IHG’s Data Breach Concerns

• The DJIA rose 230 points while Nasdaq was up 154, the S&P 500 rose 43 points and the 10-year treasury yield was up .04 to 3.36%. Lodging stocks were modestly higher.
• IHG’s hack appears to be a lot worse than the ones at other hotels as the ransomware attack may very well impact their 3Q results as they continue to have their online reservation system crippled by the attack.
• Watermark Lodging Trust said the proposed acquisition of the company by private real estate funds managed by Brookfield was approved by its stockholders.

The DJIA rose 230 points while Nasdaq was up 154, the S&P 500 rose 43 points and the 10-year treasury yield was up .04 to 3.36%. Lodging stocks were modestly higher. The biggest mover of the day was to the downside with SOND falling -7%, We didn’t cover the recent news of a data breach at IHG Hotels and their Holiday Inn unit because we go by […]