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Stock Watch: Priceline Slips on Report of Competition From Airlines

By Nora Macaluso
Jun 30, 2000 12:00 AM PT

Priceline.com (Nasdaq: PCLN) fell 3 7/16 Thursday to 36 3/4 following reports that six major airlines are teaming up to offer discount airline tickets, a direct challenge to the name-your-own-price e-tailer.

Stock Watch: Priceline Slips on Report of Competition From Airlines

The Wall Street Journal said United Airlines, American Airlines, Northwest Airlines Corp., Continental Airlines Inc., U.S. Airways Group Inc. and America West Airlines have already gotten $75 million in investments in the site, set for launch in the fall.

Internet travel services are in hot demand. Forrester Research estimates the market will rise to more than $29 billion in 2003, more than four times the 1999 level.

Priceline itself is expanding rapidly. This week, the company announced a move into Europe, its third international venture this year.

Online travel site Cheap Tickets Inc. (Nasdaq: CTIX) also fell Thursday, losing 2 9/16 to 10 15/16.

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