Diamonds and Dogs
Quiet day for news, but travel services company Ctrip.com International Ltd (CTRP) jumped 9.8% thanks to better than expected earnings. Quarterly revenue rose 75% to $836 million, driven by the acquisition of Qunar Cayman Islands Limited at the end of last year. Net income was $3.6 million, or $0.01 per ADS, but on an adjusted basis, earnings were $0.17 per ADS, topping expectations by $0.06. Ctrip also announced it is acquiring U.K.-based Skyscanner Holdings, thereby expanding its geographic diversity. The price of the acquisition was about $1.74 billion.
Due to the holidays, and getting into the Christmas spirit, there are no dogs on Wall Street to report. Investors seem to be in the giving mood as the major averages are up over 5% for the month thanks to a surprise election and the hope of business deregulation to get the economy humming again. We'll see if December is as kind to Wall Street and shareholders.