SOURCE: Five Star Equities
NEW YORK, NY--(Marketwire - Aug 10, 2012) - Shares of Orbitz Worldwide and Priceline.com fell sharply Wednesday after the online travel agencies' quarterly results fell short of expectations. The current economic crisis in Europe has had a major impact on the companies' European business and has begun to raise concerns regarding future growth. Five Star Equities examines the outlook for companies in the Online Travel Industry and provides equity research on Orbitz Worldwide, Inc. (NYSE: OWW) and Priceline.com Inc. (NASDAQ: PCLN).
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The International Air Transport Association (IATA) recently reported that global airline traffic increased 6.2 percent year-over-year in June, but warned of slowing demand going forward.
"The uncertainty that we see in the global economic situation is being reflected in air transport's performance. Although there are some pockets of solid performance, it is difficult to detect a strong trend -- positive or negative -- at the global level. Passenger markets have been growing more slowly since the beginning of the year and freight markets gains have been mostly very weak. The net effect is a demand limbo as consumers and businesses hedge their spending while awaiting clarity on the European economic front," said IATA Director General and CEO Tony Tyler.
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Orbitz Worldwide is a leading global online travel company that uses innovative technology to enable leisure and business travelers to research, plan and book a broad range of travel products. Shares of the company dropped over 25 percent after reporting their second quarter earnings fell 48 percent. "Our outlook for the third quarter and balance of the year is impacted by the global economic uncertainty that intensified during the second quarter and has continued into the third quarter," Orbitz Chief Executive Barney Harford said.
The Priceline Group is a leader in global online hotel reservations, with over 235,000 participating hotels worldwide. Shares Priceline declined over 17 percent after the company warned the slowing economy in Europe would continue to slow their European business, which makes up approximately 60 percent of their hotel bookings.
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