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Expedia, which spun off from IAC/InterActiveCorp in 2005, is a major online travel agent that offers leisure and corporate consumers a global marketplace to book flights, hotels, vacation rentals, car rentals, and cruises. Its brands include,,, Travelocity, Expedia Affiliate Network (EAN), Classic Vacations, Expedia Local Expert, Egencia, CruiseShipCenters, Trivago,, Wotif Group, Orbitz Worldwide, and HomeAway. EXPE's four reporting segments are Core OTA, providing travel and advertising services; Egencia, providing corporate travel services; Trivago, a European metasearch business; and vacation rental platform HomeAway, acquired for $3.9bn in 2015. Barry Diller, IAC and EXPE chairman, and Liberty Expedia Holdings together control 52% of EXPE's voting power. Dara Khosrowshahi, who became EXPE's CEO in 2005, departed in August to head Uber, but still sits on EXPE's board. He was succeeded by Mark Okerstrom, who joined Expedia in 2006 and became its CFO in 2011. (05 Sep 2018)

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US Employment: Modest Gains for Jobs & Wages

Sector Analysis: 09 Dec 2018, 9:01 PM ET - Payrolls and wages both took a step back in November.  We highlight this months employment data and discuss the possibility for manufacturing, construction, and mining employment to lead a 2019 deceleration in jobs growth.

US Income & Spending: Strong Start to 4Q Spending

Strategy Analysis: 30 Nov 2018, 4:37 AM ET - October consumer data delivered above expectations with strong real spending, solid income, and soft inflation.  We dig into the details and highlight strong growth in discretionary spending categories.

Consumer Pulse: Holiday Sales Update & More

Sector Analysis: 28 Nov 2018, 4:11 AM ET - Consumer holiday spending viewed through the e-commerce lens looks to be off to a strong start. The consumer economy has a mix of puts and takes, ranging from rising mortgage rates to falling prices at the pump.

US Employment: Almost Full, Keeps Eating

Strategy Analysis: 05 Nov 2018, 5:16 AM ET - Employment growth bounced back in October with a strong 250k print.  Wage growth hit a new high, but its gradual acceleration coupled with the strong job growth trend makes us question what full employment looks like.

US Productivity Is A Small Offset To Labor Costs

Sovereign Analysis: 02 Nov 2018, 5:38 AM ET - We break down 2 separate pieces of 3Q economic data that show while labor costs continue to rise, controlling for productivity growth gives a rosier picture. 

PCE Deflator: Steady in September

Worth Watching: 29 Oct 2018, 10:19 PM ET - PCE Deflator: The September income & outlays report showed another mild month for consumer price gains. The headline all-items index increased by 0.1% MoM, bringing the YoY rate to 2.0%, down from its July peak of 2.3%. The core PCE deflator (e ..

US GDP: Consumers Show Up Again

Strategy Analysis: 29 Oct 2018, 5:06 AM ET - 3Q US GDP beat expectations with a strong performance by the US consumer, inventory growth, and government spending offsetting weak trade, residential investment, and capex.

Expedia: HomeAway Takes Off

Worth Watching: 25 Oct 2018, 10:13 PM ET - Expedia (Ba1/BBB) reported a strong 3Q18, with revenue up 10.5% and EBITDA up 24%. Growth rates at that pace, largely propelled by HomeAway, help to dispel some of the concerns about CEO Mark Okerstrom, who helmed a bumpy transition from the D ..

US Inflation: Consumer Prices Eke Out Another Gain

Strategy Analysis: 11 Oct 2018, 10:35 PM ET - The September consumer price index report showed weaker price gains than expected for the second consecutive month. 

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

US Employment: 3.0% Wage Growth on the Horizon

Strategy Analysis: 05 Oct 2018, 12:24 PM ET - September nonfarm payrolls disappointed on the headline number, but under the surface, the report was solid.  Wages posted another strong gain and are just one tick away from the 3.0% YoY milestone.

US Income & Spending: Consumption Stays On Track

Strategy Analysis: 01 Oct 2018, 6:11 AM ET - The August income & spending report contained another solid reading for consumer spending, continued income growth, and modest inflation. We dig into the pricing environment for a few discretionary spending categories.

US Employment: Finally, A Wage Growth Surprise

Strategy Analysis: 07 Sep 2018, 4:06 PM ET - The August employment report contained the long-awaited breakout in wage growth to a new cycle high. Payroll growth was also solid, and we highlight our outlook for it going forward.

US Income & Spending: Inflation Momentum Fading?

Strategy Analysis: 30 Aug 2018, 2:43 PM ET - July consumer spending and income increased largely as expected, providing a solid start to 3Q spending. The core PCE deflator hit the Fed’s 2.0% target. We highlight that the recent inflation data have cooled some from earlier this year.

Expedia: 2Q18 - Regains Momentum

Worth Watching: 27 Jul 2018, 12:01 AM ET - Expedia (Sr Unsec: Ba1/BBB) reported 2Q18 revenue of $2.9bn, up 11% YoY, and adjusted EBITDA of $464mn, up 21%. The company's performance was well applauded in the market, with the equity rising nearly 10% after the market close. Apart from the ..

Consumer/Pharma: Cross-Sector Rel Val Analysis

Sector Analysis: 19 Jul 2018, 4:27 AM ET - In this report, we juxtapose OAS and leverage levels across on-the-run non-cyclical credits in the F&B and Pharma space. M&A has elevated leverage for several names, so we aim to help investors find the best spread while managing risk.

July Beige Book: Tariffs Front & Center

Sector Analysis: 19 Jul 2018, 4:26 AM ET - We parse the July Beige Book for anecdotes on the impact of tariffs. It’s clear they’re contributing to rising input costs across the US.

Booking Holdings: $500mn Didi Chuxing Stake

Worth Watching: 18 Jul 2018, 12:08 PM ET - Booking Holdings (Sr. unsec. Baa1/A-) is investing $500mn in Chinese ride-sharing service Didi Chuxing. Further financial deals were not disclosed, although given Didi's December fundraising round valuation of $56bn, BKNG's stake is worth less ..

F&B: M&A Elevates BBB Leverage Late in the Cycle

Sector Analysis: 27 Jun 2018, 4:37 AM ET - This piece looks at the implications of elevated leverage among BBB US F&B credits this late in the cycle, as well as the implications of cost inflation when companies are facing limited pricing power and possibly peak margins.

U.S. Consumer Credit: 1Q18 Trends and Takeaways

Sector Analysis: 24 May 2018, 4:25 AM ET - We delve into the Fed's consumer credit data, analyzing 1Q18 trends across asset classes. We also dig in to recently released data on age distributions and one thing is clear: consumer credit has gotten grayer.

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