NEW YORK (TheStreet) -- Shares of Ctrip.com International Ltd. (CTRP) are up 9.75% to $66.35 in midday trading on very heavy volume following the Shanghai-based company's announcement of the expansion of its existing commercial agreement with online travel company, Priceline Group Inc. (PCLN).
The partnership between the world's largest online travel group and China's largest online travel company will promote tourism to and from China.
Expanding the deal will allow Ctrip's customers to reach Priceline Group's global portfolio of 500,000 accommodations outside of China, and in turn, Priceline Group's customers will have access to Ctrip's 100,000 accommodations in China.
Separately, TheStreet Ratings team rates CTRIP.COM INTL LTD as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CTRIP.COM INTL LTD (CTRP) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, disappointing return on equity and feeble growth in the company's earnings per share."