Priceline Plunges After Goldman Sachs Downgrade

Priceline Group Inc PCLN shares are trading lower by $55 at $1056.55 in Wednesday's session. The catalyst for the steep decline is a downgrade at Goldman Sachs from Overweight to Sector Weight.

After a lower open, it staged a $13+ rally to $1093.13 before resuming its decline. The ensuing decline has taken the issue to $1053.38 and it has not been able to distance itself from that level.

That marks the lowest level for the issue since it bottomed last February at $1014.15.