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Trading Places (Tech Winners and Losers)

Posted May 09, 2022

Matt Insley

By Matt Insley

Trading Places (Tech Winners and Losers)

As for inflation’s “transitory” nature, a reader says… 

“My sister’s rent has gone up yearly; she is on Social Security only and is in her 70s, and walks with a walker. They are now upping her rent by more than $50 since new owners took over her apartment complex. Don’t tell me they will reduce her rent later. 

“My secondary and long-term health care insurances keep climbing yearly as well as the cost of prescription drugs. Don’t tell me they will decrease the price.” 

Another reader concurs: “For the unfortunate retired folks, who have already been getting cheated by Social Security's phony cost of living adjustments, rampant inflation is a disaster with no mitigating ‘wage increases.’”

Send your opinions to, TheRundownFeedback@StPaulResearch.com

Your Rundown for Monday, May 9, 2022...

“Wander Wisely” 

Tech stock earnings show a major shift from the early days of the pandemic; meaning, some pandemic winners and losers have traded places. 

Ecommerce platforms, for example, including eBay (EBAY) and Etsy (Etsy) have cooled with the removal of lockdown restrictions. 

“Both [companies] issued weaker outlooks for the months ahead and said they were experiencing ‘headwinds,’ with Etsy singling out issues related to consumer discretionary spending, coronavirus-related reopenings and geopolitical events,” The Financial Times says.  

And by the closing bell Friday, EBAY shares traded down 16% while ETSY was down 11%; both stocks are continuing to fall this morning. (To be fair, Nasdaq stocks across the board are slump this morning.)

On the other hand, the tech-adjacent tourism sector, which was hammered hard in 2020, is rebounding, evidenced by recent TSA numbers… Screen Shot 2022-05-09 at 9.35.04 AM

Booking Holdings [BKNG] said its gross travel bookings totalled $27.3 billion in the three months to March 31, a quarterly record and a year-on-year increase of 129%. Revenues of $2.7 billion represented a 136% jump from a year ago,” the FT notes.             

TripAdvisor [TRIP] reported a 113% increase in revenues and its $262 million sales figure beat analysts’ expectations of $251 million, helped by a 229% increase in revenue in its ‘Experiences & Dining’ segment.” 

But buyer beware: “Given the macroeconomic issues facing the [travel] industry, investors may be shifting their focus toward specific companies,” says Barron’s. “Booking Holdings… parent of online travel agency Booking.com, is a favorite among analysts and investors.” 

JP Morgan analyst Dough Anmuth says: “We continue to believe Booking Holdings is the best-positioned company in the online travel space. 

“We think there is meaningful room for global share gains,” he says, while putting a $2,900 price target on BKNG, up over 33% from its price today. 

Market Rundown for Monday, May 9, 2022

S&P 500 futures are down 1.55% to 4,055. 

Oil is down 2.3% to $107.20 for a barrel of West Texas crude. 

Gold is down about 1% to $1,865.20 per ounce. 

And Bitcoin continues to slide: It’s down almost 5% to $32,935. 

Send your comments and questions to, TheRundownFeedback@StPaulResearch.com

Happy Monday… Check back from more on Wednesday. 

For the Rundown,

Matt Insley

Matt Insley
Publisher, The Rundown
TheRundownFeedback@StPaulResearch.com

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