priceline.com Rises From 52-Week Low
Shares of
priceline.com
(PCLN)
rebounded after news earlier this week that the company would take a fourth-quarter restructuring charge from its struggling affiliate
Walker Digital
.
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The company's disclosure in a filing with the
Securities and Exchange Commission
caused priceline.com stock to reach a new 52-week low of $2.22. Its shares, which have a 52-week high of $104.25, were recently up 9.6% to $2.53 in
Nasdaq
trading.
Walker Digital, a private think tank started by priceline.com founder Jay Walker, has terminated 100 workers and said it was closing down offices in Atlanta, Los Angeles and San Francisco.
priceline.com has had its own spate of recent setbacks, including slowing airline-ticket sales and the departure of the chief financial officer and the head of its auto-services business. On Nov. 2, the company also announced plans to cut 16% of its work force.
