Posts for Ticker ‘SFLY’

Shutterfly (SFLY): A Death Rattle From Web 2.0

Shutterfly (SFLY) calls itself an Internet-based social expression and personal publishing service. In reality, it is a simple online photo storage, swapping, and printing service.

No matter what it is, the company is not doing very well. Its shares fell over 17% today after it announced Q1 earnings. The stock fell through its 52-week low and traded down to $12.65. The stock has been as high as $37 during the period.

Shutterfly is not growing like a Web 2.0 company. Revenue rose 29% to $34,3 million. The company forecast Q2 revenue to be up 17% to 27% to a revenue range of $35 to $38 million. In other words, no growth quarter-over-previous-quarter.

Shutterfly also displayed the uncanny ability to lose more money that it did last year. The company’s net loss went to $3.6 million from $1.1 million in the quarter a year ago.

A look at the company’s P&L shows another source of the trouble. Shutterfly is spending way too much money. Expenses rose from $17 million in Q1 last year to $28.4 million in the last quarter.

If the company is not going to grow very fast, at least it could control expenditures.

Douglas A. McIntyre

Posted on: May 1, 2008 – 9:56 am in Media,

Top 10 Pre-Market Analyst Calls (BKS, BBY, CMO, COP, DBD, DDS, LLNW, NOVL, SFLY, VG)

Below are the top analyst calls that 247WallSt.com is looking at this morning in early trading:

  • Barnes & Noble (NYSE: BKS) downgraded to Underweight at JP Morgan.
  • Best Buy (NYSE: BBY) downgraded to Neutral at Banc of America.
  • Capstead Mortgage (NYSE: CMO) started as Outperform at Bear Stearns; started as Outperform at RBC Capital.
  • ConocoPhillips (NYSE: COP) downgraded to Equal-weight at Lehman Brothers.
  • Diebold (NYSE: DBD) raised to Outperform at Robert W. Baird; downgraded to Hold at Jefferies.
  • Dillards (NYSE: DDS) raised to Neutral at Credit Suisse.
  • Limelight Networks (NASDAQ: LLNW) raised to Hold at Jefferies.
  • Novell (NASDAQ: NOVL) downgraded to Hold at Jefferies.
  • Shutterfly (NASDAQ: SFLY) started as Outperform at William Blair.
  • Vonage (NYSE: VG) raised to Peer Perform at Bear Stearns.

Jon C. Ogg
March 4, 2008

Posted on: March 4, 2008 – 7:32 am in Analyst Calls, , , , , , , , , ,

Top 10 Pre-Market Analyst Calls (AUO, ESRX, FDO, GRMN, PBR, PZE, PPDI, SFLY, TSO, ZUMZ, CAL, DAL, NWA, UAUA, LCC, AMR)

These are not the only key analyst calls coming out of Wall Street analysts today, but these are the key calls that 247WallSt.com is focusing on in pre-market hours:

  • AU Optronics (AUO) raised to Outperform at Lehman.
  • Express Scripts (ESRX) downgraded to Market Perform at Wachovia.
  • Family Dollar (FDO) downgraded to Underperform at Bear Stearns.
  • Garmin (GRMN) downgraded to Hold from Buy at Deutsche Bank.
  • Petrobras Brasiliero (PBR) downgrades to Sell from Hold at Citigroup.
  • Petrobras Energia (PZE) downgraded to Underperform from Peer Perform at Bear Stearns.
  • PPD Inc. (PPDI) raised to Buy at UBS.
  • Shutterffly (SFLY) raised to Buy at Jefferies.
  • Tesoro (TSO) downgraded to Underperform from Peer Perform at Bear Stearns.
  • Zumiez (ZUMZ) raised to Buy at Piper Jaffray.
  • UBS RAISED AIRLINES: Continental (CAL), Delta (DAL), Northwest Airlines (NWA), UAL (UAUA), and United (LCC) all raised to Buy from neutral; AMR (AMR) raised to Neutral from Sell.  Incidentally, Bear Stearns also raised Delta (DAL) to an Outperform rating.

Jon C. Ogg
January 9, 2008

Posted on: January 9, 2008 – 8:03 am in Analyst Calls, , , , , , , , , , , , , , , ,

Media Digest 10/31/2007 Reuters, WSJ, NYTimes, FT, Barron’s

According to Reuters, a number of experts do not believe that a rate cut by the Fed will help the falling housing market.

Reuters writes that Alcatel-Lucent (ALU) will cut another 4,000 jobs.

Reuters reports that the UAW takes with Ford (F) have hit an intense phase.

Reuters also reports that Dell (DELL) has filed amended financials and will begin its share buy-back.

