Yesterday, 6:12 PM
- Believing the expiration of ListHub agreements could respectively cost Zillow proper and Trulia 3% and 10% of their listings, Cowen's Thomas Champion has cut his Zillow (NASDAQ:Z) target by $4 to $105.
- Champion also thinks their could be spillover effects from the loss of ListHub data. "[I]t's possible the loss of ListHub could result in a thinning of listings in some geographies or heightened data inaccuracies ... Although there are many third-party listings sources, ListHub is perceived as being higher-quality. Overall listings and pricing accuracy have historically been an issue for Zillow based on our survey findings."
- The target cut comes as Zillow/Trulia continue rapidly striking new deals with MLS' to get direct access to their listings. Earlier today, Zillow announced a deal with Arizona's ARMLS, which has 31K members in the state. Last week, Zillow stated it had added 16 new U.S. MLS partners.
- Zillow and Trulia are both set to lose ListHub's data in April. Trulia settled with ListHub 3 weeks ago.
Thu, Mar. 12, 4:05 PM
- Trulia (NASDAQ:Z) has settled its suit against News Cop.-owned Move, launched last month after Move's ListHub unit terminated a deal to provide real estate listings ahead of its June 2016 conclusion.
- The settlement requires ListHub to provide listings to Trulia only until April 7. GeekWire reports the agreement came after a lengthy hearing during which Judge Ernest H. Goldsmith "didn’t seem all that sympathetic to Trulia’s arguments," and was "particularly unconvinced by Trulia’s arguments that ListHub provides unique data because it brings together information from a wide variety of brokers and multiple listing services."
- The site notes Zillow, whose own deal with ListHub expires in April - it's looking for alternate sources - might "provide a feed of listings to Trulia in order to replace at least some of what the company will lose as a result of ListHub cutting off its feed."
- Zillow closed down 1.6% today. The Nasdaq rose 0.9%.
- Previously: Trulia wins retraining order against ListHub
Tue, Feb. 24, 4:05 PM
- A few days after Zillow (Z -3.1%) announced it's filing for a temporary restraining order against News Corp.-owned Listhub for ending its Trulia listings deal (effective Feb. 26) well before its planned June 2016 expiration, a San Francisco judge has granted a restraining order.
- The order will remain in place at least until March 12 - the date set for a court hearing on the matter. Trulia: "We’re very pleased with this preliminary decision, and hopeful the court will grant us the further time necessary to make this transition in an orderly way."
- Shares nonetheless sold off today, thanks to a downgrade to Neutral from Macquarie. The downgrade comes in the wake of a sharply rally in Zillow's shares following the closing of its merger with Trulia.
Fri, Feb. 20, 4:21 PM
- Just days after Zillow and Trulia officially closed their merger, News Corp.-owned ListHub has announced it will stop providing listings to Trulia on Feb. 26, thereby ending an agreement originally set to conclude in June 2016.
- Zillow Group (NASDAQ:Z) has responded by seeking a temporary restraining order against ListHub, which is already set to stop supplying listings to Zillow proper in April. The company has been busy finding alternate listing sources, and has insisted no longer being dependent on a rival for listings - News Corp. owns Realtor.com - will be a long-term positive.
- Shares rose 3.4% today, and are up 15% since the merger officially closed.
Wed, Feb. 18, 12:51 PM
Wed, Feb. 18, 12:30 PM
- Zillow (Z +14.6%) has taken off on its first trading day as a company containing both Zillow and Trulia's assets. 3.6M shares have already been traded; the 3-month average for Zillow proper is 1.4M.
- During a CC, CEO Spencer Rascoff reiterated Zillow expects the merger to give it more scale/bargaining power when negotiating for MLS data, and declared the company has already made much progress in finding alternate sources for listings to be lost by the April expiration of a deal with Listhub (owned by Realtor.com owner News Corp.). "When we announced parting with News Corp. we were freed from the constraint of being reliant on a competitor for listings."
- Yesterday: Zillow closes Trulia deal, plans to cut 350 jobs
Tue, Feb. 17, 5:30 PM
- With the FTC having ended its review of the deal (as disclosed last Friday), Zillow (NASDAQ:Z) has officially closed its $2.5B all-stock merger with Trulia (NYSE:TRLA). The merged company will begin trading under Zillow's ticker tomorrow, and be known as Zillow Group.
- Notably, Trulia COO Paul Levine will run Trulia post-merger; Trulia CEO Pete Flint will join Zillow Group's board, as will former Trulia director Greg Waldorf.
- Zillow Group plans to cut 280 jobs in Q1 (mostly redundant sales/admin positions), and another 70 in Q2. Once the cuts are done, the company will have ~2K employees.
- Zillow rose 2.5% in regular trading in the wake of its Q4 report and FTC announcement. Trulia rose 3.1%.
Fri, Feb. 13, 5:52 PM
- More specific metrics from Zillow's (NASDAQ:Z) Q4 report: Average monthly unique users of nearly 77M (up 41%); mobile visits (nearly two-thirds of Zillow's visits) were up 57%.
- Premier Agent advertising revenue hit an annualized run rate of more than $268M vs. prior year's $157M. Zillow netted 1,428 new Premier Agent advertisers at average revenue of $359, up from prior year's $271.
