|Day's Range||780.76 - 781.09|
Booking Holdings Inc. (NASDAQ: BKNG) ("Booking Holdings") announced today the pricing of its private offering of $750,000,000 aggregate principal amount of 0.75% convertible senior notes due 2025 (the "Convertible Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). The issuance and sale of the Convertible Notes is scheduled to settle on April 14, 2020, subject to customary closing conditions. Booking Holdings granted the initial purchasers of the Convertible Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Convertible Notes are first issued, up to an additional $112,500,000 principal amount of Convertible Notes.
Booking Holdings Inc. (NASDAQ: BKNG) ("Booking Holdings") announced today the pricing of an offering (the "Offering") of $1,000,000,000 aggregate principal amount of its 4.100% senior notes due 2025, which are being issued at a price equal to 99.982% of their face value, $750,000,000 aggregate principal amount of its 4.500% senior notes due 2027, which are being issued at a price equal to 99.780% of their face value, and $1,500,000,000 aggregate principal amount of its 4.625% senior notes due 2030, which are being issued at a price equal to 99.834% of their face value (collectively, the "Notes"). The Notes will be senior, unsecured obligations of Booking Holdings and will not be guaranteed by any subsidiaries of Booking Holdings.
Airbnb is in an existential struggle, as are many of its travel industry peers while nightmarish news is emerging in rapid-fire succession. The year 2020, absent an unforeseen coronavirus pandemic, was supposed to be a banner one for Airbnb with a potential stock market flotation. But the Wall Street Journal reported Tuesday that Airbnb's valuation […]
Could Booking Holdings potentially run out of cash in the second half of 2021? If things get super bad, that's a possibility. Compared to many other travel companies, Booking Holdings was in relatively good shape before the coronavirus pandemic turned the world into a lockdown pandemic, but it made a series of disclosures about dire […]
Booking Holdings Inc. (NASDAQ: BKNG) ("Booking Holdings") announced today the commencement of an offering (the "Offering") of one or more series of its senior notes (collectively, the "Notes") pursuant to an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the "SEC"). The Notes will be senior, unsecured obligations of Booking Holdings and will not be guaranteed by any subsidiaries of Booking Holdings.
Booking Holdings Inc. (NASDAQ: BKNG) ("Booking Holdings") announced today the commencement of an offering of $750 million in aggregate principal amount of its convertible senior notes due 2025 (the "Convertible Notes") to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"). Booking Holdings expects to grant the initial purchasers of the Convertible Notes an option to purchase, for settlement within a period of 13 days from, and including, the date the Convertible Notes are first issued, up to an additional $112.5 million principal amount of Convertible Notes.
People are scared to book vacations amid the coronavirus pandemic, and Booking Holdings Inc (NASDAQ: BKNG) CEO Glenn Fogel has an inside look as both the CEO of a portfolio of travel companies and as someone who recovered at home from the virus.Booking CEO: 'This Is Nothing To Laugh About' People are "much more concerned" with making sure there is enough money on hand to take care of their "immediate needs," Fogel said Thursday on CNBC's "Squawk on the Street."People are also worried if they will still have a job or if they or a member of their family will get sick, the CEO said.These are "real concerns" and certainly more pressing than planning a vacation for July, he said. "That's the basic thing I totally feel for everybody having been through this myself. I know this is nothing to laugh about," he said."I have been so fortunate and so lucky to come right out of it but I know there a lot of people who are not coming out quite as easily."The Impact On Restaurants Among the more than 54,000 restaurants on OpenTable's platform, "very, very few" are open today, Fogel said.In-dining reservations are still seen "here and there," although it is unclear if this is the result of people not listening to stay-at-home directives, he said. Regardless, this is a "temporary period" and small restaurants without large cash flows and savings need support, the CEO said. What's Next For Booking The travel industry was likely the first to be impacted by the coronavirus and will likely be the last to recover, the CEO said.While travel will resume at some point, travel companies need some form of support to help get over this "bad period," Fogel said. The stock was down 1.82% at $1,248.47 at the time of publication Thursday.Related Links:9 Beaten-Down Travel Stocks To Buy, Sell And HoldStifel Upgrades, Downgrades Airlines Facing Coronavirus Shock, Says Hawaiian Well-PositionedSee more from Benzinga * Two Pros Discuss The K Stocks Worth Buying(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Booking Holdings CEO Glenn Fogel tested positive for coronavirus, the company disclosed Wednesday in a financial filing. The online travel giant also said it has succession plans for all of its senior executives, suggesting they could cover temporarily for Fogel if necessary. Fogel told employees his symptoms are mild, and he doesn't believe he infected […]
