Priceline traded high with its earnings announcement

priceline.com Incorporated (NASDAQ:PCLN) shares are currently trading at $421.50, a gain of 8.47% from previous closing price of $388.58. The company's shares have 52-week trading range of $425.70 – $419.00. The stock is trading at volume of 1.10 million shares. The market capitalization of the company is $20.30 billion. The daily average volume of stock is 1.20 million. The 1-year target estimate is $390.00. Yesterday, the company reported its third quarter financial results for 2010, with net revenues at $1.0 billion, a 37.1% increase over previous year. The international operations contributed revenues of $531.0 million, a 67.6% increase as compared to previous year. The net income reported was $223.0 million or $4.41 per diluted share, as compared to $319.0 million or $6.42 per diluted share in the previous year. This quarter demonstrated increased gross travel bookings driven primarily by its worldwide hotel business, which had a 54% increase in room nights booked. The transaction growth in core Western European and North American markets, ADR improvement and an increasing contribution from high growth new markets led to a sequential increase in the Group’s gross travel bookings growth. The rental car unit sales also contributed to bookings growth with 97% growth in days booked, driven by the strong performance of TravelJigsaw, its recently acquired international rental car business, and a 23% increase in domestic unit sales. The airline ticket sales were down 5% in the quarter as demand was impacted by reduced capacity and higher airfares. The company also announced few executive changes, with Robert J. Mylod Jr. to assist Priceline’s President and CEO Jeffery H. Boyd on special projects on a part-time basis. Glenn D. Fogel, the Priceline’s Executive Vice President, Corporate Development, will assume the additional role of Head of Worldwide Strategy and Planning, reporting to Mr. Boyd. The company also announced the promotion of Robert Rosenstein to Chief Executive Officer of Agoda Company Ptv. Ltd. priceline.com is an online travel company, which offers a range of travel services, including hotel rooms, car rentals, airline tickets, vacation packages, cruises and destination services. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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