Business
News Burst: Expedia makes splashy market debut
Microsoft's Expedia soared in its market debut Wednesday, closing up 39 7/16, or 282 percent, to 53 7/16. Its shares moved up as high as 63 in early trading.
Expedia offered 5.2 million shares at $14 apiece, above the previously proposed price range of $10 to $12 per share. IPO observers expected the offering to be popular. "It's going to be the number one travel site according to traffic," said Peony Kao, IPO analyst for Renaissance Capital, looking at Media Metrix statistics that put it ahead of Preview Travel and Cheap Tickets with four million unique users. That ranking could change following the merger of Preview Travel and Sabre Holdings' Travelocity site.
Full story to follow.
See techTrader for more technology investment news, plus quotes and research.
See ZDII for US tech investor news.