$Expedia (EXPE.US)$ shares advanced 6.8% after Reuters reported that ValueAct Capital Management bought a stake in the online travel booking company.
In a letter to clients, ValueAct announced the new stake, without citing the size of its position, Reuters said. Investors expect Expedia’s growth to accelerate and margins to climb to the highest in a decade, the newswire agency quoted ValueAct as saying.
The investor also bought a stake in $RECRUIT HOLDINGS CO LTD (RCRRF.US)$, the parent company of online recruitment platform Indeed, saying its assets are already worth double the company’s share price, according to Reuters. The stock rose 7.3% in US trading.