EXPE Stock Price and Chart — NASDAQ:EXPE
This article provides a detailed financial overview for Expedia Group, Inc. (EXPE) on NASDAQ, including its current stock price, historical performance, latest earnings report (Q4 2025), key financial statistics, and analyst ratings. It also features information about the company's operations, related stocks, highest-yielding bonds, and ETFs holding EXPE stock, alongside frequently asked questions regarding its stock performance and financial health.
Citigroup Adjusts Expedia Group PT to $225 From $281, Maintains Buy Rating
Citigroup has adjusted its price target for Expedia Group (EXPE) to $225, down from $281, while reiterating a Buy rating on the stock. This update reflects a revised valuation perspective from the firm. Other analysts have also recently adjusted their price targets for Expedia, with diverse ratings ranging from Buy to Neutral and Hold.
Nucor Corp. (NYSE:NUE) Passes Key Dividend Sustainability Screen
Nucor Corp. (NYSE:NUE) has passed a key dividend sustainability screen, making it an attractive option for income-oriented investors. The company demonstrates a cautious payout ratio, a strong track record of dividend growth, and a reasonable yield supported by firm financial health. Its profitability and secure liquidity, despite higher-than-average debt for the sector, suggest its dividend is well-supported for the long term.
HighTower Advisors LLC Boosts Stake in Expedia Group, Inc. $EXPE
HighTower Advisors LLC increased its stake in Expedia Group, Inc. by 47.1% in the third quarter, acquiring an additional 27,890 shares, bringing their total ownership to 87,057 shares valued at approximately $18.61 million. This increase in institutional ownership follows Expedia's strong quarterly performance, where the company surpassed earnings expectations with $3.78 EPS and $3.55 billion in revenue, and raised its quarterly dividend to $0.48 per share. Despite a consensus "Hold" rating from analysts, several institutional investors have either increased their positions or initiated new stakes in EXPE, indicating a continued interest in the online travel company.
Fiera Capital Corp Sells 6,460 Shares of Expedia Group, Inc. $EXPE
Fiera Capital Corp reduced its stake in Expedia Group, Inc. by 2.2% during the third quarter, selling 6,460 shares, though institutional investors still own a significant portion of the company. Despite the share reduction, Expedia Group recently announced an increase in its quarterly dividend to $0.48 per share and reported strong earnings, surpassing analyst estimates. Analysts currently have a "Hold" rating on the stock with a consensus price target of $284.35, while insiders have also been selling shares.
The Transformation of a Titan: A Deep Dive into Booking Holdings Inc. (BKNG) in 2026
Booking Holdings Inc. (BKNG) is navigating a complex post-pandemic "normalization" period in 2026, marked by strong financial performance despite stock volatility and regulatory challenges. The company is focusing on its "Connected Trip" strategy and "Agentic AI" to maintain its market leadership amidst competition from Expedia, Airbnb, and Google Travel, while also facing regulatory scrutiny in Europe. A 25-for-1 stock split is planned for April 2026 to boost accessibility.
EXPE SEC Filings - Expedia Group 10-K, 10-Q, 8-K Forms
This page provides comprehensive access to Expedia Group's (EXPE) SEC filings, including 10-K, 10-Q, and 8-K reports, along with insider trading information. It details the company's financial performance, brands, and key corporate events, offering AI-powered summaries for quick understanding. Recent filings include various insider stock transactions, such as sales by directors and executives, RSU vestings, and tax withholdings, along with Form 144 notices for proposed sales.
Expedia Group Inc. stock outperforms competitors despite losses on the day
Expedia Group Inc. (EXPE) saw its stock slip by 1.98% to $199.76 on Thursday, despite outperforming the general market decline, with the S&P 500 Index falling 0.28% and the Dow Jones Industrial Average falling 0.54%. The company's stock is currently 34.25% short of its 52-week high of $303.80, achieved on January 9th.
Expedia Group, Inc. $EXPE Shares Sold by Ontario Teachers Pension Plan Board
The Ontario Teachers Pension Plan Board decreased its holdings in Expedia Group, Inc. by 41.7% in the third quarter of 2025, selling 6,252 shares. Despite this, other institutional investors have increased their stakes. Expedia reported strong quarterly earnings, beating analyst expectations, and increased its quarterly dividend.
