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SNAP

Snap

$13.57

0.01 (0.07%)

, FB

Facebook

$171.18

-0.05 (-0.03%)

14:21
08/10/17
08/10
14:21
08/10/17
14:21

On The Fly: What to watch in Snap earnings report

Snap Inc. (SNAP) is scheduled to report results of its second fiscal quarter after market close on August 10, with a conference call scheduled for 5 pm ET. This will be the second quarterly report issued by the parent of Snapchat since the company came public on March 2. What to watch for: 1. USER GROWTH: With its last report, Snap reported that its Daily Average Users, or DAUs, had grown to 166M, up 36% year-over-year and up 5% quarter-over-quarter. Any sign of slowing in user growth or engagement has a great potential to send the stock lower. 2. INSTAGRAM: Asked on the company's last earnings call whether he's "scared" of Facebook (FB), Snap CEO Evan Spiegel said, "I think the bottom line is, if you want to be a creative company, you have to get comfortable with and enjoy the fact that people are going to copy your products if you make great stuff. We've seen this happen a lot in technology; when Google came along, everyone really felt like they needed a search strategy, when Facebook came along everyone felt they needed a social strategy, and now with Snap, we believe that everyone's going to develop a camera strategy... At the end of the day, just because Yahoo, for example, has a search box, it doesn't mean they're Google." Counter to Spiegel's acceptance of the threat, several Wall Street analysts have recently become more bearish in their ratings and price targets for Snap, citing increasing competition from Facebook's Instagram. Early in July, Morgan Stanley's Brian Nowak downgraded Snap to Equal Weight from Overweight, telling investors that he now sees Snap's ad revenue growth being materially slower than he previously expected given rising competition from Instagram. Additionally, Cleveland Research analyst Kevin Rottinghaus downgraded Snap to Neutral from Buy, arguing that its user growth is still being outpaced by Instagram and he expects the ad tech advantage of the Facebook property to become more pronounced through the remainder of the year. More recently, Needham analyst Laura Martin said she believed Facebook's "strong over-delivery" of Q2 earnings is negative for Snap because Instagram Stories hit 250M DAUs in Q2, well above Snap's 166M DAUs in Q1. 3. GOOGLE RUMORS: While it is unlikely the question would be answered, it will be interesting to see if an analyst brings up Business Insider's recent report on Snap's call. On August 3, Business Insider said that three separate sources confirmed that they'd "heard the chatter" that Google (GOOGL) floated an offer to buy Snap in early 2016. Google is supposedly rumored to have offered "at least" $30B to buy the company, which currently has a market cap of just over half that amount.

SNAP

Snap

$13.57

0.01 (0.07%)

FB

Facebook

$171.18

-0.05 (-0.03%)

GOOG

Alphabet

$922.90

-3.89 (-0.42%)

GOOGL

Alphabet Class A

$940.08

-4.11 (-0.44%)

  • 10

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    Sep

SNAP Snap
$13.57

0.01 (0.07%)

