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EXPE

Expedia, Inc.

5/23/2013, 8:17 AM ET

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Monday, May 20, 12:29 PM Priceline (PCLN +3%) is the "clear global winner" in the online travel agency space, writes Deutche's Ross Sandler, who is upgrading shares to Buy and raising his PT to $900. Sandler touts Priceline's "unique supply footprint, industry-high growth rates and margins, and over-exposure to ... international hotel bookings." He thinks margins (recently pressured by heavy search ad spend) will begin stabilizing in 2H, sees upside to consensus forecasts, and predicts earnings will "grow at a 20% CAGR over the next 3 years." Sandler is also raising his PTs for Expedia (EXPE unchanged) and TripAdvisor (TRIP +3.8%), while reiterating Buys. Comment! [Tech, Consumer, On the Move]
Friday, May 10, 2:21 PM "Priceline (PCLN +3.8%) is benefiting from stability in its core European market and continues to gain share in global hotel bookings," writes Cantor, providing an upbeat take on the Q1 report that's echoed by many on the sell-side. Though not pleased with Priceline's light Q2 guidance, the firm sees it as understandable in light of macro, an early Easter, and ad spending needs. But Deutsche is worried margins are at risk thanks to ad spend, and a mix shift to lower-margin regions and paid channels (i.e. Google). Though Priceline is rallying, Expedia (EXPE +5.3%) and Travelzoo (TZOO +6.6%) are faring even better. (transcript) (previous) Comment! [Tech, Consumer, Earnings, On the Move]
Thursday, May 9, 6:25 PM Though lower-than-expected marketing spend (tied to Google search ads) allowed Priceline (PCLN) to beat Q4 EPS estimates, the company cautions on its CC not to view it as a trend. Online ad spend still rose 45% Y/Y in Q1, up from Q4's 41%, and equaled 31% of revenue (26% in Q4). Meanwhile, guidance for 15%-22% Q2 rev. growth is below a 23.3% consensus; Priceline says it continues to "see economic uncertainty," and that "competition in the online travel sector remains intense." International bookings (85% of total) +43% Y/Y in Q1, up from Q4's 40%. But growth is expected to slow a bit to 36%-43% in Q2. Hotels room nights +38%, rental car days +43%, air tickets +1%. PCLN -3.3% AH. EXPE just -0.3%. Comment! [Tech, Consumer, Earnings]
Thursday, May 2, 1:19 PM Expedia (EXPE +2.8%) outperforms after UBS adds the online travel bookings provider to its elaborately-named U.S. Alpha Most Preferred List. Shares tumbled last week due to a downbeat outlook for the company's Hotwire discount travel inventory site, and are still down 8% YTD. Comment! [Tech, On the Move, Consumer]
Monday, April 29, 11:37 AM The post-earnings hangover continues with Expedia (EXPE -4.2%) as share slip below the $56 mark for the first time in close to six months. Though the company has seen its revenue grow roughly in-line with peers, profits haven't caught up yet. (more on EXPE: earnings call transcript, Goldman Sachs' take) Comment! [Consumer, On the Move]
Friday, April 26, 3:00 PM Priceline (PCLN -1.8%) is off in sympathy with Expedia (EXPE -9.1%), after the latter provides downbeat earnings call remarks about Hotwire (previous), and lowers its 2013 adjusted EBITDA forecast (exc. trivago) by $20M-$30M. Expedia claims Hotwire, which (like Priceline) offers opaque travel inventory at a discount, is affected by a tough domestic car rental market, improving hotel occupancy rates (leads to higher prices), and tougher competition from Priceline, which recently launched its Express Deals hotel service. Expedia's gross bookings rose 16% Y/Y in Q1, down from Q4 and Q3's 19%; hotel room nights rose 28%, and air tickets 9%. Comment! [Tech, On the Move, Consumer, Earnings]
Friday, April 26, 9:47 AM Expedia (EXPE -7.6%) falls after the company's warning on full-year profit for its Hotwire property takes the shine off its Q1 earnings beat. After initially trading higher, things turned around during Expedia's conference call when more details on the slump at Hotwire were exposed. (transcript) Comment! [Consumer]
