智通财经网·2025-05-15 08:51Group 1 - Morgan Stanley's report highlights the mixed performance of GoDaddy, the improvement in Wix.com, and the continued deterioration of LegalZoom's data in April's internet traffic trends [1][2] - GoDaddy acknowledges pressure on its customer base related to economic outlook but emphasizes stable channel trends and historical resilience during macroeconomic headwinds [2] - LegalZoom faces increased pressure on new business formation, with management now expecting a decline in new business formation for fiscal year 2025, despite noting that dissolution rates have not increased [2] Group 2 - April traffic trends indicate that GoDaddy's homepage traffic accelerated while login page traffic declined, reflecting a mixed trend [3] - Wix.com shows an upward trend despite high baseline comparisons, building confidence in the demand for its portfolio ahead of its Q1 earnings report [3] - LegalZoom's month-over-month comparative trend has further deteriorated, although the baseline comparison remains relatively lenient [3] Group 3 - Morgan Stanley maintains a cautious outlook on the potential for downward adjustments in booking guidance for fiscal year 2025, which could negate acceleration expectations for the second half of the year [2] - The strong performance of the tech portfolio and the acceleration of future innovations create a compelling narrative for investors, despite the ongoing search for sustained improvement in network traffic [2] - Recruitment trends across the three companies remain weak, with hiring levels hovering near historical lows, below pre-pandemic trends [2]