24/7 Wall St. » EXPE

24/7 Wall St. Closing Bell (PM, SNDK, BIDU, AMZN, ALU, ELY, CLWR, DECK, WY, TRP, GT, PG, NWL, MRK, HELE, F, COV, CVX, MDRX, EXPE, WDC)

Paul Ausick — Fri, 27 Apr 2012 20:05:47 +0000

Markets opened higher this morning following a lower-than-expected GDP growth estimate of 2.2%. That was weaker, but not awful (our coverage here). The consumer sentiment survey rose a couple of ticks in April, but Americans still believe the future will better than the present (our coverage here). The US dollar index fell today, now down -0.25% at 78.725. The GSCI commodity index is up 0.07% at 682.08, with commodities mostly higher on the slightly weaker dollar. WTI crude oil closed up 0.4% at $104.93/barrel, and Brent crude trades down -0.23% at $119.64/barrel. Gold settled up 0.3% today, at $1,664.80/ounce.

The unofficial closing bells put the DJIA up nearly 24 points to 13,228.24 (0.18%), the NASDAQ rose nearly 19 points (0.61%) to 3,069.20, and the S&P 500 rose 0.24% or more than 3 points to 1,403.37.

There were several analyst upgrades and downgrades today, including Philip Morris International Inc. (NYSE: PM) reiterated as ‘buy’ and target price raised to $94 at Argus; SanDisk Corp. (NASDAQ: SNDK) raised to ‘buy’ at Jefferies; Baidu Inc. (NASDAQ: BIDU) maintained as ‘neutral’ but target price cut at Credit Suisse; Amazon.com Inc. (NASDAQ: AMZN) raised to ‘buy’ at BofA/ML, Nomura, and Goldman Sachs; and Alcatel-Lucent SA (NYSE: ALU) maintained as ‘underperform’ and estimates cut at Jefferies.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Amazon.com is up 15.6% at $226.64; Callaway Golf Co. (NYSE: ELY) is down -14.9% at $5.94 (our coverage here); Clearwire Corp. (NASDAQ: CLWR) is down -2.7% at $1.43; Deckers Outdoor Corp. (NASDAQ: DECK) is down -25.5% at $51.78 after posting a new 52-week low of $51.03 (our coverage here); Weyerhaeuser Corp. (NYSE: WY) is down -0.3% at $20.81 (more coverage here); TransCanada Corp. (NYSE: TRP) is up 0.5% at $44.01; The Goodyear Tire & Rubber Co. (NYSE: GT) is down -5.1% at $11.32; Procter & Gamble Co. (NYSE: PG) is down -4% at $64.18 (our coverage here); Newell Rubbermaid Inc. (NYSE: NWL) is up 3.6% at $18.61; Merck & Co. (NYSE: MRK) is down -0.2% at $38.38; Helen of Troy Ltd. (NASDAQ: HELE) is up 4.4% at $35.33; Ford Motor Co. (NYSE: F) is down -2.1% at $11.62 (our coverage here); and Covidien plc (NYSE: COV) is up 0.5% at $55.32.

Be sure to look at our list of next week’s big earnings.

Other standouts from today include the following stocks:

Chevron Corp. (NYSE: CVX) is up 0.2% at $106.44. The supermajor oil company reported earnings in line, but production was down. More coverage here.

Allscripts Healthcare Solutions Inc. (NASDAQ: MDRX) is down -36% at $10.25 after posting a new 52-week low of $9.00. The healthcare services provider fired its chairman, and the list of woes goes on. More coverage here.

Expedia Inc. (NASDAQ: EXPE) is up 24.4% at $40.59. The Internet travel company posted better-than-expected quarterly results. More coverage here.

Western Digital Corp. (NYSE: WDC) is down -14.2% at $37.83. The disk drive maker had solid earnings, but worries abound about next quarter. More coverage here.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

8:30 a.m. – Personal income and spending
9:45 a.m. – Chicago PMI
10:30 a.m. – Dallas Fed manufacturing survey
11:30 a.m. – 3- and 6-month bill auctions
3:00 p.m. – Farm Prices

Have a great weekend!

