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EBAY

eBay

$37.49

-0.28 (-0.74%)

, SHOP

Shopify

$98.14

1.93 (2.01%)

11:41
10/18/17
10/18
11:41
10/18/17
11:41

On The Fly: What to watch in eBay earnings report

eBay (EBAY) is scheduled to report results of its third quarter after the market close on Wednesday, October 18, with a conference call scheduled for 5:00 pm ET. What to watch: 1. GROSS MERCHANDISE VOLUME: In the second quarter, eBay reported that its gross merchandise volume, or the amount of sales it helps facilitate, grew 3% on an as-reported basis, and 5% in constant currency, to $21.5B. This growth rate was up from the first quarter growth of 2% on a reported basis, and 5% in constant currency, following a flat growth rate in the last quarter and growth rate decelerations in the two quarters prior to that. Investors will be anxious to see if the company can continue to accelerate GMV growth. 2. GUIDANCE: With its last report, eBay guided to Q3 adjusted earnings of 46c-48c per share. The consensus remains at 48c, the same as when the outlook was provided. The company pointed toward Q3 revenue of $2.35B-$2.39B. The consensus forecast, which was $2.32B at the time of the company's report, has increase to $2.37B. 3. MARKETPLACE INITIATIVES: eBay has taken on initiatives to improve the user experience including structured data implementation, user-optimized homepages, guaranteed delivery and price match guarantee. The company also launched an updated marketing campaign in June called "fill your cart with color" which included national TV spots, billboards and social online ads and in July, the company announced that Shopify (SHOP) merchants would be enabled to list and sell their products on eBay directly from their Shopify account. The company also reportedly experienced its two best sales day ever for July during Amazon's (AMZN) Prime Day after ramping up its marketing campaign. Active user growth should show how effective the company has been at improving user experience and visibility. 4. ACCELERATION GROWTH: In August, Baird analyst Colin Sebastian said his proprietary eBay Tracker indicated that the unusual acceleration in growth noted in June had continued through mid-July. He did note the early August activity appeared to return to normal levels. The analyst anticipates the combination of user experience improvements and large-scale advertising should lead to accelerating growth through 2017.

EBAY

eBay

$37.49

-0.28 (-0.74%)

SHOP

Shopify

$98.14

1.93 (2.01%)

AMZN

Amazon.com

$1,009.13

2.79 (0.28%)

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    Mar

EBAY eBay
$37.49

-0.28 (-0.74%)

09/26/17
WELS
09/26/17
INITIATION
Target $45
WELS
Outperform
eBay resumed with an Outperform at Wells Fargo
Wells Fargo analyst Ken Sena resumed coverage on eBay with an Outperform and $45 price target.
10/16/17
BARD
10/16/17
NO CHANGE
Target $38
BARD
Outperform
eBay shows signs of improving growth ahead of holidays, says Baird
Baird analyst Colin Sebastian continues to view eBay positively as Q3 once again shows signs of improving growth ahead of the holiday season. He believes the next three months are important milestones in demonstrating the resiliency of its platform transformation. Sebastian reiterated his Outperform rating and $38 price target on eBay shares.
10/11/17
10/11/17
UPGRADE
Target $76

Overweight
PayPal upgraded to Overweight on revised view of eBay risk at Morgan Stanley
As previously reported, Morgan Stanley analyst James Faucette upgraded PayPal (PYPL) to Overweight from Equal Weight, calling it among the few large companies that can deliver high-teens revenue and 20% EPS growth. While he previously was on the sidelines due to risk from its contract renegotiation with eBay (EBAY), he now believes the market may be overly concerned with it as he thinks the most likely renewal structure will feature rebates from PayPal to eBay, he tells investors. Faucette raised his price target on PayPal shares to $76 from $62. He also raised his price target on eBay to $33 from $29, though he keeps an Underweight rating on its shares.
10/18/17
BMOC
10/18/17
NO CHANGE
Target $40
BMOC
Market Perform
eBay price target raised to $40 from $36 at BMO Capital
BMO Capital analyst Daniel Salmon raised his price target on eBay to $40, saying the revenue in Promoted Listings business will rise about 190% in FY17. Salmon says the company's decision to discontinue third-party product listings ads across eBay will result in greater adoption of Promoted Listings, which he sees as a $1B opportunity. The analyst maintains a Market Perform rating on eBay, awaiting more signs of acceleration in gross merchandise volume.
SHOP Shopify
$98.14

1.93 (2.01%)

