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The Priceline Group Inc. stock price
The Priceline Group Inc. latest news:
Retail ETF on track for biggest daily drop in 4 weeks as Priceline's stock slumps
A popular vehicle to wager on the retail sector on Wednesday was on pace for its steepest daily decline in about a month, weighed by drops in shares of Office Depot Inc. , and Priceline Group Inc. . The SPDR S&P Retail ETF was down by about 1.5%, putting its worst one-day fall since July 10 in sight, when the retail-focused ETF fell by 2.4%, according to FactSet data. Prominent names in the ETF, Priceline shares tumbled 8.4% after the travel-booking company posted bookings that missed Wall Street expectations late Tuesday. Another travel-related entity, TripAdvisor Inc. saw its shares down nearly 8% after weaker-than-expected quarterly results, while Office Depot's stock, plunged 25%, on pace for its worst daily drop since May 11, 2016. Those drops combined to yank the XRT sharply lower in early Wednesday trade. The S&P 500 index's consumer-staples sector, which the retail ETF is designed to mimic, was down the most among the broad-market benchmark's 11 sectors. Wall Street equities were trading modestly lower as investors sold assets perceived as risky, notably stocks, in favor of havens like government bonds and gold. The S&P 500 was down 0.2%, the Dow Jones Industrial Average was off 0.2%, while the tech-laden Nasdaq Composite Index was trading 0.5% lower. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Priceline shares plunge 6% on second-quarter results
Priceline Group Inc. shares hit a record intraday high Tuesday, but plunged 6.3% in after-hours trading on the online travel company's second-quarter results. The company logged adjusted net income of $758 million, or earnings per share of $15.14. Analysts had modeled adjusted earnings per share of $14.20, according to FactSet. Bookings fell just short of analyst expectations, with Priceline reporting $20.8 billion, when analysts estimated $21.05 billion. Year-over-year sales rose 21% to $3 billion. Executives issued third quarter adjusted earnings guidance of $31.70 per share to $33.40 per share. Analysts modeled EPS of $34.21, according to FactSet. Priceline also estimated gross travel bookings would rise between 11% and 16% compared with the year-earlier quarter. Priceline shares have gained 39.8% year to date and hit an intraday high of $2063.70 on Tuesday. The S&P 500 has gained 10.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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