Amid a cutthroat price war in China’s $116 billion travel market, Expedia cut its losses Friday and shed its majority stake in eLong, potentially allowing rival Ctrip International to tighten its grip on the country’s booming online booking sector. Expedia sold its 62.4% stake in the struggling Chinese online travel agency (OTA) for $671 million. Ctrip (CTRP) picked up a 37.6% stake in eLong for $400 million. Ctrip shares leapt 18%
Ctrip International (CTRP) and Expedia (EXPE) both stand to benefit from the latter’s sale of its eLong (LONG) stake, analysts say, and shares of all three are taking off Friday. Expedia said it has shed its 62.4% majority stake in the struggling Chinese OTA eLong for $671 million. Ctrip picked up a 37.6% stake in eLong for about $400 million, the company said in a separate release. Ctrip and Expedia said they will “allow their respective
Ctrip.com International (CTRP) got upgraded by at least three investment banks Thursday after the company’s Q1 earnings and revenue forecast for the current period blew past analyst estimates. Ctrip stock touched a record high of 76 early Thursday and was up more than 10% in afternoon trading in the stock market today, near 72. Ctrip stock has jumped more than 60% this year. Ctrip is a leading online travel consolidator of hotel and airline ticket