priceline Promises, Merrill Downgrades, Investors Sell
priceline.comundefined fell 8.3% in late morning.
Late Thursday the name-your-own-price e-commerce outfit posted a fourth-quarter loss of 15 cents a share, worse than the Street's estimate of a 7 cent loss and below the year-earlier 6 cent loss.
The company said it would become profitable in the second quarter, but
Merrill Lynch
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downgraded it to neutral from accumulate, saying customer acquisition costs had almost doubled and "visibility is even worse than expected."
priceline also said two Asian conglomerates have invested $50 million in it.
