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Filed under: Deals, Law, eBay (EBAY)

On the internet auction company eBay (NASDAQ:EBAY) owns just over 28% of classifieds company craigslist. eBay purchased in during 2004.

Now, eBay is suing craigslist and its management for diluting its share in craigslist, something it contends the classifieds company can not do. “The recent actions by the craigslist directors have disadvantaged eBay and its investment in Craigslist,” Michael Jacobson, eBay’s senior vice president and general counsel according to The New York Times.

All of this is a great mystery. eBay has not stated what it paid for its stake. It has also not disclosed why it thinks craigslist has taken actions to cause dilution.

Why did eBay disclose the lawsuit but insist that its details be sealed? Craigslist is a private company, so there was no need to let the public know about the move.

One of several things might be happening. eBay has no control over craigslist management. Craigslist is one of the largest websites on the internet. eBay might want more of a state in how the company is operated and how it makes money. Many listings on craigslist are free. eBay may believe it will never make money on its investment if craigslist does not become more aggressive in its pricing.

The other possible motive is that eBay may want to try to force craigslist into a sale, with eBay being the acquirer. The auction firm needs something to jump-start its US business. A judgment against the classified company, especially if it includes any money damages, might open the door for eBay to move in.

Douglas A. McIntyre is an editor at 247wallst.com

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Filed under: Earnings reports, Deals, Microsoft (MSFT), Yahoo! (YHOO)

With Yahoo! Inc. (NASDAQ: YHOO) reporting earnings after the close tonight, the pressure is definitely on for the company to produce a strong report. As Pia Sarkar wrote at The Street.com: “Sunnyvale, Calif.-based Yahoo! has already reiterated its revenue guidance of $1.28 billion to $1.38 billion for the quarter and $5.35 billion to $5.95 billion for the year, leaving many analysts believing that the company will — at the very least — meet those estimates.”

With the way the company has been fighting the Microsoft Corp. (NASDAQ: MSFT) bid, it seems clear that the company is going to produce a strong report. Then management will have a leg to stand on when they state there’s more value to the company than what Microsoft is offering.

My gut tells me that they will beat estimates by a penny or two and confirm guidance for the rest of the year. Since they’d previously brought down guidance and their overall outlook, this isn’t so great. It’s no secret that the company has not performed to potential and that’s why many are calling on Yahoo! chief Jerry Yang to accept the Microsoft deal.

Update: Yahoo’s net income showed a rise to $542.2 million, some 37 cents a share, and a profit of $150 million and 11 cents a share. Wall Street was anticipating about 9 cents, thus beating the estimates, as noted above, by a couple pennies nicely, giving Yahoo! management a bargaining chip.

If they can’t provide a strong report, then the company really is in dire straits. I’ve heard that because the stock is trading only 10-15% under the takeover price, a solid report could result in a better deal. I just find that hard to believe. The Microsoft deal, when announced, was about 60% above market value. I don’t think that Microsoft is going to increase the offer based on one quarter’s results. In fact, if they don’t produce a bang up quarter, I think Microsoft should play hardball, and drop the offer.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. DISCLOSURE: Writer’s fund has no position in any stock mentioned, as of 4/22/08.

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Filed under: Deals, Bad news, Industry, Options, Technical Analysis, Garmin Ltd (GRMN)

Garmin Ltd. (Nasdaq: GRMN) shares are falling on news that chief competitor TomTom is expected to win regulatory approval from the European Commission to acquire its main supplier, TeleAtlas. TomTom beat out Garmin for TeleAtlas in a bidding war last year. The move could injured Garmin, who receives some mapping data from TeleAtlas. If you think this stock won’t be rising too far in the coming months, then it could be a good time to look at a bearish hedged play on GRMN.

After hitting a one-year high of $125.68 in October, the stock hit a one-year low of $42.01 in April. This morning, GRMN opened at $44.89. So far today the stock has hit a low of $43.72 and a high of $44.90. As of 2:05, GRMN is trading at $43.65, down $1.46 (-3.2%). The chart for GRMN looks bearish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong purchase rating.

For a bearish hedged play on this stock, I would consider a June bear-call credit spread above the $60 range. A bear-call credit spread is an options position that combines the purchase and sale of call options to hedge risk in case the stock doesn’t do what you think but still leverage nice returns. For this particular trade, we’ll make a 4.2% return in two months as long as GRMN is below $60 at June expiration. Garmin would have to rise by more than 37% before we would start to lose money. Learn more about this type of trade here.

GRMN hasn’t been above $60 by more than a tiny bit since February and has shown resistance around $46 recently. This trade could be risky if the company’s earnings (due out on 4/30) are a positive surprise, but even if that happens, this position could be protected by resistance GRMN might find at its 50 day moving average, which is currently around $57 and falling.

Brent Archer is an options analyst and writer at Investors Observer.

DISCLOSURE: Mr. Archer owns and/or controls diversified portfolios of long and short stock and option positions that may include holdings in companies he writes about. At publication time, Brent neither owns nor controls positions in GRMN.

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