Chris DeMuth Jr. • 48 Comments
Jacob Donnelly • 39 Comments
Lord Baltimore • 51 Comments
Aug. 8, 2013, 7:45 PM
- Goldman strategist David Kostin has identified what he thinks are the top 40 most undervalued stocks; at the time he issued the note yesterday, each stock had at least 20% upside to his price target.
- The list: MPC, ADSK, VTR, CRM, AMT, SPG, HAL, DVN, EXPE, SWN, R, ESV, BRCM, CAM, NBL, WYNN, WYN, NE, VMC, PSX, NBR, CCI, APC, EL, NFX, FSLR, GM, YHOO, CERN, EOG, CTSH, GT, QCOM, MON, VLO, SLB, PCP, AMAT, BMY, NOV.
Aug. 7, 2013, 9:42 AM
- Yahoo (YHOO) has hired Bernardo Hernandez, formerly head of Google's Zagat unit and the founder of multiple Spanish startups, to run Flickr.
- Flickr's former chief, Brett Wayn, left Yahoo after spearheading a major overhaul (replete with new apps and 1TB of free storage) that has improved engagement for the once-dominant photo-sharing site.
- Separately, Yahoo is set to unveil a new logo. That is, after a 30-day "countdown" featuring different logo variations is finished.
Aug. 2, 2013, 1:42 PM
- Yahoo (YHOO -1%) has bought Rockmelt, developer of Flipboard-like apps that deliver personalized Web and social media content. The apps will be shuttered at month's end.
- Kara Swisher reports Yahoo paid $60M-$70M.
- Rockmelt originally developed a browser featuring deep social media/messaging integration, but shifted its focus to personalized news/social reader apps. The reader apps also struggled to gain a following in the face of competition from Flipboard, Pulse, and many others.
- Yahoo: "We share a common goal to help people discover the best personalized content from around the web. We can’t wait to integrate the Rockmelt technology into our platform." Is integration with Yahoo's Summly-powered flagship app on the way?
- Erick Schonfeld sees Rockmelt giving Yahoo a "huge influx of engineering talent."
- Yahoo shuttered its Livestand reader app last year.
- Previous: Yahoo roundup
Aug. 2, 2013, 10:31 AM
- The NY Post reports Dan Loeb, who just agreed to resign from Yahoo's (YHOO -0.8%) board (along with two allied directors) and sell back 40M shares to the company, is "not parting on good terms" with Marissa Mayer.
- The Post (likely relying on sources near Loeb) also reports Mayer disagreed with Loeb's plan to fire 20%-30% of Yahoo's workforce after taking over (some ex-Yahoos voiced similar ideas), and that at least one more director is thinking of leaving. One source vents about Mayer's management style. "Marissa does whatever she wants. She calls board meetings at her house, she can be an hour late, she doesn’t care."
- Mayer tells Bloomberg Yahoo is set to hire 50 PhDs for its Yahoo Labs long-term R&D unit this year. Among the hires is former DARPA chief scientist Ron Brachman. Respected Yahoo Labs chief Prabhakar Raghavan left for Google last year, prior to Mayer's arrival.
- In an in-depth piece, BloombergBusinessweek takes a look at Mayer's efforts to lift Yahoo's standing in mobile, search, video, and elsewhere. In mobile, she's counting on a division led by Adam Cahan, the founder of 2011 Yahoo acquisition IntoNow. The division has grown to 330 workers, and has released a slew of revamped apps for popular Yahoo services.
Jul. 31, 2013, 12:38 PM
- E-commerce app/services provider Lexity announces Yahoo (YHOO -1.2%) has acquired it. The startup, founded by ex-Yahoo Amit Kumar, says its apps will "continue to run seamlessly," and support both Yahoo and 3rd-party platforms.
- Kara Swisher recently reported of a pending Yahoo/Lexity deal.
- Lexity, whose apps analyze e-commerce sites/apps before making personalized recommendations for advertising and monetization, says it has "tens of thousands of customers across 114 countries."
Jul. 29, 2013, 5:42 PM
- David Dibble, Yahoo's (YHOO) SVP of central technology, has retired from his position, but will remain with the company as an adviser to Marissa Mayer.
- Dibble, who was once First Data's CTO, has been responsible for Yahoo's IT infrastructure and platforms.
- He'll continue to have a base salary of $650K and 90% target annual bonus opportunity.
- News of Dibble's retirements comes a week after Yahoo confirmed media chief Mickie Rosen is leaving.
Jul. 29, 2013, 11:38 AM
- Kara Swisher reports Lexity, founded by ex-Yahoo engineer Amit Kumar, is close to being Yahoo's (YHOO -0.7%) 19th acquisition in the Marissa Mayer era.
- Lexity provides apps that analyze e-commerce sites and apps, and deliver features such as targeted ad placements, shopping search engine listings, and and live chat tools.
- Investor interest in e-commerce services platforms has grown lately, as evidenced by the strong IPOs delivered by ChannelAdvisor (ECOM -1.7%) and RetailMeNot (SALE).
- Google, Amazon, and eBay are each ramping their efforts to provide e-commerce ad solutions to smaller merchants. Yahoo, which caters to merchants via Yahoo Shopping, might not want to be left out.
