It appears that Flight Centre Travel Group Ltd's (ASX: FLT) nosedive may have come to an end, with the travel agency's shares flying 1.9% higher today at $45.68.
Following on from an incredible run, which saw it gain nearly 240% between the beginning of 2012 and April this year, the stock has since dropped more than 16% in just over a month-and-a-half time period. In the same time, Corporate Travel Management Limited (ASX: CTD) has fallen just 2% while the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO) has dropped 3%.
Of course, the company's recent profit update would have added to the turbulence affecting the shares' performance. Flight Centre announced that it now expects its full year profit to come in somewhere between the low-to-mid point of its previous guidance, which would be an underlying profit before tax between $370-380 million. The company cited a decline in consumer confidence as a primary cause for the downgrade.
Flight Centre continues to prove itself as a worthy opponent against the rising tide of online competitors, and with the Australian dollar remaining high, Flight Centre is definitely a stock worth your consideration at today's price.
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