President-elect Donald Trump in late September came out in opposition to the transfer of the Internet Assigned Numbers Authority function to the Internet Corporation for Assigned Names and Numbers, JPMorgan analyst Sterling Auty tells investors in a research note. He believes today's selloff in VeriSign shares could be an indication that investors think a Trump administration will lead to a renewal of the Cooperative Agreement with the Department of Commerce beyond the November 2018 expiration. If that happens it will keep pricing of .com at the $7.85 level through 2024 rather than giving pricing power back to VeriSign, Auty writes. He has an Underweight rating on VeriSign. The stock is down 2% to $79.72 in morning trading.

Consensus $57B. Cuts FY24 CapEx view to $30M-$40M from $35M-$45M. Backs FY24 effective tax rate view of 21%-24%. Sees FY24 operating expense $1.47B-$1.62B. Guidance taken from Q1 earnings conference call.