In the stock market today, stocks rose as corporate earnings season began with positive results. On the day, shares in industrial suppliers, cybersecurity and travel gained momentum.
Shares of Fastenal (FAST) were up 2% to $59 on the day. Fastenal stock rose back above the $58.39 to form a cup-with-handle base. Fastenal Company is engaged in wholesale distribution of industrial and construction supplies. The Company conducts fastener distribution, and non-fastener maintenance and supply business.
In cybersecurity, shares of Crowdstrike (CRWD) broke out of a 4-month high as the stock climbed 7% to $240 on the day. Meanwhile, shares of SentinelOne (S) rose 13% on the day to close at $38. SentinelOne is one of the fastest growing cybersecurity stocks around. SentinelOne provides endpoint protection, which means it brings cybersecurity to the devices people use, like computers and phones. Its platform is powered by Artificial Intelligence (AI) to prevent, stop, and reverse threats in real time without dependency of the cloud or security teams.
Travel Stocks Surge
Shares of Airbnb (ABNB) climbed 7% to close at $172 and Bookings (BKNG) rose 4% to close at $2,260. As travel trends emerge, airlines and other travel-related companies have posted better results and have improved guidance for the upcoming qtrs. Delta Ailines reported today and the company expects to return to profitability this quarter. This is likely to have positively affected companies like Airbnb and Bookings today.
ABNB lost money in 2021 as the pandemic savagely hit the company. During the COVID-19 pandemic, business declined significantly, and is now coming back. Yet, management said the pandemic boosted the stay duration of guests and the work-from-home transformed to work-from-any-Airbnb home. Meanwhile, Bookings benefits from airline demand. What’s nice about Booking is the website handles more than airlines. It allows travelers to book hotel rooms and rental cars as well. Thus, Booking and Airbnb could see increased demand for travel this Summer as American families travel again.
Chart of the Day
Our chart of the day is this one-year chart of Grainger (GWW). GWW closed at $527, up 1% on the day.
Grainger is the leading supplier of maintenance supplies in North America. It sells motors, power transmission products, test instruments, lab supplies, power tools, outdoor equipment, as well as janitorial supplies. Qtrly profit estimates have been on the rise, and that might continue into the future.
