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.
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
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, 5:12 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. 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.
Thu, Jan. 15, 12:36 PM
- Merger partners Zillow (Z -7.5%) and Trulia (TRLA -7.6%) are among the biggest decliners on a day the Nasdaq is down 0.8%. Zillow has seen 1.1M shares change hands vs. a 3-month daily average of 1.35M; Trulia has seen 271K vs. a 3-month average of 547K.
- Freddie Mac announced this morning mortgage rates had declined for the third straight week, with the average rate for a 30-year fixed-rate mortgage making a new 20-month low of 3.66%. The average 15-year rate fell below 3% for the first time since May 2013.
- This month has seen Zillow roll out Data Dashboard, a listing management/reporting platform for brokers and agents meant to give more control over how listings are directed to Zillow.
- The company hopes listings funneled through Data Dashboard will limit the damage done by the April expiration of a deal with listing provider ListHub. A Zillow spokeswoman recently said that if ListHub listings were pulled today, Zillow would lose "a few hundred thousand" of its 3.6M listings.
Dec. 18, 2014, 2:37 PM
- As expected, Zillow (Z -3.3%) and Trulia (TRLA -3.6%) shareholders have signed off on the companies' all-stock merger by overwhelming margins.
- Regulators still need to sign off on the deal, which the companies expect will close in 1H15. Zillow previously agreed not to close the merger before Feb. 1, to give the FTC more time to review.
- Trulia shareholders will receive 0.44 shares of the combined company for each Trulia share they own. Trulia shares currently trade at a 0.43x ratio to Zillow shares (implies a slight discount to the merger price).
- Shares of both companies are selling off in spite of a strong market rally.
Dec. 16, 2014, 3:59 PM
- Internet stocks have posted substantial losses after a morning market rally proved short-lived. The Nasdaq is down 1.2%.
- In addition to Google, which has made new 52-week lows, Facebook (FB -3%), Twitter (TWTR -4.7%), Amazon (AMZN -3.5%), and Netflix (NFLX -3.2%) are among the underperforming names. Other decliners: Z -5.5%. TRLA -5.4%. MELI -5.4%. ZNGA -4.9%. ZU -3.2%. ANGI -3.4%.
- The selloff comes even though Goldman upgraded its rating for the sector to Attractive from Neutral today. The firm noted Internet stocks are collectively down 16% over the last 12 months (maybe 18%-19% after today), and that forward EV/EBITDA multiples have contracted significantly.
- Internet/social media ETFs: FDN, PNQI, SOCL
Dec. 5, 2014, 1:40 PM
- Zillow's (NASDAQ:Z) site and apps had 74.3M monthly unique visitors in November, -10% M/M due to seasonality but +41% Y/Y. Y/Y growth was 42% in October, and 41% in Q3.
- Merger partner Trulia (NYSE:TRLA) is naturally following Zillow higher. Last month, Zillow agreed not to close the merger before Feb. 1, to give the FTC more time to review it.
Nov. 26, 2014, 12:58 PM
- Facebook (FB +2.1%) and Twitter (TWTR +2.6%) are rallying on a sleepy pre-Thanksgiving trading day. The companies have respectively seen 21.9M and 16.1M shares traded thus far vs. 3-month averages of 38.3M and 28.1M.
- Several other Internet stocks (both U.S. and Chinese) are also moving higher. Z +2.3%. TRLA +3%. BITA +5.1%. EJ +6.7%. SFUN +2.6%. VIPS +3.3%. SOHU +2.9%.
- Facebook is at its highest levels since selling off in late October due to its Q4 revenue and 2015 spending guidance.
Nov. 19, 2014, 9:40 AM
- Caledonia Funds' Michael Messara has made positive remarks about Zillow (Z +5.5%) at the Sohn Investment Conference, declaring the online real estate leader's shares could reach $770 (!).
- Both Zillow and Trulia (TRLA +5.1%) are getting a lift from the remarks. Each company has already posted big gains over the last few trading days.
Nov. 17, 2014, 1:47 PM
- For the second trading day in a row (previous), Zillow (Z +4.4%) and Trulia (TRLA +3.8%) are rallying.
- Zillow's Monday volume (3.55M shares) is already more than 2x a 3-month average of 1.47M. Trulia's volume (944K shares) is nearly 50% above a 3-month average of 634K.
- No major news regarding the companies has hit the wires. Zillow did recently announce it will shut down its Agentfolio unit (provides a communications platform for real estate agents and home-buyers) in March. "While there are hundreds of agents using the product daily, our customer base is unfortunately not large enough to continue supporting our loyal users," the company told clients in a message.
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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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