Another Internet stock that managed to buck the sell-off in the sector on Wednesday was online travel agent Priceline.com (Nasdaq: PCLN), which soared 11-5/8 to 93-1/8. There didn’t seem to be any news moving the stock. It looks like Internet investors may be moving some money out of the biggest names and into newer companies like Priceline.com.
Priceline.com went public on March 30, closing at $69 on its first day of trading, and it’s obviously been a solid performer since then. The stock may be benefiting from positive comments made by Wit Capital analyst Jonathan Cohen right before the initial public offering.