This morning, leading online travel company Priceline.com Inc (NASDAQ:PCLN) is plunging lower by $26.86 to $632.24 a share. Earlier today, the stock was down graded by Deutsche Bank to hold from buy. The news is just one of the catalysts causing the leading online travel company to decline by more 4.0 percent on the trading day. Short term traders should watch for intra-day support around the $617.00 level should the stock fall further. The daily chart support level for PCLN stock will be around the $590.00 area.
When a leading stock such as PCLN declines so sharply it will often cause other leading stock in its industry group to also be weak. Online travel stocks such as Expedia Inc (NASDAQ:EXPE), Travelzoo Inc (NASDAQ:TZOO), and Orbitz Worldwide Inc (NYSE:OWW) are all trading lower on the trading session.