Why Marriott Stock Dropped 6% This Morning
On Tuesday, hotelier Marriott International (NASDAQ: MAR) announced some preliminary Q1 2020 numbers, including a 23% drop in revenue per available room (RevPAR), and a 60% drop in RevPAR for the month of March alone. With 25% of the company's 7,300 properties still closed because of the COVID-19 pandemic, those numbers perhaps weren't as shocking as they might have been, and investors bid up Marriott stock by 5.9% in response to the news on Tuesday.
Today, however, Marriott is giving most of those gains back. As of 11:15 a.m. EDT on Wednesday, shares of the hotel chain were down 5.5%.
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Source Fool.com
