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Ctrip (CTRP) +16.6% following its Q1 beat. The Chinese travel bookings site is guiding for...

Ctrip (CTRP) +16.6% following its Q1 beat. The Chinese travel bookings site is guiding for 15%-20% Y/Y Q2 revenue growth, below a 20.6% consensus. But expectations have been depressed by concerns about price competition, and the Street might view guidance as conservative following a string of beats. Q1 gross margin was 74%, flat Q/Q and down 100 bps Y/Y. Hotel bookings revenue +23% Y/Y, plane tickets +27%, packaged tours +41%, corporate travel +31% - all 4 growth rates were faster than Q4's. eLong (LONG) could rally in sympathy. (PR) (transcript)
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