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Mon, Feb. 8, 2:37 PM
- Many tech stocks are seeing 6%+ losses as investors flee to safety yet again. The Nasdaq is down 3.4%, and the S&P 2.7%.
- As was the case on Friday following Tableau and LinkedIn's disappointing guidance, a slew of enterprise tech stocks are seeing big losses, with cloud software and security tech names well-represented on the casualty list.
- Also: Solar stocks are having another brutal day (TAN -6.7%) as energy stocks get routed amid fears Chesapeake Energy is close to bankruptcy. WTI crude oil is once more near $30/barrel.
- Enterprise software decliners: Adobe (ADBE -9.6%), Paylocity (PCTY -19.1%), Salesforce (CRM -9.9%), Workday (WDAY -12%), Guidewire (GWRE -12.5%), ServiceNow (NOW -11.5%), Zendesk (ZEN -13.8%), Paycom (PAYC -13.4%), Marin Software (MRIN -10.3%), Castlight (CSLT -8.4%), Cornerstone OnDemand (CSOD -12.1%), Atlassian (TEAM -13.2%), inContact (SAAS -9.6%), and Bazaarvoice (BV -14.5%).
- Enterprise security decliners: Palo Alto Networks (PANW -12.2%), FireEye (FEYE -9.8%), CyberArk (CYBR -11.5%), Proofpoint (PFPT -12.7%), Qualys (QLYS -8.9%), Imperva (IMPV -9.7%), Rapid7 (RPD -9.4%), and Barracuda (CUDA -8.4%).
- Solar decliners: SunEdison (SUNE -11.3%), SunPower (SPWR -8.8%), JinkoSolar (JKS -7.6%), SolarEdge (SEDG -7.9%), Yingli (YGE -7.1%), TerraForm Power (TERP -10.7%), and TerraForm Global (GLBL -9.2%).
- Other major decliners: Micron (MU -9.1%), Western Digital (WDC -10.5%), Arista (ANET -10.9%), Universal Display (OLED -10.6%), Rackspace (RAX -11.3%), Fitbit (FIT -8.7%), Nimble Storage (NMBL -11.3%), Sierra Wireless (SWIR -9.9%), Rocket Fuel (FUEL -9.8%), Knowles (KN -9%), Mitel (MITL -8.9%), and Alarm.com (ALRM -8.9%).
- Previously covered: Yelp, Cognizant, Tableau, Globant, Ambarella, European tech stocks
Fri, Jan. 29, 7:03 PM
- Video ad specialist Adaptive Medias (OTCQB:ADTM -8.6%) has received an acquisition bid, Barron's reports, from private AdSupply, with whom it entered a strategic partnership last week.
- AdSupply has offered $35M -- about $1.50 a share, a ten-bagger premium over the current price of $0.144 -- in a letter to Adaptive's board.
- The company will form a committee to review the deal and Adaptive CEO John Strong says they'll do their fiduciary duty to check all options.
- AdSupply chief Justin Bunnell said companies in the ad-tech space (particularly sometime candidates Rubicon Project (NYSE:RUBI), Rocket Fuel (NASDAQ:FUEL) and Criteo (NASDAQ:CRTO)) should be ready for what might be a wave of acquisitions with stock prices lower than before and "as companies prepare for the next round of competition."
- Previously: Adaptive Medias in marketplace partnership with AdSupply (Jan. 21 2016)
Fri, Jan. 15, 2:53 PM
- In Wall Street's latest bloodletting, the Nasdaq is down 3.1% and the S&P 2.4%. The decline comes amid tumbling energy prices (crude is below $30/barrel), soft macro data, and disappointing earnings reports from the likes of Intel and Citigroup.
- Tech companies seeing outsized losses amid the carnage include chipmakers NXP (NXPI -8.1%), Qorvo (QRVO -8.9%), InvenSense (INVN -3.7%), IDT (IDTI -6.4%), Sigma Designs (SIGM -6.5%), and Knowles (KN -6.6%), as well as solar plays Trina (TSL -9.3%), ReneSola (SOL -11.5%), JinkoSolar (JKS -10.7%), Enphase (ENPH -8.5%), and Canadian Solar (CSIQ -8.4%).
- Also off sharply: Action camera leader GoPro (GPRO -8.7%), 3D printer maker 3D Systems (DDD -7.5%), daily deals leader Groupon (GRPN -6.4%), server interconnect provider Mellanox (MLNX -8.5%), OLED materials/IP provider Universal Display (OLED -10.3%), Latin American online marketplace MercadoLibre (MELI -7.2%), data management software firm Varonis (VRNS -8.3%), ad tech firm Rocket Fuel (FUEL -7.1%), Chinese online retailers Vipshop (VIPS -6.9%) and Jumei (JMEI -12.7%), and home automation system provider Control4 (CTRL -7.8%).
