(EXPE) Expedia, Incorporated – Bull of the Day

November 14th, 2009

Expedia Inc. (EXPE) is one of the leading online travel companies in the world. The company reported strong results in the last quarter, beating the Zacks Consensus Estimate. Promotional activity continues to have a positive impact on the conversion rate, and spending is expected to strengthen in the next few quarters.

We are also positive about international initiatives, which we think will be the key to future growth. Cost management, a favorable online advertising environment and solid financials are other encouraging factors.

By comparison, the possibility of increased occupancy taxes and low growth in Egencia (the smallest segment) seem less significant. However, the declining average daily rates could be something to watch. We are reiterating our Outperform rating on EXPE shares.

Zacks Investment Research

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