08/10/17
JPMS
08/10/17
NO CHANGE
Target $18
JPMS
Neutral
JPMorgan expects in-line to below results tonight from Snap
Snap after today's close is likely to report in-line to below consensus results, JPMorgan analyst Doug Anmuth tells investors in a pre-earnings research note. He believes Q2 Street expectations are close to his estimates of $188M in revenue and 8M daily active user net adds. Even though consensus estimates have moved lower, Q3 revenue expectations still assume 46% quarter-over-quarter growth, Anmuth writes. He believes this may still be too high, even with the first full quarter of self-serve Snap ads. The analyst keeps a Neutral rating on Snap with an $18 price target.
08/10/17
SBSH
08/10/17
NO CHANGE
SBSH
Neutral
Citi prefers Snap shares over Twitter
Citi analyst Mark May says that while neither are Buy rated, he prefers shares of Snap (SNAP) over Twitter (TWTR). Snap's active user base in the U.S. is more than double Twitter's, which highlights the "greater long-term opportunity for value creation," May tells investors in a research note ahead of Snap's Q2 results today. He adds that Snap is growing its active user base "significantly faster" than Twitter's and that Snap's average user is "significantly more engaged" on the platform. May has a Neutral rating on Snap and a Sell rating on Twitter.
08/07/17
DBAB
08/07/17
NO CHANGE
Target $20
DBAB
Buy
Snap shares should rebound in second half of year, says Deutsche Bank
Snap shares offer a "compelling" risk/reward profile at current levels, Deutsche Bank analyst Lloyd Walmsley tells investors in a research note titled "Remember, It's a 2H Story." The analyst sees "innovation thriving" at Snap across the app, advertising product and ad technology. Intra quarter ad checks have started to pick up with industry contacts noting brand advertisers are increasingly of the view that Snap offers compelling view rates and view-to-completion rates, Walmsley writes. He expects continued product innovation to drive growth in daily active users and engagement over time. Snap shares should rebound in the second half of 2017 as it's "inflection comes into focus," Walmsley argues. He lowered his price target for the shares to $20 from $23 and keeps a Buy rating on the name. The analyst points out that his new lowered price target still reflects 51% upside from current share levels. Snap closed Friday up 60c to $13.52.
07/31/17
OTRG
07/31/17
DOWNGRADE
OTRG
Mixed
Snap downgraded to Mixed from Positive at OTR Global
FB Facebook
$171.18

-0.05 (-0.03%)

08/08/17
08/08/17
INITIATION
Target $230

Buy
Facebook reinstated with a Buy at Mizuho
As previously reported, Mizuho analyst James Lee reinstated Facebook with a Buy and a $230 price target, arguing that the company has the "unique advantage" of both pricing leverage due to its highly engaging ad formats and best-in-class targeting paired with inventory leverage due to ad formats and data that span its core Facebook, Instagram and mobile messaging properties.
08/08/17
08/08/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Amazon.com (AMZN), Alphabet (GOOG, GOOGL), and Facebook (FB) were reinstated with a Buy at Mizuho, while eBay (EBAY) and Twitter (TWTR) were reinstated with an Underperform. 2. Broadridge (BR) initiated with a Neutral at DA Davidson. 3. Brighthouse Financial (BHF) initiated with an Overweight at Barclays. 4. Akcea Therapeutics (AKCA) WAS initiated with an Outperform at BMO Capital and Cowen, an Outperform at Wells Fargo, as well as a Buy at Stifel. 5. Lockheed Martin (LMT) and Raytheon (RTN) were initiated with an Overweight at Morgan Stanley, while Northrop Grumman (NOC) was initiated with an Equal Weight, and General Dynamics (GD) was initiated with an Underweight at the firm. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
08/07/17
MKMP
08/07/17
NO CHANGE
MKMP
Facebook price target rasied to $200 from $180 at MKM Partners
MKM Partners analyst Rob Sanderson raised his price target on Facebook as he thinks there is "an upward bias" to the stock's valuation. He keeps a Buy rating on the shares.
08/07/17
MZHO
08/07/17
INITIATION
Target $230
MZHO
Facebook reinstated with a Buy at Mizuho
Mizuho analyst James Lee reinstated Facebook with a Buy and a $230 price target.
GOOG Alphabet
$922.90

-3.89 (-0.42%)

