Oct. 15, 2013, 6:56 AM
Oct. 14, 2013, 10:45 AM
- 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.
- Priceline and other online travel peers are off moderately. TRIP -1%. TZOO -2.1%. OWW -2.9%.
Sep. 23, 2013, 9:44 AM
- 3D Systems (DDD +1.2%) and Stratasys (SSYS -0.1%) have been started at Buy by BofA.
- TripAdvisor (TRIP +3.4%) has been upgraded to Buy by Stifel.
- Open Text (OTEX +1.4%) has been upgraded to Buy by Credit Suisse.
- Peregrine Semi (PSMI -6.1%) has been cut to Hold by Canaccord. RBC downgraded shares on Friday on concerns the chipmaker has been shut out of the iPhone 5S/5C.
- NXP (NXPI -1.1%) has been pulled from Goldman's Conviction Buy list, but remains rated a Buy.
- Splunk (SPLK -0.9%) has been started at Neutral by Goldman.
Sep. 19, 2013, 2:15 PM
- comScore estimates U.S. e-commerce sales (exc. travel) rose 12% Y/Y to $26.1B. That's down from Q2's 16% and Q1's 13%.
- RBC's Mark Mahaney views the data as "neutral to negative" for Amazon (AMZN +0.1%) and eBay (EBAY -0.7%), but also largely in-line with his forecast for 15% full-year growth.
- On the other hand, comScore estimates U.S. online travel sales growth rose to 11% in August from Q2's 9% and the highest growth rate seen since Jan. '12. Mahaney views this as a positive for Priceline (PCLN -0.4%), Expedia (EXPE -1%), and TripAdvisor (TRIP +0.1%), and now thinks his 7% full-year growth forecast could be conservative. Others are already forecasting 8%-10% growth.
- Priceline shares topped $1,000 for the first time yesterday, and are currently trading a little below that level.
- Previous: ChannelAdvisor's August same-store sales data
Sep. 12, 2013, 4:33 PM
- Priceline (PCLN) has launched Sponsored Listings, an ad product that gives hotels the ability to show targeted ads to consumers when they search for travel deals on Priceline's sites. (PR)
- In addition to location, hotels can target users based on demographics, length of stay, and other pieces of data.
- The product acts as another source of competition for TripAdvisor (TRIP) and other sites dependent on travel ads.
- Separately, Cantor says its analysis of search trends indicates Priceline's European Booking.com unit continues to perform well, and that its pricing trends generally match expectations.
- Priceline's international bookings rose 44% Y/Y in Q2, and made up 85% of total bookings.
Sep. 6, 2013, 6:47 PM
Aug. 21, 2013, 9:32 AM
- AIG remains the "king of the hedge fund castle" writes ValueWalk, as Goldman's latest Hedge Fund Monitor shows 69 funds have the stock in their top 10 holdings as of June 30, ahead of #2 Google (GOOG) at 65 and #3 Apple (AAPL) at 50. The percent of equity cap owned by hedge funds is 14% for AIG, as opposed to negligible amounts for both Google and Apple.
- Based on percent of equity cap owned by hedge funds, Charter Communications (CHTR) is the #1 hedge fund hotel at 37%. Among S&P 500 stocks, J.C. Penney at 36%, Constellation Brands (STZ) at 30% and H&R Block (HRB) at 26% lead the way. The average for the entire S&P 500 is 5%.
- Goldman's basket of 20 "Most concentrated" hedge fund stocks has outperformed the S&P 500 by nearly 1200 bps YTD. Since 2001, the strategy has outperformed the S&P 69% of the time and by an average of 263 bps per quarter. In addition to the earlier-mentioned names there's: AN, VRSN, FDO, THC, CBG, GT, NFLX, TRIP, LYB, WPX, MSI, BEAM, DLTR, ZTS, WYN, LM, ETFC.
Aug. 14, 2013, 2:36 PM
- In addition to making downbeat comments about TripAdvisor's (TRIP -8.5%) summer performance, CEO Steve Kaufer stated Expedia (EXPE -1%) is once more ramping its ad bidding activity on the site, following a Q2 slowdown.
- Expedia took a conservative bidding approach on TripAdvisor in Q2, which in turn took a toll on sales and contributed to Priceline's (PCLN -1%) share gains.
- Deutsche recently reported Expedia regained share from Priceline on TripAdvisor in July.
Aug. 14, 2013, 1:10 PM
- During a Canaccord conference talk, TripAdvisor (TRIP -5.1%) CEO Steve Kaufer states the summer of 2013 has been bumpier than expected, and tries to temper Q3 expectations.
- TripAdvisor shares flew higher in July after the company delivered a Q2 beat fueled by strong traffic growth, and closed yesterday near their post-IPO high. They're still staring at huge YTD gains.
Aug. 8, 2013, 6:07 PM
- Expedia (EXPE) and TripAdvisor (TRIP) +1% AH after Priceline beats Q2 estimates and issues solid Q3 guidance.
- Priceline (PCLN - +5.3% AH) expects Q3 gross travel bookings to rise 27%-34% Y/Y in Q3 vs. 38% in Q2, thanks largely to international bookings growth of 32%-39% (domestic bookings are expected to rise 5%-10%). Revenue is seen rising 23%-30% vs. 27% in Q2.
- Priceline's international bookings rose 44% Y/Y in Q2, and domestic bookings 12%. Hotel room nights (+38%), rental car days (+46%), and air tickets (+1.8%) all grew at a faster Y/Y clip than in Q1.
- However, the company's online ad spend rose 47% Y/Y to a sizable $463.1M (it rose 45% Y/Y in Q1), evidence online travel firms continue to compete aggressively over Google keywords.
- Orbitz (OWW) +0.6% AH after soaring 36.7% in regular trading thanks to its Q2 revenue beat and strong guidance.
- Orbitz expects Q3 revenue of $214M-$220M (above a $213.8M consensus), and 2013 revenue of $840M-$850M (above an $831.4M consensus). 2013 adjusted EBITDA is expected to grow 8%-10% from 2012's $128.4M.
Aug. 6, 2013, 1:08 PM
- Deutsche's checks Expedia (EXPE +2.6%) regained its status as TripAdvisor's (TRIP +1.9%) top partner in early July after losing share to Priceline (PCLN +0.5%) in Q2.
- The firm thinks Expedia, which crashed two week ago thanks to a Q2 miss blamed on several different factors, lost share throughout Q2 to Priceline's Booking.com unit, and that Expedia's Hotels.com unit "[dropped] off significantly."
- Morgan Stanley released a survey in July indicating Booking.com's European online travel bookings share stood at 47%, and Expedia's at 21%. Respondents touted Booking.com's larger customer base, higher traffic, and superior technology platform for updating room pricing/availability.
- Expedia recently launched its Traveler Preference Program, so as to offer an agency hotel bookings model similar to Booking.com's.
Jul. 26, 2013, 9:38 AM
Jul. 26, 2013, 8:10 AM
Jul. 25, 2013, 5:37 PMExpedia (EXPE) CEO Dara Khosrowshahi was somewhat on the defensive in the Q2 earnings conference call, admitting that May's Hotwire sale cost more than it recovered in revenue, and that TripAdvisor (TRIP) and Booking.com are hurting results. On the plus side, Trivago performed well, growing 80% Y/Y, and eLong expanded aggressively in Asia. EXPE -23.3% AH. | Comment!
Jul. 25, 2013, 9:15 AM
Jul. 24, 2013, 5:53 PM
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