Booking Holdings offers a variety of online booking services, including airline tickets, car rentals, cruises, hotel rooms, and vacations. Booking Holdings operates in Europe, North America, South America, the Asia-Pacific region, the Middle East, and Africa. The company's brands, Booking.com, Agoda, KAYAK, OpenTable, and Priceline, enable customers to reserve hotel rooms anywhere in the world. More than 80% of bookings are international (primarily in Europe). In July 2014, Booking Holdings acquired OpenTable, which provides restaurant reservations online in the U.S. and internationally. In May 2013, it acquired KAYAK Software Corp. KAYAK searches travel sites to obtain the lowest hotel room and airline ticket prices. In 2012, the company bought TravelJigsaw, now called Rentalcars.com, a provider of rental car services in Europe. In 2007, it acquired Agoda, an online travel company offering hotel bookings in Asia. We think management's efforts to expand its services and diversify geographically have enabled the company to gain market share over the past five years. Although some of its competitors entered Europe before Booking Holdings, savvy acquisitions have, in our opinion, enabled the company to become a leader in the European market.

The major indices are lower with the Nasdaq down more than 2%. The 10-year Treasury note is up 6 bps at 4.33%. Oil is up 1% at $69 per barrel. Inflation indicator PCE mostly came in line with expectations. Headline PCE edged a bit lower, rising at a pace of 2.1% for September, versus 2.2% in August. Core PCE held at 2.7% for September matching August.

Booking is the world’s largest online travel agency by sales, offering booking and payment services for hotel and alternative accommodation rooms, airline tickets, rental cars, restaurant reservations, cruises, experiences, and other vacation packages. The company operates several branded travel booking sites, including Booking.com, Agoda, OpenTable, and Rentalcars.com, and has expanded into travel media with the acquisitions of Kayak and Momondo. Transaction fees for online bookings account for the bulk of revenue and profits.

Booking Holdings offers a variety of online booking services, including airline tickets, car rentals, cruises, hotel rooms, and vacations. Booking Holdings operates in Europe, North America, South America, the Asia-Pacific region, the Middle East, and Africa. The company's brands, Booking.com, Agoda, KYAK, OpenTable and Priceline, enable customers to reserve hotel rooms anywhere in the world. More than 80% of bookings are international (primarily in Europe). In July 2014, Booking Holdings acquired OpenTable, which provides restaurant reservations online in the U.S. and internationally. In May 2013, it acquired KAYAK Software Corp. KAYAK searches travel sites to obtain the lowest hotel room and airline ticket prices. In 2012, the company bought TravelJigsaw, now called Rentalcars.com, a provider of rental car services in Europe. In 2007, it acquired Agoda, an online travel company offering hotel bookings in Asia. We think management's efforts to expand its services and diversify geographically have enabled the company to gain market share over the past five years. Although some of its competitors entered Europe before Booking Holdings, savvy acquisitions have, in our opinion, enabled the company to become a leader in the European market.