TripAdvisor's Stock Soars In Active Trade After Priceline Partnership

TripAdvisor Inc.'s stock soared 23% in active premarket trade Wednesday, after the online travel company announced an instant booking partnership with Priceline Group Inc. . About 800,000 TripAdvisor shares have changed hands ahead of the open, a little more than half full-day average of about 1.5 million shares, according to FactSet. "Having The Priceline Group join the instant booking platform is a huge win for travelers and we couldn't be more thrilled to have them as our first strategic, global online travel agency partner," said TripAdvisor Chief Executive Stephen Kaufer. "Millions of TripAdvisor users coming to the site to plan, compare prices and book their trip will be able to instantly book options from The Priceline Group's global hotel inventory in addition to the 235,000 properties that are already instantly bookable on TripAdvisor." TripAdvisor's stock, which is on track to open at the highest level since July 27, had tumbled 26% over the past three months through Tuesday, while the S&P 500 had lost 5%. Priceline's stock gained 1% in premarket trade.