PCLN gave downbeat guidance last quarter based on 1.5 quarter business to then. Since then, business has improved (per expedia CC). So they would beat the guidance and consensus. The key is guidance. Given Expedia's upside and lowed expectation, pcln should not disappoint.
I think you are missing the best part: summer Olympics. Thousands of people flew just to watch Olympics and pcln has great exposure to European countries. I think pcln will deliver a blow out qtr and pps will soar to $750 range.
I feel very confident playing pcln earnings this qtr. There is a reason why it popped 5% on expedia's earnings.