reports
- Brett Horn
Morningstar | Bank Tech M&A: Slowing Growth at Fiserv and FIS Leads to...
After a comprehensive review of the Fiserv-First Data and Fidelity National Information Services-Worldpay mergers, we believe these deals are value-destructive. We have downgraded Fiserv’s moat rating to narrow from wide and assigned it a negative moat trend rating. Though we view First Data’s competitive positioning favorably and believe it has a moat, we believe the economics of merchant acquiring are dilutive to Fiserv’s wide moat in core processing. Had Fiserv not acquired First Data, ...
- Brett Horn
Bank Tech M&A: Slowing Growth at Fiserv and FIS Leads to Value-Destruc...
After a comprehensive review of the Fiserv-First Data and Fidelity National Information Services-Worldpay mergers, we believe these deals are value-destructive. We have downgraded Fiserv’s moat rating to narrow from wide and assigned it a negative moat trend rating. Though we view First Data’s competitive positioning favorably and believe it has a moat, we believe the economics of merchant acquiring are dilutive to Fiserv’s wide moat in core processing. Had Fiserv not acquired First Data, ...
- Wedbush Research
MA MASTERCARD INCORPORATED
MTB M&T BANK CORPORATION
NEWR NEW RELIC INC.
UBI UBISOFT ENTERTAINMENT SA
VMW VMWARE INC. CLASS A
STI SUNTRUST BANKS INC.
GPN GLOBAL PAYMENTS INC.
V VISA INC. CLASS A
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSS TOTAL SYSTEM SERVICES INC.
TRIP TRIPADVISOR INC.
SQ SQUARE INC. CLASS A
SBNY SIGNATURE BANK
PYPL PAYPAL HOLDINGS INC
PFPT PROOFPOINT INC.
MIME MIMECAST LIMITED
GPC GENUINE PARTS COMPANY
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EXPE EXPEDIA GROUP INC.
EWBC EAST WEST BANCORP INC.
EBAY EBAY INC.
ATVI ACTIVISION BLIZZARD INC.
AAP ADVANCE AUTO PARTS INC.
7974 NINTENDO CO. LTD.
ADS ALLIANCE DATA SYSTEMS CORPORATION
EA ELECTRONIC ARTS INC.
FDC FIRST DATA CORPORATION CLASS A
TRVG TRIVAGO N.V. SPONSORED ADR CLASS A
ORLY O'REILLY AUTOMOTIVE
AMZN AMAZON.COM INC.
WP WORLDPAY INC. CLASS A
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
BKNG BOOKING HOLDINGS INC.
UBER UBER TECHNOLOGIES
SNAP INC.
CHWY SNAP INC.
MLND CHEWY INC. CLASS A
MILLENDO THERAPEUTICS
- Moshe Katri
GPN GLOBAL PAYMENTS INC.
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EBAY EBAY INC.
ADS ALLIANCE DATA SYSTEMS CORPORATION
FDC FIRST DATA CORPORATION CLASS A
WP WORLDPAY INC. CLASS A
UBER UBER TECHNOLOGIES
INC.
- Wedbush Research
GPN GLOBAL PAYMENTS INC.
WDC WESTERN DIGITAL CORPORATION
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
PAYX PAYCHEX INC.
OMER OMEROS CORPORATION
NVDA NVIDIA CORPORATION
JWN NORDSTROM INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EBAY EBAY INC.
DDS DILLARD'S INC. CLASS A
ADP AUTOMATIC DATA PROCESSING INC.
ADS ALLIANCE DATA SYSTEMS CORPORATION
AZPN ASPEN TECHNOLOGY INC.
FDC FIRST DATA CORPORATION CLASS A
AMZN AMAZON.COM INC.
AMD ADVANCED MICRO DEVICES INC.
