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Priceline Group Inc. (PCLN)

  • Mon, Apr. 6, 5:19 PM
    • TripAdvisor's (NASDAQ:TRIP) reviews are now appearing within select Apple Maps hotel listings, as are those of Priceline's (NASDAQ:PCLN) unit. The agreements put an end to Yelp's role as Apple Maps' exclusive reviews partner.
    • MacRumors notes Yelp still appears to be the reviews provider for most U.S. hotel listings (as well as other local businesses). However, "seems to be more strongly represented" internationally. With Apple Maps pre-installed on hundreds of millions of active iOS devices, the deals could provide referral traffic boosts ... even if a large % of iOS users prefer Google Maps.
    • TripAdvisor rose 1.1% today, shrugging off news of CFO Julie Bradley's resignation and a resulting downgrade to Hold from Needham's Laura Martin. Martin is worried the timing of the departure (two days after Q1 ended) "could indicate that 1Q was weaker than we feared, with the company seeking to place responsibility with [Bradley]," and also about the fact TripAdvisor still only gets 15% of its revenue from mobile (compared with 44% of its traffic).
    • Priceline rose 2.1%, aided by a bullish coverage launch from Argus.
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  • Mon, Apr. 6, 11:46 AM
    • Argus Research has launched coverage on Priceline (PCLN) with a Buy rating and $1,480 target.
    • Priceline is outperforming amid a 0.5% gain for the Nasdaq. Argus' launch comes 6 days after Stifel upgraded the online travel giant.
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  • Tue, Mar. 31, 9:59 AM
    • Believing the company's risk/reward and (free cash flow-based) valuation are favorable after months of underperforming equity markets, Stifel has upgraded Priceline (PCLN +1.3%) to Buy, and set a $1,400 target.
    • The online travel giant is up 17% from a Jan. 29 low of $992.12, but remains 13% below its March 2013 highs thanks to European macro and forex concerns; the Nasdaq has risen over 10% during this time. Shares trade for 20x a 2015 EPS consensus of $57.24, and 17x a 2016 EPS consensus of $67.77.
    • Stifel downgraded Priceline to Hold on Jan. 8, when shares were at $1,069.57.
  • Tue, Mar. 10, 9:16 AM
    • Two weeks after announcing a euro-denominated debt offering, Priceline (NASDAQ:PCLN) has announced a dollar-denominated debt offering. (prospectus)
    • The online travel giant only says the proceeds will be used for "general corporate purposes." It's less than a month removed from launching a $3B buyback, and also hasn't been scared to make big acquisitions.
    • Priceline ended 2014 with over $8B in cash/investments, and nearly $3.9B in debt.
    • PCLN -1.2% premarket to $1,203.00.
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  • Fri, Feb. 27, 11:31 AM
    • Factset has compiled a list of the most popular holdings of hedge funds at the end of Q4 and which stocks fell in or out of favor within the group.
    • Overall, hedge funds increased their positions in the top 50 holdings during the quarter by 1%.
    • Top 50 hedge fund consumer staples/discretionary stocks showing an increase: Family Dollar (NYSE:FDO) +1.3%, PepsiCo (NYSE:PEP) +20.3%, Priceline Group (NASDAQ:PCLN) +24.2%, Delta Air Lines (NYSE:DAL) +15.3%.
    • Top 50 hedge fund consumer staples/discretionary stocks showing a decrease: Mastercard (NYSE:MA) -4.2%, Walgreen Boots Alliance (NASDAQ:WBA) -1.3%, Dollar General (NYSE:DG) -11.6%, Mondelez International (NASDAQ:MDLZ) -0.9%.
    • Another way to look at the list is to examine which stocks are missing. Coca-Cola (NYSE:KO), Wal-Mart (NYSE:WMT), and Procter & Gamble (NYSE:PG) are in that club.
    • Factset's hedge fund ownership report (.pdf)
  • Fri, Feb. 27, 9:37 AM
    • Priceline (NASDAQ:PCLN) names Paul Hennessy to be the CEO of to replace Chris Soder who will become Chairman of the business.
    • Hennessy is currently the CMO at
    • In his role, Hennessy will be the top operating exec for the business.
    • He will report to Darren Huston who has been the CEO of the Priceline Group since last year.
  • Tue, Feb. 24, 6:48 AM
    • Priceline (NASDAQ:PCLN) announces it will offer a new senior note issue.
    • The company plans to use the funds for general corporate purposes which could include buybacks and acquisitions.
    • The amount of the new issue hasn't been disclosed yet.
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  • Thu, Feb. 19, 9:12 AM
  • Thu, Feb. 19, 7:34 AM
    • Priceline (NASDAQ:PCLN) reports net income rose 22% Y/Y to $577M in Q4.
    • Total gross bookings +17% to $10.7B (+23% in constant currency).
    • On the expense side, online advertising was up 25.2% to $499.0M.
    • A share buyback program of $3B is approved.
    • Guidance: The company sees total gross bookings growth of 2% to 9% for Q1 (14%-21% in constant currency). Revenue growth of 4% to 11% expected.
