Why Expedia Group's Shares Popped 9.7% Today
Shares of Expedia Group (NASDAQ: EXPE) jumped as much as 9.7% today after the company announced a new CEO and $3.2 billion in new financing. Shares settled to a 6.8% gain at 12:30 p.m. EDT.
As Expedia rose, TripAdvisor (NASDAQ: TRIP) came along for the ride, given their similar business models. There wasn't specific news about the company, but shares were up as much as 6% and were up 4% as of this writing.
Vice Chairman Peter Kern was named CEO of Expedia Group, and Eric Hart was named CFO. This comes after a management shakeup that started last December and should give Expedia some management stability through the current crisis.
Source Fool.com