WP WORLDPAY INC. CLASS A
DBI DESIGNER BRANDS INC. CLASS A
INTC INTEL CORP
PRVL PREVAIL THERAPEUTICS
- Moshe Katri
GPN GLOBAL PAYMENTS INC.
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
PAYX PAYCHEX INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EBAY EBAY INC.
ADP AUTOMATIC DATA PROCESSING INC.
ADS ALLIANCE DATA SYSTEMS CORPORATION
FDC FIRST DATA CORPORATION CLASS A
WP WORLDPAY INC. CLASS A
- Moshe Katri
- Moshe Katri
- Wedbush Research
HZO MARINEMAX INC.
GPN GLOBAL PAYMENTS INC.
WDC WESTERN DIGITAL CORPORATION
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
STX SEAGATE TECHNOLOGY PLC
PYPL PAYPAL HOLDINGS INC
PRGS PROGRESS SOFTWARE CORPORATION
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
FB FACEBOOK INC. CLASS A
BZH BEAZER HOMES USA INC.
ZEN ZENDESK INC.
BC BRUNSWICK CORPORATION
FDC FIRST DATA CORPORATION CLASS A
DVMT DELL TECHNOLOGIES
SNBR SLEEP NUMBER CORPORATION
AMD ADVANCED MICRO DEVICES INC.
WP WORLDPAY INC. CLASS A
PRPL PURPLE INNOVATION
INTC INTEL CORP
- Moshe Katri
- Wedbush Research
TPX TEMPUR SEALY INTERNATIONAL INC
MA MASTERCARD INCORPORATED
NEWR NEW RELIC INC.
UBI UBISOFT ENTERTAINMENT SA
GPN GLOBAL PAYMENTS INC.
WIX WIX.COM LTD.
V VISA INC. CLASS A
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSS TOTAL SYSTEM SERVICES INC.
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
PEGA PEGASYSTEMS INC.
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD.
GOOGL ALPHABET INC. CLASS A
GME GAMESTOP CORP. CLASS A
FL FOOT LOCKER INC.
FITB FIFTH THIRD BANCORP
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EBAY EBAY INC.
CRM SALESFORCE.COM INC.
ATVI ACTIVISION BLIZZARD INC.
ARCC ARES CAPITAL CORPORATION
AAP ADVANCE AUTO PARTS INC.
7974 NINTENDO CO. LTD.
BBBY BED BATH & BEYOND INC.
EA ELECTRONIC ARTS INC.
NAVI NAVIENT CORP
SLM SLM CORP
FDC FIRST DATA CORPORATION CLASS A
ORLY O'REILLY AUTOMOTIVE
AMZN AMAZON.COM INC.
WP WORLDPAY INC. CLASS A
AAPL APPLE INC.
NKE NIKE INC. CLASS B
MSFT MICROSOFT CORPORATION
REPL REPLIMUNE GROUP
PLCE THE CHILDREN'S PLACE
UBER INC.
UBER TECHNOLOGIES
INC.
- Wedbush Research
TPX TEMPUR SEALY INTERNATIONAL INC
MA MASTERCARD INCORPORATED
NEWR NEW RELIC INC.
WIX WIX.COM LTD.
V VISA INC. CLASS A
PYPL PAYPAL HOLDINGS INC
PEGA PEGASYSTEMS INC.
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD.
FL FOOT LOCKER INC.
FITB FIFTH THIRD BANCORP
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EBAY EBAY INC.
CRM SALESFORCE.COM INC.
ATVI ACTIVISION BLIZZARD INC.
ARCC ARES CAPITAL CORPORATION
AAP ADVANCE AUTO PARTS INC.
EA ELECTRONIC ARTS INC.
NAVI NAVIENT CORP
SLM SLM CORP
ORLY O'REILLY AUTOMOTIVE
AMZN AMAZON.COM INC.
WP WORLDPAY INC. CLASS A
NKE NIKE INC. CLASS B
MSFT MICROSOFT CORPORATION
REPL REPLIMUNE GROUP
PLCE THE CHILDREN'S PLACE
UBER INC.
