Priceline (PCLN -4.7%) and Expedia (EXPE -3.5%) are off after Deutsche downgrades Priceline to...


Priceline (PCLN -4.7%) and Expedia (EXPE -3.5%) are off after Deutsche downgrades Priceline to Hold on a belief a margin-compressing "Cold War" will break out in European online travel. The culprits: Expedia's growing efforts to acquire customers following an improvement in conversion rates; a declining amount of travel-related Google (GOOG) PC ad clicks thanks to the mobile shift; and the possibility Google will make a stronger travel search push once its regulatory issues are handled.

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