Hilton Worldwide Stock Jumps Nearly 5% On First Day Of Trading After Spinoff

Shares of Hilton Worldwide Holdings Inc. surged 4.8% in early trade Wednesday, as the stock started trading as a separate entity to the company's time-share business for the first time. That business, now named Hilton Grand Vacations Inc., is trading under the symbol "HGV", but was halted after rising nearly 10% in the first minutes of trading. The stock resumed trading up 3.6%. SunTrust Robinson Humphrey initiated coverage of Hilton Grand Vacations with a buy rating and reiterated a buy rating on Hilton Worldwide. That stock is up 9% in the last 12 months, while the S&P 500 has gained 12%.