Traders Eye OpenTable (OPEN) as Groupon (GRPN) Pushes into Dining
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Late Monday, daily-deals giant Groupon (Nasdaq: GRPN) announced it acquired Savored, which it described as "a leading provider of reservations at the best restaurants across the United States."
Traders might want to keep an eye on OpenTable (Nasdaq: OPEN) today. Though Savored is much smaller, Groupon's move could spell its intention to enter the realm of making restaurant reservations online. Given that Groupon is over three-times as large as OpenTable, a dedicated effort might add pressure to OpenTable's shares.
However, that could be a distance off. Right now, Savored serves just a handful of key markets, from Miami to New York, and let's not forget Denver, Colorado.
Probably the best part of Savored is the mystery; you never know what's available (who has empty tables/cancelled reservations) until to log in. Ever have Indian cuisine? No? Well, for 40 percent off or more, tonight might be the best time to try it! How about Scandinavian fare? You know the drill.
Traders might want to keep an eye on OpenTable (Nasdaq: OPEN) today. Though Savored is much smaller, Groupon's move could spell its intention to enter the realm of making restaurant reservations online. Given that Groupon is over three-times as large as OpenTable, a dedicated effort might add pressure to OpenTable's shares.
However, that could be a distance off. Right now, Savored serves just a handful of key markets, from Miami to New York, and let's not forget Denver, Colorado.
Probably the best part of Savored is the mystery; you never know what's available (who has empty tables/cancelled reservations) until to log in. Ever have Indian cuisine? No? Well, for 40 percent off or more, tonight might be the best time to try it! How about Scandinavian fare? You know the drill.
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