Google (NASDAQ:GOOG) is out with huge changes to their travel search algorithm, and internet travel sites may lose significant market share. Google will now place its own flight-search service at the top of search results for flight information.

The move will immediately hurt online travel websites such as Expedia (NASDAQ:EXPE), Orbitz (NYSE:OWW), Travelzoo (NASDAQ:TZOO), and Priceline (NASDAQ:PCLN) which receive ten to twenty percent of their leads from Google searches. That’s a lot of money to lose in the $110 billion online travel market.

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This morning you can expect lots of high priced lawyers to call the Department of Justice claiming Google is violating guidelines established for their entry into the online travel market. We will wait to see whether legal fees are the only loss taken by Expedia (NASDAQ:EXPE), Orbitz (NYSE:OWW), Travelzoo (NASDAQ:TZOO), and Priceline (NASDAQ:PCLN), or whether it will be billions in lost flight bookings.

Here’s how these travel stocks are reacting to the industry shaking news:

Google Inc. (NASDAQ:GOOG): GOOG shares recently traded at $633.76, up $0.62, or 0.1%. They have traded in a 52-week range of $473.02 to $642.96. Volume today was 57,266 shares versus a 3-month average volume of 3,109,540 shares. The company’s trailing P/E is 21.60, while trailing earnings are $29.34 per share.

Expedia Inc. (NASDAQ:EXPE): EXPE shares recently traded at $29.61, down $0.43, or 1.43%. They have traded in a 52-week range of $27.28 to $65.78. Volume today was 88,372 shares versus a 3-month average volume of 2,346,560 shares. The company’s trailing P/E is 8.79, while trailing earnings are $3.37 per share.

Orbitz Worldwide, Inc. (NYSE:OWW): OWW shares recently traded at $3.79. They have traded in a 52-week range of $2.76 to $7.01. Volume today was 7,373 shares versus a 3-month average volume of 330,987 shares. The company’s trailing earnings are $-0.66 per share.

Travelzoo Inc. (NASDAQ:TZOO): TZOO shares recently traded at $26.04, down $0.07, or 0.27%. They have traded in a 52-week range of $20.68 to $103.80. Volume today was 7,308 shares versus a 3-month average volume of 649,216 shares. The company’s trailing P/E is 651.00, while trailing earnings are $0.04 per share.

priceline.com Incorporated (NASDAQ:PCLN): PCLN shares recently traded at $480.58, down $1.15, or 0.24%. They have traded in a 52-week range of $399.18 to $561.88. Volume today was 26,948 shares versus a 3-month average volume of 1,274,540 shares. The company’s trailing P/E is 25.46, while trailing earnings are $18.88 per share.

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