Online travel site Orbtiz(OWW Quote) gave up some of its gains from Wednesday, and was down 82 cents, or 8.8%, to $8.60. The stock had been downgraded by Stifel Nicholaus to hold from buy last week citing increased competition and the possibility that a slowdown in consumer spending could affect travel. Orbitz had fallen nearly 4% following the downgrade.
Among the biggest financial decliners was Sallie Mae (SLM Quote). The student lender fell 11.2% after saying it will offer $2.5 billion in stock, consisting of $1.5 billion in common shares and $1 billion in mandatory convertible preferred shares.
Two billion dollars of the proceeds are planned for buying back around 44 million shares under an outstanding equity forward-purchase contract. Any remaining capital will go to general corporate purposes. Shares of the Reston, Va.-based firm dropped $2.48 to $19.65. ...
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