Closing Bell: Expedia Rises, Block Drops, Sweetgreen Plunges

On this episode of Stock Movers:
- Expedia (EXPE) delivered earnings yesterday and 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. It also sees gross bookings growing 7%, again ahead of estimates and Expedia’s previous guidance. Shares rallied as much as 18% in extended trading on Thursday and continued to rally on Friday.
- Block (XYZ) saw its shares tumble today following earnings on Thursday. It raised its full-year profit forecast and posted strong growth in consumer banking, but its third-quarter revenues fell short of Wall Street’s expectations, a blow for one of the most closely watched fintech platforms. The fintech firm, which operates Cash App and Square, posted net revenue of $6.11 billion in the third quarter, falling short of the $6.34 billion consensus estimate.
- Sweetgreen (SG) Sweetgreen declared that its ripple fries would “redefine fast food.” Made with hand-cut potatoes, salt, potato starch and parsley, they were air-fried in avocado oil and sold as “Fries You Can Feel Good About.” They lasted five months before disappearing from the menu. The fries were too complicated to make, and customers weren’t keen on adding them to their lunch bowls for $4.95 anyway. After all, they were already paying more than if they’d gone elsewhere. Shares slid in trading on Friday.

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