Bloomberg Reporting Google's Purchase Of ITA May Be Challenged By U.S. (GOOG, EXPE, PCLN)

A report from Bloomberg News suggests that Google's GOOG $700 million purchase of ITA Software may be the target of an antitrust lawsuit by the U.S. Justice Department. ITA provides online airline flight and ticket information. According to the article, Google pressed the government to make a decision about a possible lawsuit by invoking a provision of federal law that forces the government to make a decision within 30 days about whether or not to challenge the deal. A number of software and online travel companies including Microsoft MSFT and Expedia EXPE are in opposition of this deal being completed, but others such as Priceline.com PCLN and Orbitz OWW are supportive of the transaction. The deal would allow Google to display flight times and prices in travel search results. During Thursday's trading session, online travel companies are seeing their stocks rise on the potential lawsuit from the Justice Department. Priceline.com (PCLN) shares have gained 0.75% to $437.51, Expedia (EXPE) is up 2.63% and Orbitz (OWW) has added 2.75% to $5.61.