IHG’s Unexpected Share Buyback

• Lodging stocks were lower: There was only one mover of note, SLNA with a -6% drop getting near an all-time low today, but there was a sea of red on the screen today.
• DiamondRock Hospitality reported a solid 4Q. DRH had given preliminary results in January but still beat expectations even with comparable RevPAR below consensus as margins made up the difference.
• IHG reported a good quarter but the highlight was the announcement of a $750 million share buyback for 2023

The DJIA fell 697 points, Nasdaq was down 295, the S&P 500 was down 82 and the 10-year treasury yield may soon see 4%, up another .13 to 3.96%. Lodging stocks were lower. There was only one mover of note, SLNA with a -6% drop getting near an all-time low today, but there was a sea of red on the screen today. DiamondRock Hospitality reported […]