Expedia Travels First Class
By Igor Greenwald: Investors had a cursory glance at the US economy’s mildly disappointing 2.2% growth rate in the first quarter, then hurried on to more pressing business. That would be the business of deciding how much to pay up for earnings that have broadly exceeded expectations. Some three-quarters of the S&P 500 companies reporting so far have posted positive surprises, and more impressively still they were, as of last week on pace for year-over-year earnings growth just shy of 10%, well ahead of the 2% consensus forecast. As discussed here a week ago, the global economy of the multinationals overlaps only coincidentally with the national accounts measured by GDP reports. And if Honeywell (HON), Microsoft (MSFT), and Apple (AAPL) haven’t driven that point home yet, here comes Expedia (EXPE), the latest port of call for belated buyers. The online travel marketer’s stock has been up as much as 30% to an all-timeComplete Story »
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