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Tuesday, November 11, 2008
InterContinental Hotels Quarterly Profit Falls After Charge
Sarah Turner
MarketWatch Pulse
LONDON -- InterContinental Hotels said Tuesday that third-quarter net income fell to $91 million, from $127 million at the same point last year, after taking a $33 million one-off charge. Revenue climbed to $486 million, from $453 million. Global RevPAR growth was 1.6% at constant currency and the firm added 10,081 net rooms in the quarter. The hotel operator said that market conditions deteriorated sharply in October, with preliminary data showing a global RevPAR decline of 4.5% and a decline of 5.7% in the U.S. "Given the power of our brands, the size and resilience of our pipeline and our leading reservations systems, we are positioned well to continue to outperform the industry," it said.
Copyright © 2008 MarketWatch, Inc.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