- GoPro is down 22% since issuing a Q4 warning on Wednesday afternoon. Trina has been downgraded to Neutral by Goldman. IDT and Mellanox could be affected by the weaker-than-expected Q4 sales reported for Intel's server CPU division (DCG).
- Previously covered: Chip equipment makers, Yandex/Qiwi, Intel, Textura, PC industry firms, Rackspace, CommVault, Ericsson
- Wednesday's notable decliners
Mon, Jan. 11, 12:43 PM
Thu, Jan. 7, 2:56 PM
- The Nasdaq is down 2.4%, and the S&P down 2%, as investors continue fleeing to safety amid ongoing Chinese worries. Not surprisingly, many high-beta tech names are seeing much steeper losses.
- 5%+ decliners include action camera leader GoPro (GPRO -7.9%), fitness band leader Fitbit (FIT -7.6%), threat-protection hardware/software provider FireEye (FEYE -7.2%), video processor developer/GoPro supplier Ambarella (AMBA -8.6%), flash storage array vendor Violin Memory (VMEM -12.7%), capacitor maker Kemet (KEM -14.6%), and cloud healthcare software firms Castlight (CSLT -8.3%) and Veeva (VEEV -6.4%).
- Others include Russian search leader Yandex (YNDX -5.9%), 3D measurement/scanning hardware firm FARO Technologies (FARO -7.5%), ultracapacitor maker Maxwell (MXWL -9.1%), car-buying site TrueCar (TRUE -8.8%), analog/mixed-signal chipmaker ON Semi (ON -5.4%), online ad platform Rocket Fuel (FUEL -6.3%), and LED/chip equipment maker Aixtron (AIXG -6.8%).
- Previously covered: Chinese tech stocks, solar stocks, Everyday Health, SunEdison, Atmel
Nov. 4, 2015, 4:53 PM
- Along with its Q3 results, Rocket Fuel (NASDAQ:FUEL) has announced Randy Wootton, the company's sales chief since March and before that a Salesforce and Microsoft exec, is its new CEO. Wootton, who is also joining the board, replaces Monte Zweben, who has been interim CEO since March.
- Zweben will become executive chairman, replacing co-founder/ex-CEO George John. John is leaving the company to join a VC firm.
- CFO David Sankaran is also resigning, effective Nov. 30. Cal Hoagland, a partner at a CFO services and board advisory firm, has been named interim CFO while a search is carried out for Sankaran's replacement.
- Rocket Fuel is guiding for Q4 non-GAAP revenue (backs out partner payments) of $68M-$72M vs. Q3's reported $68.2M. Consensus is for GAAP revenue (doesn't back out partner payments) of $154M, well above Q3's reported $111.8M. Q4 is the seasonally strongest quarter for ad tech firms.
- Shares have fallen to $4.56 after hours.
- Q3 results, PR
Nov. 4, 2015, 4:21 PM
- Rocket Fuel (NASDAQ:FUEL): Q3 EPS of -$0.16 beats by $0.09.
- Revenue of $111.84M (+9.5% Y/Y) misses by $10.5M.
- Shares -3.61%.
Nov. 3, 2015, 5:35 PM
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Oct. 26, 2015, 10:20 AM
- Dish Network (DISH +0.7%) is set to start testing automated advertising sales for linear TV, with a beta test set to begin before a more formal launch date later.
- "We're bringing the ease of digital ad buying to the TV marketplace," says Dish's Adam Gaynor. Advertisers are expected to spend $70.6B on TV advertising vs. $58.6B on digital media this year.
- While major broadcast nets and affiliates sell their own ad slots independently, there's still a world of channels on Dish that could use the carrier's programmatic market. Dish is working with ad firms Rocket Fuel (NASDAQ:FUEL), TubeMogul (NASDAQ:TUBE) and DataXu on its marketplace.
- Meanwhile, DISH stock got an upgrade from Moffett Nathanson to Neutral. The firm set a $61 price target on the stock; shares are currently trading at $62.80.
Sep. 18, 2015, 2:46 PM
- iOS 9 officially launched on Wednesday, and brought with it support for 3rd-party ad-blockers for Apple's Mobile Safari browser. Several ad-blockers - Crystal, Purify, Blockr, and before it was pulled today, Peace - have quickly jumped towards the top of App Store paid download charts.
- Google (GOOG -1.4%), whose various ad platforms (AdWords, AdSense, DoubleClick, YouTube) are vulnerable to browser ad-blockers, is in the crosshairs. As are numerous online ad tech firms connecting publishers and sellers with each other and/or ad exchanges.
- Softening the blow for Google: Browsing done via its Chrome browser or core app - both are popular on iOS - isn't affected, nor is the YouTube app. Meanwhile, Facebook and Twitter, which get far more mobile traffic from their apps than their sites, might see only a modest hit. StatCounter estimates Safari had a 22.9% global mobile/tablet browser share in August, down from 31.2% a year ago and below a combined 46% for Chrome and the stock Android browser.
