Ctrip shares surge on strong earnings, upgrade, and acquisition news
Shares of Chinese travel site Ctrip.com surged more than 9 percent Friday after posting strong quarterly results. It also benefited from an analyst upgrade and acquisition news.
On Wednesday, the Shanghai-based company posted earnings of 17 cents per share on $835.5 million in revenue. Analysts had expected Ctrip to report earnings per share of 11 cents a share on $801.8 million in revenue, according to a FactSet consensus estimate.
The Chinese travel site said its transportation ticketing revenue grew 101 percent year-over-year.
Reuters reported that HSBC upgraded the stock to "buy" from "hold" and raised its price target on the shares to $53 from $46.
Ctrip also announced it signed an agreement with Skyscanner to acquire the Edinburgh-based travel search site. The deal values Skyscanner at 1.4 billion pounds, about $1.74 billion.
Even with Friday's gains, shares of Ctrip have fallen 14 percent in the past year.