10/04/17
BARD
10/04/17
NO CHANGE
BARD
Outperform
Shopify short report brings buying opportunity, says Baird
Baird analyst Colin Sebastian views the selloff today in shares of Shopify (SHOP) following a short report from Citron Research as a buying opportunity. The report is "largely off-base," and the comparison to Herbalife (HLF) is "clearly misleading," Sebastian tells investors in an intraday research note. Shopify is not a multi-level marketing company, rather a technology company that sells a SaaS e-commerce platform, the analyst contends. Further, he points out that his survey of Shopify ads today indicate very few, or one out of 20, contain the word "millionaire." The vast majority of the marketing campaigns are focused on easy online store set-up, building a brand, selling on Facebook (FB), or creating an online shop, Sebastian writes. The analyst earlier today surveyed Shopify sellers and found that messaging from company does not promote a "get rich quick" narrative. Over 90% of those surveyed hadn't seen a Shopify ad claiming they could become millionaires, the analyst points out. Sebastian says that while the short report presents a new overhang on the shares, today's selloff provides a buying opportunity. He has an Outperform rating on Shopify with a $90 price target. The stock in afternoon trading is down 11%, or $12.51, to $104.30.
10/05/17
SBSH
10/05/17
NO CHANGE
Target $110
SBSH
Neutral
Shopify bears little resemblance to multi-level marketers, says Citi
Citi analyst Kenneth Wong provided his thoughts on Shopify following Citron Research's short report. The company's exposure to a possible FTC investigation is limited as its core business bears little resemblance to a multi-level marketing scheme, Wong tells investors in a research note. He adds that while some merchant additions "undoubtedly come through less scrupulous channels," Shopify's business is largely generated by legitimate agencies, reputable social media endorsers, app partners and traditional marketing channels. The analyst sees possible opportunities should the stock see sustained pressure over the coming days or weeks. Wong has a Neutral rating on Shopify with a $110 price target.
10/05/17
FBCO
10/05/17
NO CHANGE
FBCO
Credit Suisse sees central logic of Shopify short report as 'flawed'
Credit Suisse analyst Michael Nemeroff says that after reviewing a recent short report on Shopify, he finds the central logic of it to be "flawed." The analyst continues to recommend investors buy Shopify shares due to the company's integrated cloud-based commerce platform, the secular trend toward e-Commerce and convergence of multiple retail sales channels, its extensible platform with a large third-party ecosystem, technological advantages over peers, pricing model that scales with its customers' success, and numerous growth initiatives, which he believes position the company for sustainable strong revenue growth over the next several years.
10/06/17
PIPR
10/06/17
NO CHANGE
Target $110
PIPR
Overweight
Piper addresses Shopify concerns, maintains Overweight rating
Piper Jaffray analyst Sam Kemp notes that shares of Shopify are down 14% after a recent short report from Citron Research raised concerns about the composition of the company's subscriber base, its promotional language that potentially violates FTC guidelines, the operation of its referral network, and the company's lack of profitability. Concerns that Shopify's merchant growth is being bolstered by a pyramid scheme, influencers that are compensated for leads without disclosing their affiliate relationship with Shopify, and merchant growth from the promise of growing a dropshipping operation are "misunderstood," Kemp tells investors in a research note. The analyst says that while elements of each of these concerns could be valid, they represent only a small portion of Shopify's merchant growth. The analyst agrees that Shopify's promotional language may be aggressive, but he views its referral network as "legit." Kemp keeps an Overweight rating on Shopify with a $110 price target.
AMZN Amazon.com
$1,009.13

2.79 (0.28%)

10/17/17
MSCO
10/17/17
NO CHANGE
MSCO
Survey points to Amazon gaining traction in apparel, says Morgan Stanley
Morgan Stanley analyst Kimberly Greenberger said the results of the firm's latest apparel survey lend support to her belief that Amazon (AMZN) is quickly gaining traction in the space at the expense of department stores and select specialty retailers. Nordstrom (JWN) and Macy's (M) showed above average risk with 84% and 81% Amazon shopper overlap, noted Greenberger. She also noted that Urban Outfitters' (URBN) Anthropologie, Abercrombie & Fitch (ANF) and Gap's (GPS) Banana Republic were among the brands that registered declines in respondents' net purchase intentions over the next 12 months.
10/18/17
SBSH
10/18/17
NO CHANGE
Target $77
SBSH
Buy
PayPal price target raised to $77 from $67 at Citi
Citi analyst Ashwin Shirvaikar raised his price target for PayPal (PYPL) shares to $77 saying the company is a pure-play on the growth of digital commerce. PayPal is the way to participate in non-Amazon (AMZN) e-commerce growth, and its execution has ensured share gains in a growing market, Shirvaikar tells investors in a research note titled "Buy PYPL - Power to the PYPL - It's About Network & Brand." The analyst keeps a Buy rating on the shares.
10/18/17
PIPR
10/18/17
NO CHANGE
Target $1200
PIPR
Overweight
Amazon.com search index suggests 'solid' Q3, says Piper Jaffray
Piper Jaffray analyst Michael Olson says his firm's Amazon search index indicates Q3 unit growth will be 28%, in-line with the Street and a slight acceleration from 27% in Q2. The analyst believes Amazon is well positioned to beat Q3 margins excluding Whole Foods, but calls Q4 margins a "wild-card." He expects "solid" Q3 results and remains "highly confident" in Amazon's growth. Olson keeps an Overweight rating on the shares with a $1,200 price target.
10/18/17
LEER
10/18/17
NO CHANGE
Target $240
LEER
Outperform
UnitedHealth price target raised to $240 from $225 at Leerink
Leerink analyst Ana Gupte raised her price target for UnitedHealth (UNH) to $240 from $225 following the "solid" Q3 that offers an "impressive" debut for CEO David Wichmann. The analyst notes that Optum Rx is growing above peers with no threat from an Amazon (AMZN) entry given complementary clinical capabilities and a business model tied to medical margin and membership growth. Additionally, Gupte believes UnitedHealth is insulated from the political uncertainty on CSR funding given the HIX exits while it is particularly advantaged by the Trump order moving to bare bones, short term and Association Health plans given its expertise in these businesses. She reiterates an Outperform rating on UnitedHealth's shares.

