Kodak Flack and Marriott Misses!
Marriott International reported a $234 million dollar loss for the second quarter yesterday. Despite the loss of 72 cents per share, the stock price actually rose 3.6% as investors focused on a potential travel industry recovery.
The world’s largest hotel chain said it has reopened 91% of its worldwide properties. China is a major catalyst for the growing optimism after hotels in the country reached 60% occupancy. More analysts are speculating that Chinese spending will play an important role in the American economic recovery.
Kodak shares plummeted 27.89% Monday after news that the $765 million dollar loan to the company was put on hold because allegations of wrongdoing surfaced Friday night.
The loan was intended to fund drug production at Kodak factories, but the SEC is investigating aspects of how Kodak controlled the disclosure of the loan, including stock-options granted to executives and board members before the announcement.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.