The rally hits a wall ๐Ÿ›‘

The S&P 500 snapped its recent winning streak with a narrow loss on Wednesday.

Good Afternoon!ย 

Hey, everyone. It's Adam from Elite Trade Club.ย 

Hereโ€™s what moved the market today.

Markets ๐Ÿ“ˆ

Stocks skidded to thin losses after staying in the green for several days. The Nasdaq posted its second loss in two days, while the Dow managed a small gain.

  • DJIA [+0.4%]

  • S&P 500 [-0.1%]

  • Nasdaq [-0.1%]

  • Russell 2K [-0.4%]

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Market-Moving News ๐Ÿ”Žย 

Airbnb Beats Q1 Estimates but Offers Weak Guidance

Airbnb [ABNB -1.2%] exceeded analysts' projections for the first quarter, reporting robust earnings and revenue figures. However, the company's shares dipped over 5% in after-hours trading as it provided guidance below market expectations.

Q1 Beat ๐Ÿ“Š
Airbnb witnessed an 18% increase in revenue compared to the previous year, with a net income of $246 million, or 41 cents per share, compared to $117 million, or 18 cents per share, in the same period last year.

Cautious Projections ๐Ÿ“‰
Despite robust demand for travel, Airbnb's projected revenue for the second quarter fell slightly below market forecasts. The company expects revenue in the range of $2.68 billion to $2.74 billion, below analysts' expectations of $2.74 billion for the period.

Positive Outlook ๐ŸŒž
Anticipating strong summer demand, particularly around events like the Olympics, Airbnb foresees accelerated year-over-year revenue growth in Q3.

Key Growth Drivers ๐Ÿš€
Special events like the solar eclipse drove engagement, with 500,000 guests staying on Airbnb during the event. Adjusted EBITDA surged by 62% year over year, reaching $424 million, while gross booking value stood at $22.9 billion in the first quarter.

Top Winners and Losers ๐Ÿ”ฅ

Reborn Coffee [REBN] $3.19 (+84.3%)
announced a significant expansion into China through a strategic Master License Agreement deal with IAID Co.

Innodata [INOD] $10.47 (+55.3%)
reported stronger than expected Q1 financial results this morning and raised its full-year revenue guidance.

Cricut [CRCT] $8.14 (+47.2%)
reported stronger-than-expected earnings on its Q1 financial report published late Tuesday.

Treace Medical [TMCI] $4.17 (+62.5%)
hit a new record low after the company slashed its full-year revenue guidance, prompting several analysts to downgrade the stock.

DoubleVerify [DV] $18.78 (38.5%)
posted a wider-than-expected Q1 loss and slashed its full-year sales outlook.

Inspire Medical [INSP] $163.41 (33.4%)
announced weaker-than-expected full-year 2024 earnings guidance as part of its Q1 financial results late Tuesday.

That's it for today! Please, write us back, and let us know what you think of the Closing Bell Roundup. We're always eager to hear feedback from our members!

Thanks for reading. I'll see you at the next open!ย 

Best Regards,
โ€” Adam G.
Elite Trade Club

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