Faced with a backlash over its unilateral decision to refund guest reservations and leave hosts empty-handed while competitors took a more balanced approach, Airbnb co-founder and CEO Brian Chesky apologized to hosts, and detailed a $260 million Airbnb relief package. In a letter to hosts sent Monday (embedded below) , Chesky said that the decision […]
Booking Holdings (BKNG) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
The COVID-19 coronavirus is making its way across the world. The outbreak began at the end of 2019 in Wuhan, China; it has killed roughly 2,500 people, infected more than 83,000 people overall and spread to nearly 50 countries, including the U.S., since then.The coronavirus has now passed the 2002-03 SARS and 2015 MERS outbreaks in scale, and that has triggered heavy selling: Stock indices around the world, including here at home, have been sent into correction territory. Numerous stock picks are already in bear markets.It's no small worry. The SARS outbreak tallied 774 deaths across more than 8,000 cases over a six-month period, yet helped knock China's GDP down from 11.1% in the first quarter of 2003 to 9.1% in the second quarter. The coronavirus's ultimate potential to disrupt the global economy is far worse.This health issue is weighing on most stocks, but it's cutting particularly deep into a few specific industries where the financial strain is already being felt. If there's any silver lining, it's that, like with SARS, this could end up being an opportunity to buy otherwise high-quality stocks at a discount for a potential snap-back.Here, we look at 13 stock picks that are being hammered by the coronavirus outbreak. These stocks might be best avoided until a clearer picture of the coronavirus's eventual fallout develops. But they eventually might be extremely attractive buy-the-dip prospects. SEE ALSO: 11 Best Stocks to Ride Out the Coronavirus Outbreak
Expedia Group Inc. shares are off 6% in premarket trading Thursday after Goldman Sachs analyst Heath Terry downgraded the stock to sell from neutral. While he acknowledged that there was risk to downgrading Expedia's stock with travel widely understood to be in a "depressed state," he sees a high risk that investors "may be overly optimistic about the prospects for a sharp recovery in online travel or Expedia's ability to fully participate given the company's balance sheet and the need to reduce costs and investments." He expects that Expedia will manage its balance sheet by cutting marketing costs and accelerating a reduction in headcount, and negotiating debt covenants, among other things, but he is worried that the company's actions could hinder its competitive positioning. "We see Booking Holdings as best positioned in the space for the eventual recovery, with its more favorable mix of business and stronger balance sheet," Terry wrote, as he has a neutral rating on that stock. Expedia shares have lost 35% over the past month, while Booking's has dropped 19% and the S&P 500 has fallen 21%.
(Bloomberg) -- Google and other digital advertising companies are seeing revenue growth wither as marketers slash spending ahead of an expected recession triggered by the coronavirus.The global pandemic and the ensuing slump in economic activity is crushing several industries that have been big buyers of Google and Facebook Inc. ads, including online travel agents, automakers, restaurants and retail.“I’m hearing some big numbers, with ad spending down 30% to 50% across the board,” said Rob Griffin, founder of digital ad consulting firm G5 Futures. Some marketers will slash budgets by 80% or 90%, while others may stop for a while if they’re in sectors that are particularly hard hit, he added.Millions of people are sheltering at home and spending more time on social media, video streaming and other online services. That’s increasing the amount of digital ad space, but demand for those marketing spots is weak, so prices are falling.“The consumption is irrelevant, it’s completely irrelevant,” said Brian Wieser, president of business intelligence for GroupM, the media buying arm of advertising giant WPP Plc. “The total amount of money available is independent of viewership trends.”Facebook warned on Tuesday that its ad business is weakening in countries that are aggressively fighting the virus. Many of its services are being used more, such as messaging, but they don’t run ads, the company added. The day before, Twitter Inc. said usage has jumped, but global advertising is curbed, forcing the social-media company to slash its sales forecast and project a loss in the current quarter.