The ratings on Priceline.com Inc. reflect the online travel agency's significant supplier concentration in airlines and hotels, low profit margins, acquisition-driven growth strategy, and participation in the highly competitive online travel market. These factors are only partially offset by the company's leading position in the consumer bid-based travel business; good cash balances, which provide some cushion; and some revenue diversity from retail ticket sales. Norwalk, Conn.-based Priceline.com is a provider of bid-based and retail travel services in the areas of airline tickets, hotel rooms, rental cars, vacation packages, cruises, and travel insurance. Availability of discounted airline tickets has been limited by reduced seat capacity and high load factors at legacy airlines. Furthermore, as discount airlines proliferate and legacy airlines institute
