Booking Holdings reported strong fourth-quarter financial results, but shares dropped because the stock price already reflected expectations for a strong performance. Late last month, the online travel agency reported sales of $4.78 billion, compared with expectations for $4.71 billion. The top line grew 18% year over year, driven by strong growth in gross bookings—total bookings of hotels and flights before accounting for the cut of transactions that the company takes.
Booking Holdings has delivered strong long-term results for shareholders but the company faces a number of challenges
Despite the "Magnificent Seven" — or three — powering the S&P 500, the long list of companies hitting new record highs shows another side of the market concentration conversation.