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From the Blogosphere
OWW, Indeed: What’s Up With Orbitz?
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Orbitz Worldwide (OWW) shares are taking a serious shellacking today: the online travel agency site is down 67 cents, or 10.7%, to $5.60. That bring the stock’s two-day decline to 93 cents, or more than 14%. <>No news the last day or two. But on Friday, Standard & Poor’s lowered its rating on the company’s %685 million secured credit facility to B+ from BB-. The company’s corporate rating was affirmed as B, but with a negative outlook. “We have assigned a negative rating outlook based on our concerns regarding potential liqudity<><><><><><>< /><><>< /><>< /><>< /><>< /><>< />< />...
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What Recession? Priceline Posts Blowout Q2 Profits
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Well, apparently Americans are still going on vacation. Priceline (PCLN) this morning posted Q2 revenue of $603.7 million, well ahead of the Street consensus of $575.1 million, with pro forma profits of $2.02 a share, crushing the Street at $1.75. Gross travel bookings in the quarter 2343 $2.38 billion, up 12.8% from a year ago. Pro forma EBITDA was $126.2 million, up 24.6% year over year. <>In a statement, the company said that despite the recession, “leiasure travwel demand for the summer peak season has been stronger than expected, driven in part by the availability of compelling discounts.”<><><><><><><><><><><><><>< /><>< /><>< /><>< /><>< />< />...
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Notable Analyst Rating Changes 8/6: AXP, MGM, OWW, FCX, SPLS, DD Upgraded; CELG, FITB, OCNF, MELI, SHO Downgraded
UPGRADES:Citigroup upgrades American Express Company (NYSE: AXP) from Hold to Buy, saying credit has stabilized. The firm lifted their price target to $36. Citi also added shares of AmEx to its Top Picks Live list.Sanford C. Bernstein upgrades MGM Mirage (NYSE: MGM) from Underperform to Market Perform and lifted their price target from $7 to $9, citing a more stable financial envoirnment. Keefe, Bruyette & Woods upgrades Fortress Investment Group LLC (NYSE: FIG) to Outperform. Price target $6.50. Here is the full report.Piper Jaffray & Co. upgrades Orbitz Worldwide (NYSE: OWW) from Underwei...
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Orbitz Soars 21% As Cost Cuts Help Q2 EPS Beat
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Online travel booking site Orbitz (OWW) is soaring this morning, up 79 cents, or 21%, at $4.52 after the company reported Q2 sales that were in line with estimates and a profit per share where a loss had been expected. <>Net revenue fell 19%, year over year, the company reported, to $188 million, in line with analysts’ estimates. Profit per share of 12 cents is in striking contrast to the 6-cent loss per share expected. Although gross bookings were down 12%, year over year, they were up 22% from Q1, the company noted. The company saw better returns from its online marketing effort, it reported<><><><><>< /><>< /><>< /><>< /><>< />< />...
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The Oxen Picks Report: Two Short Sales for the Market
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<><><>Well, yesterday, I decided to no longer just be in this bear camp, but I am pretty neutral ready to throw myself to the wind on day to day movement. Today, I am sitting back in the bear camp, but it is just a one day thing. The spark is the ADP Employment Change, which showed that 371,000 private sector employees lost their jobs in July. It was higher than expected and is a precursor to Friday’s numbers. The futures were just slightly lower at 8:10 AM going into the report at 8:15 AM, but the futures have dropped much more since that report. I don’t think this is like yesterday because ther<><><><><><><><><>< /><>< /><>< /><><>< /><>< /><>< /><>< /><>< /><>< />< />...
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About Orbitz Worldwide Inc.
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