Action Investments Limited: Airbnb Stock Rises Following Booking Spot In S&P 500

Airbnb (ABNB) is the IBD Stock Of The Day, as the company's shares surge ahead of its inclusion in the S&P 500. The stock of Airbnb has increased by 69% year to date.
SHEUNG WAN, Hong Kong - Oct. 4, 2023 - PRLog -- Today, though, Airbnb shares fell 1.9% to settle at 144.72 on the stock exchange.

According to IBD MarketSmith charts, Airbnb stock has formed a cup base with a purchase target of 154.95. ABNB stock is trading above its 50-day moving average, which is a good indicator.

Airbnb Stock Joins the S&P 500

The company's impending inclusion in the S&P 500 is a recent trigger for Airbnb shares. Airbnb and Blackstone (BX) will be added to the index before the market opens on September 18 as part of the S&P Indexes' quarterly rebalancing.

On September 1, the S&P Dow Jones Indexes announced the inclusion. The following trading day, Sept. 5, Airbnb shares surged 7%.

However, the company's stock had been soaring in the weeks before the announcement, aided by growing travel demand. Shares rose 19% in July to a 52-week high of 154.95 before falling down toward the cap base in August.

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Page Updated Last on: Nov 21, 2023
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