Diamonds and Dogs
People want to travel. Booking Holding (BKNG) the parent for Priceline and Kayak is up 4% on earnings which rose 41% as revenue rose 29% to $6.1 billion. Management is encouraged by the slight improvement in room night growth we have seen in October and by the level of bookings for travel in early 2023.
Chips continue to struggle. Qualcomm (QCOM) is down 7% following lackluster earnings and lower guidance. Management sees a further deterioration of macroeconomic environment while sustained COVID restrictions in China have led to broad-based demand weakening across tiers and regions. Many of Qualcomm's customers have elevated levels of chip inventory so no need to order any more.
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