- For the full year, revenues were up 65% to record $325.9M (Marketplace Revenue up 73% to $267.2M; Display Revenue up 37% to $58.7M).
- There's no conference call to discuss earnings, but Zillow is holding a call to discuss the Trulia acquisition Wed., Feb. 18 at 9 a.m. ET, the day after it expects to close the deal.
- Shares now significantly higher after hours, +5.2%.
Fri, Feb. 13, 5:20 PM
- Zillow (NASDAQ:Z) is now up 1.2% in late trading after beating on the top line with record revenue, and despite an EPS miss.
- The company also says it expects to close its acquisition of Trulia (NYSE:TRLA) as soon as Tuesday, now that the FTC has wrapped its look at the deal.
- Revenues of $92.3M (up 58%) were made up of: Display Revenue of $14.1M (up 17%); Marketplace Revenue of $78.2M (up 69%).
- Marketplace Revenue comprised Real Estate Revenue of $70.8M (up 73%) and Mortgages Revenue of $7.4M (up 38%).
- Adjusted EBITDA of $20M (22% of revenue) missed expectations of $22.15M.
- Press release
- Previously: Zillow and Trulia soar; FTC staff reportedly backs deal (Jan. 23 2015)
Fri, Feb. 13, 5:12 PM
Thu, Feb. 12, 11:23 AM
- Merger partners Zillow (Z +6.6%) and Trulia (TRLA +6.4%) are posting big gains in morning trading. Zillow has already seen 1.12M shares change hands vs. a 3-month daily average of 1.39M, and Trulia 561K vs. a 3-month average of 607K.
- Both companies soared last month on a report stating the FTC staff has recommended approving their all-stock merger. Neither has posted Q4 results yet.
- Short-covering could be driving today's moves: Zillow had 14.5M shares shorted as of Jan. 30, a 52-week high and equal to a whopping 54% of its float. Trulia had 8.3 shares shorted, well below a May 30 level of nearly 14M but still equal to 24% of its float.
Tue, Feb. 10, 5:35 PM
- ABCO, ACHC, AEM, AMAT, AMBR, AUY, BIDU, CAKE, CJES, CPA, CRAY, CSCO, CSOD, CTL, CVA, CXW, CYS, DDR, DIOD, EFC, EFX, EXL, FET, FEYE, FORR, GAS, HIVE, HNI, HOS, IO, ITRI, LPSN, MET, NSIT, NTAP, NTWK, NU, NVDA, OII, PNRA, PPC, QDEL, REG, SCSS, SKX, SLF, SPRT, STMP, SWM, TAL, TCX, TRIP, TSLA, TSO, TTGT, WFM, ZEN, ZU
Tue, Feb. 10, 8:54 AM
- Under a digital marketing alliance between the two companies, Citigroup (NYSE:C) will have a boosted presence on Zillow (NASDAQ:Z), Zillow Mortgages, and Street Easy - Zillow's NYC-dedicated app.
- Head of Global Mortgages at Citi, C.D. Davies: “We are stepping up our digital presence in the real estate space to ensure we are a leading mortgage provider in the markets we serve." The bank of late has made a point of saying the focus of its consumer business going forward will be on the largest U.S. cities.
- Source: Press Release
Tue, Feb. 3, 1:25 PM
- Though the Nasdaq is only up 0.4%, a long list of tech firms are posting outsized gains today.
- It's a good day for online real estate: Merger partners Zillow (Z +5%) and Trulia (TRLA +4.9%) are up sharply, as are Chinese online real estate plays SouFun (SFUN +5.2%), E-House (EJ +6.5%), and Leju (LEJU +3.8%).
- Other major tech gainers include security software firm Imperva (IMPV +4.7%), gaming headset maker Turtle Beach (HEAR +6.6%), salvage auction site Liquidity Holdings (LQDT +7.4%), RF filter tech developer Resonant (RESN +10.7%), telecom equipment/SDN software vendor Cyan (CYNI +10.1%), Chinese CDN owner ChinaCache (CCIH +10.8%), application delivery controller vendor A10 Networks (ATEN +6.1%), Chinese sports lottery site 500.com (WBAI +7.6%), and unified communications hardware/software firm ShoreTel (SHOR +6.7%).
- Earlier: Solar stocks soar as oil tops $51, CSIQ strikes deal
- Earlier: 3D printing stocks routed after Stratasys warns
Fri, Jan. 23, 12:46 PM
Fri, Jan. 23, 11:27 AM
- Zillow (Z +11.6%) and Trulia (TRLA +13.2%) have skyrocketed in morning trading. The FTC staff has reportedly recommended approving the companies' all-stock merger.
- Zillow/Trulia agreed last year not to close their deal before Feb. 1, to give the FTC time to thoroughly review. Earlier this month, industry insider Brad Inman reported hearing the FTC would sign off on the deal (as has been generally expected). The combined company's share of online agent advertising has been in focus.
- Separately, Zillow has announced Zillow Pro for Brokers (a free program for real estate brokers that aims to improve listings and grow leads) now has over 5K nationwide partners, up over 2x since last July.
Z vs. ETF Alternatives
Zillow Group Incoperates the real estate and home-related information marketplaces on mobile and the Web, with a complementary portfolio of brands and products to help people find vital information about homes and connect with local professionals.
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