AOL Off to a Wobbly Start

AOL set out on its own today, spinning off from parent Time Warner and bringing an end to one of the most disastrous combinations in corporate history. “As an independent company with a recognized global Internet brand, we will be competing for the future of content, communications and advertising and that is a very exciting and significant opportunity,” CEO Tim Armstrong enthused in a statement this morning. Sadly, investors didn’t quite see it that way.
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Orbitz, Expedia, Priceline: Less Work Means Less Travel

If the economy is going to slow (which it is) and the jobless rate is going rise (which it is) you can safely conclude that people will be traveling less. That’s the core idea behind the call on the online travel sites by Bank of America’s Brian Pitz and Brian Fitzgerald, who today chopped their estimates and price targets on Orbitz (OWW), Expedia (EXPE) and Priceline (PCLN).