Priceline Stock Drops on Heavy Volume on Weak Guidance

Priceline  (PCLN) shares were down more than 5% on heavy trading volume Wednesday afternoon after the online travel booking company forecast weak second quarter profits.

The company expects to earn between $13.30 and $14 per share, below analysts' consensus estimates of $15 per share. 

For the just concluded quarter, the company reported earnings $9.88 per share on revenue of $2.42 billion vs. Wall Street expectations of earnings of $8.82 on revenue of $2.45 billion.

Some 1.2 million shares of Priceline had been traded Wednesday afternoon, three times higher than the stock's normal daily volume of 400,000 shares. 

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