Priceline.com today hit a new annual high in the wake of signing a multi-year partnership with JetBlue Airways . The deal allows PCLN to have full access of JBLU's published fares, inventories, and schedules, but specific terms of the contract were not disclosed.
During Monday's intraday trading, Priceline.com hit a new annual high of $112.50 before regressing back to close at $104.25, a loss of 2.8%. Technically speaking, the name-your-own-price website gained nearly 39% since its 10-day and 20-day moving averages made a bullish cross on November 8. Today marks the first time since then that the stock has breached support from the former average.
As PCLN has been on the rise for virtually 3 years, JetBlue has done just the opposite. The stock has cropped nearly half of its worth since March, steadily meeting resistance from its own 10-day and 20-day moving averages. The announcement today didn't help the low-fare airline elevate any, as the equity closed with a loss of almost 4%.