new rules. However, anything shy of a definitive tax ruling on Yahoo's planned spinoff of its Alibaba (BABA) holdings falls short of fully resolving tax uncertainties, Bird tells investors in a research note. No timeline was given for how long the IRS plans to study the spinoff questions under tax code Section 355, analyst points out. He keeps an Outperform rating on Yahoo. The stock is up 23c to $30.97 in pre-market trading. Alibaba, which has 63% percent of its outstanding shares come off lockup today, is up 77c to $65.19 in trading before the opening bell.
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