These two news events both just happened. Rupert Murdoch was just announced that he will be at Inman Connect NY. Yes, THE Rupert Murdoch that just bought Move Inc. / Realtor.com. And yes the same Brad Inman who only months ago thought Zillow was invincible. I am NOT a fan of syndication (never have been)…but I am less of a fan of monopolies, so having a competitor in the syndicator fight that can hold their own with Zillow at least makes it interesting. (For those naysayers of mine…please know that I feel the same way about Google / Yahoo / Bing–I wish Y and B would at least put up a fight against G)
And yes, the stock price of Zillow is CURRENTLY trading down today on heavy volume at 7.6% less than yesterdays close at $95.93/share. I will update the price as it changes or just Google “Zillow Stock Price” and “Trulia Stock Price” and you will see the correction.
But here’s the fun part… I do not believe for a second that the two news items are related.
One is a PR ploy on the part of Realtor.com that will sell a LOT of interest and more than a few duckets for Mr. Inman. And it is SURE to be interesting. Far more so than the recent times when Mr Flint, Mr Berkpwicz and Mr Rascoff would get on stage, sing Kum-bay-Yah and look down their collective noses at brokers and agents in the audience and would agree together on most everything and not really compete with each other.
Now, it (hopefully) will be more interesting. #grabspopcorn. And it is LIKELY that Rupert Murdoch at Inman Connect will grab the headlines…
But the OTHER event is more important. WHY:
Todays drop in Wall Street was largely an earnings based correction. And if you look at stocks based on Earnings, Zillow and Trulia…well..they zuck. They do not have any to speak of. And Wall Street is STARTING to wake up and realize it.
While Rupert Murdoch going to Inman is interesting / entertaining… how far Wall Street goes with the earnings based correction on a stock that I have long opined has no fundamentals to support its valuation is interesting / important.