Shares of Expedia Group Inc. (EXPE) are up 20% in Monday trading and on track for their largest single-day percentage gain since July 27, 2012, according to Dow Jones Market Data, when the stock increased 20.1%. The rally comes on an upbeat day for U.S. markets following encouraging early trial results for Moderna Inc.'s [S: MRNA] coronavirus vaccine, which helped fuel hopes about the eventual return to normalcy. Expedia's shares have lost 34.2% over the past three months on concerns about global travel demand and the company is due to detail business trends during its Wednesday afternoon earnings report. Expedia's stock has lagged the S&P 500 over a three-month span as the index has dropped 12%. "While our forecasts head lower, we do see some signs of encouragement in the macro backdrop, as states begin to reopen and third-party data providers continue to report improving U.S. hotel data, with occupancy exceeding 30% in the first week of May (though we caution that non-tourist demand generators such as government-contracted rooms for essential workers and the homeless are likely driving some of the reported occupancy recovery)," Wells Fargo analyst Brian Fitzgerald wrote in a note to clients Monday while cutting his estimates for Expedia.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 18, 2020 15:43 ET (19:43 GMT)
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