UBS Internet analyst to hold an analyst/industry conference call » 14:4108/0508/05/20
UBER, BKNG, TRIP, TTWO, ATVI, MTCH, GLUU, ZNGA, YELP, GRPN, REAL, SVM, FVRR
Internet & Interactive Entertainment Analyst Sheridan provides a recap of US Internet earnings, as well as updated estimates and viewpoints for UBER, BKNG, TRIP, TTWO, ATVI, MTCH, GLUU, ZNGA, YELP, GRPN, REAL, SVMK & FVRR on an Analyst/Industry conference call to be held on August 7 at 8 am.
|Over a week ago|
Booking Holdings price target raised to $1,600 from $1,300 at Jefferies » 08:0107/2907/29/20
BKNG, EXPE, TRIP
Jefferies analyst Brent…
Jefferies analyst Brent Thill raised the firm's price target on Booking Holdings (BKNG) to $1,600 from $1,300, telling investors that his third-party data checks support continually improving travel trends, although he added that his July proprietary survey of 1,335 U.S. consumers highlights that the intention to travel in 2020 may be falling. The valuation multiples of Booking and Expedia (EXPE) have reached record lows versus the Nasdaq, which limits downside risk, said Thill, who adds that he prefers Booking over Expedia as a recovery play. He keeps Equal Weight ratings on both stocks and maintains an Underperform rating on TripAdvisor (TRIP).
TripAdvisor put volume heavy and directionally bearish » 15:5507/1307/13/20
Bearish flow noted in…
Bearish flow noted in TripAdvisor with 4,283 puts trading, or 2x expected. Most active are Aug-20 23 puts and Jul-20 20 calls, with total volume in those strikes near 4,200 contracts. The Put/Call Ratio is 1.52, while ATM IV is up over 3 points on the day. Earnings are expected on August 5th.
|Over a month ago|
TripAdvisor call volume above normal and directionally bullish » 12:4506/2306/23/20
Bullish option flow…
Bullish option flow detected in TripAdvisor with 30,075 calls trading, 6x expected, and implied vol increasing over 6 points to 86.73%. Jul-20 20 calls and Sep-20 30 calls are the most active options, with total volume in those strikes near 11,400 contracts. The Put/Call Ratio is 0.09. Earnings are expected on August 5th.
TripAdvisor up 5% in early afternoon trading » 12:2606/2306/23/20
A spike in shares of…
A spike in shares of TripAdvisor (TRIP) in early afternoon trading may be attributable to a ReOrg report speculating on the potential for a takeover, trading contacts tell The Fly.
Early notable gainers among liquid option names on June 23rd » 09:5506/2306/23/20
MHK, SYY, TRIP, SPG, PDCO
Notable gainers among…
Notable gainers among liquid option names this morning include Mohawk (MHK) $100.08 +7.86, Sysco (SYY) $59.05 +4.05, TripAdvisor (TRIP) $19.07 +0.89, Simon Property (SPG) $71.83 +3.28, and Patterson Companies (PDCO) $20.46 +0.75.
TripAdvisor's Q2 update implies sequential improvement, says RBC Capital » 08:5206/2306/23/20
RBC Capital analyst…
RBC Capital analyst Shweta Khajuria nudged the firm's price target on TripAdvisor to $19 from $18 and keeps a Sector Perform rating on the shares after its Q2 financial update of business trends, revenue, and EBITDA expectations along with its liquidity position. The analyst says the guidance implies some sequential improvement in May and in June, likely making April the trough, even though the annualized trends remain down. Khajuria adds that TripAdvisor's monthly unique users, which she sees as a leading indicator of travel demand, have also improved sequentially each month in Q2.
TripAdvisor provides Q2 financial update » 07:1206/2206/22/20
In light of the…
In light of the extraordinary circumstances related to the COVID-19 pandemic, Tripadvisor provided a business update regarding its (1) business trends, (2) expense management, (3) Adjusted EBITDA expectations, and (4) liquidity. Tripadvisor does not expect to provide such intra-quarter updates in the future. Since the second half of Q1 2020, actions instituted by government authorities to limit the spread of COVID-19 have impacted consumers' willingness to research, purchase, and consume travel. While still down significantly year-over-year, Tripadvisor monthly unique users have improved since April. In April and May monthly unique users were approximately 33% and 45% of last year's comparable period, respectively, and May monthly unique users increased approximately 38% versus April. Based on June trends month-to-date, the Company estimates that June year-over-year monthly unique user performance will improve versus May. Monthly unique users is a metric the Company uses to understand consumers' demand for travel. As referenced in Tripadvisor's first quarter shareholder letter dated May 7, 2020, in the back half of March and through April, significant year-over-year revenue declines generally stabilized across the Company's segments and products. April and May consolidated year-over-year revenue performance was approximately 10% of last year's comparable period and the Company currently expects June revenue will approach 20% of last year's comparable period. While the Company continues to expect year-over-year revenue performance for the quarter ended June 30, 2020 will be materially worse than such performance for the quarter ended March 31, 2020, the Company continues to expect some sequential quarter-over-quarter revenue improvement versus Q2 2020 starting in Q3 2020. In the Company's earnings release for Q1 2020, the Company also announced a number of cost measures that it had taken, or was in the process of taking, in order to significantly reduce fixed and variable expenses and reinforce its financial position. By enacting significant workforce reductions and managing variable costs approximately in line with demand, the Company remains on track to deliver these announced cost savings. In its Q1 earnings release, the Company disclosed its expectation for "significantly negative" adjusted EBITDA for Q2 2020. Given the modestly improving business trends in May versus April, and June month-to-date versus May, as well as the cost measures taken to significantly reduce fixed and variable costs, the Company currently estimates that its Adjusted EBITDA loss for Q2 2020 will be approximately $85 million. As of May 31, 2020, the Company had $693 million of cash and cash equivalents, which represents a decrease of $105 million compared to the cash and cash equivalents balance at March 31, 2020. The decrease was driven by negative operating profit as well as working capital movements, which include payments related to restructuring costs and a reduction in deferred merchant payables mainly from refunds. As a result of concerted cost reduction measures enacted year-to-date, the Company continues to believe the business has sufficient liquidity to withstand an extended period of revenue disruption and remains confident in its ability to remain compliant with its debt covenants in 2020 and through 2021. The Company may consider capital raising options in the future. While it remains difficult to forecast the recovery path and when the travel market will regain pre-COVID levels, the Company remains confident travel will rebound and that the Company is well positioned to respond to any scenarios that could evolve. The Company continues to believe it will play a critical role in that recovery and beyond by continuing to actively support its consumers, partners and employees worldwide.
TripAdvisor initiated with a Neutral at BTIG » 17:1906/1006/10/20
BTIG analyst Jake Fuller…
BTIG analyst Jake Fuller initiated coverage of TripAdvisor with a Neutral rating. Cost cuts have positioned the company with ample liquidity to "comfortably reach" the other side of the pandemic, but the shape of the recovery is "uncertain", with a U-shape more likely than the consensus calling for V-shape, the analyst tells investors in a research note.
Early notable gainers among liquid option names on June 1st » 09:5506/0106/01/20
GPS, OI, TRIP, AAL, UAL
Notable gainers among…
Notable gainers among liquid option names this morning include Gap (GPS) $9.88 +0.98, Owens-Illinois (OI) $8.20 +0.54, TripAdvisor (TRIP) $20.45 +1.17, American Airlines (AAL) $11.07 +0.57, and United Continental (UAL) $29.54 +1.50.