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: ALU, AMZN, BIDU, CLWR, COV, CVX, DECK, ELY, EXPE, F, GT, HELE, MDRX, MRK, NWL, PG, PM, SNDK, TRP, WDC, WY

Expedia Sails, Lifts All Boats (EXPE, HOT, HST, WYN, MAR, OWW, PCLN, TRIP)

Paul Ausick — Fri, 27 Apr 2012 18:00:35 +0000

Internet travel company Expedia Inc. (NASDAQ: EXPE) absolutely pasted revenue and EPS expectations last night, sending the stock on a 25%+ express ride. The company posted revenue of $816.5 million, significantly higher than the consensus estimate of $790.1 million. Adjusted EPS came in at $0.26 versus an estimate of $0.14.

The profit driver was the company’s hotels.com site, which should raise expectations for hotel and resort players like Starwood Hotels and Resorts Worldwide Inc. (NYSE: HOT), Host Hotels & Resorts Inc. (NYSE: HST), Wyndham Worldwide Corp. (NYSE: WYN), and Marriott International Inc. (NYSE: MAR). All these companies have already reported March quarter results, so we have to wait until June.

Other online travel sites aren’t waiting to move though. Orbitz Worldwide Inc. (NYSE: OWW), priceline.com Inc. (NASDAQ: PCLN), and TripAdvisor Inc. (NASDAQ: TRIP) have all posted nice gains today.

Orbitz reports results next Thursday and is expected to post an EPS loss of -$0.08 on revenue of $190.3 million. priceline.com reports the following week and is expected to deliver EPS of $3.94 on revenue of $1.04 billion. TripAdvisor is expected to post EPS of $0.34 when it reports next week.

The boost in travel and hotel stocks shouldn’t be too big a surprise, given the higher traffic numbers put up by many US airlines. All those people have to book those flights someplace and stay somewhere once they get to their destinations. These symbiotic relationships could be worth watching as we roll toward the next quarter.

Expedia’s shares are up 26.5% at $41.28 in a 52-week range of $27.28-$65.78. Orbitz is up 7.7% at $3.65 in a 52-week range of $1.57-$4.49, priceline.com is up 4.5% at $766.00 in a 52-week range of $411.26-$774.96, and TripAdvisor is up 8.8% at $37.39 after posting a new 52-week high earlier today of $37.85.

Paul Ausick

Filed under: Earnings, Internet Tagged: EXPE, HOT, HST, MAR, OWW, PCLN, TRIP, WYN

A Possible Sale of Travelzoo… At The Lows (TZOO, EXPE, PCLN, OWW)

Administrator — Wed, 11 Apr 2012 12:57:14 +0000

Travelzoo Inc. (NASDAQ: TZOO) is up for sale. At least that is what Reuters is reporting with a ‘citing sources’ of those familiar with the situation. The Internet travel information and booking site offers deals on flights, hotels, cruises, and vacation packages. What is so interesting here is that the stock was within about 2% of a 52-week low as of yesterday.

Reuters noted that the company is in the process of hiring a financial advisory firm after having received some indications of interest from other travel outfits and from private equity shops. Which firms this would be is anyone’s guess but the company is now easily affordable as its market cap was $336 million as of Tuesday’s close. Expedia Inc. (NASDAQ: EXPE) is worth about $4.2 billion in market cap priceline.com Incorporated (NASDAQ: PCLN) is worth almost $37 billion in market cap, which would imply that either company could easily make this acquisition. Orbitz Worldwide, Inc. (NYSE: OWW) is worth only $318 million, so that might be a stretch.

Travelzoo’s consensus earnings estimates are $1.55 EPS and $166.3 million in sales for 2012 according to Thomson Reuters. less than 20-times expected earnings and 2-times expected sales is cheap for the growth of the online travel sector when you start comparing this to peers today but the $21.06 close on Tuesday compares to a 52-week range of $20.68 to just over $100.00 at the peak of the last year.

This merger news is something we would consider to be a rumor for now and it might even seem suspect on the surface, but shares are indicated up 30% at $27.50 on the news.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Internet, Mergers and Buy Outs, Private Equity, Rumors Tagged: EXPE, OWW, PCLN, TZOO

Twelve Retailers Flunking Customer Service

247wallst — Tue, 21 Feb 2012 11:36:24 +0000

As recently as 2009, Netflix was the most beloved retailer on the Internet. By the end of 2011, following the failed separation of its streaming and DVD by mail service and sharp price increases, the company had the sixth-worst customer satisfaction rating among all e-commerce companies, and one of the worst among all retailers including brick-and-mortar outfits, according to the American Customer Satisfaction Index.