Cumberland Partners Ltd Has $4.03 Million Stock Position in Expedia Group, Inc. $EXPE
Cumberland Partners Ltd significantly reduced its stake in Expedia Group Inc. by 54.2% during the third quarter, now holding 18,850 shares valued at $4.03 million. Other institutional investors showed mixed activity, with some increasing and others initiating positions in EXPE. Expedia Group reported strong quarterly earnings, beating analyst estimates, and increased its quarterly dividend.
The 5 Most Interesting Analyst Questions From Expedia's Q4 Earnings Call
Expedia's Q4 earnings call revealed a disconnect between strong financial performance and a market downturn for its shares. Management attributed successes to B2B growth, increased lodging supply, and targeted marketing, with all core brands showing year-over-year bookings growth. Analysts focused on new product features, competitive positioning, long-term margin trajectory, supply growth trends, and the impact of Google's AI features on traffic.
The Connected Giant: A Deep Dive into Booking Holdings Inc. (BKNG) in 2026
Booking Holdings Inc. is analyzed as a multi-brand giant dominating the online travel agency (OTA) landscape, focusing on its shift to a "Merchant Model" and "Connected Trip" strategy. The article discusses BKNG's historical background, strong financial performance, leadership, and innovations, while also addressing risks like EU regulatory pressures and the potential threat of AI-driven search disruption. Despite recent stock volatility, the company maintains strong fundamentals and investor confidence due to its operational efficiency and market position.
Airbnb's Network Supported by Vertical Investments and a Strong AI Position
Airbnb's global online travel agency position is expected to strengthen over the next decade due to its leading alternative accommodation network, which is bolstered by over 5 million hosts and cumulative 2 billion guest arrivals. This network advantage is further supported by strategic investments in artificial intelligence and expansive growth into new experiences, services, and international accommodation markets. Morningstar maintains an attractive rating for Airbnb shares, emphasizing that AI is not a threat but rather a positive factor for its fundamental growth.
Booking Holdings Links Route 66 Centennial Deal To Valuation Story
Booking Holdings, through Booking.com, has become the Official Travel Partner for the Route 66 Centennial, set for 2026. This partnership is seen as a strategic move to boost brand visibility, particularly in domestic and road-trip segments, and could inform future product development in travel planning tools and cross-selling. While primarily a branding and customer acquisition play, investors should monitor its impact on US booking volumes and user engagement, especially given Booking Holdings' identified risk of high debt.
Booking Holdings Surges as 'Agentic AI' Pivot and Q4 Earnings Triumph Over Market Skepticism
Booking Holdings (NASDAQ: BKNG) reported strong Q4 2025 earnings, exceeding revenue and EPS estimates, which led to a significant surge in its stock price. The company attributed this success to its "Connected Trip" strategy and a new focus on "Agentic AI," moving beyond simple chatbots to autonomous systems for managing travel itineraries. This strategic pivot positions Booking Holdings to address market skepticism regarding AI disintermediation in the travel sector and maintain its competitive edge against rivals.
Booking earnings loom as AI disruption concerns test travel giant
Booking Holdings Inc. is set to release its fourth-quarter earnings, with investors closely watching its "Connected Trip" strategy amidst rising concerns over AI disruption in the travel industry. The stock has seen a significant decline due to fears that AI could bypass traditional booking platforms. Analysts project strong year-over-year growth for earnings and revenue, but mixed analyst ratings and cautious guidance from rival Expedia highlight the sector's volatility and the impact of evolving consumer spending habits and technological changes.
Is EXPEDIA GROUP (EXPE) Stock Undervalued Right Now?
EXPEDIA GROUP (EXPE) stock is currently considered undervalued based on several financial metrics, according to Zacks Equity Research. The company holds a Zacks Rank #2 (Buy) and an "A" grade for Value, with its P/E ratio, PEG ratio, and P/CF ratio all comparing favorably to its industry averages. These indicators suggest it could be a strong value investment opportunity.
Booking Holdings Q4 2025 Earnings: Navigating the 'AI Scare Trade' and a Shifting Global Market
Booking Holdings reported strong Q4 2025 earnings, exceeding revenue expectations and demonstrating resilience despite a "technical correction" in the travel sector. The company is strategically shifting towards "Agentic AI" and the "Connected Trip" to counter potential disintermediation by big tech's AI, while also benefiting from international diversification as U.S. demand cools and geopolitical headwinds affect inbound tourism. Bookings are up internationally, and the company is implementing a $400 million efficiency program to reinvest into its unified ecosystem.
