Expedia stock quadruples on debut
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
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