PayPal, Expedia, TripAdvisor: Tech Stock Midday Movers

Travel-related stocks notched some of the biggest losses as COVID-19 cases surged.

Major indexes were falling after several U.S. states reported dramatic spikes in new COVID-19 cases. 

Here are some of the top mid-day tech stock movers for Wednesday, June 24. 

Shares of PayPal  (PYPL) - Get Report fell 4.4% to $165.21 after the fintech giant received a downgrade from investment banking firm BTIG. Analyst Mark Palmer cut his rating from Buy to Neutral, writing that gains from the current stay-at-home environment are already reflected in PayPal's valuation. PayPal's stock is up about 50% year to date. 

Shares of TripAdvisor  (TRIP) - Get Report and Expedia  (EXPE) - Get Report fell 9.2% and 7.2%, respectively, following the reports of rising COVID-19 infections in states such as Florida, Texas and California. The European Union is also weighing a ban on American travelers until new cases diminish further. Earlier this week, TripAdvisor estimated that June revenue would fall 80% compared to a year ago, and its user counts have also seen a steep drop since the onset of the pandemic. In a statement, TripAdvisor wrote that while it's difficult to project when the travel market will return to pre-COVID levels, "the company remains confident [that] travel will rebound and that the company is well positioned to respond to any scenarios that could evolve."

Travel and fare aggregator Booking Holdings  (BKNG) - Get Report fell 4.7% on Wednesday to $1,598.13. Shares of the conglomerate have fallen 22% year to date. In its first quarter earnings report, released in May, Booking Holdings reported a loss of $699 million, or $17.01 a share, compared with net income of $765 million, or $16.85 a share, a year ago.

Facebook  (FB) - Get Report fell 3.2% on Wednesday to $234.39. Shares of the social media giant are up 11% year to date, but it also faces questions about the durability of its advertiser base during COVID-19, as well as antitrust investigations both in the U.S. and Europe. 

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