NEW YORK According to Reuters, Wall Street will be watching closely April 17 when Marriott International reports earnings and investors try to gauge the industry s health amid slowing corporate travel. One of the first chains to release earnings, Marriott will provide the market with a measure of the industry s vital signs heading into the summer travel season.
Hilton Hotels Corp. and Starwood Hotels and Resort Worldwide are set to release earnings next week. Analysts expect Marriott to match first quarter forecasts, but its guidance for the year will likely reflect the slowing economy with bookings down and summer travelers shopping for better prices. Market watchers said high-end, bi-coastal chains in particular have been feeling the cuts in business travel as firms scurry to save money.
Analysts are expecting Marriott to earn in the range of $0.42 to $0.46 per share, or an average of $0.45, according to Thomson Financial/First Call. Marriott shares were down 2.67%, or $1.07, at $39 during the late afternoon, April 16 trading on the New York Stock Exchange. Hilton shares were down $0.11, at $9.87, and Starwood shares were trading down $0.61 at $31.54. (4/16/01)
SOURCE:Reuters