LUV - Why Booking Holdings Southwest Airlines and Uber Fell Today
Shares of Booking Holdings (NASDAQ: BKNG) , Southwest Airlines (NYSE: LUV) , and Uber (NYSE: UBER) all fell on Wednesday, down 3.5%, 3.6%, and 2.3%, respectively, as of 1:20 p.m. EST.
As recession fears loom over the economy, it appears several analysts and investors are turning cautious on travel names toward year-end. 2022 had been an extremely strong year for travel, despite rising prices, as consumers appeared to take that trip they'd been wanting to take following the pandemic.
However, despite strong current consumer spending, about 98% of CEOs expect a potential recession next year, according to business research group the Conference Board. With that much pessimism hanging over the economy, some analysts are downgrading travel names today despite the seemingly positive current picture.
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Why Booking Holdings, Southwest Airlines, and Uber Fell Today