Piper Jaffray's Internet Content Update

Piper Jaffray released its Internet Content update today with reports on Expedia EXPE, and Priceline PCLN. Unique users of Expedia (expedia.com, hotels.com, hotwire.com, TripAdvisor network, etc.)were +1% y/y in November. This is a big decline from +9% y/y in October, and +15% y/y in September. In regards to Priceline, Piper Jaffray writes, "Priceline remains top long-term pick in online travel. Priceline continues to benefit from an ongoing shift to online and indirect bookings internationally. Priceline is the OTA most leveraged to international travel, with 70% of bookings outside the US; higher international exposure is favorable given a less saturated market for online travel."