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Expedia (EXPE) Stock Falls After TripAdvisor, Priceline Form Partnership

NEW YORK (TheStreet) -- Shares of Expedia (EXPE - Get Report) were falling 5% to $121.70 on Wednesday after rival online travel companies TripAdvisor (TRIP) and The Priceline Group (PCLN) announced a new partnership.

Under the new partnership some Priceline online travel brands, including Booking.com, will use TripAdvisor's instant booking platform. More brands such as priceline.com and Agoda.com will likely use the platform in the future, the two companies said.

Priceline hotel properties are expected to be available on the instant booking platform soon.

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In a note to investors, analyst firm Morgan Stanley said the partnership is negative for Expedia, which the analyst firm said gets 9% of its business from TripAdvisor.

About 2.3 million shares of Expedia were traded by 10:57 a.m. Wednesday following the partnership announcement, above the company's average trading volume of about 1.7 million shares a day.

TheStreet Ratings team rates EXPEDIA INC as a Buy with a...


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