logo
Plus   Neg
Share
Email

Marriot Remains Firmly Negative After Initial Slump

Shares of Marriott International, Inc. (MAR) remain firmly in negative territory in afternoon trading on Tuesday after gapping open sharply lower. Marriot is currently down by 6.1 percent.

The initial move to the downside by Marriott came after the hotel operator reported third quarter earnings that exceeded expectations but weaker than expected revenues.

Marriott reported third quarter adjusted earnings of $1.70 per share on revenues of $5.05 billion per share, while analysts expected earnings of $1.31 per share on revenues of $5.37 billion.

The company also lowered its forecast for systemwide revenue per available room growth in the fourth quarter to 2 percent from its previous forecast for 2.5 to 3 percent growth.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Best Buy Co., Inc. is offering more tech deals at Black Friday prices starting Thanksgiving. Further, Cyber Monday offers will be available all week long, starting Saturday, November 28. The electronics retailer said the Thanksgiving offers for brands such as Apple, Dyson, KitchenAid and more will be available at BestBuy.com since its stores are closed for the day. Walt Disney Co. plans to lay off 32,000 workers in the first half of fiscal 2021 as the media and entertainment giant struggles to operate amid the worsening coronavirus pandemic. In a filing with the Securities and Exchange Commission, the company said the expected cuts will be primarily at Parks, Experiences and Products. Supermarket chain Whole Foods Market, owned by e-commerce giant Amazon, has recalled packaged popcorn chicken with sweet chili sauce citing the possible presence of undeclared shellfish or shrimp, an allergen, the U.S. Food and Drug Administration said. The affected products were sold across 26 Whole Foods Market locations in Northern California and Reno, Nevada.
Follow RTT