Why Extended Stay America Inc Stock Tumbled Today
Shares of Extended Stay America Inc (NYSE: STAY) were getting evicted by investors today after the discount hotel chain posted worse results than expected in its third-quarter report and lowered its guidance. As of 11:57 a.m. EDT, the stock was down 14.4%.
Revenue in the period fell 1% to $350.9 million in part because the company sold four hotels, and missed estimates at $359.3 million. On the bottom line, adjusted earnings per share fell from $0.36 to $0.35, which was short of expectations at $0.38.
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Source: Fool.com
