Highlights from Jefferies' Notes:
1. Booking.com continued gaining market share while SE Asia recovered slightly.
2. Mgmt highlighted strong growth in North Asia and solid performance from Priceline.com and Rentalcars.com.
3. Guidance came in below Street expectations on headwinds in the opaque and International
channels.
4. Jefferies is fine-tuning their model to reflect Q3 results and new guidance.
5. We continue to expect margin improvement in FY15 as new initiatives start to
scale and investments begin to pay off.
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