Expedia Group Inc. (NASDAQ:EXPE) Presents a Compelling Value Case for Investors
Expedia Group Inc. (NASDAQ:EXPE) is presented as a compelling value investment due to its significantly undervalued stock price compared to industry peers and the broader market, despite strong profitability and operational health. While the company exhibits excellent valuation metrics and high returns on capital, investors should be mindful of its mixed financial condition and projected slower growth rates. The article suggests that Expedia's current price offers a potential buffer against these risks, making it an attractive option for value-focused investors.
Aberdeen Group plc Sells 7,871 Shares of Expedia Group, Inc. $EXPE
Aberdeen Group plc reduced its stake in Expedia Group, Inc. by 7.5%, selling 7,871 shares, now holding 96,678 shares valued at approximately $20.7 million. Despite beating Q4 earnings expectations with strong revenue growth and AI initiatives, Expedia's stock has recently declined about 25% due to modest 2026 margin guidance and significant selling activity. Analysts hold a mixed "Hold" consensus with an average target price above the current trading price.
Live Nation (LYV) Q4 Earnings Report Preview: What To Look For
Live Nation Entertainment (LYV) is set to report its Q4 earnings this Thursday. Analysts anticipate a 7.4% year-on-year revenue growth to $6.10 billion, a significant rebound from last year's decrease, despite the company missing revenue estimates in four of the last eight quarters. Investors will be watching key metrics, especially after a mixed Q3 performance and the performance of peers in the leisure facilities segment.
Zacks Value Trader Highlights: Barclays, Korea Electric Power and Deutsche
This article highlights three "cheap old economy stocks" with growth potential, as discussed in the Zacks Value Trader podcast. The stocks, Barclays PLC (BCS), Korea Electric Power Corp. (KEP), and Deutsche Bank (DB), were identified using a screen focusing on the PEG ratio, Zacks Rank, and average broker recommendations. Each company's financial performance, market capitalization, and reasons for being considered a value investment are detailed.
ACV Auctions, eBay, Chewy, Expedia, and Chegg Shares Are Falling, What You Need To Know
Shares of ACV Auctions, eBay, Chewy, Expedia, and Chegg fell after investor fears over artificial intelligence disrupting the software industry triggered a broad sell-off. The anxiety stemmed from the rapid adoption of new 'agentic AI' tools, which some investors believed could dismantle traditional Software-as-a-Service (SaaS) business models, leading to indiscriminate selling. Expedia, in particular, saw its shares fall by 4.9% and is down 28.7% since the beginning of the year.
ACV Auctions, eBay, Chewy, Expedia, and Chegg Shares Are Falling, What You Need To Know
Shares of ACV Auctions, eBay, Chewy, Expedia, and Chegg experienced declines following investor concerns that artificial intelligence could disrupt traditional software-as-a-service (SaaS) business models, sparking a broad sector sell-off. This "AI Panic" led to indiscriminate selling, despite the potential for such dips to offer buying opportunities for high-quality stocks. Specifically, Expedia's shares fell 4.9% but the market's reaction suggests the news is significant without fundamentally altering its business perception.
DA Davidson cuts Expedia stock price target on margin guidance
DA Davidson lowered its price target on Expedia Group Inc. (NASDAQ:EXPE) to $260 from $294, maintaining a Neutral rating, due to the company's initial 2026 adjusted EBITDA margin expansion outlook potentially falling short of investor expectations. This adjustment follows Expedia's solid Q4 2025 results and strong full-year performance, driven by operational improvements and B2B expansion, though its current P/E ratio is considered high relative to near-term earnings growth. Other firms like Bernstein SocGen Group and Citizens reiterated Market Perform ratings, while Cantor Fitzgerald also adjusted its price target lower.
Argus Adjusts Price Target on Expedia Group to $250 From $345, Maintains Buy Rating
Argus has adjusted its price target for Expedia Group (EXPE) from $345 to $250 while maintaining a Buy rating on the stock. This adjustment reflects a revised outlook from the financial analyst firm. The article also lists several other analyst rating changes for Expedia Group on the same date and in the days prior, indicating significant analyst activity around the company.
