Dec. 15, 2014, 6:13 PM
- Priceline's (NASDAQ:PCLN) huge Booking.com unit has proposed giving hotel partners more leeway to offer cheaper prices on rival sites (something often prohibited by its current deals), in order to end probes from French, Italian, and Swedish antitrust regulators who have been working with the EC.
- The proposal would still require hotel owners signing price parity agreements not to undercut Booking.com on their own sites, but would allow them to do so on rival sites such as Expedia's (NASDAQ:EXPE) Hotels.com.
- International bookings accounted for 88% of Priceline's Q3 bookings; European purchases made via Booking.com undoubtedly accounted for a big chunk of the total.
- Priceline fell 2.3% in regular trading, and Expedia fell 0.2%. The Nasdaq was down 1%.
Dec. 5, 2014, 7:06 PM
- Priceline (NASDAQ:PCLN) and Expedia (NASDAQ:EXPE) have made their hotel inventory available for in-app bookings through Priceline-owned Kayak and travel startup Top10's app. However, they refuse to do the same for the Instant Bookings feature within TripAdvisor's (NASDAQ:TRIP) mobile apps.
- Priceline and Expedia's stance highlights the tension between the companies and TripAdvisor. While TripAdvisor drives plenty of traffic to both companies' sites (in exchange for referral fees) through its metasearch platform, it also does so for many rival sites, and (like Google) acts as an alternative to directly using Priceline and Expeida's platforms.
- TripAdvisor's click-based ad revenue (metasearch-driven) rose 31% Y/Y in Q3 to $247M. It's expected to grow at a mid-20s to high-20s clip for the whole of 2014.
Dec. 2, 2014, 10:06 AM
- Though Priceline (PCLN -0.9%) remains well-positioned competitively, it "appears to be entering the latter stages of its growth cycle, and that can be a tough transition for investors to work with," writes FBR's Jake Fuller, downgrading to Market Perform.
- Priceline is a month removed from selling off due to the light Q4 guidance provided with its Q3 EPS beat. The online travel giant, known for guiding conservatively, has forecast bookings growth will slow to 8%-15% in Q4 from 28% in Q3.
Dec. 2, 2014, 2:19 AM
- After making the company’s biggest deal ever in the summer, Priceline (NASDAQ:PCLN) Chief Executive Darren Huston says he is still willing to consider additional takeovers.
- Apart from the $2.6B OpenTable acquisition, the company has been mostly expanding through travel websites, like booking.com and Kayak.com.
- "We’re not a serial acquirer," cautioned Huston saying Priceline will be selective in any deals it pursues. "We have six brands at the table. We can’t have 15 brands."
- PCLN -0.1% AH
Nov. 20, 2014, 7:39 PM
- Skift reports Amazon (NASDAQ:AMZN) is "poised to launch its own travel service, featuring booking at independent hotels and resorts near major cities." The service, known as Amazon Travel, will likely go live around New Year's, and initially "feature a curated selection of hotels" near NYC, L.A., and Seattle.
- Amazon would collect a standard 15% commission from hoteliers who would upload inventory and set prices. A source says hoteliers would normally list properties at rack rates, but would also be free to discount.
- Though limited in scope, Amazon's service would put the company into competition with online travel agencies (OTAs) such as Priceline (NASDAQ:PCLN), Expedia (NASDAQ:EXPE), and Orbitz (NYSE:OWW). OTAs have already seen Google, the recipient of much of their ad spend, encroach on their turf a bit with new services.
- As Skift notes, Amazon could appeal to independent/boutique hotels with less marketing reach than major chains. Amazon, meanwhile, could leverage its user data to cross-sell or bundle various goods.
- Separately, Amazon has inked a 17-year lease to rent 470K sq. feet of office space (effectively an entire 12-story building) across from the Empire State Building. The WSJ previously reported Amazon wants the building to be the location of its first brick-and-mortar store, and also serve as a warehouse and order pickup/return hub.
Nov. 4, 2014, 9:15 AM
Nov. 4, 2014, 8:51 AM
- Priceline (NASDAQ:PCLN) beat Q3 EPS estimates and posted in-line revenue, but offered EPS guidance that was well below consensus and noted macro conditions are mixed, especially in Europe. Revenue guidance (11%-18% Y/Y growth vs. a 23.8% consensus) is also light.
- The online travel giant also reported bookings growth slowed to 28% in Q3 from 34% in Q2 - U.S. bookings growth fell to 9.9% from 20.6%, and international growth to 31.6% from 36.2% - and guided for just 8%-15% Q4 bookings growth. Forex (driven by a weak euro) is expected to have a 500 bps impact on Q4 growth.
- While Priceline has a history of guiding conservatively, the size of the guidance shortfalls is raising eyebrows. Expedia (NASDAQ:EXPE) -1.2% premarket, TripAdvisor (NASDAQ:TRIP) -0.8%. TripAdvisor reports after the bell.
Nov. 4, 2014, 7:59 AM
- Q3 non-GAAP net income of $1.2B up 29% Y/Y. Non-GAAP EPS of $22.16 vs. $17.30 a year ago.
- Gross travel bookings of $13.8B up 28% Y/Y.
- CEO Darren Huston notes a "mixed macro-economic backdrop, particularly in Europe."
- Q4 guidance: Gross travel bookings up 8-15%. Non-GAAP EPS of $9.40-$10.10 vs. the Street at $10.91.
- Previously: Priceline.com beats by $1.05, revenue in-line
- Conference call is underway
- PCLN -6.8% premarket
Nov. 4, 2014, 7:32 AM
- priceline.com (NASDAQ:PCLN): Q3 EPS of $22.16 beats by $1.05.
