Jun. 23, 2014, 1:16 PM
- Sources tell dealReporter OpenTable (OPEN +0.1%) talked with bidders other than Priceline (PCLN -0.1%) before accepting the online travel giant's $2.6B bid.
- Though a higher offer is seen as unlikely, one source thinks Yahoo (set to receive an Alibaba IPO windfall) could make a bid. OpenTable is currently 1.9% above Priceline's $103/share offer price.
- Yelp (YELP +3.6%), which blasted off after Priceline/OpenTable was announced, is rallying again. Volatile restaurant deals microcap LiveDeal (LIVE +9.3%) is also up strongly.
- Previous: Street commentary on Priceline/OpenTable
Jun. 13, 2014, 12:46 PM
Jun. 13, 2014, 9:18 AM
- YELP +9.4% premarket, Groupon (GRPN) +7.1%, Pandora (P) +3.5%, Angie's List (ANGI) +4.7%, TripAdvisor (TRIP) +3%, and Zynga (ZNGA) +2.3% after Priceline announces it's buying OpenTable for $2.6B (a 46% premium to yesterday's close).
- OpenTable (OPEN), meanwhile, is up to $104.18 - $1.18 above Priceline's acquisition price - as investors bet a higher offer (perhaps from Google, eBay, or Amazon?) will arrive.
- The deal is the largest acquisition of a public U.S. Internet company in recent history.
Jun. 13, 2014, 9:11 AM
Jun. 13, 2014, 8:07 AM
- The all-cash deal valuing OPEN at $2.6B is expected to close in Q3. The price is a 46% premium to last night's close.
- “The kind of work that we do day-to-day is very similar,” says Priceline (PCLN) CEO Darren Huston. “It’s just a different marketplace.”
- A conference call to discuss is set for 8:30 ET.
May 13, 2014, 8:15 AM
- Leveraging technology acquired from 2013 acquisition SeatMe, YELP has launched a restaurant reservation service that's integrated with its business pages.
- Whereas market leader OpenTable (OPEN) typically charges restaurants a hardware fee, a monthly subscription fee, and a per-diner bookings fee, Yelp's service will be free to any restaurants that has "claimed" its Yelp page.
- Yelp suggests the service's feature set won't be quit as robust as that of SeatMe's paid service, which will continue to be offered. The company's main goal: To boost user and restaurant engagement, with the hope that the latter group will be more interested in buying ads to promote their Yelp pages.
- Yelp's move comes shortly after TripAdvisor (TRIP) entered the restaurant reservation market by acquiring leading European player LaFourchette; TechCrunch reports the purchase price was $140M. LaFourchette claims 12K+ restaurant partners; OpenTable has an international installed base of 7,721 restaurants at the end of Q1.
- OPEN -0.9% premarket. Shares fell last year after Yelp announced the SeatMe deal. Though OpenTable's U.S. dominance is unlikely to be challenged in the near-term, Yelp's offering could gain a following with businesses looking to cut customer acquisition costs and/or are disgruntled with OpenTable's pricing.
May 2, 2014, 8:09 AM
- OpenTable (OPEN) expects Q2 revenue of $54.7M-$56.3M and EPS of $0.43-$0.48 vs. a consensus of $55.4M and $0.46. Full-year guidance is for revenue of $221.9M-$228.1M and EPS of $1.81-$1.96 vs. a consensus of $225.4M and $1.84.
- Seated diners grew 25% Y/Y in Q1 to 46.7M, a slowdown from Q4's 34% clip. OpenTable's installed restaurant base only rose by 30 Q/Q to 31,583.
- Reservation revenue +27% Y/Y to $34.3M vs. +33% in Q4. Subscription revenue +13% to $16.6M vs. +12%.
- North America still accounts for 86% of revenue; the region's sales rose 17% to $46M. International sales +18% to $45.5M. Excluding an impairment charge, costs/expenses rose 22% Y/Y, exceeding rev. growth of 18%.
- BofA/Merrill has upgraded shares to Buy, albeit while keeping its PT at $87.
- Q1 results, PR, CC transcript
May 1, 2014, 4:38 PM
- OpenTable (OPEN): Q1 EPS of $0.45 beats by $0.03.