“The sudden impact of the COVID-19 virus will ripple through the ad market,” Michael Nathanson, an analyst at Moffettnathanson LLC, wrote in a note to investors. “Given the sheer size of digital ad spending in today’s marketplace (i.e., more than 50% of all ad spend is now digital), we would expect other digital platforms to see significant deceleration in ad revenues in the coming months.”“We would suggest investors avoid catching falling knives at Google and Facebook,” he added.Google declined to comment on its ad business on Tuesday. On the company’s YouTube video service, viewing has jumped in the past week, but CPMs, the industry’s way of measuring ad prices, fell as much as 8%, according to one digital media executive who asked not to be identified discussing private figures.Shares of Google parent Alphabet Inc. and Facebook are down about 25% since the middle of February, so some of the digital ad downturn may already been priced in. Facebook stock dipped about 1% in extended trading after its warning. Alphabet was little changed.Longer term, Google and Facebook have big cash hoards and little debt, so they can withstand a deep recession, according to Bloomberg Intelligence internet analyst Jitendra Waral.The last major economic downturn was a boon to these companies. The 2008 financial crisis triggered a similar slump in advertising, but much of that was focused on traditional media. Online platforms took advantage of the moment, and pitched their ads as cheaper, more-targeted alternatives. Now, digital ads take in more than $300 billion a year from the largest corporations to the smallest businesses. Google and Facebook account for more than half of that, according to research firm EMarketer.Singapore Shuts Bars; India on Nationwide Lockdown: Virus UpdateLast week, as the scale of the crisis hit home, ad agency executives worked the phones, trying to help clients figure out what to do next. Some pulled out completely while others raced to adjust the tone of their ads.“You have industries that were extremely active as of a week ago come to a screeching halt: restaurants, travel, retail,” said Doug Rozen, chief media officer at advertising agency 360i. Other companies are still spending, but being more conservative, he added.Google and Facebook derive much of their revenue from small businesses, thousands of which could shut if a deep recession sets in. Both internet companies offer self-service ad platforms that can be switched off quickly.“Advertising is the easiest expense to cut, you can literally log into Google Ads and turn it off and start saving money,” said Ari Paparo, head of digital ad firm Beeswax Inc. and a former Google executive.Amazon.com Inc. recently cut back drastically on how much money it spends on Google ads. The online retailer is one of Google’s largest ad buyers, usually snapping up product listing ads to lure web shoppers to Amazon.Expedia Group Inc. and Booking Holdings Inc. each spend hundreds of millions of dollars a year marketing on Google, but these online travel agents have been hammered by the abrupt halt in flights, business trips and vacations.Booking Withdraws Already-Bleak Forecast, Citing CoronavirusBooking Holdings has pulled back “materially” on brand advertising, RBC Capital Markets analyst Mark Mahaney wrote in a recent research note after meeting executives from the online travel company. The industry accounts for about 10% to 15% of Google’s ad revenue, with Booking and Expedia accounting for about 3% each, Mahaney estimates.Even businesses that don’t sell through the internet often purchase Google ads to encourage people to visit their brick-and-mortar locations. Last week, Being Yoga, a yoga studio about 15 miles south of San Francisco, was still buying Google search ads, based on the query “yoga near me,” despite being closed. Bloomberg News contacted the business, which said it had forgotten to switch the ads off.Retailers often buy Google local inventory ads that show online shoppers whether products are stocked in nearby stores. With many non-essential retailers shutting locations, demand for these ads may slow.“If stores are closed, we absolutely recommend they turn off local inventory ads,” a Google spokeswoman said.Real numbers showing the virus’ impact are beginning to emerge from China, which was hit first and shut down travel and non-essential businesses weeks ago.Advertising sales on China’s big digital platforms are projected to drop 20% to 30% in the first quarter of the year, WPP’s Wieser said. Automobile ads slumped 79% in China in February, a far steeper decline than any time during the 2008 financial crisis, he also noted. Most Google services are unavailable in mainland China, but in the rest of the world, automakers are another big ad customer.Even industries that are seeing higher demand, like consumer goods, are unlikely to advertise more right now. “Why would you advertise toilet paper right now? It’s not helpful,” Wieser said. “They want to curtail demand.”(Updates with YouTube ad prices in ninth paragraph.)For 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.
