Orbitz Shares Jump After 1Q Results, Hotel Deal

CHICAGO (AP) — Shares of Orbitz Worldwide Inc. surged on Wednesday after the online travel company reported a sharply wider first-quarter loss, but announced an aggressive pricing promotion designed to steal market share from its rivals.

Nearly all of the company's loss came from a hefty one-time write-down and investors seemed optimistic. Orbitz shares jumped 37 cents, or 17.5 percent, to $2.48 in afternoon trading. The stock has traded between $1.10 and $8.58 during the past 52 weeks.

For the quarter ended March 31, Orbitz said its loss widened to $336 million, or $4.02 per share, from $15 million, or 18 cents per share, a year earlier. ...