No Traffic Jams at the Travel Sites
The fallout from the terrorist attacks in New York and Washington keeps spreading. On the first day of equities trading after the Sept. 11 disasters, investors dumped the stocks of online travel sites. With heavy volume on Sept. 17, shares in sector bellwethers Expedia and Travelocity slid 38% and 45%, respectively. PriceLine, which booked actual profits last quarter, lost 39%. Over a six-hour span, investors stripped tens of billions of dollars in equity from the entire sector.
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