Happy Thursday afternoon to everyone on The Street. Here's a snapshot of where markets ended the trading session, plus tomorrow's trade idea delivered to you today.

• 🟨 | US stocks fell Thursday. The market faltered as investors sold off risk assets amid growing concerns about the U.S. economy. The Nasdaq did eke out a slight gain of 0.3%. The S&P 500 however finished lower by 0.4% and the Dow Jones fell 270 points ahead of tomorrow’s key labor report.

• 📈 | One Notable Gainer: Shares of Tesla increased 5% following the announcement that the company will launch its “Full Self-Driving” program in Europe and China in Q1 2025.

• 📉 | One Notable Decliner: C3.ai's stock dropped 8% after reporting fiscal Q1 subscription revenue of $73.5 million, missing FactSet's forecast of $79.2 million.

• 🏨 | Tomorrow's Trade: Airbnb: Broken or Bent? Scroll down for more.

Plus, today's partner is highlighting how everyday Americans have been reporting BIG returns from a brand-new trading strategy...

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MARKET MOVERS

Verizon, Hewlett-Packard, Jet Blue

VZ (-10%) Verizon to buy Frontier in $20 bln deal to boost fiber network in U.S.(Reuters)

HPE (-6%) HPE Q3 Earnings Beat: Will Strong Q4 and FY24 Guidance Lift Shares? (Zachs)

JBLU (+7%) JetBlue says it actually got a boost from the CrowdStrike meltdown (QZ)

CHPT (-18%) ChargePoint Plummets After Job Cut Plans, Analysts Downgrade (Bloomberg)

CPRT (-7%) Copart's Q4 Saw Top-Line Growth, but Bottom-Line Contraction (Motley Fool)

OVERHEARD ON THE STREET

CNBC: Abbott’s Lingo, an over-the-counter continuous glucose monitor, is now available in the U.S. for adults, priced from $49 to $249.

Bloomberg: Molson Coors is scaling back diversity efforts and removing links between executive pay and representation.

WSJ: Nvidia and other investors are contributing $160 million to Applied Digital for expanding its data centers and AI cloud services.

Reuters: PayPal is launching U.S. point-of-sale payments with its debit card in Apple Wallet and 5% cashback, targeting tech firms and banks.

Axios: Turo, aiming for an IPO, is partnering with Uber to boost its growth story amid slowed post-pandemic expansion.

TOMORROW’S TRADE IDEA, TODAY

Is Airbnb Broken — or Just Bent?

Eviction Notice

Airbnb (ABNB) has been struggling recently. It has lost around a quarter of its market value over just the past 6 months, making it one of the worst-performing large-cap internet stocks over that timeframe. 

Just how bad? Airbnb is the only stock among the S&P 500 Hotels, Resorts and Cruise Lines group whose stock is in the red over the past 12 months. 

What Went Wrong

When the world emerged from the pandemic, travel-starved consumers splurged on trips and vacations. But then inflation, and subsequently higher interest rates, kicked in and spending in the sector tightened up. 

This trend has rippled through the entire travel and lodging industry, but it has hit Airbnb the hardest. This is likely due to the company’s short track record and relative newness. It has only been publicly traded since 2020, so investors only have short-term data to rely on.

On top of that, its recent guidance has been negative. This holds extra weight when investors have little else to go on.

The Way Back

Despite its challenges, the Street expects Airbnb’s gross bookings to grow around 11% this year, well above its peers. Analysts are also predicting that its revenue growth will remain in the double digits for at least through 2028. 

The company is also poised to unveil some new services and offerings, including host-provided services and sponsored listings. Kevin Kopelman of TD Cowen believes new services will make up around 2% of its revenue growth next year. 

The stock is currently trading at an extremely low 17 times projected free cash flow. Airbnb may not have a 5-star average on Wall Street right now. But analysts still believe this battered stock with potential upside could be a fixer-upper worth checking out.

TOGETHER WITH MONUMENT TRADERS ALLIANCE

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See here to see the full details.

ON OUR RADAR

Axios: VP Kamala Harris proposes a 28% capital gains tax for the wealthy, differing from Biden's higher rate and highlighting her policy shift.

CNN: Chipotle's new costume collection with Spirit Halloween features bodysuits resembling their napkin, fork, water cup, burrito, and to-go bag.

WSJ: The U.S. is experiencing a record immigration wave, with 9 million arrivals since 2020, significantly boosting population and labor growth.

Axios: Private equity is fueling America’s penny problem, creating and solving a costly issue with coins worth less than their production cost.

CNN: A record number of firms plan to cut X ad spending next year due to worries about extreme content harming their brands.

YESTERDAY’S POLL RESULTS

Are you bullish or bearish on Bright Horizons Family Solutions (BFAM) over the next 12 months?

🟩🟩🟩🟩🟩🟩 🐂 Bullish

🟨🟨🟨⬜️⬜️⬜️ 🐻 Bearish