The Wall Street Journal reports that Google (GOOG) is in talks with Verizon (VZ) and Sprint (S) about offering a news phone loaded with the search company’s mobile software.

The Wall Street Journal writes that Stan O’Neal left Merrill Lynch (MER) with a $162 million exit package.

The Wall Street Journal reports that oil experts are discussing the possible effects of oil going well above $100 a barrel.

The Wall Street Journal writes the Cerberus has dropped its bid for Affiliated Computer Services (ACS).

The Wall Street Journal writes that experts are questioning if Citigroup (C) should account for structured investment vehicles on their own balance sheets.

The New York Times writes that pharmaceutical ingredients exported from China are often made by firms that are not certified.

The FT writes that Congress has extended the internet tax ban.

Barron’s writes that shares in Shutterfly (SFLY) dropped on a weak forecast for the next quarter.

CNN Money reports that Google (GOOG) and several social networks will offer a platform for applications that will run on any social networking site. The move is seen as a challenge to Facebook.

Douglas A. McIntyre

Posted on: October 31, 2007 – 3:14 am in Press Digest, , , , , , , , , ,

Shutterfly (SFLY) Paints Itself Out Of the Picture

Shutterfly (SFLY) announced that its total revenues were $32.6 million, an increase of 54% over the third quarter 2006. The online photo site had a GAAP net loss per share was ($0.14), as compared to a net loss per share of ($0.70) for the third quarter 2006.

Transacting customers for the quarter totaled 844,000 – a 35% increase over the third quarter 2006.

The company’s forecast for Q4 was revenues within the range of $90.5 million to $93.5 million, an increase of 38% to 42% as compared to the fourth quarter of 2006. For the full year revenues will be within the range of $180 million to $183 million, an increase of 46% to 48% as compared to the full year 2006

Analysts had been looking for Q3 revenue of $31 million and EPS of ($.16) and revenue for Q4 of $93 million with EPS of $.67.

The earnings gods were angry with the foecast and sent the shares down 9% after hours to $33.

Douglas A. McIntyre

Posted on: October 30, 2007 – 3:10 pm in Uncategorized,

Pre-Market Analyst Calls (June 5, 2007)

AAP raised to Neutral at JPMorgan.
ALDN cut to Mkt Perform at FBR.
ALY started as Outperform at Wachovia.
BEBE cut to Mkt Perform at FBR.
BEN cut to Underweight at JPMorgan.
BHP raised to Buy at Citigroup.
CPO started as Buy at BB&T.
CRZO started as Buy at Sun Trust Robinson Humphrey.
FIF raised to Outperform at Piper Jaffray.
HAS cut to Underweight at JPMorgan.
JNPR cut to Neutral at UBS.
OCNF started as Buy at Cantor Fitzgerald.
OHI started as Neutral at UBS.
OPWV cut to Underweight at JPMorgan; cut to Underperform at CIBC.
ORBC started as Mkt Perform at Piper Jaffray.
REG started as Neutral at Baird.
SFLY started as Strong Buy at JMP Securities.
SWIR raised to Outperform at CIBC.
SLR raised to Neutral at Credit Suisse.
TELK cut to Mkt Perform at Wachovia.
TRMP cut to Underperform at Bear Stearns.
WRI started as Outperform at Baird.
XEC cut to Neutral at UBS.

Jon C. Ogg
June 5, 2007

Posted on: June 5, 2007 – 6:37 am in Analyst Calls, , , , , , , , , , , , , , , , , , , , , , ,

Shutterfly Signs Target as Distributor (SFLY, EK)

Shutterfly (SFLY-NASDAQ) has scored a digital photo pact with Target (TGT), where Target customers will be able to use the Shutterfly digital photo storage, printing, and ordering systems.  The pact has several offerings, but the most obvious win here is that Shutterfly customers will be able to order prints and print them directly to Target stores, and the prints may be ready as soon as one-hour.  That would be a major score for the company and may end up being a better "online photo" carryover to physical photos.

Other service offerings are the following: Order prints on-line and pick them up in local Target stores within an hour; Order Shutterfly products and receive them at home via mail delivery; Purchase Shutterfly ship-to-home products at select Target stores.

This is the sort of deal that Eastman Kodak (EK-NYSE) needs to be pursuing and it shows how young innovators can score at the expense of the old leaders. 

Jon C. Ogg
May 7, 2007

Jon Ogg can be reached at jonogg@247wallst.com; he does not own securities in any of the companies he covers.

Posted on: May 7, 2007 – 7:28 am in Consumer Goods, Entertainment, Internet, ,