Expedia Continues Rallying After Earnings Beat

Yesterday, online booking site Expedia EXPE reported earnings. The earnings were far above analyst expectations, and shares rallied significantly. Shares continued to rally into the morning, and the company opened significantly higher (currently trading up nearly 30%). The significant short interest may have helped to elevate shares even further, as traders caught short were forced to cover. If that is the case, traders might expect to see a slight pullback as the price action moderates. Still, the beat in Expedia was perhaps enough to move other stocks. Priceline PCLN is currently trading up about 3% on seemingly no news, suggesting that shares may have been pulled up Expedia.