Shares of Priceline (Nasdaq: PCLN) are up 7% to $630 this morning. The move follows the news that Priceline crushed fourth quarter financial results.
Priceline reported earnings of $226 million, or $4.41 a share, from revenue of $991 million, up from a profit of $135 million, or $2.66 a share, on $731 million in sales in the same period a year ago. Excluding one-time charges, Priceline would have earned $276 million, or $5.37 a share, to top the estimates of analysts.
Shares look like they broke out of a beautiful channel formation. The target of the channel break is $650, so expect further bullish momentum in the very near term.
![Priceline Pops on Earnings News](http://img.bfpublishing.com/DP_2-28-12_8.png)
As of yesterday, 22 analysts followed the stock. Of the 22, 18 have buy ratings although the average price target for Priceline is $627. More information about Priceline's fourth quarter results can be found here on the investor relations website.