It looks like some profit taking going on after LinkedIn's spectacular IPO, but news in the Web travel niche is spreading the red ink to a few once-bullish Asian names. LinkedIn ( LNKD , quote ) is plunging 9% this morning as traders digest Friday's surge from the company's IPO price of $45 a share. LNKD is of course still up 88% from its debut, so is not really feeling much pain yet. But its IPO is encouraging dot-com plays around the world to take advantage of the buzz and price their deals while the pricing is good. This is a warning sign of danger on the tracks. For example, MakeMyTrip ( MMYT , quote ), the Indian equivalent of a Priceline ( PCLN , quote ) is selling another 6 million shares -- worth $185 million -- to cash in. Why not? Valuations are absurd and MMYT is already priced at a blistering 145 times earnings. You do not need to make money these days to sell your stock, right? Maybe not. MMYT is down 8% this morning. And unlike LNKD, MMYT does not have a massive amount of built-in appreciation to spare. As of today, this stock is now trading under where it ended its first day on Wall Street, and is only up 13% from where it priced back in August: Chinese equivalent CTrip ( CTRP , quote ) is down 4% as well. Bad day for the Web? For emerging markets stocks? For emerging markets travel sites? Yes.