Read The Twelve Retailers Flunking Customer Service

24/7 Wall St. examined ACSI’s annual retail and e-commerce satisfaction report and identified the 12 companies whose customer satisfaction decreased in 2011.

Many of the companies whose customer satisfaction scores dropped the past year have simply cemented their already terrible service reputations.

Walmart, which debuted strong on the Index in 1994, dropped to among the lowest ranked companies by 1996, where it has remained since. Winn-Dixie, a supermarket chain which does business in the southeast, is an example of a company that has never managed to break free of the lowest rungs of customer service. CVS Caremark and Staples, both on this list, have seen occasional improvements in customer service, but are among the worst.

For other companies, however, losing customer satisfaction is in conflict with their reputations. Amazon.com had a 1.1% decrease in its customer service score this past year, even though it still maintained the highest customer satisfaction score among retailers. Charles Schwab’s customer satisfaction also dipped slightly, despite the fact that customers are more satisfied with the company than with any other online brokerage firm.

These are the American retailers with customer satisfaction scores fell in 2011.

Filed under: 24/7 Wall St. Wire, General, Special Report Tagged: AMZN, BKS, CVS, DG, ESRX, ETFC, EXPE, NFLX, ODP, OMX, OWW, PCLN, RAD, SCHW, SPLS, WAG, WINN, WMT

24/7 Wall St. Closing Bell (AONE, EXPE, RIMM, AMGN, MMM, AAPL, CSCO, AMSC, BG, DNKN, LO, PEP, PM, SIRI, TDC, IPSU, TSL, DMND, GRPN, TLEO, CZR)

Paul Ausick — Thu, 09 Feb 2012 21:07:40 +0000

The three major US stock indexes opened a bit higher this morning, and after some volatility have managed to get to the final half hour of trading with a modest gain. Some news is leaking out about the Greek debt swap deal being done, but what’s being reported is not likely to be welcomed in by ordinary Greeks. The dollar has been down most of the day as everyone seemed to believe an announcement on the Greek debt deal was imminent. The dollar index is down -0.187% — a slight uptick from its lower level this morning — at 78.591. Crude oil is up strongly, with WTI crude up 1.15% at $99.85/barrel and Brent crude up 1.16% at $118.56/barrel. Gold settled up 0.6% at $1,741.20/ounce.

The unofficial closing bells put the DJIA up nearly 7 points to 12,890.61 (0.05%), the NASDAQ rose more than 11 points (0.39%) to 2,927.23, and the S&P 500 rose 0.15% or 2 points to 1,351.96.

There were several analyst upgrades and downgrades today, including A123 Systems, Inc. (NASDAQ: AONE) cut to ‘sell’ at Wunderlich; Expedia Inc. (NASDAQ: EXPE) cut to ‘hold’ at S&P Capital IQ; Research in Motion Ltd. (NASDAQ: RIMM) reiterated as ‘hold’ with $15 target price at Cannacord Genuity; Amgen Inc. (NASDAQ: AMGN) cut to ‘perform’ at Oppenheimer and named ‘Bull of the Day’ at Zacks; and 3M Co. (NYSE: MMM) cut to ‘hold’ at Deutsche Bank. Apple Inc. (NASDAQ: AAPL) got a lift from a target price increase to $665, which we cover here. We’ve also got a story on how Apple gets 80% of the operating profit among all the phone makers.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Cisco Systems Inc. (NASDAQ: CSCO) is down -2.1% at $20.00 (here’s our coverage); American Superconductor Corp. (NASDAQ: AMSC) is down -8.74% at $5.50; Bunge Ltd. (NYSE: BG) is up 5.9% at $63.25; Dunkin’ Brands Inc. (NASDAQ: DNKN) is down -2.35% at $28.33; Lorillard Inc. (NYSE: LO) is up 9.8% at $124.46 after posting a new 52-week high of $127.68 earlier today; Pepsico Inc. (NYSE: PEP) is down -3.6% at $64.37 (our coverage here); Philip Morris International Inc. (NYSE: PM) is up 2.8% at $80.08 after setting a new 52-week high of $80.99 earlier today; Sirius XM Radio Inc. (NASDAQ: SIRI) is nearly flat at $2.19 (additional coverage here); and Teradata Corp. (NYSE: TDC) is up 10% at $63.85 after posting a new 52-week high earlier today of $64.97.

