Why Booking Holdings Stock Lost 22% in the First Six Months of 2020

It's no big surprise that shares of Booking Holdings (NASDAQ: BKNG) have fallen this year as the travel industry has gotten shellacked by the coronavirus pandemic. What is surprising, however, is that shares of the world's largest online travel agency only fell 22% through the first half of the year, according to data from S&P Global Market Intelligence, showing the stock has been relatively resilient during the crisis. As you can see from the chart below, the stock has moved in tandem with the broad market more or less, falling sharply through the crisis.