On a year-over-year basis, both agency and merchant business showed strong momentum. Room nights and Rental cars performed impressively. The only point of weakness was airline tickets. At the call, management stated that the company’s ongoing investments in people, technology, product and marketing are contributing significantly. However, weaker ADRs, macro headwinds, increasing advertising spend and occupancy tax-related litigation remain overhangs. Get the full story at Zacks Read also "Priceline and TripAdvisor shares battered on concerns the online travel market is peaking"