Other standouts from today include the following stocks:

Imperial Sugar Co. (NASDAQ: IPSU) is up more than 79% at $6.02. The sugar refiner and marketer said it is nearing a sale of one of its divisions.

Trina Solar Ltd. (NYSE: TSL) is up 20% at $11.08. The solar panel maker is getting a big boost from a report that China will add about 3,000 megawatts of solar PV generation this year, although some analysts think the total will be double that. Other Chinese solar panel makers are also getting a nice bump from the news. We have another view of the sudden rise here.

Diamond Foods Inc. (NASDAQ: DMND) is down more than -36% at $23.36 after posting a new 52-week low of $21.44 earlier today. The snack food maker will re-state accounting and that jeopardizes the deal to purchase the Pringles brand from Proctor & Gamble (NYSE: PG). See our coverage here.

Groupon Inc. (NASDAQ: GRPN) is down more than -15% at $20.82. The Internet coupon company posted weak earnings last night. See our coverage here.

Taleo Corp. (NASDAQ: TLEO) is up more than 17% at $45.62 after posting a new 52-week high of $45.71. The maker of cloud-based software is being acquired by Oracle Corp. (NASDAQ: ORCL). More coverage here and here.

Ceasars Entertainment Corp. (NASDAQ: CZR) is down about -3.8% at $14.80. The share price nearly doubled at yesterday’s IPO, to a high of $17.90, but the stock is coming back to earth today.

Stay tuned for Friday. Fed Chairman Ben Bernanke and Cleveland Fed president Sandra Pianalto are speakingWe have noted the following events on the schedule (all times Eastern):

8:30 a.m. – International trade report
9:55 a.m. – Reuters/University of Michigan consumer sentiment report
2:00 p.m. – US Treasury budget report

Paul Ausick

Filed under: 24/7 Wall St. Wire Tagged: AAPL, AMGN, AMSC, AONE, BG, CSCO, CZR, DMND, DNKN, EXPE, GRPN, IPSU, LO, MMM, PEP, PM, RIMM, SIRI, TDC, TLEO, TSL

Top Analyst Upgrades & Downgrades (AMGN, AUO, AONE, ELN, EXPE, IR, MMM, MRH, NYX, POST, RIMM, SOHU, AAPL)

Administrator — Thu, 09 Feb 2012 13:29:44 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street brokerage and research firms this Thursday morning.

Amgen Inc. (NASDAQ: AMGN) Cut to Perform at Oppenheimer; named as Bull of the Day at Zacks.
AU Optronics Corporation (NYSE: AUO) targets raised by Nomura and also by Credit Suisse.
A123 Systems, Inc. (NASDAQ: AONE) Cut to Sell at Wunderlich.
Elan Corp. (NYSE: ELN) Cut to Neutral at Credit Suisse.
Expedia Inc. (NASDAQ: EXPE) Cut to Hold at S&P Capital IQ.
Ingersoll-Rand plc (NYSE: IR) Raised to Outperform at Wells Fargo.
3M Co. (NYSE: MMM) Cut to Hold at Deutsche Bank.
Montpelier Re Holdings (NYSE: MRH) named as Bear of the Day at Zacks.
NYSE Euronext (NYSE: NYX) Resumed as Hold at Deutsche Bank.
Post Holdings Inc. (NYSE: POST) Started as Overweight at Barclays.
Research In Motion Ltd. (NASDAQ: RIMM) Reiterated Hold with $15 target at Canaccord Genuity.
Sohu.com Inc. (NASDAQ: SOHU) Cut to Hold at Deutsche Bank.

See the new high $665 price target on Apple Inc. (NASDAQ: AAPL) from this morning.

If you enjoyed the top analyst calls, you can sign up in the box below to join our morning email list to receive news directly in your inbox each morning. We include major analyst upgrades and downgrades, IPO and M&A news, special situation developments, observations on Warren Buffett and key market gurus, as well as special exclusive feature stories.

