Kansas City

The DJIA fell 350 points, Nasdaq was down 154, the S&P 500 fell 45 points and the 10-year treasury yield was up .01 to 3.72%. Mizuho cut their price target on Airbnb to $110 from $125. They maintained their Neutral rating on the stock. STR reported US lodging data for the week ended 12/31. US hotel RevPAR was up 4.2% year over year while up 35.6% versus the same week in 2019.

Let’s go backwards to give you an overview of today’s market. The 10-year treasury yield plunged 0.32 to 3.83%. That is a nearly 8% drop in the yield on a modestly better CPI report. Vacasa reported 3Q results that went over as well with investors as their weak fourth quarter guidance. The LWHA Q3 2022 Major U.S. Hotel Sales Survey includes 119 single asset sale transactions over $10 million which totaled roughly $3.7 billion.

Pebblebrook Hotel Trust reported sold 3Q22 earnings, but since they give monthly updates and pre-announced, there was no surprise. While lodging stocks were higher, the action in Selina on Friday was just as ridiculous as on Thursday but in the other direction. While Travel + Leisure’s stock price rebounded a little bit after Thursday’s earnings-induced decline, Credit Suisse lowered the boom on them.

The  DJIA fell another 0.6% on Tuesday, Nasdaq was down 0.1%, the S&P 500 fell 0.5% and the 10-year treasury yield rose to 3.963%, its peak since 2010. Truist reported on a conference call it held with corporate travel data company Tripbam . Takeaways included that any indications of a recession have not yet shown up in business travel bookings and pricing data . Evercore ISI Group upped its rating on Hyatt to Outperform from In Line. Their price target is $100.