Posted on: Wednesday, June 27, 2001

Cheap Tickets stock plummets

Advertiser Staff and News Services

Shares of Cheap Tickets Inc. fell 22 percent after the seller of discount airline tickets and hotel rooms said second-quarter profit will miss estimates because of problems on its Web site and increased price competition from airlines. Cheap Tickets fell $3.64 yesterday to $12.55 in trading of 1.78 million shares, more than 11 times the three-month daily average. They had the ninth-biggest percentage decline in Nasdaq trading.

Profit will be 4 cents to 5 cents a share, compared with the 22-cent average estimate of four analysts polled by First Call/Thomson Financial. The company said revenue will be $27.5 million to $29 million, or less than a year earlier.