A few years ago, Internet companies like Travelocity and Expedia
revolutionized travel bookings with Web sites that appeared to spell doom for
traditional brick-and-mortar travel agencies.

But these companies, once considered brash innovators, have been
struggling as airlines and hotels promote their own sites and they attempt
international expansion as younger competitors nibble at their customer base.

Uncertainty surrounding the leading online travel agencies (OTAs) --
those that charge customers a fee to book on their Web sites -- is reflected in
their stock prices.

Expedia Inc. (EXPE.O: Quote, Profile, Research)
has shed about 38 percent of its value so far this year. Sabre Holdings Corp.
(TSG.N: Quote, Profile, Research),
which owns Travelocity, has lost about 11 percent, and Orbitz-owner Cendant
Corp. (CD.N: Quote, Profile, Research)
is down about 6 percent.

"A year ago, people could see the next stage:
'OK, OTAs are going to rule the world.' Now they look at it and say, 'How are
they going to rule the world?'" said Hugo Burge, president of Cheapflights.com.

Priceline.com (PCLN.O: Quote, Profile, Research)
is the only OTA stock on the up, notching a 36 percent gain this year. However,
the company's shares are still stuck around the same level as in late 2000.

Priceline stock has fallen some 97 percent from 1999 highs -- adjusting
for a 2003 reverse stock split -- as investors raved about its
revolutionary-seeming "name-your-own-price" strategy. It plunged along with many
other Internet stocks in 2000.

In general, experts remain cautiously
optimistic about online travel agencies. Research company PhocusWright predicts
growth of 15 percent for online travel agencies this year, down from growth of
20 percent in 2005.