RSS Updates
Email UpdatesIt is usually questionable if Microsoft Corp. (NASDAQ: MSFT) and its new Bing.com search engine is stealing from Google Inc. (NASDAQ: GOOG) or from Yahoo! Inc. (NASDAQ: YHOO) when it comes to gains in the share of internet search. Or maybe it was IAC/InteractiveCorp. (NASDAQ: IACI) and its Ask.com distant #4 search product. Hitwise is only one source which measures U.S. searches, but a reading of searches conducted in the four weeks ending Oct. 31, 2009 showed a gain for Bing. Hitwise showed that Bing is clearly taking more from Google and some from Yahoo!. Even Ask.com got a little lift this time. Hitwise gave the following data:
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Posts for Ticker ‘IACI’
Bing Captures More Search Share (MSFT, GOOG, YHOO, IACI)
Today’s Best Market Rumors (10/28/2009) (UBS)(SNE)(BCS)(CBS)
Updated throughout the day.
Update 12.05 PM EST: UBS (NYSE:UBS) may spin off PaineWebber (Breakingviews)
GMAC has asked the Treasury Department for several billion more dollars in loans. (NYTimes)
Barry Diller’s IACI (NASDAQ:IACI) might be willing to sell its search business. (NYPost)
News Corp (NYSE:NWS) and CBS (NYSE:CBS) are trying to get cable companies including Time Warner Cable (NYSE:TWC) to pay for carrying their broadcast channels. (WSJ)
Statistics on ”global cooling” may be bogus. (Ars Technica)
AMD’s (NYSE:AMD) former CEO Hector Ruiz may have leaked tips to one of the people accused of insider trading in the Galleon case. (various)
The German hedge fund firm K1 is part of an international criminal investigation after allegedly stiffing banks including Barclays (NYSE:BCS), JPMorgan Chase (NYSE:JPM). and BNP Paribas with $400 million of losses. (Bloomberg)
Covance (NYSE:CVD) shares are undervalued by 50% (BusinessWeek)
Sony (NYSE:SNE) is expected to loss money for the fourth straight quarter. (Forbes)
Douglas A. McIntyre
Media Digest 10/28/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The Nielsen survey shows consumer confidence up in the US for the first time since 2007.
Reuters: Obama’s financial reforms are advancing in Congress.
Reuters: The pay czar said his authority should not be expanded.
Reuters: Obama’s “too big to fail” bill would curb bailouts. Read More
IAC Starts to Recapture Some Ground (IACI, OPEN)
IAC/InterActiveCorp (NASDAQ: IACI) seems to be recapturing some of its mojo. The online content and online destination and search company noted that asset sales did help profits at a time when advertising revenues were slow. The company earned $21.7 million or $0.16 EPS (made $0.34 EPS on an adjusted basis) and revenue fell by 9% to $337 million. We had Thomson Reuters estimates at $0.13 EPS and $334.9 million in revenues.
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Secondary Offering Floodgates Open (BGS, CMFO, COIN, LOPE, LGCY, OPEN, PRKR, KGS, UDR, IACI)
What happens when market rallies go on and on? Outside of the basics, you just about always get a flurry of corporations and public entities selling shares as secondary offerings flood the market. Between yesterday and today we have seen a deluge of secondary offerings either priced or filed from the likes of B&G Foods, Inc. (NYSE: BGS) China Marine Food Group Limited (AMEX: CMFO), Converted Organics Inc. (NASDAQ: COIN), Grand Canyon Education, Inc. (NASDAQ: LOPE), Legacy Reserves LP (NASDAQ: LGCY), OpenTable, Inc. (NASDAQ: OPEN), ParkerVision, Inc. (NASDAQ: PRKR), Quicksilver Gas Services LP (NYSE: KGS), and UDR, Inc. (NYSE: UDR).
As long as you keep seeing the DJIA, S&P, and NASDAQ hitting new intermediate highs and the market does not roll over, you can expect the floodgates for companies raising capital to continue. Full details on each offering or filing are below.
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Too Much Credit For Big Tech Analyst Call (ATVI, AMZN, ERTS, IACI, GOOG, EBAY, NFLX, VCLK, YHOO)
UBS made some key analyst initiations in the Internet and entertainment sector this morning. As this is new coverage, they are not upgrades on a technical level. These “Buy” ratings are also on a day where the market is back at near-term highs and during the week after we have a twelve consecutive day rally in the NASDAQ. Today’s added strength this is helping is something that just seems too much based upon a new coverage call after the gains we have already seen in these stocks. Below is a list of some of the stocks started as “Buy” and you will see the price targets as well.
- Activision Blizzard (NASDAQ: ATVI)
- Amazon.com Inc. (AMZN) up 2.3% at $86.30; price target was $105.00.
- Electronic Arts (NASDAQ: ERTS) up 3.8% at $21.55; price target was $27.00.
- IAC/Interactive (NASDAQ: IACI) up 3.3% at $18.60; price target was $21.00.
- Google Inc. (GOOG) up over 3% at $450.20; price target was $525.00.
