Priceline.com shares were off in Friday’s premarket after quarterly results and were set to pull down exchange traded funds (ETFs) that specialize in Internet stocks.
Priceline slipped 1% before the opening bell after it reported earnings late Thursday.
Yet some analysts were upbeat on the stock after digesting the latest quarterly numbers.
“Priceline’s first-quarter results are consistent with our view that rapid expansion in Europe and Asia continues to drive growth at the online travel aggregator. Social unrest in the Middle East and the Japanese earthquake seem to have had little negative effect on international bookings for the firm, which grew by 79% year over year in the quarter,” said Morningstar’s Warren Miller in a note.
“Growth was particularly strong in hotel reservations at the Booking.com and Agoda.com sites, which offer a broad portfolio of hotel inventories in European and Asian countries (mostly outside of China),” he wrote.
Priceline is a large holding in Internet HOLDRS (AMEX: HHH) and PowerShares Nasdaq Internet (NasdaqGM: PNQI).
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