08/08/17
08/08/17
INITIATION
Target $1220

Buy
Alphabet reinstated with a Buy at Mizuho
As previously reported, Mizuho analyst James Lee reinstated Alphabet with a Buy rating, stating that the company is benefiting from positive online advertising secular trends while closing the monetization gap of mobile to PC with new technologies. The analyst, who sees many levers for Alphabet to harness its monetization potential, set a $1,220 price target on the shares.
08/08/17
PIPR
08/08/17
NO CHANGE
Target $1050
PIPR
Overweight
Alphabet shares remain undervalued, says Piper Jaffray
Piper Jaffray analyst Samuel Kemp says his firm's proprietary browser mix regression model suggests that if mobile does not slow its pace, investors could expect Google Websites' traffic acquisition costs to be 15% of gross Websites revenue by 2020 versus the 11% today. The analyst believes investors remain concerned over the continued rise of Google Websites' traffic acquisition costs. TAC, "while a profit headwind, is not enough to outweigh the long-term upside potential," Kemp tells investors in a research note. He says the analysis resulted in "minuscule adjustments" to his estimates and reinforces his belief that Alphabet remains undervalued. Kemp has an Overweight rating on the shares with a $1,050 price target.
08/04/17
RHCO
08/04/17
NO CHANGE
RHCO
Yelp results 'very encouraging,' says SunTrust
After Yelp (YELP) delivered beat and raise results, SunTrust analyst Matthew Thornton calls its earnings "very encouraging." He says that the company's engagement was up while its dependency on Google (GOOG, GOOGL) fell. He raised his price target on Yelp to $44 from $35 and keeps a Buy rating.
GOOGL Alphabet Class A
$940.08

-4.11 (-0.44%)

08/07/17
MZHO
08/07/17
INITIATION
Target $1220
MZHO
Buy
Alphabet initiated with a Buy at Mizuho
Mizuho analyst James Lee reinstated Alphabet with a Buy and a $1,220 price target.

TODAY'S FREE FLY STORIES

TSLA

Tesla

$315.05

2.55 (0.82%)

10:21
11/18/17
11/18
10:21
11/18/17
10:21
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Tesla new super car to cost $200,000, Recode says »

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GT

Goodyear Tire

$29.94

0.63 (2.15%)

10:17
11/18/17
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HMC

Honda

$32.62

0.02 (0.06%)

10:05
11/18/17
11/18
10:05
11/18/17
10:05
Periodicals
Honda recalls 900,000 minivans on tip forward seats, Reuters says »

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PG

Procter & Gamble

$88.43

-0.82 (-0.92%)

09:48
11/18/17
11/18
09:48
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09:48
Periodicals
Activist investors Nelson Peltz still in P&G picture, Barron's says »

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BHGE

Baker Hughes

$30.91

0.76 (2.52%)

, GE

General Electric

$18.21

-0.04 (-0.22%)

09:39
11/18/17
11/18
09:39
11/18/17
09:39
Periodicals
Buy Baker Hughes, Barron's says »

While it is "not…

BHGE

Baker Hughes

$30.91

0.76 (2.52%)

GE

General Electric

$18.21

-0.04 (-0.22%)

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    Dec

CSCO

Cisco

$35.90

0.02 (0.06%)

09:19
11/18/17
11/18
09:19
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09:19
Periodicals
More needed for Cisco to have 'groove back,' Barron's says »

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IBM

IBM

$148.97

-0.15 (-0.10%)

09:10
11/18/17
11/18
09:10
11/18/17
09:10
Periodicals
IBM could be next to fetch higher valuation, Barron's says »

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GE

General Electric

$18.21

-0.04 (-0.22%)

09:05
11/18/17
11/18
09:05
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09:05
Periodicals
Option play offer some help given GE dividend, depressed stock, Barron's says »

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GE

General Electric

$18.21

-0.04 (-0.22%)

09:00
11/18/17
11/18
09:00
11/18/17
09:00
Periodicals
Risk remains after GE dividend cut, Barron's says »

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TWX

Time Warner

$88.72

0.71 (0.81%)

, T

AT&T

$34.51

-0.01 (-0.03%)

08:21
11/18/17
11/18
08:21
11/18/17
08:21
Hot Stocks
Week in review: How Trump's policies moved stocks »

Catch up on the top…

TWX

Time Warner

$88.72

0.71 (0.81%)

T

AT&T

$34.51

-0.01 (-0.03%)

NYT

New York Times

$17.65

0.05 (0.28%)

TEX

Terex

$44.82

0.8 (1.82%)

03/08/13
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03/06/13
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03/06/13
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  • 28

    Nov

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TPIC

TPI Composites

$19.06

-0.97 (-4.84%)

