ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

Here's a quiz. Which NASDAQ stock that's a favorite of consumers is moving oh so close to 1000 dollars a share. If you answered Google you would be wrong. It's actually Priceline, the online travel booking company and it's a pick up. Lucy MacDonald, CIO of global equities at Allianz global investors. Good to see you in in New York.

LUCY MACDONALD, GLOBAL EQUITIES CIO AT ALLIANZ GLOBAL INVESTORS (ENGLISH) SAYING:

Well, the online travel agencies are a structural growth industry as far as we're concerned and we like the fact that there's still a relatively early stage of penetration of this in Europe and Asia as well.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

When you say structural growth, what do you mean by that?

LUCY MACDONALD, GLOBAL EQUITIES CIO AT ALLIANZ GLOBAL INVESTORS (ENGLISH) SAYING:

Well, travel agencies themselves, it's not a growing industry, but more and more people are using the internet to book online. In the US 65% of the people are booking online, in Europe it's still around 40%, in Asia it's only around 20% of people are really booking online so there's plenty of growth yet to come and we like that.

ANCHOR QUESTION OFF-CAMERA (ENGLISH) SAYING:

So why do you like Priceline particular over its competitors?

LUCY MACDONALD, GLOBAL EQUITIES CIO AT ALLIANZ GLOBAL INVESTORS (ENGLISH) SAYING:

Well when we looked at Priceline against Expedia, which is the major competitor, we looked first at the fundamentals, and the difference between the two is that Priceline has more international bookings and as I've just said that's the potential for more growth online is, so that's interesting. Secondly, Priceline is also through booking.com, it only does hotels and it doesn't do any airline booking. Airline booking is not a very profitable business, but hotels is, so it has more profits, less CAPEX and less depreciation, so those were fundamentals that were quite interesting. And then the third thing was that using grass roots which we do talking to hotels, talking to consumers, it actually came through a very strongly that the brand of booking.com was preferred because they use an agency model, the terms are more favorable and the service that they got was better as well. So on all fronts- from the fundamentals to the ground research, Priceline and booking.com came through as the stronger player.