Priceline.com Inc. (PCLN) Climbs 2%, Backed by Solid Q2 Results
Shares of Priceline.com Incorporated (NASDAQ: PCLN) jumped more than 2% in today’s trading. The stock reached a high of $197.50 in trading. At last check, it was up 1.83% to $194.74, with volume at 1.08 million in mid-day trading.
Priceline.com last week acquired TravelJigsaw, an online car hire brokerage, for an undisclosed price. TravelJigsaw is based in Manchester and provides its car hire services in more than 400 locations in 80 countries. Commenting on the acquisition, Jeffrey H. Boyd, president and CEO of Priceline.com said that TravelJigsaw will be a valuable addition to the company’s group of fast-growing international businesses.
Priceline’s first-quarter results were strong, with revenue and gross profit increasing 26.5% and 53.2%, respectively, on a year-over-year basis. However, the company’s second quarter may not turn out to be as solid. Events such as the volcanic eruptions in Iceland, civil unrest in Thailand, and the fluctuations in the foreign exchange market will have an adverse impact on the company’s financial results in the second quarter. Despite these factors, the Company’s CEO says that the growth in the second quarter has been satisfactory. However, it is difficult to ignore broader factors, though favorably, Priceline.com is the rebound in consumer spending in the U.S. Boyd points out that entering into the summer travel season, the improvement in hotel occupancy and average daily rates signal improving consumer demand.
Priceline.com stock has a 52-week range of $98.51-$273.93 and a beta of 0.96. At the moment, it is trading below its 50-day and 200-day moving averages. Currently, the stock has 7 Buy and 5 Outperform ratings against 5 Hold ratings.
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BeaconEquity.com is committed to producing the highest-quality insight and analysis of small-cap stocks, emerging technology stocks, hot penny stocks and helping investors make informed decisions. Our focus is primarily OTC stocks in the stock market today, which have traditionally been shunned by Wall Street. We have particular expertise with renewable energy stocks, biotech stocks, oil stocks, green energy stocks and internet stocks. There are many hot penny stock opportunities present in the OTC market everyday and we seek to exploit these hot stock gains for our members before the average daytrader is aware of them.
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