Internet & Online Media Stock Expectations After Google Earnings (GOOG, BIDU, YHOO, IACI, VCLK, LOCM)
Whether you like the earnings report from Google Inc. (NASDAQ: GOOG) or not, there are some key takeaways using the same metrics that Google uses for other Internet and online media stocks. Baidu, Inc. (NASDAQ: BIDU) has the most direct comparison, particularly as everyone calls Baidu “the Chinese equivalent of Google.” We won’t call it a knock-off, but we’ll leave it at that. Yahoo Inc. (NASDAQ: YHOO) is on deck with earnings next week, and the metrics there have many comparisons to Google. Then there isIAC/InterActiveCorp. (NASDAQ: IACI) further down the list with the Ask.com ties. On the standalone ad metrics, we would include ValueClick Inc. (NASDAQ: VCLK), and lastly we want to address the much much smaller Local.com Corp. (NASDAQ: LOCM). There are many other media and online companies, but we are looking for the direct pure-plays in this so we are not comparing apples to oranges or tennis balls.
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Bing’s Growth Versus Google Dominance (MSFT, YHOO, GOOG, IACI)
Everyone has been trying to figure out how much Bing from Microsoft Corporation (NASDAQ: MSFT) has been able to take in search market share from Yahoo! Inc. (NASDAQ: YHOO) and Google Inc. (NASDAQ: GOOG). Google remains unchallenged as the search default for the public, according to the latest data from Hitwise. Bing is still growing, but so far it is likely have little to no impact on the earnings for at least this quarter of Google or Yahoo!. At least that is the case if Hitwise’s US search numbers hold true from its 10 million internet users measured. All three companies will report earnings in the next two weeks.
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Top Analyst Upgrades and Downgrades (AWK, BEAT, CHKP, IACI, MVL, MYGN, NVO, SYMC, WERN)
These are the top pre-market analyst upgrades and downgrades this Wednesday morning in early trading.
- American Water Works (AWK) Started as Buy at Brean Murray.
- CardioNet (BEAT) Cut to Hold at Citigroup; Cut to Hold at boutique firm Roth.
- Checkpoint Software (CHKP) Cut to Neutral at JPMorgan.
- IAC/Interactive (IACI) Started as Outperform at Oppenheimer.
- Marvel Entertainment (MVL) Raised to Overweight at JPMorgan.
- Myriad Genetics (MYGN) down on downgrades from RBC, Oppenheimer, Citigroup, Morgan Joseph, and more.
- Novo Nordisk (NVO) Raised to Buy at Goldman Sachs.
- Symantec (SYMC) Started as Outperform at JMP Securities.
- Werner Enterprises (WERN) Raised to Overweight at JPMorgan.
After today, we’d expect analyst coverage to start getting this until at least next Tuesday because of the shortened week. We have already seen the effects of fewer participants this week, particularly after such a stellar quarter that just ended yesterday.
Jon C. Ogg
July 1, 2009
The Instantaneous Collapse Of Social Network Values
The valuations of large social networks such as MySpace (NWS), Facebook, and Twitter is that a visitor has the same value as a visitor to Yahoo! (YHOO), AOL, or Ask.com (IACI). Facebook is worth $10 billion because its number of members is close to the number of people who come to Yahoo! to search the internet of check the prices of stocks that they own.
The sudden collapse in the growth of MySpace which caused the firing of 30% of its staff and the slowing growth of Twitter have undermined social network values. Part of the appeal of these companies has been their remarkable doubling and tripling in the sizes of their audiences, often in less than a year. Read More
Media Digest 6/15/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters: The heads of the emerging markets, the so-called BRICs, held their first global summit.
Reuters: Obama will be tested this week on financial reforms.
Reuters: Rich nations are working on an exit from stimulus packages.
Reuters: Pfizer (PFE) is trying to do deals to improve its emerging market presence. Read More
Microsoft (MSFT): Bing Starts To Ding Yahoo! (YHOO)
Steve Ballmer is The Man. His persistance in pursuing search engine market share may finally be paying off which could sink Yahoo!’s (YHOO) chances of being turned around under new CEO Carol Bartz. New figures from comScore show that Microsoft’s (MSFT) search product, Bing, had daily penetration among U.S. searchers of 15.5% from June 2- 6, a sharp gain which had to come at the expense of either Google (GOOG) or Microsoft. Read More
Top 10 Analyst Upgrades & Downgrades (AMAT, CMG, HGSI, IACI, JTX, NKE, NFLX, SYNA, TIN, UAUA)
These are ten of the top research calls from Wall Street’s analyst wave of daily upgrades, downgrades, and initiations this Friday morning:
- Applied Materials (AMAT) Cut to Hold at Citigroup.
- Chipotle Mexican Grill (CMG) Cut to Underperform at Oppenheimer.
- Human Genome Science (HGSI) Cut to “Source of Funds” at ThinkEquity.
- IAC/InterActive (IACI) Started as Outperform at Credit Suisse.
- Jackson-Hewitt (JTX) Raised to Outperform at Oppenheimer.
