Schaeffer's Trading Floor Blog

Analyst Downgrades: Priceline Group Inc, Expedia Inc, and Las Vegas Sands Corp.

Analysts downwardly revised their ratings on PCLN, EXPE, and LVS

by 6/27/2014 9:27 AM
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Analysts are weighing in today on travel resource websites Priceline Group Inc (NASDAQ:PCLN) and Expedia Inc (NASDAQ:EXPE), plus casino operator Las Vegas Sands Corp. (NYSE:LVS). Here's a quick roundup of today's bearish brokerage notes.

  • This morning, Buckingham Research instated a "neutral" rating on PCLN, which sports a 48% year-over-year gain to trade at $1,217.70. Meanwhile, on the options front, calls have been the contracts of choice among contracts expiring within the next three months. In fact, Priceline Group Inc's Schaeffer's put/call open interest ratio (SOIR) of 0.67 ranks in the bottom 3% of its 12-month range, demonstrating a near-annual-high level of short-term call open interest, compared to put open interest.

  • Buckingham Research also initiated a "neutral" rating on EXPE this morning, even though the shares have gained 12.3% over the last two months to perch at $77.01. Meanwhile, short interest on Expedia Inc increased by 22.8% during the two most recent reporting periods, and now these bearish bets account for 11% of the equity's available float. It would take 7.6 sessions to cover these shorted shares, at EXPE's average daily volume. As such, the stock may end up benefiting from potential short-covering activity in the near term.

  • LVS -- which is down 13% from its March 7 six-year high of $88.28 to trade at $76.75 -- was also slapped with a lukewarm "neutral" rating initiation at Buckingham Research earlier today. Meanwhile, in the options pits, short-term speculators are more put-focused than usual on Las Vegas Sands Corp., per the stock's SOIR of 1.50, which ranks in the 94th annual percentile.

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