USA Interactive and its subsidiaries Expedia
soared more than 9% each Thursday after blowing past Wall Street estimates.
Some numbers: 71% year-over-year revenue growth at Expedia. 67% year-over-year sales growth at ROOM. And 38% growth at USAI. USAI cautioned that forward growth won’t be as strong, but that was good enough for investors. The company also reaffirmed its commitment to e-commerce in a letter to shareholders.
The broader market initially sold off on higher than expected weekly jobless claims ahead of tomorrow’s monthly unemployment report, and a weaker than expected ISM national manufacturing report. Even better than expected first quarter productivity was viewed as a negative because it could mean fewer jobs, as Fed Chairman Alan Greenspan reminded the market on Wednesday. But stocks rebounded as traders once again bought the dip, and tech stocks even finished the day in positive territory.
The Nasdaq rose 8 to 1472, the S&P 500 slipped less than a point to 916, and the Dow declined 25 to 8454. Volume declined to 1.37 billion shares on the NYSE, and 1.46 billion on the Nasdaq. Advancers led 16-15 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 47% on the NYSE, and 68% on the Nasdaq. New highs-new lows were 131-10 on the NYSE, and 154-21 on the Nasdaq.
After the close, priceline
surged after beating estimates and announcing a reverse stock split. Genesis Microchip
warned and InfoSpace
warned, and S1
missed estimates. Cypress
During the day, FindWhat.com
plunged 20% after saying that Google’s acquisition of Applied Semantics could hurt results.
slipped 1% as its FTC trial opened.
rose 6% after raising guidance, and Macromedia
soared 32% on better than expected results.
added 1% after naming a new CEO, former Intel EVP and director of Sales and Marketing Michael Splinter.
rose 5.5% on a deal with British Telecom.
surged on their results, but Akamai
fell on their earnings reports.
climbed 1% as it rolled out more on-demand services.
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