The Empire of the Connected Trip: A Deep Dive into Booking Holdings (BKNG) Ahead of 2026 Earnings
Booking Holdings (BKNG) is at a critical juncture before its Q4 2025 and full-year 2025 earnings release on February 18, 2026. The company, a titan in the online travel agency space, is navigating a recent 17% stock correction while pushing its "Connected Trip" vision integrating AI into travel. The upcoming earnings call will provide insights into global leisure travel's resilience and the effectiveness of Booking's strategic pivots.
Travel Tech Giant Booking Holdings Eyes 2026 AI-Driven Rebound Amid Consumer Resilience
Booking Holdings (NASDAQ: BKNG) is anticipated to report strong Q4 2025 and full-year results on February 18, 2026, with analysts projecting $6.11 billion in quarterly revenue. Despite recent market volatility and a technical correction in its stock, the company is banking on its "Connected Trip" strategy and "Agentic AI" to drive operational efficiencies and capture market share. This strategy is expected to help the company protect margins against macroeconomic headwinds and achieve significant run-rate savings, particularly through AI-driven customer service.
Skandinaviska Enskilda Banken AB publ Has $41.99 Million Stock Position in Expedia Group, Inc. $EXPE
Skandinaviska Enskilda Banken AB publ significantly increased its stake in Expedia Group, Inc. by 37.3% in the third quarter, now holding 196,464 shares valued at $41.99 million. This makes them a notable institutional investor in Expedia, with institutional ownership of the company's stock reaching 90.76%. The news follows Expedia's strong Q3 earnings, beating analyst estimates, and an increase in its quarterly dividend, though the stock recently saw a minor decline.
The Empire of the Connected Trip: A Deep Dive into Booking Holdings (BKNG) Ahead of 2026 Earnings
Booking Holdings (BKNG) faces a critical juncture ahead of its Q4 and full-year 2025 earnings release, with its stock experiencing a technical correction despite its dominant position in the online travel agency market. The company is actively pursuing its "Connected Trip" vision, integrating AI to streamline travel experiences. Investors will be keenly watching the earnings call for insights into global leisure travel resilience and the impact of Booking's AI-driven strategy.
Expedia Group Inc (EXPE) Stock Price Down 6.14% on Feb 17
Expedia Group Inc (EXPE) saw its stock price drop by 6.14% on February 17, reaching an intraday low of $198.33. Despite this, Wall Street analysts maintain an "Outperform" rating with an average target price of $283.95, suggesting a 42.25% upside. GuruFocus estimates the stock's fair value to be $199.58, indicating a slight downside from its current price.
Expedia stock rating held at Market Perform by Citizens
Citizens has reiterated a Market Perform rating on Expedia Group Inc. (NASDAQ:EXPE) shares, noting improved execution in key strategic areas such as personalized, AI-driven features and loyalty programs, leading to impressive gross profit margins and revenue growth. While the company shows strong growth in B2B and advertising and aims for margin expansion in B2C, Citizens remains cautious regarding sustained profitable growth and the long-term risk of AI-driven disintermediation given Expedia's higher domestic mix and branded hotel concentration. This follows a recent earnings report where Expedia exceeded forecasts, though Cantor Fitzgerald adjusted its price target downwards due to AI concerns.
Down 25.4% in 4 Weeks, Here's Why You Should You Buy the Dip in Expedia (EXPE)
Expedia (EXPE) has declined significantly by 25.4% in the past four weeks but is now considered oversold with an RSI of 27.59, suggesting a potential trend reversal. Analysts have increased earnings estimates for EXPE by 2% over the last 30 days, and the stock currently holds a Zacks Rank #2 (Buy), further indicating a possible near-term turnaround. These factors, combined with its oversold technical status, recommend buying the dip in EXPE.
Whirlpool declares quarterly dividend of $0.90 per share
Whirlpool Corporation (NYSE:WHR) announced a quarterly dividend of $0.90 per share, payable on March 26, 2026, to stockholders of record on February 27, 2026. This announcement follows their Q4 2025 earnings report, where EPS beat estimates but revenue fell short. Whirlpool, a leading home appliance manufacturer, reported $16 billion in annual sales for 2025.
