(photo via Pixabay )
As the date of November 8 and the return of international visitors to the U.S. is imminent, travel-related stocks are soaring again, according to CNBC.
Airlines, online travel agencies and home-sharing companies are all gaining in the market while companies that gained share in the last year during the pandemic – what CNBC calls ‘stay-at-home’ stocks like Peloton, Zoom and Netflix – fell this past week.
According to CNBC, Expedia jumped 16 percent on Friday; fellow online travel agency Booking Holdings jumped seven percent, and Airbnb’s stock was up 13 percent after reporting a 280 percent increase in profit.
American Air Lines, Delta and Southwest also had a fantastic week, rising 14, 13 and 10 percent in share price, respectively.
Airlines like Delta showed a strong third quarter when it announced earnings.
“We’ve seen it everywhere,” Expedia CEO Peter Kern told analysts on an earnings call Thursday, according to CNBC. Expedia reported a 97 percent jump in revenue from a year earlier. “Cities are picking up. International has picked up. Virtually every area has seen growth.”
By contrast, Peloton, the home cycling workout machine, saw a 35 percent drop in share price on Friday following higher-than-expected quarterly losses.
“We anticipated fiscal 2022 would be a very challenging year to forecast, given unusual year-ago comparisons, demand uncertainty amidst re-opening economies, and widely-reported supply chain constraints and commodity cost pressures,” Chief Executive Officer John Foley said in a letter to shareholders.
Netflix dropped 6.5 percent this week; Zoom fell over six percent on Friday, and Doordash lost four percent.