QXL.Com (QXLC) - euro ebay? Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Technology Stocks : QXL.Com (QXLC) - euro ebay?

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: im a survivor who wrote (290)	7/22/2000 6:14:21 PM
From: ms.smartest.person	Read Replies (1) of 306

QXL.com slides 3.5% on downgrade Goldman Sachs warns about eBay threat By Bernard Hickey , FTMarketWatch Last Update: 11:36 AM ET Jul 21, 2000 LONDON (FTMW) -- Shares in Europe’s largest online auctioneer QXL.com slid more than 3.5 percent on Friday afternoon after Goldman Sachs downgraded the group because of concerns about slower market growth and the competitive threat posed by eBay. QXL’s (UK:QXL) shares were down 3.25 pence at 89.5 pence in late trade, having fallen 9.4 percent from their opening levels of 98.75 pence. Goldman Sachs said it cut its rating on QXL to “market performer” from “market outperformer.” It cited slower-than-expected market growth and the threat from U.S. rival eBay. (EBAY) . Ebay jeebies Goldman Sachs said in its report titled “A touch of the eBay jeebies” that QXL was doing a great job expanding with acquisitions and building its brand, but that it had become more cautious on the company. It said QXL management had guided it towards setting lower earnings estimates for the company, which were more in line with consensus forecasts. Goldman noted that QXL shares had underperformed the market and said they may come under further pressure when eBay Europe reported its second-quarter numbers on July 2. EBay closing the gap “Market growth has been more linear than expected and eBay has closed the gap on QXL faster than expected, and is likely to be more aggressive in our view,” Goldman Sachs said. QXL announced in May a $1 billion all-stock takeover of Germany’s largest online auctioneer Ricardo.de (DE:702070) as it positioned itself for a battle with eBay. See story. Ricardo fell 8.1 percent to 54.2 euros in afternoon trade. The QXL deal is due to close later this year. “We remain positive on QXL, but its long term success will remain unclear until the benefits of the Bidlet and Ricardo acquisitions work through over the next six months,” Goldman said. It said its core valuation gave QXL a fair value of 84 pence, but it rose to 130 pence with the inclusion of Ricardo. Goldman noted that the integration of Ricardo bought forward EBITDA profit by five quarters to the third quarter of 2003. ftmarketwatch.com{0927EC7D-5A92-4571-9AF7-01AC7B5E687B}

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next