Deutsche's Ross Sandler, who has downgraded Expedia (EXPE -7.8%) to Hold, says checks indicate the company is "facing much more intense competition in the U.S. market." He's also worried about Expedia's decision to shake up Hotels.com's management.
Expedia crashed in July after missing Q2 estimates and more or less admitting it lost share during the quarter to Priceline (PCLN -1.1%). In August, Deutsche reported its checks suggested Expedia is taking back lost share.