07:25
11/18/17
11/18
07:25
11/18/17
07:25
Conference/Events
TPI Composites to host investor day »

Investor day to be held…

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  • 05

    Dec

SYNA

Synaptics

$38.21

0.57 (1.51%)

04:55
11/18/17
11/18
04:55
11/18/17
04:55
Conference/Events
Synaptics management to meet with KeyBanc »

Meeting to be held in the…

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  • 18

    Nov

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

18:01
11/17/17
11/17
18:01
11/17/17
18:01
Hot Stocks
S&P announces changes to S&P MidCap 400, S&P SmallCap 600 indices »

S&P Dow Jones Indices…

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

BRCD

Brocade

IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

AVGO

Broadcom

$271.86

-0.25 (-0.09%)

TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

LMOS

Lumos Networks

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WGL

WGL Holdings

$84.32

-0.14 (-0.17%)

18:01
11/17/17
11/17
18:01
11/17/17
18:01
Earnings
WGL Holdings reports Q4 adjusted EPS (17c), consensus (19c) »

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TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

, LMOS

Lumos Networks

17:58
11/17/17
11/17
17:58
11/17/17
17:58
Hot Stocks
Tactile Systems to replace Lumos Networks in S&P 600 at open on 11/22 »

EQT Infrastructure…

TCMD

Tactile Systems

$25.98

-0.23 (-0.88%)

LMOS

Lumos Networks

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IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

, MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

17:56
11/17/17
11/17
17:56
11/17/17
17:56
Hot Stocks
Breaking Hot Stocks news story on Invesco Mortgage, MKS Instruments »

Invesco Mortgage to…

IVR

Invesco Mortgage

$17.36

0.07 (0.40%)

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

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MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

, BRCD

Brocade

17:55
11/17/17
11/17
17:55
11/17/17
17:55
Hot Stocks
MKS Instruments to replace Brocade in S&P 400 at open on 11/22 »

S&P 500 constituent…

MKSI

MKS Instruments

$103.50

-0.35 (-0.34%)

BRCD

Brocade

AVGO

Broadcom

$271.86

-0.25 (-0.09%)

03/08/13
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  • 06

    Dec

UQM

UQM Technologies

$1.18

0.015 (1.29%)

17:24
11/17/17
11/17
17:24
11/17/17
17:24
Syndicate
Breaking Syndicate news story on UQM Technologies »

UQM Technologies files to…

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GS

Goldman Sachs

$238.02

-1.35 (-0.56%)

17:23
11/17/17
11/17
17:23
11/17/17
17:23
Periodicals
Goldman Sachs has $510M lawsuit dismissed, Reuters reports »

A $510M lawsuit that…

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VICL

Vical

$1.94

-0.02 (-1.02%)

17:18
11/17/17
11/17
17:18
11/17/17
17:18
Hot Stocks
Breaking Hot Stocks news story on Vical »

Biotechnology Value Fund…

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:18
11/17/17
11/17
17:18
11/17/17
17:18
Hot Stocks
Ligand director sells 5,000 common shares »

In a regulatory filing,…

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:17
11/17/17
11/17
17:17
11/17/17
17:17
Hot Stocks
Ligand CFO sells 6,559 common shares »

In a regulatory filing,…

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LGND

Ligand

$140.31

-1.4 (-0.99%)

17:17
11/17/17
11/17
17:17
11/17/17
17:17
Hot Stocks
Ligand CEO sells 5,269 common shares »

In a regulatory filing,…

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MBI

MBIA

$9.01

0.13 (1.46%)

17:15
11/17/17
11/17
17:15
11/17/17
17:15
Hot Stocks
Breaking Hot Stocks news story on MBIA »

Fine Capital Partners…

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RBCN

Rubicon

$8.07

0.1218 (1.53%)

17:03
11/17/17
11/17
17:03
11/17/17
17:03
Hot Stocks
Breaking Hot Stocks news story on Rubicon »

Bandera Partners reports…

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