Short Squeeze In Priceline.com After Earnings (PCLN)

Priceline.com

reported very strong second-quarter results after the closing bell on Tuesday, and it looks like short-sellers are scrambling to cover their positions as the stock has surged an incredible 15.63% to $266.72 in the after hours. As of the middle of July, around 10% of PCLN's float was sold short. The company reported Q2 adjusted net income of $158.15 million or $3.09 per share, compared to $98.98 million or $2.02 per share, in the year ago period. This blew away analysts' consensus EPS estimates of $2.65. Total revenues were $767.44 million versus $603.74 million last year. Analysts had projected the company would report revenue of $733.04 million for the quarter. Management said that they are targeting Q3 non-GAAP EPS between $4.78 and $4.98. Currently, Wall Street is estimating PCLN will earn $4.18 per share in the third quarter.