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ComScore ’s ( SCOR ) stock plunged more than 30% to a nearly two-year low after the Internet and TV audience measurement company further delayed the filing of its annual report, suspended share buybacks and postponed an investor day. Shares of rival Nielsen ( NLSN ) were up a fraction in early afternoon trading in the stock market today , and the shares are up 11% in a shaky 2016. ComScore’s completed its acquisition of Rentrak on Feb. 1. The two companies announced their merger on Sept. 29, aiming to take on industry leader Nielsen. ComScore and Nielsen are in IBD’s Commercial Services — Market Research group, which ranks a lowly No. 142 out of 197 industry groups tracked. Among tech research firms in that group, Gartner ( IT ) has an IBD Composite Rating of 77. Nielsen has an 88 CR, and ComScore has a 52. ComScore, whose stock has been in a downtrend since August, said directors had suspended a $125 million stock repurchase program until an internal review of accounting matters is completed. In an SEC filing Monday, it also said it was delaying its annual report and 10-K filing for 2015 until its audit committee can complete an accounting review that began last month. ComScore said the committee indicated it can’t complete that review before March 15. ComScore’s investor day had been slated for March 16. “Investors are focused on a number of questions that have led to shares underperforming (integration of Rentrak, growth of the core business), and we believe the latest accounting announcement could further amplify this focus,” said Jefferies in a research note. Scalper1 News
Scalper1 News