Core Viewpoint - Expedia is undergoing organizational changes by eliminating certain roles while simultaneously creating new ones to align with future skill requirements and streamline its structure [2][4]. Group 1: Organizational Changes - The company is simplifying its structure and reducing organizational layers to enhance speed and accountability [2]. - Specific details regarding the number of affected employees or the divisions impacted by the layoffs remain unclear [2]. Group 2: Employee Reactions - Several employees have publicly shared their experiences of being laid off on LinkedIn, expressing gratitude for their time at the company and optimism for the future [3]. - Despite the layoffs, Expedia is promoting over 250 open roles, indicating ongoing recruitment efforts [3]. Group 3: Industry Context - Expedia's actions are part of a broader trend among companies, including Citi and T-Mobile, that are cutting roles to flatten organizational structures and prepare for future challenges [4].

Group 1 - Trip.com Group, China's leading online travel booking platform, is under investigation by regulators for potential antitrust violations as per the Anti-Monopoly Law of the People's Republic of China [3] - Following the announcement of the investigation, Trip.com stock experienced a decline [3] - The company has stated its intention to cooperate fully with the regulatory authorities during the investigation [3] Group 2 - Trip.com Group's ADR has shown improvements in its Relative Strength Rating, increasing from 76 to 81, indicating better price performance [4][6] - The stock has cleared key technical benchmarks, achieving an RS Rating of over 80, which reflects its market leadership [6][8] - The recent upgrades in the RS Rating suggest a positive trend in the stock's performance, with potential for further growth [4][6]

Core Insights - Over the past 20 years, certain stocks have generated extraordinary returns, with Nvidia, Netflix, and Booking Holdings being notable examples [2][12]. Nvidia - A $5,000 investment in Nvidia 20 years ago would now be worth approximately $3 million, highlighting its significant growth [4]. - Nvidia has become the most valuable company globally, with a market capitalization of $4.5 trillion, primarily due to its advancements in artificial intelligence (AI) technology [5]. - The company reported $187 billion in revenue over the past four quarters, a substantial increase from less than $30 billion a few years ago, and has a gross margin of 70.05% [7]. Netflix - An investment of $5,000 in Netflix two decades ago would now be valued at around $1.2 million, reflecting its steady growth trajectory [8]. - Netflix's recent acquisition attempt of Warner Bros. Discovery for $72 billion demonstrates its commitment to expanding its market presence, despite facing competitive challenges [9]. - The company has transitioned from losses to achieving strong profit margins of 24%, with a market capitalization of $393 billion [11]. Booking Holdings - A $5,000 investment in Booking Holdings 20 years ago would now be worth approximately $1.1 million, driven by the growth of the online travel booking market [12]. - In the previous year, Booking Holdings reported $23.7 billion in sales and $5.9 billion in profit, a significant increase from $11 billion in sales three years prior [13]. - The online travel booking market is projected to grow at a compounded annual growth rate of roughly 10% until 2030, indicating further growth potential for Booking Holdings [13][15].

Core Insights - Expedia Group has announced an agreement to acquire Tiqets, a global platform for activities and experiences based in Amsterdam, which will enhance its capabilities in the growing travel segment of activities and experiences [1][2] - The integration of Tiqets will allow Expedia Group to offer a more comprehensive travel solution, combining curated experiences with its extensive travel supply, thereby unlocking new growth opportunities for partners [2][3] Company Overview - Expedia Group operates several flagship consumer brands, including Expedia®, Hotels.com®, and Vrbo®, and provides technology solutions to facilitate partner growth and enhance traveler experiences [4][5] - Tiqets is a leading online booking platform for museums and attractions, available in over 60 countries and 1,000 cities, aiming to help travelers discover cultural experiences [7] Strategic Vision - The acquisition is seen as a key step towards building a comprehensive global travel solution, integrating activities, air, car, and insurance through expanded APIs [3] - Both companies believe that their combined strengths will transform the travel experience for both travelers and partners, enhancing the value delivered [3] Transaction Details - The transaction is subject to Works Council advice and customary closing conditions, with an expected closure in the first quarter of 2026 [3]

Core Insights - Online travel platform Klook is planning to list in the US early next year according to Bloomberg News [1] Company Summary - Klook is an online travel platform that is preparing for a public listing in the United States [1]

