NEW YORK (TheStreet) -- Shares of Priceline.com (PCLN) surged in after-hours action on Wednesday after the online travel company rode a huge jump in bookings to a better than expected quarterly profit.
The Norwalk, Conn.-based company, which cited growth in its hotel business and success in new markets in the Asia-Pacific and South America regions for its strong results, also offered up a bullish outlook for its current quarter.
The stock was last quoted at $443.42, up 4.1%, on volume of roughly 640,000, according to Nasdaq.com. Based on a regular session close at $425.99, the shares were up more than 90% in the past year, hitting a 52-week high of $464.47 on Feb. 15.
For the three months ended Dec. 31, Priceline.com reported an adjusted profit of $175 million, or $3.40 a share, on revenue of $731.3 million, up 25% year-over-year. The average estimate of analysts polled by Thomson Reuters was for earnings of $3.09 a share on revenue of $734.9 million in the quarter.The company said gross travel bookings, which reflects total dollar value including taxes and fees of travel services purchased by its customers, jumped 44.2% to $3.26 billion in the quarter. Priceline.com sees more of the same in the current quarter, forecasting adjusted earnings of $2.34 to $2.44 a share with total gross bookings projected to rise 45-50% and revenue pegged to increase 29-34%. Wall Street's current consensus estimate for the company's fiscal first quarter is for a profit of $2.30 a share.
AXTAXT (AXTI) was another big mover late Wednesday, losing ground after the Fremont. Calif.-based maker of semiconductor materials disappointed Wall Street with its quarterly results and outlook. The company said it earned $4.9 million, or 15 cents a share, for the three months ended Dec. 31 on revenue of $26.9 million, shy of the average estimate of analysts polled by Thomson Reuters for a profit of 16 cents a share on revenue of $28.9 million. While we are experiencing some near-term softness in the Taiwanese LED market and expect seasonality in our first quarter semi-insulating gallium arsenide revenues," said Morris Young, the company's CEO, in a statement, "we believe that we will see sequential growth in our business beginning again in the second quarter, driven by positive secular trends in the demand for wireless devices, LEDs and photovoltaics, as well as gains in our positioning within various customers in our market." For its first quarter ending in March, AXT forecast earnings of 11 to 13 cents a share on revenue ranging from $24 million to $25 million, below Wall Street's current consensus view for earnings of 14 cents a share on revenue of $27.4 million. The stock fell 8.5% to $7.65 on volume of around 130,000 in late trades. Based on its regular session close at $8.36, the shares had risen 157% in the past year, peaking at $12.23 on Feb. 7.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV