NEW YORK -- Expedia Inc.s stock began
trading on Nasdaq Aug. 9, as IAC/InterActiveCorp completed its
spinoff of its travel businesses.
With $4.1 billion in
gross bookings in the second quarter and net income of $73.4
million, the 4,300-employee standalone company has substantial cash
and a more than ample credit line that sets the stage for
aggressive growth moves in the coming year.
In a one-for-two
reverse stock split, stockholders received one share of Expedia
(trading as EXPE) and one share of IAC (trading as IACI) for every
two shares of IAC stock that they owned.
Meanwhile, the
American Stock Exchange began trading in Expedia options Aug.
10.
Expedia intends to
continue to pursue a multibrand strategy. Those brands include
Activity World, AllLuxuryHotels.com, Anyway.com, Classic Custom Vacations, Condosaver.com,
eLong, Expedia Corporate Travel, Expedia.com, HotelDiscount.com, Hotels.com, Hotwire, Travelnow.com and TripAdvisor.
To contact the
reporter who wrote this article, send e-mail to Dennis Schaal at [email protected].