The IMF trims its economic growth forecast again as the U.S.-China trade war continues, Brexit worries linger and inflation remains muted.Economyread more
Citigroup thinks Tesla investors hoping for a post-earnings rally later this week should scrutinize a pair of related financial metrics.Investingread more
Olive branches were extended from both China and the U.S. as the two nations are set to restart face-to-face trade negotiations after a monthlong truce.Marketsread more
Coca-Cola topped Wall Street's expectations for earnings and revenue.Food & Beverageread more
New disclosures show Facebook and Amazon each spent more than $4 million on lobbying activity in the second quarter of 2019.Technologyread more
Boris Johnson, one of the biggest voices in the Brexit movement, wins the Conservative Party leadership race by a 2-1 margin.Europe Politicsread more
Disney can nearly double its earnings by 2024, Morgan Stanley said in a note to clients on Tuesday.Investingread more
Amazon is expected to report its second-quarter earnings on Thursday.Investingread more
The largest residential brokerage company in the U.S. is partnering with the largest online retailer in a strategy to boost sales for both.Real Estateread more
Here are the biggest calls on Wall Street on TuesdayInvestingread more
Canaccord Genuity's Tony Dwyer believes stocks are about to fall as much as 5% from their all-time highs.Trading Nationread more
Marriott on Thursday missed Wall Street estimates for quarterly revenue and forecast a lower-than-expected full-year profit, blaming weak demand in North America, its its largest market.
Marriott's revPAR growth — a key measure of hotel health — during the fourth quarter was hurt by labor strikes in eight markets in North America and weaker-than-expected demand for the industry.
"Q4 profit beat, but RevPAR unimpressive. 2019 RevPAR guide lowered and earnings guide miss," SunTrust Robinson Humphrey analyst Patrick Scholes said in a note.
The hotel operator's worldwide RevPAR growth of 1.3 percent in the fourth quarter missed analysts' expectations of 2.04 percent.
RevPAR is calculated by multiplying a hotel's average daily room rate by its occupancy rate.
The world's largest hotel chain lowered its full-year worldwide revPAR forecast between 1 percent and 3 percent, from a previously announced range of 2 percent to 3 percent.
Marriott also incurred $28 million of expenses in the quarter and recognized $25 million of insurance proceeds related to data security incident it disclosed in November.
The company did not say, however, whether the data breach had any impact on demand.
Marriott said in January that fewer than 383 million customer records were stolen in a massive cyber attack and 25.55 million passport numbers were stolen in the attack on the Starwood Hotels reservation system.
The company also said North America's RevPAR to grow in the range of 1 percent to 2 percent in the current quarter, reflecting the impact of the government shutdown offset by a favorable calendar comparison.
Shares of the company, which owns the Ritz-Carlton and St. Regis luxury hotel brands, fell 2 percent to $122.95 in after-hours trading.
The company expects full-year 2019 profit in the range of $5.87 to $6.10 per share, well below analysts' estimates of $6.32, according to Refinitiv data.
On an adjusted basis, the company earned $1.44 per share, beating estimates of $1.39.
Net income rose to $317 million, or 92 cents per share, in the fourth quarter ended Dec. 31, compared with $114 million, or 31 cents per share, a year earlier.
Revenue rose to $5.29 billion from $5.25 billion. Analysts on average were expecting $5.48 billion.