Lodging Stocks Lower Despite Strong Earnings
Skift Take
- Lodging stocks were lower again. SLNA looks like it is going to go down to penny stock status, down another -28% to another new low.
- The last 24 hours had a barrage of earnings reports and not many of them were taken well. Hyatt was picked as the best of the group even with results some deemed as weaker than expected which says a lot about the other reports.
- Marriott’s 3Q was in line but net rooms growth was trimmed for the full year with China blamed.
The DJIA fell another 147 points, Nasdaq dropped another 182, the S&P 500 fell 40 points and the 10 year treasury yield was up another .07 to 4.12%. Lodging stocks were lower again. SLNA looks like it is going to go down to penny stock status, down another -28% to another new low. BHR was down another -14%, also to a new low. AHT was down another -7% while XHR was down another -5%.
The last 24 hours had a barrage of earnings reports and not many of them were taken well. Hyatt was picked as the best of the group even with results some deemed as weaker than expected which says a lot about the other reports. Others called it an EBITDA beat led by very strong ALG results. H repurchased 162 million Class A shares in 3Q, an acceleration from 2Q.
Marriott’s 3Q was in line but net rooms growth was trimmed for the full year with China blamed. MAR repurchased $950 million of stock during 3Q, totaling $1.9 billion th
