Expedia stock quadruples on debut

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SHARES IN Expedia, the online travel agent owned by Microsoft, quadrupled on its first day of trading on the US Nasdaq market after the software giant sold a 14 per cent stake in the company. The initial public offering at $14 a share raised $72.8m. It is part of Microsoft's plan to to take advantage of soaring stock prices for Internet-related companies. By midday the stock was trading at $58.75, valuing Expedia at $2.2bn.

Expedia, which offers one-stop travel shopping and reservation services, reduced its losses from $5.2m to $5m in the three months to the end of September compared with a year earlier, on sales up to $15.3m from $6.1m