Group 1 - The U.S. IPO market saw two small IPOs and three SPACs listed last week, with five IPOs and four SPACs filing initial applications [1][2] - Off The Hook YS (OTH) priced its reduced IPO at the lower end of the range, raising $15 million with a market cap of $95 million, but its stock fell by 8% [1] - Phaos Technology (POAS) also priced its IPO at the lower end, raising $14 million with a market cap of $114 million, and its stock remained flat [1] Group 2 - Three SPACs completed pricing last week: Alussa Energy Acquisition II (ALUB.U) raised $250 million targeting energy and power infrastructure, Evolution Global Acquisition (EVOXU) raised $210 million focusing on critical minerals, and Blueport Acquisition (BPACU) raised $50 million [2] - Five companies filed for IPOs last week, including Klook (KLK) seeking $400 million, Grayscale (GRAY) aiming for $100 million, and Reed's (REED) targeting $10 million [2][4] Group 3 - Upcoming IPOs include Central Bancompany (CBC) planning to raise $400 million with a market cap of $5.365 billion, and Gloo Holdings (GLOO) aiming for $100 million with a market cap of $801 million [5][7] - Regentis Biomaterials (RGNT) plans to raise $11 million with a market cap of $62 million, focusing on a hydrogel implant for knee cartilage pain [6][7]

Company Overview - Klook is a travel booking company based in Hong Kong and Singapore, founded in 2014, and claims to be the largest experience booking platform in Asia by gross transaction volume, with 65 million experiences booked in the twelve months ending September 30 [1] IPO Details - Klook is filing for an initial public offering (IPO) in New York, working with Goldman Sachs, JPMorgan, and Morgan Stanley, and plans to list under the ticker "KLK" [2] - The company generated $417.1 million in revenue in 2024, reflecting a 24% increase, but reported a loss of $99.3 million last year [2] Market Context - The IPO is occurring amid a global surge in tourism as travelers are eager to vacation after COVID-era lockdowns, with the travel sector projected to generate $11.7 trillion in 2025, accounting for 10.3% of global GDP [4] - Klook competes with other Asian travel platforms such as Trip.com and Traveloka, as well as global competitors like GetYourGuide and Booking.com, offering services in 4,000 destinations worldwide [3] Regulatory Environment - Klook's listing comes at a time of tense relations between the U.S. and China, with concerns about potential delisting of Chinese companies from U.S. exchanges due to non-compliance with auditing standards [5][6] - The company has flagged concerns about delisting as a risk factor in its IPO filing, despite having principal executive offices in both Singapore and Hong Kong [7]

Core Viewpoint - Klook, an online travel booking platform backed by SoftBank, has filed for an initial public offering (IPO) in the United States [1] Company Summary - Klook is an online travel booking platform that facilitates travel-related services and experiences [1] - The company is backed by SoftBank, indicating significant financial support and potential for growth [1] Industry Summary - The online travel booking industry is experiencing a resurgence as travel demand increases post-pandemic, making it an opportune time for companies like Klook to go public [1]

Core Insights - Wedgewood Partners' third-quarter 2025 investor letter indicates that AI stocks remain a prominent focus on Wall Street, with the Wedgewood Composite achieving a net return of 5.9%, underperforming compared to the S&P's 8.1% and the Russell 1000 Growth Index's 10.5% [1] Company Performance - Booking Holdings Inc. (NASDAQ:BKNG) reported a one-month return of -5.34% but has seen a 21.27% increase in share value over the past 52 weeks, closing at $5,230.59 with a market capitalization of $169.523 billion on October 22, 2025 [2] - The company experienced revenue growth of 16% and a 32% increase in earnings per share, driven by strong room night growth in its ex-U.S. markets [3] - Over 60% of Booking's bookings come from direct traffic to its booking.com app or website, allowing for reinvestment in advertising across various channels [3] Market Position and Strategy - Booking Holdings' strategy focuses on fragmented hotel suppliers in ex-U.S. markets, enabling it to achieve scale where competitors struggle [3] - The company's emphasis on generating attractive returns from advertising is a key driver of its success, which is expected to benefit shareholders regardless of the marketing channel [3] - Despite its potential, Booking Holdings is not among the top 30 most popular stocks among hedge funds, with a decrease in hedge fund portfolios holding the stock from 102 to 92 [4]

Core Viewpoint - TripAdvisor's stock increased by 3.4% following activist investor Starboard Value's suggestion that the company should consider selling itself or its TheFork division [2] Group 1: Company Actions - Starboard Value's CEO Jeff Smith presented plans for TripAdvisor at the 13D Monitor, indicating a strategic shift for the online travel booking company [2]