- Revenue of $53.78M (+18.2% Y/Y) misses by $0.61M.
Apr. 3, 2014, 9:36 AM
- OpenTable (OPEN +3.2%) has been upgraded to Buy by Citi.
- Level 3 (LVLT -1.3%) has been cut to Hold by Gabelli.
- Altera (ALTR +1.2%) and Xilinx (XLNX +0.8%) have been started at Outperform by FBR. Separately, Piper has assumed coverage of Altera at Overweight, and Xilinx at Neutral.
- Telus (TU -1.2%) has been cut to Neutral by Macquarie. The carrier recently announced a CEO change.
Feb. 12, 2014, 4:05 PM
- Yahoo (YHOO -1%) has followed up on its Yelp search content deal by more deeply integrating OpenTable's (OPEN +1.9%) content and reservation options into its search results.
- Sources tell Kara Swisher the move is part of a local content redesign (has strong mobile tie-ins) for Yahoo search, as well as the company's broader efforts (previous) to invest in search tech and thereby reverse long-term share losses to Google.
- Bing, whose search engine powers Yahoo's results (Yahoo maintains flexibility in how results are displayed/augmented), has already struck content integration deals with a list of partners that includes Yelp, OpenTable, Facebook, and Twitter. On a global level, the efforts have only had a modest impact on Bing's search share.
Feb. 6, 2014, 6:12 PM
- In tandem with its Q4 report, OpenTable (OPEN) has announced it's acquiring Ness Computing, developer of an iOS app that offers personalized restaurant recommendations, for $17.2M ($11.3M net of estimated cash on hand).
- OpenTable suggests it will use Ness' team and technology to improve the restaurant discovery/recommendation features of its own apps; Ness' app will be discontinued. The deal comes a year after OpenTable acquired Foodspotting, maker of a well-used app for finding and sharing restaurant dishes.
- Shares have added to their AH losses, as OpenTable's soft EPS guidance (the result of aggressive 2014 investment plans) overshadows a Q4 beat. The company's seated diners rose 34% Y/Y in Q4 to 44M, and its installed restaurant base 15% to 31.5K.
Feb. 6, 2014, 5:12 PM
- OpenTable (OPEN) expects Q1 revenue of $53.3M-$54.9M and EPS of $0.39-$0.43 vs. a consensus of $54.3M and $0.54. Full-year guidance is for revenue of $221M-$229M and EPS of $1.71-$1.92 vs. a consensus of $223M and $2.21. Shares -1.9% AH. (Q4 results, PR)
- NCR expects 12%-14% 2014 revenue growth and EPS of $3-$3.10. The consensus, which might not fully take into account the recent Digital Insight and Alaric Systems acquisitions, is for 7.5% revenue growth and EPS of $3.10. Shares -6% AH. (Q4 results, PR)
- ON Semi (ONNN) expects Q1 revenue of $695M-$725M, above a $675.5M consensus. Shares +4% AH. (Q4 results, PR)
- Audience (ADNC) expects Q1 revenue of $33M-$36M and EPS of -$0.17 to -$0.21 vs. a consensus of $33.5M and -$0.09. Shares unchanged for now. (Q4 results, PR)
Feb. 6, 2014, 4:35 PM
- OpenTable, Inc. (OPEN): Q4 EPS of $0.59 beats by $0.07.
- Revenue of $52.3M (+21.7% Y/Y) beats by $6.25M.
- Shares -3.8%.
Feb. 6, 2014, 12:10 AM| Feb. 6, 2014, 12:10 AM | 4 Comments
Feb. 5, 2014, 5:35 PM| Feb. 5, 2014, 5:35 PM | 2 Comments
Feb. 4, 2014, 11:29 AM
- Citi's Mark May has upgraded OpenTable (OPEN +2.9%) to Neutral ahead of the restaurant reservation platform's Thursday Q4 report, and raised hit PT to $74 from $68.
- May thinks OpenTable's results will be at least in-line, is upbeat about the company's (mobile-focused) product cycle, and thinks there's less near-term risk of multiple compression.
- Shares have gradually trended lower since soaring to new highs in November, following OpenTable's market-pleasing Q3 report.