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EBAY

eBay

$36.68

0.53 (1.47%)

, GOOG

Alphabet

$1,265.27

16.31 (1.31%)

12:12
04/23/19
04/23
12:12
04/23/19
12:12

Fly Intel: What to watch in eBay earnings report

eBay (EBAY) is scheduled to report results of its first quarter after the market close on Tuesday, April 23, with a conference call scheduled for 5:00 pm ET. What to watch: 1. GROSS MERCHANDISE VOLUME: In the fourth quarter, eBay reported that its gross merchandise volume, or the amount of sales it helps facilitate, grew 1% on an as-reported basis, and 2% in constant currency, to $24.6B. This growth rate was down from the third quarter growth of 5% on a reported basis, and 5% in constant currency, following a decrease in growth rate in the prior quarter. Investors will be anxious to see if the company can re-accelerate GMV growth. 2. GUIDANCE: With its last report, eBay guided to Q1 adjusted earnings per share of 62c-64c per share. The consensus forecast, which was 61c at the time of the company's report, has slightly increased to 63c. The company pointed toward Q1 revenue of $2.55B-$2.6B. The consensus forecast, which was $2.66B at the time, has dropped to $2.58B. 3. INITIATIVES AND PARTNERSHIPS: eBay has taken on a number of initiatives and partnerships to improve the user experience and visibility. In February, the company announced that it is bringing its geographic regions together under one global leadership team that will be led by Jay Lee, SVP, general manager, markets. The markets included in the new structure are the Americas, APAC, UK, Central and Southern Europe, as well as Cross-Border Trade. Additionally in February, eBay announced it completed the acquisition of Motors.co.uk, a UK-based classifieds site focused on car buying and selling. The Motors.co.uk team has joined Gumtree UK, an eBay Classifieds business, and, together with eBay Motors UK, will offer more than 620,000 car listings across platforms. In March, eBay announced it would introduce Google Pay (GOOG, GOOGL) to its suite of payment options to further increase customer choice in its new managed payments experience. eBay chief executive officer Devin Wenig also release his annual letter to shareholders in March saying the company will continue to invest aggressively in advertising and payments. The CEO said, "We will ensure we achieve the right balance between user experience and monetization as we build towards $1B advertising revenue opportunity. And we continue to expect to begin a full rollout of Payments in 2020, building toward a $2B revenue opportunity at scale." 4. ACTIVIST INVESTORS: On January 22, Elliott Management announced an over 4% stake in eBay and said it sees a path to $55-$63 per share. In a letter, Elliott urged eBay's board to adopt a five-step plan, consisting of undertaking a comprehensive portfolio review including a separation of Stubhub and its Classified properties, "revitalizing" Marketplace, making operational improvements and margin expansion, returning substantial capital to shareholders and needing "effective leadership and oversight." In March, eBay announced several new strategic initiatives to enhance performance, including an operating review and the commencement of a strategic review of the company's portfolio of assets, including StubHub and eBay Classifieds Group. The company said at the time, "eBay has worked collaboratively with Elliott Management, Starboard Value, and other significant shareholders on these initiatives, which include the addition of two new independent directors to the Board." The company also entered into cooperation agreements with affiliates of Elliot and Starboard. 5. ANALYST VIEW: On April 16, Baird analyst Colin Sebastian slightly lowered his Q1 revenue estimate for eBay after his proprietary survey of volume in March suggested a mid-single-digit year-over-year volume decline in gross merchandise volume growth. In total, his Q1 tracker suggests low single-digit declines in GMV, noted Sebastian, who kept an Outperform rating on eBay shares given the potential he sees for "constructive outcomes" from its strategic review process.

EBAY

eBay

$36.68

0.53 (1.47%)

GOOG

Alphabet

$1,265.27

16.31 (1.31%)

GOOGL

Alphabet Class A

$1,271.09

17.15 (1.37%)

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EBAY eBay
$36.68

0.53 (1.47%)

03/12/19
BARD
03/12/19
NO CHANGE
Target $40
BARD
Outperform
eBay volume fairly stable in February, says Baird
Baird analyst Colin Sebastian said his survey of completed transactions on eBay.com in February points to slight year-over-year declines, though he thinks this is directionally consistent with management's guidance and his own U.S. gross merchandise volume estimate ex-Stubhub for Q1. Despite the stock approaching his $40 price target, Sebastian said he would be a buyer on pullbacks given the company is now cooperating with activist investors and reviewing its operations and potential strategic alternatives. He maintains an Outperform rating on eBay shares.
04/08/19
PIPR
04/08/19
NO CHANGE
PIPR
Piper survey of 8,000 teens positive for Ulta, Chipotle, Amazon and Netflix
Piper Jaffray analysts Erinn Murphy, Michael Olson and Nicole Miller Regan say their firm's 37th semi-annual survey of 8,000 teens is more positive for Ulta Beauty (ULTA), VF Corp. (VFC), Lululemon (LULU), Chipotle Mexican Grill (CMG), Amazon.com (AMZN), Netflix (NFLX) and Electronic Arts (EA). The survey results were most cautious for department stores, mid-priced accessories, Ralph Lauren (RL) and eBay (EBAY), the analysts tell investors in a research note. Broadly speaking, the casualization of fashion remains strong, footwear is gaining wallet share, and beauty "remains dynamic" with several indie brands hitting new highs in the survey, say the analysts. They note that Ulta surpassed Sephora as the preferred beauty destination.
04/16/19
BARD
04/16/19
NO CHANGE
BARD
Outperform
Baird lowers eBay Q1 estimate after tracker points to March volume deceleration
Baird analyst Colin Sebastian slightly lowered his Q1 revenue estimate for eBay after his proprietary survey of volume in March suggested a mid-single-digit year-over-year volume decline in gross merchandise volume growth. In total, his Q1 tracker suggests low single-digit declines in GMV, noted Sebastian, who keeps an Outperform rating on eBay shares given the potential he sees for "constructive outcomes" from its strategic review process for the Classifieds and StubHub businesses.
04/22/19
KEYB
04/22/19
NO CHANGE
Target $115
KEYB
Overweight
PayPal price target raised to $115 from $110 at KeyBanc
KeyBanc analyst Josh Beck raised his price target for PayPal (PYPL) to $115 from $110, while reiterating an Overweight rating on the shares. The analyst notes that expectations are fairly high following a positive Venmo update last quarter. While he expects TPV headwinds to persist, Beck sees room for credit-driven OVAS to offset. Overall, the analyst remains optimistic on the potential for Venmo monetization, new marketplace agreements, and partnerships to offset the eBay (EBAY) transition.
GOOG Alphabet
$1,265.27