Thursday, April 25, 4:03 PM Expedia (EXPE): Q1 EPS of $0.25 beats by $0.03. Revenue of $1.01B beats by $44.23M. Shares +1.2% AH. (PR) Comment! [Earnings, Breaking News]
Thursday, April 25, 9:01 AM Google's (GOOG) concessions to the EU include a promise to "separate promoted links [for Google services] from other web search results by clear graphical features," as well as to "display links to three rival specialized search services," the EC states. Google is also promising to give sites the option to keep their content out of "specialized" engines such as Google News. Once the EC accepts the proposals, they become legally binding for 5 years. PCLN and EXPE will likely be pleased, given their heavy European exposure and search ad spend, and the competition they face from Google's Flight Search, which recently expanded to Europe. (previous) Comment! [Tech]
Thursday, April 25, 12:10 AM Notable earnings after Thursday’s close: AEM, ALTR, AMCC, AMKR, AMZN, BIDU, BJRI, BLDR, BMRN, CALX, CAMP, CB, CBG, CENX, CERN, CINF, CLWR, CRUS, CSTR, CTCT, DECK, DLB, ELY, EMN, EXPE, FII, FR, FSL, GERN, IGT, IM, INAP, INFA, KBR, KEG, KLAC, LEG, MCRS, MXIM, N, NR, NTGR, OLN, PFG, PKI, PMCS, QLIK, RMD, RRC, RSG, SBUX, SIMO, SPN, SWKS, SYNA, TCO, THRX, TLAB, UHS, VPRT, VRSN, WRE, WYNN Comment! [Earnings]
Wednesday, April 24, 5:35 PM Notable earnings after Thursday’s close: AEM, ALTR, AMCC, AMKR, AMZN, BIDU, BJRI, BLDR, BMRN, CALX, CAMP, CB, CBG, CENX, CERN, CINF, CLWR, CRUS, CSTR, CTCT, DECK, DLB, ELY, EMN, EXPE, FII, FR, FSL, GERN, IGT, IM, INAP, INFA, KBR, KEG, KLAC, LEG, MCRS, MXIM, N, NR, NTGR, OLN, PFG, PKI, PMCS, QLIK, RMD, RRC, RSG, SBUX, SIMO, SPN, SWKS, SYNA, TCO, THRX, TLAB, UHS, VPRT, VRSN, WRE, WYNN Comment! [Earnings]
Saturday, April 13, 10:25 AM Priceline (PCLN) gets the Barron's treatment with a cover story arguing a profit squeeze is set to hit the highflier and its online travel site competitors, Expedia (EXPE) and Orbitz (OWW). One new source of competition is Google (GOOG), where search results now showcase prices, destination details, and even a "booking button." 5 Comments [Quick Ideas]
Wednesday, April 10, 1:44 PM Online travel stocks are rallying with more investors jumping on board as both fundamental and technical factors for the sector start to look more promising. In the group, TripAdvisor (TRIP +2.6%) has the business model most leveraged to online advertising rates while Priceline (PCLN +2.8%) has been tagged as "best in breed." Growth opportunities in new markets is the headline story for sector stalwarts Expedia (EXPE +2.5%), Kayak (KYAK +1.3%), Orbitz Worldwide (OWW +8.4%), and Travelzoo (TZOO +2.5%). Comment! [Consumer, On the Move]
Thursday, March 21, 11:28 AM The outlook for online travel looks attractive for global companies, according to a new report from Morningstar. The read-through from the firm is that a "narrow moat" exists for Expedia (EXPE -0.7%), Priceline (PCLN +1%), and Orbitz (OWW -3.7%). Will one online travel player finally jump out on top in an industry called "anybody's game" by analysts? Comment! [Consumer]
Tuesday, March 19, 9:02 AM JMP launches coverage on the Internet sector with a bullish bias. Google (GOOG), Priceline (PCLN), AOL, eBay (EBAY), and Zillow (Z) have been started at Outperform, while Amazon (AMZN), Facebook (FB), and Expedia (EXPE) have been started at Market Perform. FB +0.8%. GOOG +0.5%. Z +1.3%. EBAY +1.5% with the help of Cantor's upgrade. 3 Comments [Tech, Consumer]
Tuesday, March 12, 2:41 PM Priceline's (PCLN -1.1%) online ad spend has more than tripled over the last 3 years to $1.27B (25% of revenue), as the company fights harder than ever with Expedia (EXPE -0.3%) for hotel bookings. RBC's Mark Mahaney (he of Facebook fame) thinks $1.14B of that total went to Google (GOOG), single-handedly accounting for 2.6% of the search giant's ad sales. Priceline's online ad spend rose 41% Y/Y in Q4, but there was a payoff. Expedia, which doesn't break out online ad spend, has seen its total ad budget rise 40% in the last 3 years to $870M (22% of revenue). 2 Comments [Tech, Consumer]

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