Stocks continued to record losses on Wednesday, as recession fears continued to afflict investor sentiment. The 10-year Treasury yield fell 10 basis points to 3.41%, the lowest level in almost 3 months.
Overall, S&P decreased 0.2% to 3,934, while NASDAQ was lower 0.5% to 10,959.
Tweet of the Day
LOL. Salesforce sales & marketing expense 50x net profit. Like Google, it’s a company intentionally designed to make multi-millionaires out of mid-level managers with shareholder money. pic.twitter.com/ltZmSSC0zo
— Ben Hunt (@EpsilonTheory) December 7, 2022
Chart of the Day
Our chart of the day is the one-year chart of Booking Holdings (BKNG) as of November 25, 2022, when the stock was at $1,969.
Booking Holdings is the world leader in online travel and related services.
The company delivered solid results last qtr, as bookings increased a solid 36% from the same qtr a year ago. Profit growth was 41% in the quarter. Revenue was up a solid 29% from a year ago, but would have been up 47% if it not for the strong US dollar and currency exchange. If the dollar continues to decline, this company might beat the street next quarter.
Management said they are seeing good demand for travel, so I don’t know where these recession fears are coming from.
– David Sharek, Founder of The School of Hard Stocks
2023 is shaping up to be an even better year as Booking is seeing strong growth in bookings for 2023 Q1. BKNG is part of his Conservative Growth Portfolio.
