|Day's Range||154.08 - 154.08|
Zacks Value Trader Highlights: Facebook, Booking, Canada Goose, Pioneer Natural Resources and Innovative Industrial Properties
When a CEO and chief financial officer get pushed out a couple of months earlier, yes, the next earnings call with financial analysts might be unusual. But the Expedia Group fourth quarter earnings discussion on Thursday was one for the record books. Expedia Group Chairman Barry Diller and Vice Chairman Peter Kern, who are now […]
(Bloomberg) -- Expedia Group Inc. gave a 2020 profit forecast for “double-digit” growth, topping analysts’ estimates and suggesting the company will be able to maintain bookings in the face of slowing global travel demand caused by the spreading coronavirus. Shares gained more than 10% in extended trading.The online travel giant reported revenue gained 7.3% to $2.75 billion in the fourth quarter, just missing the $2.77 billion analysts’ projected. Gross bookings climbed 5.9% to $23.2 billion in the period ended Dec. 31, the Seattle-based company said Thursday in a statement.Adjusted earnings before interest, taxes, depreciation and amortization was $478 million, beating the analysts’ average estimate of $451.6 million, according to data compiled by Bloomberg.“We are not providing a specific guidance range given uncertainty on how much cost savings we’ll recognize this year and the full effect of coronavirus,” Chairman Barry Diller and vice chairman Peter Kern said in the statement. “However, taking these factors into account, we expect 2020 Adjusted EBITDA growth to be in the double-digits.”The pair said they were targeting $300 million to $500 million in “run-rate cost savings across our business.”Diller said the company will streamline and simplify the business. “For several years we have really lost clarity and discipline,” he said on a conference call with analysts. “We were a bloated organization.”Shares jumped to a high of $124.25 in extended trading after closing at $110.59 in New York. The stock has dropped 13% in the past 12 months.The recent outbreak of the coronavirus, known as Covid-19, which originated in China and has spread to more than 20 countries, is battering hospitality companies from airlines to hotels to cruise operators as tourists cancel trips and businesses shutter events. The virus will dent the company’s bottom line by $30 million to $40 million in the current period, executives said on the call. However, Diller conceded the economic impact is difficult to predict.“We don’t truly know the extent of it,” Diller said, adding shortly after that he believes “it will go beyond Asia.”The health crisis is one of several challenges facing the company since Chief Executive Officer Mark Okerstrom and Chief Financial Officer Alan Pickerill were ousted in December after clashing with the board over prospects for growth. Diller said the company isn’t hunting for a new CEO. Instead, the 78-year-old billionaire media mogul will remain in control of the company’s day-to-day operations, along with Kern, for the foreseeable future -- but not beyond 2020.“I haven’t been on one of these analyst calls in endless amount of time so I’m probably a bit draggy,” said Diller, who is chairman and founder of IAC/InterActiveCorp. “Having been chairman of Expedia for, I don’t know, I think 20 years or so, I thought I knew a lot about the company, but there is nothing like being on the ground. And we’ve been on the ground.”In November, Okerstrom lowered the outlook for 2019 earnings after missing analysts’ estimates in the third quarter. Expedia largely blamed Google, which has been cramming the top of its search results with more advertising, pushing down free listings from travel companies and forcing them to spend more on marketing.Diller said he has reached out to Google’s senior management, telling them “exactly what we feel about this. “I have implored them to stop actually taking away the profits from businesses that are one of the main contributors to their advertising revenue.”Diller called for the federal government to regulate Google, saying the new search engine optimization changes were an “existential issue” for online travel agencies. The Federal Trade Commission and the U.S. Justice Department already have announced broad antitrust reviews of the major tech companies, including Alphabet Inc.’s Google.Expedia has been squeezed by Airbnb Inc. and Booking Holdings Inc. in vacation home rentals -- the fastest growing sector of the travel market. Last year, the company revamped its short-term rental unit Vrbo to try to catch up with its rivals. Vrbo reported revenue growth of 13% in the fourth quarter to $259 million. The unit generates about 10% of Expedia’s total revenue, but analysts and investors focus on Vrbo because it represents the company’s best bet for growth.In the fourth quarter, net income rose to $76 million. Profit, excluding certain items, was $1.24 a share, beating analysts’ average estimate of $1.14.(Updates with coronavirus impact in the eighth paragraph; comments from chairman throughout.)To contact the reporter on this story: Olivia Carville in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Molly Schuetz at email@example.com, Andrew PollackFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
If everything goes as Tripadvisor hopes in 2020, it will be a landmark year because for the first time its experiences and dining revenue would surpass that of the company's until-now core hotel metasearch business. That's the target and it's part of Tripadvisor's goal, as articulated in its fourth quarter earnings call Thursday. The ambition […]
Growing competition from players such as Google, Airbnb, and Trip.com Group, as well as reductions in marketing spend by large online travel agency advertisers and the potential materially adverse impact of a regulatory decision in Australia all led to a Trivago decline in net income for the fourth quarter. At the end of an earnings […]
OpenTable, the world's leading provider of online restaurant reservations and part of Booking Holdings, Inc. (NASDAQ: BKNG), is giving U.S. diners exclusive access to hot tables with the launch of Premium Access - a new loyalty perk available for frequent OpenTable diners. Starting today, OpenTable Dining Points can be used to unlock hard-to-get reservations at popular restaurants during prime dining times - a feature that nearly three quarters (68%) of diners expressed interest in, according to an internal survey. Beginning November 2019, Premium Access reservations were exclusively rolled out for Capital One cardholders and continues to be available to them.
