From the way investors reacted to Cendant's $1.25 billion acquisition of Orbitz, independent online travel companies may be a thing of the past.
Priceline — possibly the most attractive acquisition target left — surged 11% on Wednesday, and InterActiveCorp, which owns quite a few online travel properties itself, rose 6%.
Travelzoo gained only 3% after a 20% drop on Tuesday, as investors appear worried about competition from a Cendant-Orbitz combo. Sabre, which owns Travelocity, and like Cendant also has its own reservation system, gained 2%. New Report Detangles the Web of Online Travel - Press Releases - CNBC.com::
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Shares of Orbitz soared 31% on the news of Cendant's $27.50 a share bid, while Cendant ended the day down fractionally. How to Trade Penny Stocks Online | Answerbag.com::
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Stocks surged Wednesday on falling oil prices and a stronger than expected final second quarter GDP revision.
The Nasdaq gained 24 to 1893, the S&P 500 climbed 4 to 1114, and the Dow gained 58 to 10,136. Volume rose to 1.41 billion shares on the NYSE, and 1.65 billion on the Nasdaq. Advancers led 18-14 on the NYSE, and 20-10 on the Nasdaq. Upside volume was 60% on the NYSE, and 77% on the Nasdaq. New highs-new lows were 151-28 on the NYSE, and 83-48 on the Nasdaq. AskMen.com - Stocks Mixed In Quiet Summer Trade::
Play Video Stocks Rocked By Recession Fears. Play Video Stocks Turn Positive In Travel & Lifestyle (107 videos online) Health & Fitness (174 videos online)
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After the close, Micron offered the latest evidence of weakness in the chip sector when the company missed earnings and revenue estimates. Intuit reaffirmed guidance, and Commerce One announced plans to sell its assets as part of a bankruptcy filing. The agreement makes it likely that CMRC investors will receive nothing from the company's demise.
During the day, Corvis fell 9% after announcing it will change its name to Broadwing. The company will trade under the symbol BWNG as of Oct. 8.
Agere fell 7% on a warning.
Accelerys jumped 14% on a deal with IBM.
Mindspeed plunged 29% on a warning.
Nextel Partners climbed 7% after raising guidance.
Micromuse lost 7% on a downgrade.
 House Toughens Penalties on P2Ps
 Agere Adjusts for Soft Demand
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