The ratings on Priceline.com reflect the online travel agency's significant supplier concentration in airlines and hotels, low profit margins, acquisition-driven growth strategy, and decrease in incentive fees received for global distribution systems. 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 growing retail operations, especially in Europe. Norwalk, Conn.-based Priceline.com is a provider of bid-based and retail travel services in airline tickets, hotel rooms, rental cars, vacation packages, cruises, and travel insurance. Reduced seat capacity and high load factors at traditional full-service airlines have limited the availability of discounted airline tickets. Furthermore, the proliferation of discount airlines has reduced the potential savings to consumers
