Bombshell: Is the Priceline growth machine decelerating?
The first sign of a wrinkle in Priceline's financial performance following its second quarter earnings led other travel stocks to follow a downward trend on the news. But given the success it has had in new territories in Asia-Pacific, it would potentially be a fool that discounts the company just yet.
For years, Priceline has been the darling of the travel industry within the financial investment community, reaching an eye-watering market capitalisation of close to $30 billion.
But one set of marginally wobbly financial results - when CEO Jeff Boyd explained away lower-than-expected estimates being due to the effects of the ongoing financial woes inflicting many European countries – was enough to send the company’s share price tumbling.
Less than 24 hours after the results were announced, stock had slumped by around 15% – a figure probably large enough to send (ex?) marketing frontman William Shatner tumbling off a cliff.