- Revenue of $2.84B (+25.1% Y/Y) in-line.
- Shares -5% PM.
Oct. 31, 2014, 1:42 PM
- Expedia (EXPE +5%) is rallying after beating Q3 estimates on the back of a 29% Y/Y increase in gross bookings (even with Q2's clip) to $13.5B. U.S. bookings rose 35% to $7.9B, and international bookings 22% to $5.6B.
- Hotel room nights rose 24% Y/Y (down from Q2's 28%), and air tickets 30% (up from Q2's 28%). Revenue per room night fell 2%; revenue per ticket fell 7%.
- Sales/marketing spend (much of it on Google) rose 30% to $815.8M, and tech/content spend 20% to $172.8M. $130M was spent on buybacks.
- On the CC (transcript), the company reiterated guidance for 16%-19% full-year adjusted EBITDA growth. CEO Dara Khosrowshahi noted the Travelocity deal is boosting top-line performance, and said the company plans to increase investments in its Chinese eLong (LONG -0.5%) unit, which is facing "challenges and competitive headwinds."
- With marketing spend remaining high and investments in eLong and Trivago ramping, Benchmark expects "minimal EBITDA margin expansion" in 2015. But it also expects 13% sales growth after the Travelocity deal reaches its 1-year anniversary.
- Priceline (PCLN +4.6%) and TripAdvisor (TRIP +2.8%) are getting a lift from Expedia. The Nasdaq is up 1.3%.
Oct. 14, 2014, 3:31 PM
- Global growth, foreign-exchange, oil, and small caps are the subject of every client inquiry, says David Kostin. His team's recommendation: Buy "American exceptionalism."
- In Kostin's view, U.S. economy and corporate fundamentals are still strong, with economic growth expected by Goldman economists to be 3.2% next year, the fastest expansion since 2005. Europe is expected to grow just 1%.
- What his team likes are those stocks of companies which have a high proportion of domestic sales, plus sectors like Consumer Staples (XLP -0.1%) and Discretionary (XLY +0.7%) which stand to benefit from lower oil prices (plunging again today).
- As for small caps (IWM +0.9%), Kostin is wary, noting downward earnings revisions have boosted small cap P/E ratios even as prices have declined.
- The list of S&P 500 names capturing two or more of Kostin's themes: GT, GM, PCLN, AMZN, CMCSA, LOW, DG, TSN, ADM, CVS, AVP, WAG, PXD, HAL, JPM, BAC, SCHW, PNC, MS, C, GNW, LNC, MET, THC, AET, UNH, ESRX, HUM, WLP, BIIB, GILD, DAL, CMI, FLR, CRM, JBL, MA, FB, MU, FSLR, VMC, MON, T.
Sep. 16, 2014, 6:59 AM
- Priceline (NASDAQ:PCLN) announces it plans to float a new benchmark issue of senior notes.
- The company says the funds will be used for general corporate purposes, which may include share buybacks.
Sep. 5, 2014, 7:31 AM
- Citing competitive concerns thanks to Google, Evercore pulls its Overweight rating on Priceline (NASDAQ:PCLN), and lowers the price target to $1,350 from $1,450.
- The team pulls its Underweight rating on Tripadvisor (NASDAQ:TRIP), upgrading to Equal-weight and lifting the price target to $110 from $85.
- PCLN -0.9% premarket
Aug. 21, 2014, 11:43 AM
- Hedge funds are having a difficult time of it again this year, up 1% vs. a 7.5% gain for the S&P 500, according to Goldman Sachs, which crunched the numbers on 775 funds with $1.9T in AUM.
- Nevertheless, Goldman's list of 50 stocks which "matter most" to hedge funds has outperformed the S&P 500 on a quarterly basis 66% of the time since 2001. The stocks this quarter (posted in order of the number of funds in which a name is a top-10 holding):
- ACT, AAPL, FB, AGN, AAL, GM, TWC, AIG, MSFT, HTZ, CHTR, MU, WMB, LNG, C, DAL, HCA, APC, CBS, ALLY, GOOGL, APD, NRF, BAC, EBAY, LBTYK, PCLN, VRX, BIDU, DTV, DISH, DG, EQIX, MA, WAG, ARCP, GILD, LINTA, MON, FOXA, VC, AMZN, BRK.A, BRK.B, SUNE, CMCSA, JPM, MIC, CCI, HES, LAMR.
- A special call-out to Northstar Realty (NYSE:NRF), Visteon (NYSE:VC), SunEdison (NYSE:SUNE), Macquarie Infrastructure (NYSE:MIC), and Lamar Advertising (NASDAQ:LAMR) for making the list of hedge fund hotels despite their relatively tiny market caps.
Aug. 15, 2014, 6:55 AM
- Priceline (NASDAQ:PCLN) announces its $1B private offering of notes will pay interest at a rate of 0.90% per year.
- The company expects the offering to net it $990M after fees and expenses are backed out.
- A portion of the funds will go toward paying for stock buybacks.
Aug. 13, 2014, 5:10 PM
- With its shares still near $1,300, Priceline (NASDAQ:PCLN) is selling up to $1B in convertible senior notes due 2021. Initial purchasers are expected to have a $150M overallotment option.
- The online travel giant plans to use up to $375M of the proceeds on buybacks. It ended Q2 with $7.2B in cash/investments, and $1.8B in convertible debt.
The Priceline Group, Inc. is an online travel company, which provides travel and related services. It offers accommodation reservations including hotels, bed and breakfasts, hostels, apartments, vacation rentals and other properties. The company provides services through Booking.com,... More
Industry: General Entertainment
Country: United States