16.31 (1.31%)

04/11/19
COWN
04/11/19
NO CHANGE
Target $1420
COWN
Outperform
Alphabet price target raised to $1,420 from $1,390 at Cowen
Cowen analyst John Blackledge maintained an Outperform rating on Alphabet and lifted his price target to $1,420 from $1,390 ahead of the company's Q1 results on April 29. In a research note to investors, Blackledge says he estimates a slight reported topline growth deceleration for Q1 vs. last year and further core Google operating margin compression. He sees shares likely rising off the print with a small revenue beat and margin upside from faster TAC cost deceleration and possibly lower than expected R&D costs.
04/16/19
OTRG
04/16/19
NO CHANGE
OTRG
Checks point to strong start to 2019 for Google search, YouTube, says OTR Global
OTR Global said its checks with 34 sources at full-service and digital advertising agencies pointed to strong spending fundamentals at Alphabet's Google search and YouTube in the early going of the year.
04/18/19
MSCO
04/18/19
NO CHANGE
MSCO
Overweight
Morgan Stanley prefers Seagate over Western Digital as cloud capex recovery play
Morgan Stanley analyst Katy Huberty said her industry conversations have increased her confidence in a cloud recovery in the second half. Her checks suggest orders from Microsoft (MSFT) will restart in Q2 and rise to above trend levels in Q3 while orders from Amazon (AMZN), Google (GOOGL), Facebook (FB) and Apple (AAPL) are expected to return in Q3. Given this context, Huberty said she prefers Seagate (STX) over Western Digital (WDC) as a play on a cloud capital expenditure recovery, noting that inventory levels position hard disk drives to benefit before NAND, that HDD pricing is structurally better positioned than NAND and her view that Seagate has a better HDD product portfolio to meet cloud demand in the second half of 2019 and first half of 2020. Huberty has an Overweight rating on Seagate and the firm has an Equal Weight rating on Western Digital, which is covered by analyst Joseph Moore.
04/23/19
COWN
04/23/19
NO CHANGE
Target $160
COWN
Underperform
Tesla price target lowered to $160 from $170 at Cowen
Cowen analyst Jeffrey Osborne maintained an Underperform rating on Tesla (TSLA) and lowered his price target to $160 from $170 following the company's "Autonomy Day" event, saying he sees a significant amount of technology and execution risk in the shift in strategy from competing in just electrification to also beating Nvidia (NVDA) in hardware, Google (GOOGL) in software, and building a better ride-hailing service than current leaders in the sector.
GOOGL Alphabet Class A
$1,271.09

17.15 (1.37%)

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RNLSY

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FMC

FMC Corporation

$70.88

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DowDuPont

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DowDuPont

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MGM

MGM Resorts

$25.55

0.19 (0.75%)

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PYPL

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GOOG

Alphabet

$1,132.99

-7.56 (-0.66%)

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$1,138.90

-5.98 (-0.52%)

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UBER

Uber

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APTO

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TRNX

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USEG

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AAPL

Apple

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-0.64 (-0.36%)

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SPCB

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USEG

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MYOV

Myovant Sciences

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MYOV

Myovant Sciences

$12.39

-0.465 (-3.62%)

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NVS

Novartis

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3.03 (3.59%)

, QGEN

Qiagen

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NVS

Novartis

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Qiagen

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AVH

Avianca

$3.96

0.91 (29.84%)

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AAPL

Apple

$179.03

-0.64 (-0.36%)

16:53
05/24/19
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16:53
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16:53
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SHSP

SharpSpring

$16.37

-0.24 (-1.44%)

16:52
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16:52
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Breaking Syndicate news story on SharpSpring »

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  • 13

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CREG

China Recycling Energy

$0.48

0.005 (1.05%)

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Breaking Syndicate news story on China Recycling Energy »

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FENC

Fennec

$3.88

(0.00%)

16:36
05/24/19
05/24
16:36
05/24/19
16:36
Conference/Events
Fennec management to meet with Wedbush »

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TD

Toronto-Dominion

$56.66

0.65 (1.16%)

16:35
05/24/19
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16:35
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16:35
Syndicate
Breaking Syndicate news story on Toronto-Dominion »

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16:30
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16:30
Options
Preliminary option volume of 15.7M today »

Preliminary option volume…

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