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Fly News Breaks for June 14, 2019
FB, PYPL, EBAY
Jun 14, 2019 | 08:40 EDT
Craig-Hallum analyst Brad Berning tells investors in a research note that a Facebook (FB) cryptocurrency would be a "positive" for Buy-rated PayPal (PYPL), as it could drive higher adoption of Braintree merchant acceptance and the Facebook marketplace, which according to CFO John Rainey, could dwarf eBay (EBAY).
News For PYPL;FB;EBAY From the Last 2 Days
FB
Jul 23, 2019 | 17:27 EDT
The Department of Justice announced that the Department's Antitrust Division is reviewing whether and how market-leading online platforms have achieved market power and are engaging in practices that have reduced competition, stifled innovation, or otherwise harmed consumers.The Department's review will consider the widespread concerns that consumers, businesses, and entrepreneurs have expressed about search, social media, and some retail services online. The Department's Antitrust Division is conferring with and seeking information from the public, including industry participants who have direct insight into competition in online platforms, as well as others. "Without the discipline of meaningful market-based competition, digital platforms may act in ways that are not responsive to consumer demands," said Assistant Attorney General Makan Delrahim of the Antitrust Division. "The Department's antitrust review will explore these important issues." The goal of the Department's review is to assess the competitive conditions in the online marketplace in an objective and fair-minded manner and to ensure Americans have access to free markets in which companies compete on the merits to provide services that users want. If violations of law are identified, the Department will proceed appropriately to seek redress. Reference Link
FB
Jul 23, 2019 | 16:43 EDT
The U.S. Justice Department is opening a broad antitrust investigation into whether dominant technology companies are unlawfully stifling competition, adding a new government threat for companies such as Facebook (FB), Google (GOOG), Amazon (AMZN), and Apple (AAPL), the Wall Street Journal's Brent Kendall reports, citing department officials. The review is aimed at reviewing the practices of online platforms that dominate internet search, social media, and retail services, Kendall says. The new investigation is designed to go above and beyond recent plans for scrutinizing tech firms that were crafted by the DOJ and Federal Trade Commission, the author notes. Reference Link
FB
Jul 23, 2019 | 12:44 EDT
In an exclusive interview with The Fly, Wedbush Securities analyst Michael Pachter discussed a number of matters pertaining to the video game sector, including Nintendo's (NTDOY) latest Switch Lite announcement, the future of virtual reality, EA's (EA) "Apex Legends," and working conditions at AAA studios. SWITCH LITE: When... To see the rest of the story go to thefly.com. See Story Here
FB
Jul 23, 2019 | 08:55 EDT
Monday's total option volume of 15.8 million contracts resulted in net open interest growth of 3.25 million calls and 3.35 million puts. AT&T (T), Apple (AAPL), Facebook (FB) and Netflix (NFLX) saw the greatest growth. Top five new positions opened include 45k AT&T (T) Aug-19 31 puts, 25k Bank of America (BAC) 7/26 weekly 29.5 calls, 22k PulteGroup (PHM) 8/2 weekly 35 calls, 21k AT&T (T) Oct-19 34 calls and 20k Apple (AAPL) 8/2 weekly 195 puts.
FB
Jul 23, 2019 | 07:35 EDT
Notable call activity was cited Monday in Facebook (FB).
FB
Jul 23, 2019 | 07:12 EDT
BMO Capital analyst Daniel Salmon lowered his price target on Facebook to $195 and kept his Market Perform rating ahead of its Q2 earnings. The analyst says that while the quarter's results will likely be "strong", the ad targeting headwinds stemming from more user opt-outs and 3rd party platform changes should see revenue growth decelerating through Q1 of 2020 before recovering in Q2 as demand and pricing of the company's Stories platform ramp. Salmon warns if ad targeting capabilities are hindered more "materially", the expected revenue acceleration may be "prolonged".