UBER TECHNOLOGIES
INC.
- Moshe Katri
WORLDPAY INCO. reduced its risk exposure resulting in an upgrade to Sl...
WORLDPAY INCO. (US), a company active in the Consumer Finance industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 1 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date June 25, 2019, the closing price was ...
- Wedbush Research
SIX SIX FLAGS ENTERTAINMENT CORPORATION
GPN GLOBAL PAYMENTS INC.
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SQ SQUARE INC. CLASS A
SEAS SEAWORLD ENTERTAINMENT INC.
PYPL PAYPAL HOLDINGS INC
PAYX PAYCHEX INC.
LEN LENNAR CORPORATION CLASS A
FUN CEDAR FAIR L.P.
FL FOOT LOCKER INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
CCS CENTURY COMMUNITIES INC.
CAL CALERES INC.
BZH BEAZER HOMES USA INC.
ADP AUTOMATIC DATA PROCESSING INC.
LULU LULULEMON ATHLETICA INC
ADS ALLIANCE DATA SYSTEMS CORPORATION
TMHC TAYLOR MORRISON HOME CORPORATION
FDC FIRST DATA CORPORATION CLASS A
AMZN AMAZON.COM INC.
WP WORLDPAY INC. CLASS A
NKE NIKE INC. CLASS B
RH RESTORATION HARDWARE INC.
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Market rangebound; Upgrading Services In last week's Compass we made several observations which led us to be cautious. All of the concerning observations have since reversed as the market found support: the U.S. dollar weakened, defensive areas underperformed, cyclical areas held at logical support, high yield spreads narrowed, and the 10-year Treasury yield found support. These positive developments are encouraging, however we believe the market remains rangebound. • S&P 500 levels. We beli...
MA MASTERCARD INCORPORATED
WEX WEX INC
MAN MANPOWERGROUP
NCR NCR CORPORATION
ACN ACCENTURE PLC CLASS A
GPN GLOBAL PAYMENTS INC.
WU WESTERN UNION COMPANY
WITN WIPRO LTD
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SAIC SCIENCE APPLICATIONS INTERNATIONAL CORP.
PYPL PAYPAL HOLDINGS INC
PAYX PAYCHEX INC.
MMS MAXIMUS INC.
LDOS LEIDOS HOLDINGS INC.
IT GARTNER INC.
INFY INFOSYS LIMITED ADS
35G GENPACT LIMITED
FLT FLEETCOR TECHNOLOGIES INC.
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EQIX EQUINIX INC.
EPAM EPAM SYSTEMS INC.
EEFT EURONET WORLDWIDE INC.
CLGX CORELOGIC INC.
CACI CACI INTERNATIONAL INC CLASS A
BAH BOOZ ALLEN HAMILTON HOLDING CORPORATION CLASS A
ARMK ARAMARK
ADP AUTOMATIC DATA PROCESSING INC.
XLB MATERIALS SELECT SECTOR SPDR FUND
BR BROADRIDGE FINANCIAL SOLUTIONS INC.
GLOB GLOBANT SA
KBR KBR INC.
EEM ISHARES MSCI EMERGING MARKETS ETF
FDC FIRST DATA CORPORATION CLASS A
EXPGY EXPERIAN PLC
BKI BLACK KNIGHT INC.
WP WORLDPAY INC. CLASS A
XLI SELECT SECTOR SPDR-INDUSTRIAL
EFA ISHARES TRUST MSCI EAFE INDEX FUND
SWCH SWITCH
KBE SPDR KBW BANK ETF
GDS GDS HOLDINGS LTD. SPONSORED ADR CLASS A
RAMP LIVERAMP HOLDINGS INC.
RYE INVESCO S&P 500 EQUAL WEIGHT ENERGY ETF
GIB.A CGI INC. CLASS A
- Wedbush Research
GPN GLOBAL PAYMENTS INC.
