Plus   Neg

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.

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