JON C. OGG

Filed under: 24/7 Wall St. Wire, Analyst Calls Tagged: AAPL, AMGN, AONE, AUO, ELN, EXPE, IR, MMM, MRH, NYX, POST, RIMM, SOHU

Top Earnings Previews For Thursday (ATVI, BG, CBOE, DNKN, EXPE, LNKD, MPEL, NUAN, PEP, PBR, PM, RSG, SIRI, SON, TDC)

Administrator — Wed, 08 Feb 2012 19:20:47 +0000

This week should be the last waves of the normalized quarterly earnings reports for companies with December 31 quarter-end dates. We are also starting to get a few of the first waves of the earnings reports from companies with off-normal quarter-ends. Wednesday is going to be another busy day with many earnings. The earnings previews are for the following: Activision Blizzard Inc. (NASDAQ: ATVI); Bunge Ltd. (NYSE: BG); Carbonite Inc. (NASDAQ: CARB); CBOE Holdings Inc. (NASDAQ: CBOE); Dunkin’ Brands Group Inc. (NASDAQ: DNKN); Expedia Inc. (NASDAQ: EXPE); LinkedIn Corporation (NYSE: LNKD); Melco Crown Entertainment Ltd. (NASDAQ: MPEL); Nuance Communications Inc. (NASDAQ: NUAN); PepsiCo Inc. (NYSE: PEP); Petroleo Brasileiro (NYSE: PBR); Philip Morris International Inc. (NYSE: PM); Republic Services Inc. (NYSE: RSG); Sirius XM Radio Inc. (NASDAQ: SIRI); Sonoco Products Co. (NYSE: SON); and Teradata Corporation (NYSE: TDC).

We have compiled earnings preview on each company using Thomson Reuters consensus estimates and added color on each if applicable. Some of these are market moving, some are sector moving, and some are just interesting for traders to watch around the earnings reports.

Activision Blizzard Inc. (NASDAQ: ATVI) estimates are $0.56 EPS and $2.2 billion in revenues. At $12.55, the maker of World of Warcraft has been very range bound.

Bunge Ltd. (NYSE: BG) estimates are $1.57 EPS and $13.73 billion in revenues.

Carbonite Inc. (NASDAQ: CARB) estimates are -$0.23 EPS and $16.78 million in revenues. This will be a first real look of a full quarter and unfortunately this one has been cut in half as investors have tempered expectations for the personal data backup service provider.

Filed under: 24/7 Wall St. Wire, Calendar, Earnings Tagged: ATVI, BG, CBOE, DNKN, EXPE, LNKD, MPEL, NUAN, PBR, PEP, PM, RSG, SIRI, SON, TDC

Top Analyst Upgrades & Downgrades (CCL, CHK, LNG, CQP, CREE, EXPE, FTE, GOOG, JNS, KR, MGM, ODP, OMX, PVH, RL, TEF, TXT)

Administrator — Wed, 18 Jan 2012 13:28:25 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street brokerage and research firms this Wednesday morning.

Carnival Corp. (NYSE: CCL) Maintained Hold but cut estimates at Argus.
Chesapeake Energy Corporation (NYSE: CHK) Cut to Hold at Brean Murray.
Cheniere Energy Inc. (NYSE: LNG) Started as Outperform with $13.50 target at Credit Suisse
Cheniere Energy Partners, LP (NYSE: CQP) Started as Neutral with $20 target at Credit Suisse.
Cree Inc. (NASDAQ: CREE) maintained Buy with $33 target at Canaccord Genuity; Raised to Buy at ThinkEquity; Cut to Neutral at Ticonderoga.
Expedia, Inc. (NASDAQ: EXPE) Started as Underweight at JPMorgan.
France Telecom S.A. (NYSE: FTE) Cut to Sell at Deutsche Bank.
Google Inc. (NASDAQ: GOOG) Cut to Market Perform from Outperform at Wells Fargo.
Janus Capital Group, Inc. (NYSE: JNS) Cut to Sell at Citigroup.
The Kroger Co. (NYSE: KR) Cut to Market Perform at BMO Capital.
MGM Resorts International (NYSE: MGM) Raised to Neutral at Credit Suisse.
Office Depot, Inc. (NYSE: ODP) Raised to Equal-weight at Barclays.
OfficeMax Inc. (NYSE: OMX) Raised to Equal-weight at Barclays.
PVH Corporation (NYSE: PVH) Started as Neutral with $72 target at Credit Suisse.
Ralph Lauren Corporation (NYSE: RL) Started as Outperform with $168 target at Credit Suisse.
Telefonica SA (NYSE: TEF) Cut to Sell at UBS.
Textron Inc. (NYSE: TXT) Cut to Neutral at JPMorgan.

