Despite a net increase of 1.6% in U.S. exports in May 2009, services exports fell 0.4% with travel and tourism exports off a whopping 3% month-over-month. According to data from the U.S. Department of Commerce, spending related to travel from other countries to the United States fell to $9.5 billion for the month – down 22% year-over-year.

The global travel market continues to feel the squeeze from an ongoing recession, as travel discounts and cheaper fares have been insufficient to counteract sluggish consumer spending. Recreational travel just isn't a priority these days, and businesses are curtailing travel budgets as they try to shore up their resources and spend prudently.

William Shatner has returned for the 11th year as the enigmatic spokesperson and premier negotiator for lower travel costs for Priceline.com (NASDAQ: PCLN).

Priceline is confident that Shatner can pick up where he left off as an effective voice for the online discount travel service.

There is reason for optimism at the company. Priceline revenues and earnings for the first nine months of the year increased by 30%, outpacing the meager 2% increase in retail sales for the period, and besting the 8% increase in sales for e-commerce retailers, as well.

Revenues and earnings for the fourth quarter are also expected to run well ahead of the retail sales figures for the period.

At the current price of $65 per share, Priceline is trading at under 10 times forecasted earnings for the year. The market appears to be significantly undervaluing the company at this price level, as several analysts are lowering the stock to a neutral position based on the recent rise in price that took the stock near their target levels.

Additional concerns affecting the analysts' view of Priceline include the general softening of consumer demand, declining hotel pricing and the strengthening of the U.S. dollar.

In reality, these same concerns can be viewed as a positive for the company.