【出版时间及名称】：2010年4月美国互联网与消费软件行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：pdf
        【页数】：96
        【目录或简介】：

eCommerce Accelerated – We believe scale-based
retailers with strong brands continue to be the best way
to play the eCommerce space as they provide selection,
convenience, and peace of mind when consumers
transact online. USA eCommerce Y/Y spending appears
to have accelerated in CQ1 (through 2/10) with +6%
growth vs. +3% growth in CQ4, per comScore. Note that
while we believe the data under represent growth rates,
we believe it has directional significance.
Online Advertising Accelerated – Overall ad spending
growth appeared to have accelerated in CQ1 marking
the strongest Y/Y growth in several quarters, owing to a
stronger economy and easy comparisons. Our checks
suggest search advertising pricing was strong, driven by
better conversion rates as more consumers transacted.
We believe display advertising also showed strength,
driven by Y/Y pricing increases as advertisers, at the
margin, shifted incremental spend toward online
channels. We believe Google's query + cost-per-click
trends remained healthy.
Interactive Entertainment Softened – Several hit titles
launched in CQ1, but – according to NPD – USA
software sales still fell 14% Y/Y QTD through 2/10. We
believe Y/Y growth returned in March owing to easy
comparisons, but still anticipate that software sales were
down Y/Y in CQ1. We are encouraged that Y/Y revenue
growth rates may become increasingly strong as the
year evolves owing to strong product releases such as
Activision Blizzard’s StarCraft II concurrent with
battle.net, Microsoft's Natal plus Sony's Move motion
sensor products, combined with easy comparisons.
This report includes: 1) company EPS previews /
risk-reward analysis / financial + valuation models and
2) basic comparable analysis.