money Stocks on the move: Marriott shares rise despite plunge in revenue, MGM surges on IAC stake
Yahoo Finance's Adam Shapiro breaks down the stocks to watch Monday.
Video Transcript
- Looking to other stocks, which are on the move right now, first let's talk about Marriott. We talked about their 72% drop in revenue. They lost about $4 billion in the second quarter, year over year, from what had been a much better showing, obviously, in 2019.
But the CEO says that greater China continues to lead the recovery. As of early May, all our hotels in the region are open. And occupancy levels are now reaching 60%, compared to 70%, the same time last year. As a result, we're watching shares of Marriott International, right now, up almost 2%.
But the real winner so far today, MGM resorts-- up almost 14%. And this is on news that Barry Diller's-led IAC announced it has built a 12% stake, or a $1 billion stake, in the company. Diller sent a letter to investors, in which he said, we believe MGM presented a quote, "once in a decade opportunity for IAC to own a meaningful piece of a preeminent brand in a large category with great potential to move online". Can anyone say online gambling?
