EXPEDIA GROUP, INC.

(EXPE)
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Wall Street posts robust gains at close with boost from Nike, Micron, following Omicron slide

12/21/2021 | 04:25pm EDT
A trader in a face mask works on the trading floor at the New York Stock Exchange (NYSE) in New York City

(Updates with further closing market data)

* Energy, tech top-gaining S&P 500 sectors

* Travel stocks surge broadly

* Nike up after beating quarterly estimates

* Micron rises as it sees chip shortages easing

* Indexes up: Dow 1.6%, S&P 1.78%, Nasdaq 2.4%

Dec 21 (Reuters) - Wall Street's main indexes closed sharply higher on Tuesday, with strength in travel and tech shares as well as in Nike and Micron Technology following their earnings, as stocks rebounded from a coronavirus-fueled rout the session before.

The rapidly spreading Omicron variant of the coronavirus has rattled stock markets around the world, triggering volatility in the final month of 2021, which has otherwise been a strong year for equities.

Gains in massive technology and tech-related stocks such as Microsoft and Apple lifted indexes on Tuesday, as did increases in economically sensitive groups such as energy . Travel-related stocks surged, with Carnival Corp , Las Vegas Sands and Expedia Group among the top percentage gainers on the S&P 500.

“It is clearly a risk-on day," said David Joy, chief market strategist at Ameriprise Financial in Boston. "This is clearly, at least for the day, investors saying, 'You know what, we are going to be able to ride through this Omicron surge and come out the other side in pretty good shape.’”

The Dow Jones Industrial Average rose 560.54 points, or 1.6%, to 35,492.7, the S&P 500 gained 81.21 points, or 1.78%, to 4,649.23 and the Nasdaq Composite added 360.14 points, or 2.4%, to 15,341.09.

Defensive sectors that have led in December lagged on Tuesday, with consumer staples and utilities posting slim declines.

Nike shares rose 6.1% after the sports apparel company's results beat quarterly estimates for profit and revenue, and it said it was more confident that supply chain issues would ease in its next fiscal year.

Micron Technology shares jumped 10.5% after the chip company forecast second-quarter sales and profits will beat estimates with shortages easing in 2022. The Philadelphia SE Semiconductor index rose 3.4%.

“If Micron’s forecast is strong, that tells us broadly speaking that demand is strong across many different industries,” said King Lip, chief strategist at Baker Avenue Asset Management, adding that Micron's products "go into so many different industrial applications."

General Mills shares fell 4% after the consumer staples company missed Wall Street estimates for quarterly profit.

The benchmark S&P 500 has gained 23.8% so far in 2021.

Some investors are wary about a tougher environment for equities as the Federal Reserve is expected to start raising interest rates next year.

"It's good to see green going into the next year but if you just take a step back and look at the broader picture, you're seeing financial conditions change," said Joshua Chastant, senior investment analyst at GuideStone Capital Management.

Advancing issues outnumbered declining ones on the NYSE by a 4.08-to-1 ratio; on Nasdaq, a 2.95-to-1 ratio favored advancers.

The S&P 500 posted 11 new 52-week highs and no new lows; the Nasdaq Composite recorded 27 new highs and 99 new lows.

About 10.1 billion shares changed hands in U.S. exchanges, below the daily average of roughly 12 billion over the last 20 sessions. (Reporting by Lewis Krauskopf in New York, Shreyashi Sanyal and Bansari Mayur Kamdar in Bengaluru; Editing by Maju Samuel, Cynthia Osterman and Mark Heinrich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMERIPRISE FINANCIAL, INC. -1.85% 255.1 Delayed Quote.-13.84%
APPLE INC. -1.56% 138.6211 Delayed Quote.-20.70%
CARNIVAL CORPORATION -1.16% 13.695 Delayed Quote.-26.09%
DJ INDUSTRIAL -0.34% 31384.4 Real-time Quote.-10.14%
EXPEDIA GROUP, INC. 5.87% 127.02 Delayed Quote.-33.52%
GENERAL MILLS, INC. -2.25% 66.045 Delayed Quote.0.28%
LAS VEGAS SANDS CORP. 0.69% 34.04 Delayed Quote.-10.15%
MICRON TECHNOLOGY, INC. -0.70% 70.55 Delayed Quote.-23.73%
MICROSOFT CORPORATION 0.64% 255.68 Delayed Quote.-24.45%
NASDAQ COMP. 1.15% 11549.32 Real-time Quote.-27.02%
NIKE, INC. -1.30% 108.0078 Delayed Quote.-34.38%
S&P 500 0.24% 3933.26 Real-time Quote.-17.68%
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Financials (USD)
Sales 2022 11 794 M - -
Net income 2022 762 M - -
Net Debt 2022 2 117 M - -
P/E ratio 2022 23,7x
Yield 2022 -
Capitalization 18 875 M 18 875 M -
EV / Sales 2022 1,78x
EV / Sales 2023 1,39x
Nbr of Employees 14 800
Free-Float 48,9%
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Mean consensus OUTPERFORM
Number of Analysts 33
Last Close Price 120,15 $
Average target price 206,61 $
Spread / Average Target 72,0%
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Managers and Directors
Peter M. Kern Vice Chairman & Chief Executive Officer
Eric M. Hart Chief Financial Officer
Barry Charles Diller Chairman
Rathi Murthy CTO & President-Expedia Services
Craig A. Jacobson Independent Director
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