Jul. 23, 2013, 8:15 AM
"Why now?," asks Needham, downgrading Yahoo (YHOO) to Hold as Third Point exits. 'Since board members have better information than public shareholders, their exit raises questions and adds risk that forward-looking valuation drivers for YHOO may be more negative than public markets reflect today." Third point now has greater flexibility about when it can sell its remaining 20M shares, creating an overhang. The stock's little-changed premarket after falling 4.3% yesterday.| Jul. 23, 2013, 8:15 AM | 2 Comments
Jul. 22, 2013, 5:18 PM
Yahoo (YHOO) media chief Mickie Rosen is leaving, Kara Swisher reports. Rosen, who reported to COO Henrique De Castro, has been in charge of top Yahoo properties such as News, Sports, and Finance since early '11, and was hired by the media-focused and departed Ross Levinsohn. She's the latest in a line of Yahoo execs to either leave or be pushed out since Marissa Mayer took over. Update: Yahoo confirms Rosen's departure.| Jul. 22, 2013, 5:18 PM | 1 Comment
Jul. 22, 2013, 9:49 AM
Dan Loeb is resigning from Yahoo's (YHOO -3.1%) board at month's end, as will the two other board members originally nominated by Third Point (Harry Wilson and Michael Wolf); the resignations are said to be in accordance with the terms of Yahoo's May '12 settlement agreement with the firm. Also, Yahoo (via its existing buyback authorization) will repurchase 40M shares from Third Point, after which the firm will continue to own 20M shares (less than a 2% stake). Yahoo now has 7 board members. Loeb has made a sizable profit on his Yahoo investment since originally taking a stake in the summer of 2011. (previous)| Jul. 22, 2013, 9:49 AM | 3 Comments
Jul. 18, 2013, 1:31 PMYahoo (YHOO -1.1%) has bought Ztelic, a Chinese developer of tools for analyzing/monitoring activity on the country's social networks. Analysts speculate Yahoo could be interested in using Ztelic's software to better integrate social networking content and deliver targeted ads. But it's worth noting Ztelic founder Zheng Hao was once the CTO of Yahoo's Beijing R&D center; Yahoo likely wanted to bring him back into the fold. | Jul. 18, 2013, 1:31 PM | 1 Comment
Jul. 17, 2013, 3:26 PM
The S&P 500 (SPY) ETF is usually the most heavily-traded U.S. security, but at 59M shares (as of 2:30 ET), it's at just 39% of its average volume over the last month. Leading today are Yahoo (YHOO +9.5%) as it soars following earnings, and Bank of America (BAC +2.9%) as it flies to a multi-year high after its profit report. Yahoo has traded 68M shares (440% of normal volume), and BofA 204M shares (177% of normal volume).| Jul. 17, 2013, 3:26 PM | 1 Comment
Jul. 17, 2013, 1:18 PM
Yahoo's (YHOO +8.2%) latest acquisition is Admovate, a developer of mobile ad campaign management/targeting tech for marketers. The purchase addresses two fields - mobile ads and display ad tech - where Yahoo is considered to have a weak hand relative to Google and other rivals, and follows a Q2 report in which an 11% Y/Y drop in display ad sales was reported. Online/mobile ad management software firm Marin Software (MRIN +3%) appears to be rallying thanks to the deal. Yahoo, meanwhile, continues to rocket higher thanks to Alibaba's numbers. (previous) (Yahoo/AdMob deal)| Jul. 17, 2013, 1:18 PM | 4 Comments
Jul. 17, 2013, 9:58 AMYahoo (YHOO +5.8%) jumps to new multi-year highs, as the Street pays less attention to a Q2 revenue miss, display ad weakness, and light guidance, and more to Alibaba's Q1 numbers. Evercore (Equal Weight) notes Alibaba posted a 51% Q1 EBIT margin, well above an estimate of 32% and a year-ago figure of 26%. As a result, the firm has raised its valuation estimate for the Chinese e-commerce giant to $120B from $90B. LightInTheBox (LITB +4.9%) might be up in sympathy. (Yahoo transcript) | Jul. 17, 2013, 9:58 AM
Jul. 16, 2013, 6:13 PM
Alibaba's Q1 revenue rose 71% Y/Y to $1.38B, and its net income rose 203% to $669M, Yahoo (YHOO) discloses following its Q2 report. Alibaba posted revenue of $1.84B (+80% Y/Y) and net income of $642M in seasonally strong Q4; margins improved greatly in Q1. CFO Ken Goldman states on the CC Yahoo is still exploring how to monetize its 24% Alibaba stake with little tax impact. Marissa Mayer says Tumblr has been adding 250K blogs/day post-acquisition, and that Yahoo needs more video content. "Our video [ad] inventory sells out months in advance, which is not a good thing." Will Yahoo go after another target, now that Dailymotion and Hulu are off the table? Shares rebound, now +0.1% AH. (Q2: I, II, III) (live blogs: I, II) (slides)| Jul. 16, 2013, 6:13 PM | 1 Comment
Jul. 16, 2013, 4:42 PM
Yahoo (YHOO) delivers guidance through a slide deck released following its Q2 report. The company expects Q3 revenue (ex-TAC) of $1.06B-$1.1B, below a $1.12B consensus, and 2013 revenue of $4.45B-$4.55B vs. a $4.53B consensus. 2013 adjusted EBITDA is expected to total $1.55B-$1.65B, below 2012's $1.7B, and 2013 non-GAAP operating income is pegged at $900M-$1B. Americas revenue (73% of total) +2% Y/Y in Q2, EMEA -8%, Asia-Pac -8%. Headcount was 11.5K at quarter's end, down 1.1K Y/Y but up 200 Q/Q. Shares -2.2% AH. (Q2 results: I, II)| Jul. 16, 2013, 4:42 PM