- Nike (NKE) Raised to Outperform at Baird.
- Netflix (NFLX) Started as Underperform at Credit Suisse.
- Synaptics (SYNA) Started as Buy at Jefferies.
- Temple-Inland (TIN) Raised to Buy at Deutsche Bank.
- UAL Corp. (UAUA) Cut to Underweight at JPMorgan.
Jon C. Ogg
June 5, 2009
Media Digest 5/13/2009 Reuters, WSJ, NYTimes, FT, Bloomberg
Reuters : Intel (INTC) said its results are running better than expected.
Reuters : The government is looking at a pay overhaul in the financial sector.
Reuters: Economic woes are hurting the Medicare and Social Security trust funds.
Reuters: The Chrysler bankruptcy may take two years. Read More
Internet Advertising: After First Quarter Disaster, Industry May Throw In The Towel On Q2
Internet display advertising had what may have been the worst quarter in its history. In the first 90 days of this year, by most measures, the cost-per-thousand that large websites charged advertisers dropped at least 25% . Any site that did not have significant traffic growth lost a quarter of its sales compared to the same quarter last year.
For companies such as Yahoo! (YHOO), TheStreet.com (TSCM), and IACI (IACI) the trend will be devastating to earnings. And, the worst may not be over. Read More
Top Analyst Upgrades & Downgrades (BCE, GOOG, IACI, SYMC, VCLK, CSL, CEO, JNS, MFE, SOLF)
These are the top pre-market upgrades and downgrades we have seen from Wall Street this Thursday morning:
BCE (BCE) Started as Overweight at Thomas Weisel.
Google (GOOG) Raised to Buy at Canaccord.
IAC/Interactive (IACI) Raised to Buy at Canaccord.
Symantec (SYMC) Started as Buy at Auriga.
ValueClick (VCLK) Raised to Buy from Sell at Canaccord.
Carlisle Companies (CSL) Cut to Underweight at KeyBanc.
CNOOC (CEO) Cut to Neutral at UBS.
Janus (JNS) Cut to Neutral at JPMorgan.
McAfee (MFE) STarted as Sell at Auriga.
SolarFun (SOLF) Cut to Sell at Collins Stewart, but was also raised to Hold from Sell at Canaccord.
Jon C. Ogg
March 26, 2009
False Hopes For Internet Profits (IACI)(GOOG)(TWX)(NYT)(DIS)
Barry Diller, who has been in the media industry as long as almost any man alive, said the online display advertising at his company, IACI (IACI), might be down as much as 50% this month. Disney (DIS) reported that its interactive business lost money in the final quarter of last year. The head of advertising sales at Time Warner’s (TWX) AOL internet unit was replaced, probably a reasonable sign that revenue is under-performing there.
At The New York Times (NYT) where income from NYT.com has to do well because the newspaper is losing sales so fast, online revenue fell at a faster pace than print revenue did in December.
Is Liberty Exiting IAC/InteractiveCorp Entirely? (IACI, LINTA, LINTB, LMDIB, LCAPA, LCAPB)
John Malone and Barry Diller had their full round of the boxing match last year. But now it seems another fight may be under way. Liberty Media Corp. has been unloading shares of IAC/InteractiveCorp (NASDAQ: IACI). There have been steady reports and filings over the last week (and even in prior weeks) showingthat Liberty was unloading those shares. But a new filing shows that sales are continuing into 2009, and you have to wonder if Liberty is on its way to just calling it a day.
Top Pre-Market Analyst Downgrades (ACN, ADBE, DOX, CREL, CTRP, IACI, ISIL, KLAC, SAPE, SSCC)
These are some of the top pre-market analyst downgrades and cautious calls we have seen this Thursday morning:
- Accenture (ACN) Cut to Neutral at Goldman Sachs.
- Adobe Systems (ADBE) Cut to Neutral at Baird.
- Amdocs (DOX) Cut to Neutral at Goldman Sachs.
- Corel (CORL) Cut to Neutral at Piper Jaffray.
- Ctrip.com (CTRP) Cut to Neutral at Goldman Sachs.
- IAC/Interactive (IACI) Cut to Equal-Weight at Barclays.
- Intersil (ISIL) Cut to Neutral at Goldman Sachs.
- KLA-Tencor (KLAC) Cut to Hold at Citigroup.
- Sapient (SAPE) Cut to Sell at Goldman Sachs.
- Smurfit-Stone (SSCC) Cut to Neutral at Credit Suisse.
Jon C. Ogg
December 4, 2008
IAC/Interactive’s Do or Die Date Has Come (IACI, IACID, HSNI, IILG, TKTM, TREE)
Today marks the break-up for IAC/Interactive, which trades asunder the IACI and IACID tickers after the August 11, 2008 record date. IAC/Interactive is going to begin trading on a post-split basis to reflect the break-up today. The company’s spin-off symbols are as follows:
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Today’s top tickerspy Indexes Home Furnishing R... +14.1% Ethanol and Biofu... +5.1% Electronics Retai... +2.1% Diabetes Stocks +2.0% Memory Chip Stock... +2.0% 
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