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OpenTable, Inc.

5/23/2013, 1:30 AM ET

Quote & Headlines Market Currents StockTalk

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Wednesday, May 22, 2:00 PM OpenTable (OPEN -5.1%) slides as investors seem displeased with its Q1 Restaurant Industry Index which shows a 1.4% decline in the number of guests served in reservation-taking establishments in North America during the quarter. Some markets (notably Atlanta, Chicago, Philadelphia, and to a lesser extent Boston) faced "notable headwinds" as Y/Y growth rates swung squarely into negative territory. (PR) Comment! [Tech, On the Move]
Tuesday, May 21, 11:18 AM Food delivery websites Seamless and Grubhub will merge to create a company that could take the niche industry to the next level. Though online food ordering sites are a hodge-podge of various options, the Seamless-Grubhub combination could lead to an expansive national rollout and a dominant industry position in the space. Should Yelp (YELP +1.4%) or Open Table (OPEN +2.7%) be worried about the threat of expanded services from the new company? Comment! [Consumer, M&A, Tech]
Friday, May 10, 11:18 AM OpenTable (OPEN +2%) rallies after Jim Cramer gives it a favorable mention (video); the Mad Money host declares the restaurant reservation platform faces no real competition (NoWait might disagree), and that its occasionally-criticized fee structure is justified by the value that it delivers to restaurants. Cramer: "There are other companies that do the same thing, but none of them have the scope and scale to be truly competitive right now." Cramer's remarks come as OpenTable revamps its Android apps to provide better Google Maps/Calendar support. Comment! [Tech, On the Move, Quick Ideas]
Friday, May 3, 5:04 PM OpenTable (OPEN +5.5%) closed sharply higher today after trading lower AH yesterday in response to the light revenue guidance accompanying its Q1 report. Healthy business metrics could be a reason: seated diners +25% Y/Y in Q1, up from Q4's 22%, and OpenTable's restaurant base rose by 440 to 27,957. Restaurant revenue +21% Y/Y (same as Q4), subscription revenue +8% (+10% in Q4). International seated diners +37% Y/Y, but revenue only +7%. North American seated diners +24%, revenue (87% of total) +17%. On the earnings call, management noted 36% of NA seated diners originated on a mobile device, up from Q4's 33%. Comment! [Tech, Earnings, On the Move]
Thursday, May 2, 6:51 PM Tech guidance roundup: 1) OpenTable (OPEN - earnings) expects Q2 revenue of $44.9M-$46.2M and EPS of $0.45-$0.49 vs. a consensus of $46.7M and $0.47. 2013 guidance is for revenue of $185.3M-$190.9M and EPS of $1.88-$2.02 vs. a consensus of $189.6M and $1.91. 2) ON Semi (ONNN - earnings) expects Q2 revenue of $675M-$715M vs. a $702.6M consensus. 3) Active Network (ACTV - earnings) expects Q2 revenue of $128M-$133M, below a $136.4M consensus. No 2013 guidance due to recent management upheaval. OPEN -3.1% AH. ONNN -2.4%. ACTV -0.7%. (OpenTable PR) (ON Semi PR) (Active Network PR) Comment! [Tech, Earnings, On the Move]
Thursday, May 2, 4:35 PM OpenTable (OPEN): Q1 EPS of $0.45 beats by $0.02. Revenue of $45.5M misses by $0.08M. Shares -4.2% AH. (PR) Comment! [Earnings, Breaking News, On the Move, Tech]
Thursday, May 2, 12:10 AM Notable earnings after Thursday’s close: ACLS, ACTV, ADNC, AGNC, AIG, ALSK, AREX, ARNA, ATHN, BBG, BCOR, BERY, BRKR, CBI, CNQ, DNB, DOLE, DRIV, EGO, ELON, ELX, FBHS, FLR, FLT, GEOS, GHDX, GILD, GMED, GTY, HAIN, HI, HMA, HTGC, INVN, KOG, KRFT, LNKD, MKH, MTZ, MYL, NBIX, NFG, NILE, NSR, ONNN, OPEN, PKT, PWER, QLGC, SKUL, SPF, SPWR, SWN, TDC, THOR, TPX, TSYS, TTMI, WTW, WWWW, XL, ZAGG Comment! [Earnings]
Wednesday, May 1, 5:35 PM Notable earnings after Thursday’s close: ACLS, ACTV, ADNC, AGNC, AIG, ALSK, AREX, ARNA, ATHN, BBG, BCOR, BERY, BRKR, CBI, CNQ, DNB, DOLE, DRIV, EGO, ELON, ELX, FBHS, FLR, FLT, GEOS, GHDX, GILD, GMED, GTY, HAIN, HI, HMA, HTGC, INVN, KOG, KRFT, LNKD, MKH, MTZ, MYL, NBIX, NFG, NILE, NSR, ONNN, OPEN, PKT, PWER, QLGC, SKUL, SPF, SPWR, SWN, TDC, THOR, TPX, TSYS, TTMI, WTW, WWWW, XL, ZAGG Comment! [Earnings]
