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Priceline, Orbitz Take Off
A pair of online travel agencies, priceline (PCLN Quote) and Orbitz (ORBZ Quote), announced fourth-quarter earnings that topped Wall Street estimates and showed much improvement from last year's results.
The strong reports came on the heels of InterActiveCorp's (IACI Quote) bullish comments Monday on the travel business. Shares of priceline and Orbitz rallied in postclose trading Tuesday.
Priceline reported net income of $2.2 million, or 6 cents a share, topping the 4 cents expected by Wall Street and the net loss of $7.4 million, or 20 cents, it had a year ago. Net revenue, which excludes all fees and taxes as well as "Name Your Own Price" sales, came in at $180.2 million, down 8.7% from a year ago. ...
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