TODAY'S FREE FLY STORIES

HIFS

Hingham Institution

$201.40

3.33 (1.68%)

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GLPG

Galapagos NV

$92.98

-0.41 (-0.44%)

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AMZN

Amazon.com

$1,126.31

-3.57 (-0.32%)

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Amazon cuts prices for AWS IoT customers by 20%-40% »

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T

AT&T

$34.42

-0.22 (-0.64%)

, TWX

Time Warner

$89.35

1.64 (1.87%)

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-0.22 (-0.64%)

TWX

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1.64 (1.87%)

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GES

Guess

$18.11

0.33 (1.86%)

15:40
11/21/17
11/21
15:40
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15:40
Options
Active trading in Guess ahead of earnings »

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BZUN

Baozun

$36.16

0.66 (1.86%)

15:34
11/21/17
11/21
15:34
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15:34
Options
Baozun options imply 15.0% move in share price post-earnings, above median historical move »

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OSUR

OraSure

$13.96

0.22 (1.60%)

15:32
11/21/17
11/21
15:32
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15:32
Hot Stocks
OraSure jumps after $143M Oragene Dx devices deal »

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DIS

Disney

$102.94

0.185 (0.18%)

15:30
11/21/17
11/21
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15:30
Periodicals
John Lasseter taking leave of absence from Pixar, notes 'missteps,' THR reports »

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DLTR

Dollar Tree

$97.11

2.5 (2.64%)

15:28
11/21/17
11/21
15:28
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15:28
Recommendations
Dollar Tree analyst commentary  »

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  • 21

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MPB

Mid Penn Bancorp

$30.37

-0.7242 (-2.33%)

15:25
11/21/17
11/21
15:25
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15:25
Hot Stocks
Mid Penn Bancorp declares quarterly dividend of 15c per share »

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MPB

Mid Penn Bancorp

$30.37

-0.7242 (-2.33%)

15:24
11/21/17
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15:24
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15:24
Hot Stocks
Mid Penn Bancorp declares special dividend of 10c per share »

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IZEA

Izea

$4.35

-0.17 (-3.76%)

15:20
11/21/17
11/21
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15:20
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Breaking Hot Stocks news story on Izea »

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ORCL

Oracle

$48.61

-0.41 (-0.84%)

15:20
11/21/17
11/21
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Options
Bullish option play opened in Oracle »

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IZEA

Izea

$4.35

-0.17 (-3.76%)

15:19
11/21/17
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Izea announces signing of 'one of largest grocery chains in U.S' »

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GME

GameStop

$16.45

0.01 (0.06%)

15:19
11/21/17
11/21
15:19
11/21/17
15:19
Options
GameStop options imply 15.6% move in share price post-earnings, above median historical move »

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  • 21

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ACIU

AC Immune

$10.37

-0.24 (-2.26%)

15:17
11/21/17
11/21
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15:17
Conference/Events
AC Immune to hold a KOL luncheon meeting »

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$NSD

NASDAQ Market Internals

15:17
11/21/17
11/21
15:17
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Technical Analysis
NASDAQ market internals summary »

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$NYE

NYSE Market Internals

15:16
11/21/17
11/21
15:16
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15:16
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NYSE market internals summary »

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15:15
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Treasury Option Action: big buyer of put protection in the belly »

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UA

Under Armour

$11.47

-0.6 (-4.97%)

, UAA

Under Armour

$12.92

-0.52 (-3.87%)

15:11
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11/21
15:11
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15:11
Technical Analysis
Technical View: Under Armour near lows of the day, levels to watch »

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UA

Under Armour

$11.47

-0.6 (-4.97%)

UAA

Under Armour

$12.92

-0.52 (-3.87%)

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DMPI

DelMar Pharmaceuticals

$0.85

-0.0134 (-1.55%)

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DelMar presents 'positive' interim results from VAL-083 study »

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PRQR

ProQR Therapeutics

15:06
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ProQR Therapeutics treatment of retinitis pigmentosa granted FDA orphan status »

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  • 28

    Nov

15:05
11/21/17
11/21
15:05
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General news
Treasury Closing Summary: »

Treasury Closing Summary:…

HPE

HP Enterprise

$14.16

0.065 (0.46%)

15:04
11/21/17
11/21
15:04
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15:04
Options
Hewlett Packard Enterprise options imply 6.7% move in share price post-earnings, above median historical move »

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UA

Under Armour

$11.40

-0.675 (-5.59%)

, UAA

Under Armour

$12.88

-0.565 (-4.20%)

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UA

Under Armour

$11.40

-0.675 (-5.59%)

UAA

Under Armour

$12.88

-0.565 (-4.20%)

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