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3)Trump’s travel bans are already creating mass immigration delays and impacting many travelers’ willingness to visit the U.S.

4)Paid search ROIs could deteriorate as EXPE & TRIP more aggressively invest in marketing in 2017 in attempt to reinvigorate growth.

5)Tougher comps as 2016 was a strong year with re-accelerating room-night, gross bookings, and gross profit growth on reported basis.

6)FX headwinds intensify in 2017 driven by the dollar’s appreciation and PCLN’s Int’l and European overexposure relative to EXPE and TRIP.

7)Finally, it’s worth noting the PCLN stands to benefit the least from U.S. corporate tax reform of any name we cover.

Read our full PCLN report here: moffettnathanson.com/Download.aspx?…

1) Despite a few small headline victories at Twitter, things are not as great as they may appear.

2) After warning about 1Q performance, TWTR massively surprised the Street on 1Q revenues, MAUs, and adj. EBITDA.

3) When a company beats its own low adj. EBITDA bar by 100%, all you can say is “well done” and … “shame on us.”

4) However, stepping back from the game of managing expectations, Twitter’s advertising results turned negative (down -11%).

5) After going public only 3.5 years ago, TWTR is now officially a “turn around” story.

6) Only in Internet land, can an ex-growth, loss making company trade at more than 16X “adj. EBITDA”.

7) The company is playing an increasingly intense game of managing expectations as it tries to “change the narrative.”

8) The real story is that rev growth is now solidly negative with near -20% declines in U.S. O&O ad revs.

9) However, Twitter is masterfully cutting expenses even faster with double digit declines in areas like R&D and sales and marketing.

10) Facing intense headwinds, TWTR continues to set a low enough guidance bar that allows it a chance to beat expectations.

11) We think smart investors will clearly see through this.

Read full TWTR report here: bit.ly/2p8cjy7

SNAP consensus 3Q17 sequential revenue estimates are still way too high, particularly given tough Olympics/Election comp.

Full SNAP report here: moffettnathanson.com/Download.aspx?…