Monday, April 15, 6:59 AM JPMorgan downgrades Open Table (OPEN) to Neutral from Overweight with a price target of $62. The firm thinks shares currently reflect the upside from Open Table's entry into the U.K. and conversions while also noting that industry trends remain weak in Q1. Comment! [Consumer]
Friday, April 12, 11:58 AM PAA Research starts OpenTable (OPEN -1.2%) with a Sell and $30 PT, leading shares to slip. The firm thinks OpenTable's conversion rates (for Web traffic?) are declining, and that a false impression of the company as a mobile play has led to an outsized valuation (currently 32x 2013E EPS). Shares remain up 25% YTD. Earlier this week, startup NoWait said it has seated 10M+ diners through a platform that combines an iPad reservation app for restaurants and text message notifications to diners. Unlike OpenTable, NoWait doesn't yet have an app for diners, but one is planned. Comment! [Tech, On the Move, Quick Ideas]
Friday, April 5, 4:14 PM Another Friday, another rally for well-shorted Internet stocks. Though Zynga (ZNGA +3.2%) may have benefited from news it's adding John Doerr to its board, most Internet names with large short interests that posted big gains did so in the absence of major news. Groupon (GRPN +5.9%), a frequent participant in such rallies, was among the standouts, as were Yelp (YELP +8.5%), Zillow (Z +3.8%), and OpenTable (OPEN +4.6%). 3 Comments [Tech, On the Move]
Friday, March 8, 2:22 PM A day after it was reported that a Yahoo exec stated her company is working on two "significant" acquisitions, Yelp (YELP +5.6%) is posting big gains on above-average volume. It probably doesn't hurt that it's a Friday and nearly a quarter of the float is shorted. Yahoo reportedly made a ~$750M offer for Yelp back in 2009, and has been frequently named as a potential Yahoo target over the last year. OpenTable (OPEN +1.4%), a company Yahoo was reportedly pitched on by bankers last year, is up more modestly. 2 Comments [Tech, On the Move]
Friday, March 1, 5:05 PM A day after CFO Duncan Robertson gave an upbeat talk (transcript) at a Morgan Stanley conference, OpenTable (OPEN +4.8%) broke out to new 52-week highs. Robertson suggested there's strong interest in a program that allows restaurants to promote available tables in exchange for a fee of $7.50/diner (rather than the usual $1). He also stated a cloud-based version of OpenTable's reservation book software is on tap, and that data aggregation will be emphasized. (CEO on CNBC) 2 Comments [Tech]
Wednesday, February 27, 9:54 AM LinkedIn (LNKD +3.1%) and OpenTable (OPEN +3.8%) jump out of the gate after Wunderlich starts coverage with Buy ratings. Also, Evercore's Ken Sena has raised his PT for LinkedIn to $200 from $160, arguing it should trade at multiples comparable to those of cloud software plays Workday and ServiceNow, and that of Salesforce shortly after its IPO (ed: the valuations of those firms have been criticized). Sena' reasoning: LinkedIn's subscription streams, addressable markets, and margin leverage "renders traditional earnings valuation metrics less meaningful." 5 Comments [Tech, On the Move, Quick Ideas]
Tuesday, February 12, 6:20 PM OpenTable (OPEN +4.7%) nearly made new highs after CEO Matthew Roberts went on CNBC (video) to tout his company's strong mobile position. Since OpenTable's business revolves around reservations (rather than ad sales), mobile is a "huge positive," Roberts asserts, while adding a third of reservations now come from mobile devices. He also made note of the Foodspotting acquisition. OpenTable rallied last week following its Q4 report, even though it came with light EPS guidance. 1 Comment [Tech, On the Move]
Thursday, February 7, 5:14 PM Tech guidance roundup: 1) OpenTable (OPEN - earnings) expects Q1 revenue of $44.7M-$46.1M and EPS of $0.39-$0.44 vs. a consensus of $45.8M and $0.46. 2013 guidance is for revenue of $186.1M-$193.1M and EPS of $1.79-$1.96 vs. a consensus of $189.2M and $1.92. 2) Microchip (MCHP - earnings) expects FQ4 revenue of $420.2M-$432.7M and EPS of $0.45-$0.49, above a consensus of $417.8M and $0.42. 3) NCR (NCR - earnings) expects 2013 revenue growth of 9%-11% and EPS of $2.65-$2.75, above a consensus of 8% and $2.58. OPEN unchanged AH. MCHP +6.7%. NCR +3.7%. Comment! [Tech, Earnings, On the Move]