Is an Airbnb inherently safer than a hotel stay during a post-coronavirus environment? And will Airbnb be better positioned than other companies to lead the future of travel? Airbnb is seeking new private funding, with about 20 investors expressing interest, but Skift subsequently obtained a confidential memo sent to suitors about a consumer survey as […]
Airbnb had $2 billion cash on hand at the end of 2019, but with losses mounting, and a direct listing or an initial public offering impossible as coronavirus-burdened stock markets flop, the short-term rental giant may try to raise funding privately from new investors. [Update: A source close to Airbnb said some 20 parties, including […]
(Bloomberg) -- Airbnb Inc.’s board met this week to consider a wide range of options in response to the current economic crisis, which is weighing heavily on the business. The potential moves include acquiring distressed assets, raising more funding from private investors and revising plans for a stock market debut scheduled for this year, people familiar with the deliberations said.The home-rental startup has been approached by a dozen potential investors, according to the people, all of whom asked not to be identified discussing private information. The investors include venture capitalists, private equity firms and sovereign wealth funds, with potential deals ranging in size from $100 million to $1 billion, the people said. None of them has set a price tag for the company, but Airbnb is unlikely to maintain the $31 billion valuation it enjoyed during the bull market.At the same time, Airbnb is actively looking at acquiring distressed companies, particularly short-term rental providers, one of the people said. One possible contender is Sonder Inc., a San Francisco-based startup that lists rental units on Airbnb’s website. Sonder’s bookings are projected to decline 90% as a result of the pandemic, possibly extending to 2021, another person said. However, two people close to Sonder said it hasn’t engaged in deal talks. “Sonder is not for sale or being sold,” a spokesman for the startup said.The situation at Airbnb reflects a grave sense of uncertainty and panic felt across the business landscape, which is forcing most companies to reevaluate plans. Airbnb has said it would go public this year, but the coronavirus pandemic has taken a steep toll on the travel industry. Countries are closing borders to curb the spread of infection, and many places are going into lockdown. Booking Holdings Inc. and Expedia Group Inc. withdrew financial forecasts, citing the worsening impact of the virus, and hotels are seeking federal aid.Before the crisis, Airbnb had been leaning toward listing its shares directly for trading on the stock market this year without raising additional capital. It’s now reevaluating that position and may instead pursue a more traditional initial public offering to raise cash for the business, people familiar with the matter said. Airbnb, which was unprofitable before the outbreak, faces the likelihood of much steeper losses this quarter and next, after offering refunds for all reservations through at least April 14.Members of the Airbnb board are divided over the best way forward. The company has about $3 billion of cash and a $1 billion line of credit, people familiar with the matter said. CNBC earlier reported some details of the approaches from investors.“There is no way any company in the tourism industry is going public this year, absolutely no way,” said Greg Klassen, a travel industry strategist at consultancy Twenty31 with more than 25 years experience. “You need multiple quarters of profitability and to look like you’re in full control with nothing but blue sky ahead to help with valuations -- and none of those things are true today.”Large investors, including some of Airbnb’s own backers, have privately expressed concerns that the pandemic will dent the company’s results for the duration of the year and perhaps longer. In recent weeks, that uncertainty has been reflected in stock trading among private investors. The offer price for Airbnb shares have fallen to $105 as of Friday, from $150 before the pandemic.For 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.
Like every sector in the travel industry, the short-term rental industry confronts a struggle to survive because of the novel coronavirus crisis. But when it comes to guest cancellation and refund policies, companies such as Airbnb, Vrbo, Booking.com, Tripadvisor, property management companies, and local players face an acute quandary — generate outrage from guests, or […]
SunTrust Robinson Humphrey analyst Naved Khan repeated his Buy ratings on Booking Holdings, the operator of Booking.com, Expedia and Tripadvisor.
(Bloomberg) -- Amazon.com Inc. has slashed the amount of money it spends on Google advertising in recent days, a potential blow to the search giant’s revenue at an already-unstable time.The e-commerce company generally buys Google ads to funnel web shoppers to its online store. But since March 11, Amazon has cut back drastically across nearly all categories, according to data collected by Tinuiti Inc., a marketing agency that handles about $1.5 billion a year in spending for various advertisers.“Amazon has significantly pulled back in Google Shopping and text ads,” said Andy Taylor, Tinuiti’s director of research. In Google keyword auctions, Amazon is still bidding “lightly” against some advertisers, but it has “disappeared as a competitor altogether for others,” he added.“While we don’t comment on individual customers, it’s not unusual for advertisers to adjust their campaigns at any time for any number of reasons,” a Google spokesperson said. An Amazon spokesperson did not return a request for comment.Amazon is responding to a surge in demand for everyday items as people avoid physical stores because of the coronavirus pandemic. The company is prioritizing the stocking of household and medical supplies and is looking to hire 100,000 extra workers. Amazon could be cutting back on ads because it doesn’t want to push even more people to its website and overload its supply chain, warehouses and logistics network.“They don’t need to drive more demand,” said Travis Johnson, global chief executive officer of Podean, a marketing firm that specializes in helping companies advertise on Amazon and other digital marketplaces. Some of his clients have seen sales on Amazon.com spike as much as six times this month, compared to February, he said.The pandemic may curb Google’s ad revenue growth as economic activity slows and companies look for ways to cut costs. Online travel agencies Expedia Group Inc. and Booking Holdings Inc., which are major Google ad buyers, have been particularly hard hit since global travel almost ground to a halt a few weeks ago.In China, where the virus spread first, online ad spending will grow this year at the slowest pace since 2011, research firm EMarketer said Tuesday.For 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.
To the annoyance of some shareholders, Booking Holdings (NASDAQ:BKNG) shares are down a considerable 35% in the last...
After Booking Holdings did likewise a few days earlier, Expedia Group withdrew its first quarter financial guidance, citing the ongoing impact of coronavirus. In addition, Expedia Group announced Friday it would be suspending share repurchases so it can retain maximum flexibility to maneuver during the pandemic. Its stock has plummeted 43 percent in the past […]