- On the flip side, iOS accounts for a disproportionate % of mobile usage and online shopping among the higher-income users coveted by advertisers, and also within the U.S. (45% of Google's Q2 revenue). StatCounter pegs Safari's U.S. mobile/tablet share at 55.2%, and Chrome/stock Android's at 39.5%.
- PC browser ad-blocking has already seen tremendous growth, especially in Europe. Defenders of the practice cite privacy concerns and the impact of ads on a device's performance/battery life, while critics argue publishers of free/ad-supported content are being deprived of their livelihoods.
- Ad tech firms: CRTO, FUEL, RUBI, MRIN, SZMK
Sep. 1, 2015, 12:56 PM
- Four months after fellow demand-side online ad platform Gravity4 made a $350M conditional buyout offer for Rocket Fuel (FUEL -0.5%), Gravity4 is at it again. Only this time, the company is offering $258M - a figure roughly even with Rocket Fuel's current market cap.
- In a less-than-surprising move, Rocket Fuel has quickly rejected Gravity4's latest bid, while stating its board has "concluded that the proposal, which is highly conditional and inconsistent with customary public company transactions, is not credible."
- Shares are less than a dollar above a 52-week low of $5.15. They're down 62% YTD.
Aug. 20, 2015, 12:09 PM
- With investors fleeing to safety and asking questions later - Chinese macro concerns have been playing a role - tech stocks with high betas (and sometimes also high multiples and big 2014/2015 gains) are among the biggest losers as the S&P drops 1.1%, and the Nasdaq 1.7%.
- Noteworthy decliners include action camera leader GoPro (GPRO -6%), security tech plays Palo Alto Networks (PANW -4.9%), FireEye (FEYE -4.5%), CyberArk (CYBR -5.7%), Qualys (QLYS -5.1%), Imperva (IMPV -6%), and Vasco (VDSI -4.2%), and driver-assistance tech leader Mobileye (MBLY -6%).
- Others include optical networking hardware vendors Ciena (CIEN -5%) and Infinera (INFN -7.3%), optical component vendors NeoPhotnics (NPTN -5.9%) and Oclaro (OCLR -6.7%), data management software firm Varonis (VRNS -5.5%), programmatic ad-buying platform Rocket Fuel (FUEL -7.4%), DNS/IP address hardware vendor Infoblox (BLOX -5.1%), haptic tech developer Immersion (IMMR -6.2%), and solar microinverter maker Enphase (ENPH -7.2%).
- Many Chinese tech stocks are also seeing heavy losses.
Aug. 5, 2015, 4:41 PM
- Job cuts helped Rocket Fuel (NASDAQ:FUEL) post a much smaller-than-expected Q2 loss: Not counting restructuring charges, GAAP costs/expenses totaled $137.2M, up 35% Y/Y but down slightly Q/Q. Moreover, Y/Y spending growth fell sharply from Q1's 62% clip.
- The demand-side online ad platform owner expects Q3 non-GAAP revenue to be in a range of $68M-$73M vs. a reported Q2 level of $70.9M. Consensus is for GAAP revenue (doesn't back out ad partner payments) to rise to $124.1M from Q2's $120.1M. Q3 adjusted EBITDA is expected to be in a $0-$4M range, after totaling $1.4M in Q2.
- Active customer count rose by 105 Q/Q and 148 Y/Y to 1,592. Headcount fell by 175 Q/Q to 1,008.
- Shares have jumped to $7.75 AH. They're still down 52% YTD.
- Q2 results, PR
Aug. 5, 2015, 4:31 PM
- Rocket Fuel (NASDAQ:FUEL): Q2 EPS of -$0.17 beats by $0.25.
- Revenue of $120.06M (+29.6% Y/Y) beats by $0.8M.
- Share +5.10% AH.
Aug. 4, 2015, 5:35 PM
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Jun. 12, 2015, 2:47 PM
- Advertising technology companies have stabilized a bit today after slipping on yesterday's news that Apple's new operating system would support blocking of cookies and other content.
- Criteo (NASDAQ:CRTO) is up 0.2% after yesterday's 7.3% drop, and Rubicon Project (NYSE:RUBI) is down just 1.3% today, compared to yesterday's 4.7% decline. Rocket Fuel (NASDAQ:FUEL) is up 0.2%; TubeMogul (NASDAQ:TUBE) is off 1.3% after slipping into the close to finish -7.9% yesterday.
- B. Riley's Sameet Sinha thinks Rubicon Project might actually benefit from the change (the impact of which Sinha figures is at least nine months out): It might actually drive more ad dollars toward key Rubicon inventory areas.
- "One, it will drive ad dollars to App-based environments, such as AAPL’s iAds, where RUBI is the SSP," Sinha writes. "Two, it could drive ad dollars towards less blockable inventory, such as Native and Video, which are a growing segment of RUBI’s inventory
- Sinha has a Buy on Rubicon Project with a $26 target; shares are trading today at $16.98.
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