On this episode of Stock Movers:
- Expedia (EXPE) shares rallied in the premarket session after the online travel agency’s results pointed to strong and resilient travel demand. The company raised its full-year gross bookings and revenue outlook, signaling that strong travel trends are continuing into the holiday quarter. Revenue for the year is now expected to increase 6.5% at the midpoint, up from 3% to 5% previously, the company said Thursday in a statement. Analysts expected a 4.6% rise, according to Bloomberg-compiled estimates
- Sweetgreen (SG) shares plunged ahead of the US market open after the company cut its full-year outlook after third-quarter results unexpectedly worsened, with the salad chain citing stubbornly weak demand. The company now sees revenue in a range of $682 million to $688 million, according to a statement, below the previous range. It also lowered guidance for same-store sales, which measure established locations. Same-store sales in the third quarter fell 9.5%, deeper than the expected 6.3% decline. The drop was led by lower foot traffic and consumers opting for cheaper meal options, Sweetgreen said. It saw a slight benefit from higher prices during the quarter.
- Shares of fast food giant Wendy's (WEN) rallied after reporting sales that beat estimate by declining less than expected in the third quarter - further evidence that fast food is winning as cash-strapped consumers cut back on spending. Sales from existing restaurants fell 3.7% in the third quarter, Wendy’s reported in a statement. That’s above average of analyst estimates. The company also maintained its outlook for the full year after slashing it twice in the previous two quarters.
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