Expedia Group (EXPE) fourth-quarter results are expected to reflect strength across Core OTA and Egencia. However, weakness in trivago and soft ADR environment are likely to have impacted the results.
Tripadvisor Experiences is raising commission rates and introducing a single minimum commission rate depending on the type of tour operator and location, the company said in an email on Thursday to tours and activities operators that created confusion for its opaqueness. The communication (see the email embedded below) to operators states that Tripadvisor Experiences will […]
Applied Materials' (AMAT) fiscal first-quarter earnings are likely to reflect strong customer spending in foundry and logic and solid momentum across the Applied Global Services' subscription part.
Tripadvisor recently laid off well over 200 employees to reboot its once-market-darling Experiences business as part of a wider reorganization. The company's share price has basically been in free fall since the summer of 2014 when it reached $110 per share. With coronavirus taking a toll in recent days, Tripadvisor's stock was trading at lower […]
As Valentine’s Day draws near, seven Philadelphia eateries — including five concepts by the city’s esteemed restaurateur Stephen Starr — cracked OpenTable’s rankings of the country’s 100 most romantic restaurants. Starr restaurants Barclay Prime, Butcher & Singer, The Love, Parc and Talula’s Daily all made the cut, along with Double Knot and Passyunk Square’s century-old Italian spot The Victor Cafe. The 100 restaurants on the list span 31 states, and Philadelphia’s accolades helped Pennsylvania tie for the second-most uber-romantic restaurants with California.
Taking the guesswork out of Valentine's Day, the most highly coveted date night of the year, OpenTable -- the world's leading provider of online restaurant reservations -- released its annual list of the 100 Most Romantic Restaurants in America. The list was unveiled just in time for what OpenTable anticipates will be the busiest day of the year for Valentine's Day reservation booking: February 4, 2020.1
TORONTO , Feb. 3, 2020 /CNW/ -- Despite craving romance, a majority of Canadian survey respondents procrastinate when booking Valentine's Day reservations. According to a recent survey conducted by OpenTable, the world's leading provider of online restaurant reservations and part of Booking Holdings, Inc., Canadians crave romance with 58 per cent longing for romantic gestures from their partner. To help lovers from coast to coast satisfy their partners' dining desires, OpenTable has compiled a list of insights and tips to help Canadians find their inner Casanovas.
Booking Holdings , TripAdvisor and Expedia sank Friday as analysts warned the economic fallout from the fast-spreading coronavirus could hit the travel stocks particularly hard. Shares of Booking Holdings, formerly Priceline, fell 2.01% to $1,835.38, while TripAdvisor dropped 1.88% to $27.68 and Expedia edged down 1.35% to $107.63 amid the warnings from analysts at Jefferies and SunTrust Robinson Humphrey.
Shares of Booking Holdings Inc. , formerly known as Priceline, slumped 2.3% in morning trading toward a near 6-month low, after SunTrust Robinson Humphrey analyst Naved Khan cut his price target on the travel services company, citing concerns over the impact of the coronavirus out of China. Khan cut his target to $2,250 from $2,350, while keeping his rating at buy. Khan said he sees the coronavirus as a "material risk to leisure travel," with Booking to see a "large impact." The coronavirus was named a global public health emergency by the World Health Organization on Thursday. Khan said the impact on earnings for Expedia Group Inc. is also "significant," but less so than Booking. Expedia shares fell 1.7%. Booking's stock has now shed 11% this month, while Expedia shares have slipped 0.8% and the S&P 500 has inched up 0.3%. TripAdvisor Inc.'s stock fell 2.9% on Thursday to an 8-year low, and has shed 9.9% this month.
Amazon's (AMZN) fourth-quarter results benefit from Prime momentum, strong holiday sales, robust AWS portfolio and strengthening Alexa features.
Investments in small and mid-sized public companies helped several T. Rowe Price Group Inc. mutual funds beat the S&P 500 index last year. Across the board, Baltimore-based T. Rowe Price's U.S. mutual funds brought in large returns during one of the best years for the stock market in recent history.