Earnings Season's Worst Day This Quarter
Skift Take
- Marriott Vacations had the worst earnings report, with a significant miss on analyst estimates and a reduced guide.
- Hyatt and Host Hotels also missed estimates, with Hyatt's miss tied to leisure and resort exposure.
- The U.S. hotel construction pipeline is active in markets like Dallas, Atlanta, Phoenix, Nashville, and Los Angeles.
The DJIA was down 67 points, Nasdaq was down 14, the S&P 500 was down 12 points, and we may as well just get it over with and get to 4.50% on the 10-year, with the yield rising another .11 today to 4.19%. Lodging stocks were lower, weighed down by a tough day of earnings reports. SLNA, after that ridiculous trading yesterday, was down -15%. VAC was down -11%, H and PLYA were both down -8%, HST was down -7%, and INN fell -5% on the day.
Today was the worst day we have ever seen for earnings reports. We mean quality relative to analyst estimates, not just in the number of reports, although that was in the top three. Based on how investors sold off the stocks after their reports, Marriott Vacations topped the list with a miss that Truist described as not a pretty result or guide. They said there was no way to really spin this at all with the guide reduced by -8%, mostly due to the bad 2Q, which seems to have been exacerbated by
