Trump said he doesn't see a recession after the bond market spooked investors and the Dow suffered its worst day of the year last week.Marketsread more
Americans now say they approve of free trade by 64%-27%, a margin of better than two to one. That's up from 57%-37% early in Trump's presidency, and 51%-41% near the end of...Politicsread more
Trump said Cook made a "good case" that it would be difficult for Apple to pay tariffs, when Samsung does not face the same hurdle because much of its manufacturing is in...Technologyread more
The yield on the benchmark 10-year Treasury note briefly fell below the 2-year rate on Wednesday, a phenomenon in the bond market known as yield curve inversion, which is...Marketsread more
"I don't want to do business at all because it is a national security threat," Trump told reporters.Technologyread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Trump's is due to visit Copenhagen early next month, when the Arctic will be on the agenda in meetings.Europe Politicsread more
The MacBook Pro recall and its subsequent ban from flights underscores the increasing brand risk from problems with lithium-ion batteries.Technologyread more
Experts say the timing of Amazon executives' contributions to Rep. David Cicilline likely reflect the company's heightened urgency over growing regulatory scrutiny.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
Coinbase security chief Philip Martin explains, "Possession of a key is possession of your currency. What that means is that you can't revoke a cryptocurrency key, if that key...Technologyread more
fall@ (Adds details on RevPAR forecast, background, shares)
Aug 5 (Reuters) - Marriott International Inc on Monday cut its full-year outlook for a key revenue measure that indicates pricing power as the world's largest hotel chain faces the impact of weakening business travel due to slowing global economic growth.
Shares of the company fell 3% in extended trading after the hotel chain said it now expected revenue per available room (RevPAR) to grow in the range of 1% to 2% in 2019 compared with the prior estimate of 1% to 3%.
RevPAR is a measure of a hotel's financial performance and is calculated by multiplying the average daily room rate by occupancy rate.
Marriott's outlook cut comes a week after U.S. President Donald Trump threatened to levy 10% duties on remaining $300 billion of Chinese goods from Sept. 1, prompting China to let the yuan hit its lowest level in more than a decade on Monday.
Businesses have turned increasingly cautious about capital spending and travel budgets as earnings take a hit and global economic growth slows with the U.S.-China trade spat getting worse. Last month, Marriott's smaller rival Hilton Worldwide Holdings Inc cut its full-year outlook for a key revenue measure, citing eroding business confidence and weak growth in China.
Net income fell to $232 million, or 69 cents per share, in the second quarter ended June 30, from $667 million, or $1.87 per share, a year earlier.
Marriott recorded a $126 million non-tax accrual in the quarter for the fine proposed by the U.K. Information Commissioner's Office in relation to the data breach in its Starwoods hotels reservation system.
On an adjusted basis, Marriott earned $1.56 per share, in line with the average analyst estimate.
Revenue fell to $5.31 billion from $5.41 billion a year earlier. (Reporting by Dominic Roshan K.L. in Bengaluru; Editing by Arun Koyyur)