Profit Down 20%, Marriott Lowers Annual Forecast
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WASHINGTON  â The hotel operator Marriott International said Thursday that its fourth-quarter earnings fell 20 percent, hurt by the closing of its synthetic fuel business.
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The retailer lowers its outlook after same-store sales fall.
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The company cuts its 2004 earnings outlook by 20%, citing many reasons.
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Marriott International Inc  said on Thursday that quarterly net profit fell on a loss from discontinued operations, but robust demand at its overseas hotels supported earnings from continuing operations.
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U.S. investment bank Morgan Stanley  on Wednesday said quarterly profit dropped 34 percent amid reduced trading revenue, falling well short of Wall Street's already-lowered expectations and pushing the company's shares down more than 8 percent.
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Freddie Mac yesterday reported that its second-quarter profit fell by nearly half, in part because it set aside more money to cover expected losses from defaults on mortgages.
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JPMorgan Chase & Co  said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity and auto loans.
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Campbell Soup Co., the world&#39;s biggest soupmaker, said fourth-quarter profit declined 20 percent, the biggest drop in more than two years, because of falling sales and costs to fire workers.
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Baxter International Inc.<BAX.N, the  medical products maker, on Thursday said its third-quarter  profit fell from a year ago amid anemic sales growth in its two  biggest businesses.
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Hong Kong&#39;s leading stocks reversed course and were down 0.20 percent by midday as investors took profits ahead of a US interest rate announcement later in the week, when a rate rise is widely anticipated, analysts said.
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Fourth-quarter profit fell 8 percent on declining advertising sales at the companyâs newspapers and television stations.
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JPMorgan Chase & Co said on Wednesday quarterly profit fell a worse-than-expected 24 percent as the No. 3 U.S. bank lost $1.3 billion on risky mortgages and set aside more money for rising losses on home-equity loans.
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Marriott International Inc.  on Thursday said its third-quarter net income fell 5 percent on flat sales that were hurt by a loss in its synthetic fuel business.
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U.S. Bancorp said its second-quarter profit declined 3.7 percent after a strong gain a year ago.
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U.S. investment bank Merrill Lynch &  Co. MER.N on Tuesday said third-quarter profit fell 8  percent, hurt by reduced trading in debt and equity markets  which pushed revenue below expectations.
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Dow Chemical Co  on Tuesday reported a drop in quarterly profit that was not as steep as analysts had expected as growth overseas helped offset weak U.S. housing and auto markets and spiraling energy and raw material costs.
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French hotels group Accor SA on Wednesday reported a 24 percent drop in first-half net profit as its brands such as Sofitel and Motel 6 suffered from the uneven recovery in the global travel market.