EXPE Q4 Earnings Beat on Strong B2B and Advertising Growth
Expedia Group (EXPE) reported strong fourth-quarter 2025 results, with adjusted EPS and revenues beating Zacks Consensus Estimates. The growth was primarily driven by outstanding performance in its B2B segment, which saw gross bookings surge 24%, and significant contributions from advertising revenues, which climbed 19%. While the B2C segment also performed well, its growth was more modest, and the company faced regional headwinds in Asia-Pacific.
The AI Inflection Point: A Deep Dive into Expedia Group (EXPE) and the Future of Travel Booking
Expedia Group (EXPE) is facing significant market anxiety due to potential AI disruption, despite strong operational fundamentals. The company's stock declined 6.7% after its latest earnings report, driven by cautious forward guidance and investor concerns about AI-driven displacement in the online travel agency space. Expedia aims to transform into an AI-first technology provider, with a focus on its B2B segment, international expansion, and innovative AI-powered tools like Romie, as it navigates a competitive landscape dominated by Booking Holdings, Airbnb, and Google.
Todd Asset Management LLC Has $29.33 Million Position in Expedia Group, Inc. $EXPE
Todd Asset Management LLC reduced its stake in Expedia Group by 9.8% in Q3, selling 14,862 shares but retaining 137,215 shares valued at $29.33 million. Despite this, Expedia reported strong Q4 earnings, beating expectations with higher EPS and revenue, and increased its quarterly dividend by 20%. However, the stock is trading lower due to mixed analyst reactions and concerns about near-term margins.
Expedia stock drops on cautious 2026 margins — what to watch when EXPE trading resumes
Expedia (EXPE) stock dropped by 6.6% after the company provided a cautious margin forecast for 2026, despite projecting stronger bookings and revenue and bumping up its dividend. Investors focused on margin concerns due to wavering travel demand and increased discounting, with analysts subsequently trimming price targets. The market will closely watch next week's trading to see if the stock regains its footing and if the first-quarter margin boost proves sustainable.
Expedia Group Inc.: Can the Travel Super-App Keep Its Edge in an AI-First Booking World?
Expedia Group Inc. is transforming its travel marketplace into an AI-first, membership-driven ecosystem, aiming to offer a unified, intelligent platform for travelers through brands like Expedia, Hotels.com, and Vrbo. The company is leveraging its integrated tech stack, One Key loyalty program, and generative AI to compete with rivals like Booking Holdings, Airbnb, and Google Travel. Expedia Group faces challenges such as high customer acquisition costs but seeks to differentiate through its end-to-end ecosystem, B2B platform, genuine AI utility, and package deals, which are crucial for its stock's long-term profile.
Expedia Group Inc.: Can the Travel Super-App Keep Its Edge in an AI-First Booking World?
Expedia Group Inc. is transforming its travel marketplace into an AI-first, membership-driven ecosystem amidst intense competition from Booking, Airbnb, and Google. The company is betting on its integrated technology platform, revamped loyalty program (One Key), and aggressive AI roadmap to orchestrate the entire travel journey for consumers and provide robust B2B solutions for partners. The strategy aims to reduce reliance on paid acquisition and enhance profitability by fostering repeat usage and a higher take rate through a coherent, AI-powered "super-app" experience.
Booking Holdings stock price hits a 52-week low before earnings — what traders watch next
Booking Holdings (BKNG.O) stock hit a new 52-week low of $4,071.60 on Friday, closing at $4,140.60, ahead of its fourth-quarter and full-year 2025 earnings release on February 18. The online travel giant faces investor scrutiny regarding early 2026 demand and marketing spend, with analysts projecting $47.58 EPS and $6.11 billion in revenue. Traders are awaiting the earnings call for insights into the company's outlook, customer acquisition costs, and competitive landscape, especially after mixed results from peers Expedia and Airbnb.
Is It Time To Reassess Booking Holdings (BKNG) After The Recent Share Price Slide
Booking Holdings (BKNG) has recently experienced a significant share price decline, making investors question its current valuation. A Discounted Cash Flow (DCF) analysis suggests the stock is undervalued by 50.3%, with an intrinsic value of $8,330 per share compared to its last closing price of $4,140.60. Additionally, its current P/E ratio of 26.5x is below its "Fair Ratio" of 38.2x, further indicating potential undervaluation given its growth prospects and risk profile.
