Shares of Priceline (PCLN) have been on fire in 2017. Despite beating on earnings per share and revenue estimates, though, the stock is down 8% Wednesday. While its year-to-date performance is still impressive (up 28.5%) there are some concerns.
"I've always been a guy who says buy Priceline on weakness," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Mad Dash" segment. But he's not singing that tune on Wednesday.
On the conference call, management usually gives off the "don't worry about it" vibe, Cramer explained. But that wasn't the case on the most recent call. Instead, Priceline is having issues on mobile and is experiencing a deceleration in revenue growth. Guidance didn't help matters either.
Perhaps Barclays analysts said it best when they suggested investors give the stock some time to digest the latest news and moves, he reasoned.
"I think they're having a price war," Cramer said in regards to Priceline and Expedia (EXPE) - Get Report . Airbnb isn't helping matters either, he added, saying that Airbnb is very well run and has a great ecosystem.
"I'm not going to say today's the day to buy Priceline," Cramer concluded.
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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.