Market Ignores Hilton's Stellar Quarter
Skift Take
- Hilton kicked off earnings season with solid results. You could not get much better than Hilton’s with a solid beat.
- Travel + Leisure beat expectations, bought back $102 million worth of stock and gave out more in dividends than expected. The stock went down.
- Sonder has become the first of the SPACs that are either penny stocks or close to it, to receive a deficiency notice from their trading exchange.
The DJIA was down 229 points but Nasdaq was up 55, the S&P 500 was down 16 points and the 10-year treasury yield was up .04 to 3.43%. Lodging stocks were lower. SOND and VCSA traded down to new all time lows with SOND down -7%. AHT and SHCO were both down -5%. The C-Corps took it on the chin today despite positive HLT results.
Hilton kicked off earnings season with solid results. You could not get much better than Hilton’s with a solid beat, and a raise in guidance and even commentary on the conference call that they don’t expect what has been dogging the industry on Wall Street for a year, a massive recession to impact them. HLT’s CEO even said he is expecting a soft landing and seemed to feel the worst has passed. Judging by the reaction in HLT stock, as well as a spillover effect into Marriott and Hyatt stock, one would think Chris Nassetta said the exact opposite. We have a feeling the general public is
