Market Overview

Priceline Under Pressure


Priceline Group Inc (NASDAQ: PCLN) shares are trading lower by $58 at $1239.75 in Monday's session. There are two potential catalysts for the decline.

On Friday, David Tepper's Appaloosa 13-F showed a reduction of 130,000 shares in its long position in the issue. The attacks in Paris have investors worrying about potential profits the company's operations that hinge on European travel.

After a lower open, it managed a brief rally to $1279.99 before continuing lower. The ensuing decline has found intra-day support at $1230.21 and has rebounded back to the $1240 area. That marks the lowest level for the issue since it bottomed on October 2 at $1223.23.

The issue posted its all-time high just seven trading sessions ago when it peaked at $1476.52 and its all-time closing high eight sessions back at $1469.56. Most of the decline took place on November 9, when company announced lower Q4 guidance after a Q3 beat.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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