The Nasdaq Now: TripAdvisor, Priceline Lead Online Travel Sites Surge

By Sterling Wong  NOV 02, 2012 12:25 PM

Big 5 Sporting Goods and Dendreon were also up on the day.


MINYANVILLE ORIGINAL The US added more jobs in October than economists expected, but US stocks inched down nonetheless, as investors grew jittery about next Tuesday’s presidential elections.
The Nasdaq Composite (INDEXNASDAQ:.IXIC) was down 0.33% to 3,010.06 points on average trading volume of 756.93 million as of 12:03 p.m. EDT.
Big 5 Sporting Goods (NASDAQ:BGFV) soared 39.57% to $12.45 on a strong earnings report. For the third quarter, the company reported earnings per share of $0.38 and revenue of $251.77 million. Analysts had forecast earnings of $0.32 per share on revenue of $247.2 million. Shares of Big 5 were upgraded to Strong Buy from Buy at Needham earlier today.
Also jumping on earnings beats were fellow online travel sites TripAdvisor (NASDAQ:TRIP) and (NASDAQ:PCLN). TripAdvisor surged 20.50% to $35.44 after reporting earnings of $0.42 a share on sales of $2.2.7 million, when the consensus was earnings per share of $0.42 on revenue of $210.9 million. Priceline gained 10.40% to $647.06, with Stifel Nicolaus upgrading the company to Buy from Hold.
Rival online travel sites such as Orbitz (NYSE:OWW) (+3.24%), Kayak Software (NASDAQ:KYAK) (+3.11%), and Expedia (NASDAQ:EXPE) (+0.75%) also rose in the wake of good news from TripAdvisor and Priceline.
Dendreon (NASDAQ:DNDN) also increased 21.95% to $4.70 after it said that sales of its prostate cancer drug Provenge jumped 27% in the third quarter.
Glu Mobile (NASDAQ:GLUU) was one of the leading Nasdaq decliners, plunging 17.18% to $2.70. The mobile game maker issued an underwhelming fourth-quarter outlook, citing the disappointing performance of its current line of games. The company was subsequently downgraded by Piper Jaffray and Needham.
Despite a better-than-expected fiscal fourth-quarter report, Skyworks Solutions (NASDAQ:SWKS) slid 12.96% to $20.96. Investors were likely cautious after the company forecast fiscal first-quarter earnings of $0.54 per share, $.02 below Street estimates.

Twitter: @sterlingwong
No positions in stocks mentioned.

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