It's Down 27% But Expedia Group, Inc. (NASDAQ:EXPE) Could Be Riskier Than It Looks
Expedia Group's stock (NASDAQ:EXPE) has fallen 27% in the last month, bringing its annual gain to 5.1%. Despite its P/E ratio of 20.1x being in line with the market, its strong forecast earnings growth of 28% per year suggests investors may be overlooking potential risks. The article indicates that while the company's past earnings growth has been excellent, the current P/E ratio, aligned with market average despite higher projected growth, might imply underlying investor skepticism about its stability.
ING Groep NV Decreases Holdings in Expedia Group, Inc. $EXPE
ING Groep NV significantly reduced its stake in Expedia Group, Inc. (NASDAQ:EXPE) by 47.9% in Q3, selling 14,021 shares and now owning 15,279 shares worth $3.27 million. Despite this, other institutional investors like Vanguard Group, Norges Bank, and Geode Capital Management increased their holdings. The report also details recent analyst ratings, financial performance, a dividend increase, and mixed sentiment regarding Expedia Group's Q4 earnings and future outlook.
Crain, Intuitive Machines SVP, sells $404k in LUNR stock
Timothy Price Crain II, SVP & Chief Technology Officer at Intuitive Machines, Inc. (NASDAQ:LUNR), sold 23,226 shares of Class A Common Stock for approximately $404,968 on February 11, 2026. This sale was made to cover tax withholding obligations related to restricted stock units and was not a discretionary transaction. Intuitive Machines, despite not being profitable in the last year, has a strong market capitalization and liquidity, and has recently completed an $800 million acquisition while also facing mixed analyst ratings due to uncertainties around a NASA contract.
3 Cheap Old Economy Stocks to Buy Now
This article from Zacks Investment Research identifies three "old economy" stocks with strong value and growth potential: Barclays PLC (BCS), Korea Electric Power Corp. (KEP), and Deutsche Bank (DB). Using a stock screen that looks for a PEG ratio under 1.0 and high Zacks Ranks, the analyst highlights these companies for their cheap valuations (low P/B or P/E ratios) and expected earnings growth. The article suggests these established companies offer attractive investment opportunities amidst a tech stock sell-off.
EXPE: TD Cowen Lowers Price Target for Expedia Group Amidst Hold Rating | EXPE Stock News
TD Cowen has reaffirmed its Hold rating for Expedia Group (EXPE) but reduced its price target from $300.00 to $260.00, reflecting a cautious outlook. This decision comes amidst varied analyst perspectives, with some firms raising price targets and others lowering them, indicating a mixed sentiment on the company's future performance. Despite the lowered target from TD Cowen, the average target price from 34 analysts suggests a potential upside from its current valuation, while GuruFocus's GF Value estimate indicates a slight downside.
TD Cowen Has Lowered Expectations for Expedia Group (NASDAQ:EXPE) Stock Price
TD Cowen has reduced its price target for Expedia Group (NASDAQ:EXPE) from $300 to $260, maintaining a "Hold" rating despite Expedia's Q4 earnings beat and raised FY topline guidance. The analyst's caution on valuation comes even as Expedia announced a 20% increase in its quarterly dividend, reflecting mixed sentiment among analysts with a consensus "Hold" rating and an average price target of $292.68. The stock's performance is further impacted by recent insider selling and subtle negative market reactions to soft margin guidance post-earnings.
Booking Holdings stock hits 52-week low at $4,092
Booking Holdings Inc. stock has hit a 52-week low of $4,092, representing a 30% drop from its 52-week high, with a 16.35% fall over the past year and a 23.38% drop in the last six months. Despite market challenges, the company maintains impressive 87% gross profit margins and a "GREAT" financial health score from InvestingPro. The article also notes recent positive third-quarter performance, varied analyst ratings from Goldman Sachs, Mizuho, KeyBanc, and Citizens, and leadership changes at KAYAK.
News | Expedia focuses on growth avenues followed by year-end outperformance
Expedia Group is strategically focusing on growth avenues, including expanding B2B partnerships, increasing supply, integrating AI, and strengthening consumer brands, after exceeding expectations in the fourth quarter of 2025. CEO Ariane Gorin highlighted significant advancements in product personalization, speed, and marketing effectiveness. The company anticipates continued growth in 2026, with projected increases in gross bookings and revenue, while maintaining a cautious outlook due to macroeconomic uncertainties.
