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Online travel booker stocks fall amid growing concerns over surging COVID cases

Shares of online travel services companies were broadly lower Tuesday, with many hitting multi-month lows, as a continued surge in new COVID-19 cases (link) fueled fears of potential travel restrictions. The ETFMG Travel Tech ETF (AWAY) dropped 3.5%, and has shed 7.5% amid a 4-day losing streak, putting it on track for the lowest close since Dec. 23, 2020, as 32 of 34 equity components lost ground. In comparison, the S&P 500 declined 0.9%. Among some of the ETF's online-booker components, shares of Expedia Group Inc. (EXPE) slid 1.7%, TripAdvisor Inc. (TRIP) dropped 3.0%; Despegar.com (DESP) slumped 6.4% and Trivago N.V. (TRVG) tumbled 8.0%, all toward six-month lows, while Booking Holdings Inc. (BKNG) slipped 1.1%, but was above the July 19 closing low of $2,067.55. Shares of Travelzoo (TZOO), which provides travel information, declined 5.3%, and Sabre Corp. (SABR), which provides travel-booking technology, lost 1.4%. Elsewhere, the U.S. Global Jets ETF (link)(JETS) shed 2.6%, and has lost 6.1% amid a four-day losing streak, while cruise operator Carnival Corp.'s stock (CCL) lost 3.2%, and has dropped 8.0%, also amid a 4-day loss streak.

-Tomi Kilgore

 

(END) Dow Jones Newswires

08-17-21 1220ET

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