V VISA INC. CLASS A
TSS TOTAL SYSTEM SERVICES INC.
SQ SQUARE INC. CLASS A
PYPL PAYPAL HOLDINGS INC
PII POLARIS INC.
PEGA PEGASYSTEMS INC.
LOW LOWE'S COMPANIES INC.
LL LUMBER LIQUIDATORS HOLDINGS INC.
HD HOME DEPOT INC.
GOOGL ALPHABET INC. CLASS A
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
FB FACEBOOK INC. CLASS A
CAL CALERES INC.
VFC V.F. CORPORATION
FND FLOOR & DECOR HOLDINGS INC. CLASS A
HOG HARLEY-DAVIDSON INC.
WP WORLDPAY INC. CLASS A
AAPL APPLE INC.
NKE NIKE INC. CLASS B
- Moshe Katri
- Wedbush Research
TPX TEMPUR SEALY INTERNATIONAL INC
UBI UBISOFT ENTERTAINMENT SA
WSM WILLIAMS-SONOMA INC.
WIX WIX.COM LTD.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
PYPL PAYPAL HOLDINGS INC
PEGA PEGASYSTEMS INC.
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD.
JWN NORDSTROM INC.
GOOGL ALPHABET INC. CLASS A
GBT GLOBAL BLOOD THERAPEUTICS INC
FL FOOT LOCKER INC.
FITB FIFTH THIRD BANCORP
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EWBC EAST WEST BANCORP INC.
EBAY EBAY INC.
DIN DINE BRANDS GLOBAL INC.
CRM SALESFORCE.COM INC.
BPMC BLUEPRINT MEDICINES CORP.
ATVI ACTIVISION BLIZZARD INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARCC ARES CAPITAL CORPORATION
AAP ADVANCE AUTO PARTS INC.
7974 NINTENDO CO. LTD.
EA ELECTRONIC ARTS INC.
GLUU GLU MOBILE INC.
NAVI NAVIENT CORP
SLM SLM CORP
ZNGA ZYNGA INC. CLASS A
CRVS CORVUS PHARMACEUTICALS
OBSN OBSEVA
ORLY O'REILLY AUTOMOTIVE
AMZN AMAZON.COM INC.
WP WORLDPAY INC. CLASS A
AAPL APPLE INC.
NKE NIKE INC. CLASS B
MSFT MICROSOFT CORPORATION
REPL REPLIMUNE GROUP
RH RESTORATION HARDWARE INC.
PLCE THE CHILDREN'S PLACE
UBER INC.
UBER TECHNOLOGIES
INC.
- Wedbush Research
TPX TEMPUR SEALY INTERNATIONAL INC
WIX WIX.COM LTD.
PYPL PAYPAL HOLDINGS INC
PEGA PEGASYSTEMS INC.
NCLH NORWEGIAN CRUISE LINE HOLDINGS LTD.
FL FOOT LOCKER INC.
FITB FIFTH THIRD BANCORP
FISV FISERV INC.
FIS FIDELITY NATIONAL INFORMATION SERVICES INC.
EBAY EBAY INC.
DIN DINE BRANDS GLOBAL INC.
CRM SALESFORCE.COM INC.
ATVI ACTIVISION BLIZZARD INC.
ARCC ARES CAPITAL CORPORATION
AAP ADVANCE AUTO PARTS INC.
EA ELECTRONIC ARTS INC.
NAVI NAVIENT CORP
SLM SLM CORP
OBSN OBSEVA
ORLY O'REILLY AUTOMOTIVE
AMZN AMAZON.COM INC.
WP WORLDPAY INC. CLASS A
NKE NIKE INC. CLASS B
MSFT MICROSOFT CORPORATION
REPL REPLIMUNE GROUP
PLCE THE CHILDREN'S PLACE
UBER INC.
UBER TECHNOLOGIES
INC.
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