- Last week, Moody’s lowered its outlook on Orbitz’s (OWW) from stable to junk. “With global recession becoming an increasing concern, Moody’s expects the current weakness in the travel sector to persist into 2009 with ongoing double-digit declines in bookings as consumers scale back on travel spending,” the agency said
- Expedia (EXPE) just fired two top executives in a corporate re-org following a disappointing third quarter marred by what CEO Dara Khosrowshahi called a “broad pullback” in travel.
- Travelocity spent November letting everyone know Thanksgiving fares were only 9% higher this year. But no one believes them — probably because after hidden fees, fares are actually up around 15%, according to Jaunted.
- After a weak Q3, Travelzoo (TZOO) will cut costs in Q4, says CEO Holger Bartel: “In Q4, we plan to cut costs in our North America business segment and intend to reduce the speed of our investments in Asia Pacific and Europe”
The Price Of Thanksgiving Just Went Up
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