Internet travel agent Expedia (Nasdaq: EXPE) took its turn in the earnings confessional last night, reporting fourth-quarter results of 48 cents per share. These figures topped Wall Street's consensus estimate by seven cents per share, or 17 percent. This morning, Legg Mason boosted its rating on the shares to a "buy" from a "hold." The shares have advanced more than six percent today, hurdling their 10-day moving average in the process. EXPE has not closed above this short-term trendline in over a month. Additionally, the equity has moved above potential 50-percent retracement resistance at the 58.16 level. This marked the retracement point between the equity's mid-October low and its mid-November high. During this month-long rally, EXPE shares increased more than twofold. Schaeffer's put/call open interest ratio (SOIR) for EXPE has fallen rapidly over the past few weeks. As recently as January 21, the indicator stood a chip shot away from a new annual high at 1.23. The SOIR now reads 1.01, in the 50th percentile of all readings measured over the past 12 months.
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