The Dow Jones Industrial Average (DJIA) is down modestly in early trading on Wednesday, along with the S&P 500 and the Nasdaq. However, some stocks are doing well today. Airbnb (ABNB) is up sharply after releasing earnings, while CRDO stock is plummeting after issuing a warning. Shopify (SHOP) is leading the pack in terms of earnings reports before the market open.
The stock market had a mixed day on Tuesday, but it was able to rebound by the end of the day. This was despite the release of the January CPI inflation report, which showed that the headline and core CPI inflation rates continued to drift lower. While this was below what Wall Street was expecting, it wasn’t as bad as some had feared.
Treasury yields ultimately rose once again as markets price in further Federal Reserve rate hikes, with a number of leading stocks flashing buy signals Tuesday, including Boeing (BA), Arista Networks (ANET), Wingstop (WING), Cadence Design Systems (CDNS) and Marriott International.
TSLA stock, which has surged in 2023, revved higher Tuesday despite declining weekly Tesla (TSLA) EV registrations declining last week.
Airbnb and TripAdvisor (TRIP) led key earnings reports late Tuesday, with Airbnb shares rallying more than 20% in extended trading after the home-sharing company reported a blowout quarter.
finished the regular session up 2.5%.
ABNB stock flew 10% overnight out of a base, as Airbnb earnings beat views with guidance also strong. TRIP stock jumped 10% in extended action on its results after closing Tuesday back above a buy point.
However, Credo Technology Group (CRDO) crashed after hours after warning of a massive shortfall in its April fourth quarter. It sees revenue of $30 million-$32 million vs. views for $58 million, saying its largest customer is cutting back. CRDO stock, which had been trading near record highs, finished the regular session up 2.5%.
Credo Technology Group (CRDO) saw its stock price plummet after hours yesterday after warning of a massive shortfall in its April fourth quarter. The company cited a reduction in business from its largest customer as the reason for the dismal outlook.