FB
Jul 22, 2019 | 16:43 EDT
Stocks rose as earnings reporting picked up ahead of what will be the busiest week of the current season in terms of reports from S&P 500 companies. Outside of earnings,... To see the rest of the story go to thefly.com. See Story Here
FB
Jul 22, 2019 | 15:41 EDT
Baird analyst Colin Sebastian noted that Kenshoo hosted an update call on Q2 online advertising trends, during which the digital marketing agency said social media spending increased 37% year-over-year. Sebastian noted this would be a reacceleration from 27% growth in Q1, adding that Kenshoo highlighted some advertiser feedback suggested a reacceleration of core Facebook (FB) advertising growth. The analyst, who believes this could drive upside to Q2 revenue estimates for Facebook, keeps an Overweight rating on the shares. Sebastian also highlighted that fundamental trends across search and social e-commerce advertising look healthy, which he believes suggests that Amazon's (AMZN) advertising growth is "likely incremental rather than cannibalistic."
FB
Jul 22, 2019 | 13:38 EDT
The Federal Trade Commission is expected to announce ahead of Facebook's earnings report on Wednesday evening a settlement over the company's privacy practices, Ryan Tracy and Emily Glazer of Wall Street Journal report, citing people familiar with the matter. The settlement includes a roughly $5B fine and would end the agency's probe into whether the company kept its promises around protecting user data, Tracy and Glazer add. Facebook, as part of the settlement, plans to form a new board committee focused on privacy oversight, a source told the Journal. Shares of Facebook are up 2% to $201.62 in afternoon trading. Reference Link
FB
Jul 22, 2019 | 09:31 EDT
Cleveland Research analyst Chandler Converse said his checks point to a strong finish to Q2 at Facebook in terms of ad spending and he is maintaining his above consensus estimates based on his field work. The analyst, who believes better Stories performance is driving improved ROI for advertisers, sees upside to consensus estimates through 2019. Converse has a Buy rating on Facebook shares.
EBAY
Jul 22, 2019 | 09:05 EDT
eBay's product and technology organization was strengthened with the announcement of Pete Thompson as Senior Vice President and Chief Product Officer, and Mazen Rawashdeh as Senior Vice President and Chief Technology Officer. Both will be members of eBay's executive leadership team, reporting to President and CEO Devin Wenig. Thompson brings more than 20 years of experience building new products and services across a range of industries and technologies. Thompson joins eBay from Amazon where he served as Vice President of Alexa Voice Service. Previously, he was Chief Operating Officer of TiVo where he drove the merger and integration between Rovi and TiVo. Prior to TiVo, he held executive roles at a variety of companies, including Microsoft, T-Mobile, Ericsson, and Sonos. eBay veteran Rawashdeh spent eight years in technology leadership roles with the company from 2003 to 2011 before departing to serve as Vice President, Infrastructure Operation Engineering at Twitter where he helped scale the business through its IPO.
PYPL
Jul 21, 2019 | 19:30 EDT
Catch up on the weekend's top five stories with this list compiled by The Fly: 1. Equifax (EFX) is nearing a deal to settle a slew of state and federal investigations into a 2017 data breach that exposed nearly 150M Americans' Social Security numbers and other sensitive personal information, The Wall Street Journal's AnnaMaria Andriotis writes. Under the agreement, the company would pay around $700M to settle with the Federal Trade Commission, the Consumer Financial Protection Bureau and most state attorneys general, according to people familiar with the matter. 2. CBS (CBS) and AT&T (T) failed to renew their contact, resulting in millions of DirecTV subscribers losing access to CBS programming, according to Reuters. 3. Netflix (NFLX) has a problem and the company's strengths-including scale, value, and a vast library-may not be enough to make up for shortfalls in show quality, Tae Kim wrote in this week's edition of Barron's. Following quarterly results, Netflix's aura of invincibility is under question as the company stunned Wall Street with subscriber growth that came in nearly 45% lower than Netflix's own projections, the author noted, adding that pricing and content are the two critical issues in the disappointment. 4 Disney's (DIS) "The Lion King" opened to a record-breaking $185M at the North American box office over the weekend for a global total of $531M. Overseas, the movie earned $269.4M from 52 markets. "The Lion King" received 55% on Rotten Tomatoes and an A CinemaScore. 5. Target (TGT), FedEx (FDX), Beyond Meat (BYND), KeyCorp (KEY), Signature Bank (SBNY), U.S. Bancorp (USB), MasterCard (MA), Visa (V) and PayPal (PYPL) saw positive mentions in this week's edition of Barron's.