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Many hotel stocks trended down Wednesday after Marriott International Inc.
MAR missed second-quarter revenue expectations by 1.4 percent.
http://www.benzinga.com/pressreleases/14/07/n4739172/marriott-international-reports-second-quarter-results
The company beat the top-line consensus by nearly 6 percent and offered a third-quarter outlook in line with views. But that didn't prevent its shares from opening sharply lower Wednesday.
In the year to date, Marriott shares have gained more than 31 percent, leading Morgan Stanley's Thomas Allen to maintain an Equal Weight rating.
Allen sees the recent quarter and outlook as generally positive although he noted the 5.8 percent growth in its key revenue per available room metric was slightly below his estimate.
Marriott traded recently down 1.6 percent at $64.64.
Other stocks in the sector followed suit.
Hilton Worldwide Holdings Inc.
HLT fell more than 2 percent to $24.45; InterContinental Hotels
IHG declined 1.5 percent to $40.80 and Choice Hotels International dropped 1.3 percent to $47.65.
Starwood Hotels
HOT last week saw its shares plunge when it offered a third-quarter outlook below the consensus, although results for the recent period topped estimates. Starwood was down 0.4 percent Wednesday.
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Posted In: Analyst ColorEarningsNewsGuidanceHotIntraday UpdateAnalyst RatingsConsumer DiscretionaryHotels, Resorts & Cruise Lines
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