"Something meaningful shocked the eCommerce ecosystem in January," writes Stifel's Jordan Rohan...
"Something meaningful shocked the eCommerce ecosystem in January," writes Stifel's Jordan Rohan in his contrarian note on Google (GOOG -1.2%). Search engine marketing (SEM) firm IgnitionOne saw a 9% Y/Y drop in ad spend in Jan., followed by subdued growth of 9% in Feb. and 11% in March. Rohan, who also reports hearing Jan. mobile banner ad buying was weak (a negative for MM), does admit other SEMs saw mid-teens growth, but points out Google shares have little margin for error. "Google replaced Apple in tech portfolios as the comfort food trade in mobile..." AMZN +1.5%. EBAY -1.7%.
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