Priceline.comgave hope to a listless stock market late Monday with much higher than expected quarterly earnings.
The company’s pro forma earnings of 58 cents a share were a whopping 18 cents above analysts’ forecasts, according to Thomson Financial. Sales rose 28% to 260 million — nearly 10% higher than anticipated.
Priceline said the results were due to strong business at Booking.com, its European arm, and the company’s price-savings approach also attracted customers seeking a break from rising travel costs.
Priceline shares jumped 5% in late trading.
Also after the close, Blue Nilefell on a warning.
Stocks fell during the day, as failed mergers involving Nasdaqand Bristol-Myersand a below-market bid for Four Seasonsweighed on stocks, although Vodafonemade a successful bid for some of Hutchison’sassets and Witnesssoared 20% on an offer from Verint. Lamson & Sessionsgained on news that it will explore its merger options.
Adobeand Applegained on upgrades.
Digital Musicsoared 34% on a deal with Google’sYouTube, and Webzenclimbed on a Chinese online gaming agreement.
Nam Taifell 7% on its results.
The Nasdaq lost 9 to 2450, the S&P 500 shed 4 to 1433, and the Dow fell 28 to 12,552. Volume fell to 2.36 billion shares on the NYSE, and 1.9 billion on the Nasdaq. Decliners led 19-12 on the NYSE, and 17-13 on the Nasdaq. Downside volume was 64% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 125-29 on the NYSE, and 119-56 on the Nasdaq.