Fly News Breaks for January 17, 2020
Jan 17, 2020 | 06:34 EDT
Wells Fargo analyst Brian Fitzgerald downgraded eBay to Underweight from Equal Weight with a price target of $32, down from $45. The analyst, who views eBay's s pending sale of StubHub to Viagogo as a positive outcome, sees an unattractive risk/reward for the shares relative to sector peers. Fitzgerald expects headwinds for the company's core Marketplace business to continue amid the rollout of the Internet sales tax in the U.S. and rising competition from online and multichannel retailers and emerging marketplaces. Further, eBay's margin expansion potential may be limited given management's long-term outlook for ~30% Non-GAAP margin by 2022, Fitzgerald tells investors in a research note.
News For EBAY From the Last 2 Days
Feb 14, 2020 | 16:58 EST
Paul Singer's Elliott Management disclosed in an SEC filing its holdings as of December 31, 2019. The fund's five new buys during the fourth quarter included, by size of position, IShares iBoxx $ Investment Grade Corporate Bond ETF (LQD), LogMeIn (LOGM), IShares iBoxx High Yield Corporate Bond ETF (HYG), NortonLifeLock (NLOK), and Anixter (AXE). Elliott exited seven positions during the quarter, including by size of previous position Devon (DVN), Hess (HES), Fox Corp. Class A (FOXA), and CommScope (COMM). The fund increased its stake in six holdings, including by size of previous position Dell Technologies (DELL), AT&T (T), Marathon Petroleum (MPC), Nielsen (NLSN), and Vornado Realty Trust (VNO). Elliott reduced its stake in four holdings, including by size of previous position Opus Bank (OPB), Citrix Systems (CTXS), B. Riley Financial (RILY), and Element Solutions (ESI). The fund's top holdings as of December 31, in order of size, were Arconic (ARNC), Dell Technologies, Marathon Petroleum, Citrix Systems, and eBay (EBAY).
Feb 14, 2020 | 16:44 EST
Jeffrey Smith's Starboard Value disclosed in an SEC filing its holdings as of December 31, 2019. The fund's two new buys during the fourth quarter included, by size of position, SPDR S&P 500 ETF Trust (SPY) and Mednax (MD). Starboard exited two positions during the quarter, namely Perrigo (PRGO) and RPM International (RPM). The fund increased its stake in five holdings, including by size of previous position eBay (EBAY), Aecom (ACM), Cerner (CERN), ComScore (SCOR), and Box (BOX). Starboard reduced its stake in four holdings, including by size of previous position NortonLifeLock (NLOK), IShares Russell 2000 Value ETF (IWN), MGM Resorts (MGM), and IShares Russell Mid-Cap ETF (IWS). The fund's top holdings as of December 31, in order of size, were SPDR S&P 500 ETF Trust, NortonLifeLock, Advance Auto Parts (AAP), eBay, and Cerner.
Feb 14, 2020 | 09:16 EST
UP AFTER EARNINGS: Nvidia (NVDA), up 6%... Canopy Growth (CGC), up 24%... American Axle (AXL), up 1%... Roku (ROKU), up 8%. ALSO HIGHER: Epizyme (EPZM), up 3% after announcing that the FDA has accepted for filing the company's new drug application for the accelerated approval of Tazverik for patients with relapsed or refractory follicular lymphoma who have received at least two prior lines of systemic therapy... eBay (EBAY), up 2% after completing the sale of StubHub to viagogo for $4.05B in cash and announcing plans to buy back more stock. DOWN AFTER EARNINGS: CarGurus (CARG), down 20%... Yelp (YELP), down 9%... Arista Networks (ANET), down 8%... Yandex (YNDX), down 3%. ALSO LOWER: Pinterest (PINS), down 2% after The Information reported just before yesterday's market close that an experimental group within Facebook (FB) has released a Pinterest-like app for saving and sharing photos.