IAC/InterActiveCorp. (IACI) stock got some love from Wall Street following Thursday’s announcement that it will do an IPO of its Match Group division, which includes two of the largest online dating sites, No. 1 Match.com and No. 3 Tinder. IAC/InterActiveCorp. created its dating wing in late 2013, and investors have long pined for the company to spin it off and do an IPO. IAC has spun off other operations, including Ticketmaster and shopping
Online payment processor PayPal is much likelier to partner with China’s Alibaba Group than Amazon.com (AMZN) after its spinoff from eBay, speculates Morgan Stanley, which raised its price target on eBay. Brian Nowak, an analyst at Morgan Stanley, raised his price target on eBay (EBAY) to 68 from 52 in a research report Thursday, on views an alliance with Alibaba (BABA) could materialize. He valued PayPal, which has expanded into mobile payments,
LED lighting maker Cree (CREE) hit the dimmer switch on its outlook, and its stock took a dive on Thursday. Cree stock was down nearly 11%, near 27, in early afternoon trading in the stock market today and touched a more than 2.5-year low. Late Wednesday, Cree announced a plan to restructure its LED business and issued revenue guidance for its June quarter that was well below Wall Street’s targets. “Due to recent LED market trends that have