Analyst Halves Marriott Stake After 61,000 Hospitality Jobs Vanish in June
Updated
Updated · TheStreet · Jul 3
Analyst Halves Marriott Stake After 61,000 Hospitality Jobs Vanish in June
1 articles · Updated · TheStreet · Jul 3
Summary
57,000 U.S. jobs were added in June, and hospitality alone lost 61,000 positions, prompting Ed Ponsi to cut his Marriott holding by half.
May payrolls were revised down to 129,000 from 172,000 and April to 148,000 from 179,000, reinforcing his view that hotel demand and sector momentum may be weakening.
Marriott, up about 40% from his entry and recently above $400, has slipped below its 50-day moving average even as major indexes remain above that level.
Hyatt has gained roughly 32% over 12 months and reports earnings July 10, while IHG is up 52%; Ponsi said he is trimming exposure rather than exiting hotel stocks entirely.