    • Previously: Priceline beats by $0.75, beats on revenue
    • Previously: Priceline to acquire Rocketmiles for $20M
    • PCLN +7.3% premarket to $1,204.89.
  • Thu, Feb. 19, 7:17 AM
    • Priceline (NASDAQ:PCLN): Q4 EPS of $10.85 beats by $0.75.
    • Revenue of $1.84B (+19.5% Y/Y) beats by $40M.
    • Shares +5.97% PM.
    • Press Release
  • Thu, Feb. 19, 2:48 AM
    • Prior to the release of its Q4 results this morning, Priceline (NASDAQ:PCLN) has been reported to be planning a $20M acquisition of hotel-booking startup Rocketmiles, sources told WSJ.
    • The purchase would help Priceline promote lodging bookings through its network, competing with hotels that offer their own rewards to lure users to their websites.
    • The deal comes as Expedia seeks regulatory approval to buy rival Orbitz for $1.6B.
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  • Wed, Feb. 18, 5:30 PM
  • Thu, Feb. 12, 9:29 AM
    • Priceline (NASDAQ:PCLN) is up premarket to $1,083.00 after Expedia announced it's buying Orbitz for $1.6B, thereby further consolidating the online travel market (especially in the U.S., where Orbitz gets nearly 3/4 of its sales). The agreement follows a January deal by Expedia to acquire Travelocity, which was already relying on Expedia's inventory.
    • Also possibly helping Priceline: TripAdvisor, which acts as a major referral traffic source for Priceline and Expedia, is soaring after beating Q4 revenue estimates (while missing on EPS) and offering above-consensus 2015 sales guidance.
    • Priceline's own Q4 results are due in 7 days. Shares have risen 9% from a Jan. 16 low of $990.69.
  • Tue, Feb. 10, 10:11 AM
    • Strong earnings reports from Starwood Hotels & Resorts (HOT +6.4%) and Wyndham Worldwide (WYN +7.1%) have given a boost to the lodging sector.
    • The group is showing improved efficiency as demand and pricing stays ahead of the rate of capacity growth.
    • Gainers: Hyatt Hotels (NYSE:H) +3.8%, Marriott International (NASDAQ:MAR) +3.6%, Intercontinental Hotels (NYSE:IHG) +2.7%, Choice Hotels International (NYSE:CHH) +2.1%, Hilton Worldwide (NYSE:HLT) +1.4%, Extended Stay America (NYSE:STAY) +1.2%, Morgans Hotel Group (NASDAQ:MHGC) +1.2%.
    • Associated with the sector, Priceline (PCLN +1.8%) and Orbitz Worldwide (OWW +3.1%) are also trading above market averages.
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  • Tue, Feb. 10, 3:20 AM
    • IBM (NYSE:IBM) is suing Priceline (NASDAQ:PCLN), accusing it of infringing on four patents and claiming billions of dollars in royalties.
    • "Priceline has refused to engage in any meaningful discussion on the merits, resorting instead to delay and non-responsive answers," IBM said in its complaint.
    • The patents cover methods of tracking prior conversations with a user, Internet transmissions and advertising, and one that improves on a single sign-on.
    • PCLN -0.8% AH
  • Fri, Feb. 6, 9:31 AM
    • "We are expecting a deceleration in revenue growth in 2015 on headwinds from Travelocity implementation, further impact from the reduction of our hotel margins, the negative impact of foreign currency and the continued success of our loyalty programs," stated Expedia (NASDAQ:EXPE) CFO Mark Okerstrom on the Q4 CC (transcript). The revenue boost from the Wotif acquisition will partly offset.
    • Okerstrom added Expedia isn't "expecting any meaningful adjusted EBITDA growth in the first quarter and expect the bulk of our adjusted EBITDA dollar growth to come in the back half of the year." Excluding the 65%-owned Chinese eLong (LONG -4.8%) unit, which is expected to see losses grow amid tough competition from Ctrip/Qunar, adjusted EBITDA growth is expected to be in the 10%-15% range, with forex having a 5% impact.
    • Expedia's Q4 gross bookings rose 24% Y/Y to $11.3B, but revenue rose a more modest 19% and adjusted EBITDA (exc. eLong) 13%. A 10% Y/Y drop in revenue/hotel room night and 6% drop in revenue/air ticket (both hurt by forex) pressured the top line, and a 29% increase in sales/marketing spend (thanks to Google and TV ad spend) pressured the bottom line.
    • Some positives: Hotel room night still rose 28%, and air tickets sold 30%. U.S. bookings grew 29%, and international 18% (forex again).
    • Priceline (NASDAQ:PCLN), which has heavier international exposure than Expedia, is also lower. Its Q4 report arrives on Feb. 19.
    • Expedia's Q4 results, PR (.pdf)
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Company Description
Priceline Group Inc is a provider of online travel and travel related reservation and search services. The Company offer consumers accommodation reservations through its, and brands.
Sector: Services
Country: United States