Priceline (PCLN -0.3%) and Expedia (EXPE -0.8%) pared the losses they saw after the Kayak (KYAK +28.1%) deal was announced, while TripAdvisor (TRIP +0.6%) fully erased its decline. Nomura's Brian Nowak points out Kayak could take a hit if Expedia (its biggest advertiser) cuts back on spending in response, and that TripAdvisor's 2013 estimates could be at risk if Priceline cuts its ad spending now that it has Kayak as a channel. As far as Priceline goes, Nowak likes the deal's ability to lower Priceline's dependence on Google traffic. (previous)
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