JON C. OGG

Filed under: Analyst Calls Tagged: CCL, CHK, CQP, CREE, EXPE, FTE, GOOG, JNS, KR, LNG, MGM, ODP, OMX, PVH, RL, TEF, TXT

Google E-commerce Plan May Further Damage Traditional Retailers

247wallst — Fri, 02 Dec 2011 11:23:31 +0000

Google (NASDAQ: GOOG) will start an e-commerce business to compete with Amazon.com (NASDAQ: AMZN). Amazon is the devil to struggling bricks-and-mortar companies that want more online sales. But Google eventually may be just as difficult an enemy.

Google in in talks with traditional retailers like Gap (NYSE: GPS). The strength of the new service Google would offer is that one-day free shipping would be part of the product the search company brings to bricks-and-mortar outfits. This would compete with the Amazon Prime service that offers frequent shoppers at its site free two-day shipping.

Traditional retailers may find that Google poses dangers to them as a partner. Google earns much of its revenue on retail ads. The new free shipping service will tether these retailers and Google closer together. Most of the same retailers have their own e-commerce sites. They need to be concerned about the extent to which Google’s service may pull away traffic to their own sites. It is not unlike the probably that many airlines have with online travel sites like Expedia (NASDAQ: EXPE). Expedia brings them business but takes a piece of the revenue. At the same time, it cuts visits directly to airline sites where comparison shopping for tickets is not available. Music publishers have had a related problem with Apple’s (NASDAQ: AAPL) iTunes. It enhances song sales, but at a cost to profit margins as Apple takes part of the money from each sale.

Traditional retailers have become desperate. Yesterday, Barnes & Noble (NYSE: BKS) posted worse-than-expected earnings. Traditional sales were off. Its investment in e-commerce systems rose. Barnes & Noble is in a race it probably cannot win. Amazon.com has too much of the online book and e-reader business. Now, Barnes & Noble must ask itself whether an alliance with Google will help sales — and at what cost.

The move to e-commerce has been only a modest success for companies like Barnes & Noble and Gap. They may find that a partnership with Google improves their prospects but takes away their independence.

Douglas A. McIntyre

Filed under: Retail Tagged: AAPL, AMZN, BKS, EXPE, GOOG, GPS

TripAdvisor Names Financial Leadership Before IPO (EXPE)

Administrator — Mon, 03 Oct 2011 15:05:05 +0000

TripAdvisor is supposed to be the next spin-off IPO and it in theory has kept a phantom premium under Expedia Inc. (NASDAQ: EXPE) during the market carnage of the last quarter. Today came news that TripAdvisor has appointed Julie M.B. Bradley as chief financial officer, effective immediately. If a company has to have one officer behind a CEO before coming public, it is a CFO.

The company noted that this is a newly-created role. She will oversee corporate finance, investor relations, accounting, corporate development, human resources and real estate. She previously served as CFO of Art Technology Group (ATG) and she oversaw the acquisition of the company by Oracle Corporation (NASDAQ: ORCL); and she was also vice president of finance at Akamai Technologies Inc. (NASDAQ: AKAM) and she also worked at Deloitte. Bradley is a Certified Public Accountant and holds a BA in Economics from Wheaton College.

TripAdvisor claims to be the world’s largest travel site which attracts more than 65 million unique monthly visitors over its 19 popular travel brands. The company also noted that its branded sites make up the largest travel community in the world with more than 50 million unique monthly visitors, 20 million members, and over 50 million reviews and opinions.

If you break out the TripAdvisor Media Group revenues in 2010, that came to about $486 million versus the total revenues of nearly $3.35 billion for the larger Expedia.

How the breakout comes on earnings will be reviewed closer to the TripAdvisor IPO. On a revenue basis alone, TripAdvisor would account for nearly 15% of the Expedia revenue.

JON C. OGG

Filed under: Casinos, Compensation, Corporate Governance, Entertainment, Internet, IPOs, Management Change, Shareholder Issues Tagged: EXPE