EXPE is getting a boost after The Financial Times reported a possible merger
Expedia Group Inc (NASDAQ:EXPE) stock is up 5.6% at $159.30 at last glance, and earlier hit a two-year high of $161.88. The travel booking name is getting a boost from takeover rumors, after The Financial Times reported that Uber Technologies (UBER) is considering a bid for the company. However, BofA Global Research noted that the article specified that no current discussions are in progress, and that Uber's team is likely considering several merger options.
Today's pop has EXPE breaking into positive territory for 2024. The stock finished the last four months with gains, and is currently headed for a winning October, with recent support at its 20-day moving average. Year over year, the equity is up 60.3%.
Options traders are blasting Expedia Group stock today. So far, 6,706 calls and 4,157 puts have crossed the tape, which is already 9 times the stock's average daily options volume. The October 160 call is the most popular, with new positions being bought to open there.
It's worth mentioning that though short interest has been slowly unwinding, it still represents 5.2% of the stock's available float, leaving a good mount of pent-up buying power. It would take shorts nearly four days to cover, at EXPE's average pace of trading.