OWW, Indeed: What’s Up With Orbitz?

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Orbitz Worldwide (OWW) shares are taking a serious shellacking today: the online travel agency site is down 67 cents, or 10.7%, to $5.60. That bring the stock’s two-day decline to 93 cents, or more than 14%.

No news the last day or two. But on Friday, Standard & Poor’s lowered its rating on the company’s %685 million secured credit facility to B+ from BB-. The company’s corporate rating was affirmed as B, but with a negative outlook. “We have assigned a negative rating outlook based on our concerns regarding potential liqudity pressures due to weak operating performance,” as well as “the need to cash collateralize its letter-of-credit facility,” the rating agency wrote.

I would note, by the way, that OWW shares are still trading at more their triple their July lows. Might simply be profit-taking time.