Looks like Mcguire has been lax in his support of these guys:
Four Seasons (FS) 31.92 -3.35: Late last night, company guided Q3 results well below expectations and noted that Q4 would also fall short of projections, citing difficult worldwide economic conditions, as well as events related to specific FS properties. Stock is under pressure today, trading down 10%. In intra-day note, JMP Securities downgraded to MARKET UNDERPERFORM from Market Perform. Firm does not see any near term solutions to these problems, and notes that, even after today's price drop, stock is significantly more expensive than previously believed. FS has a strong portfolio of luxury hotel management contracts; however, given current economy, its impact on business travel, threat of terrorism, and a portfolio with a heavy weighting in relatively risky locations, firm is concerned about FS' ability to improve earnings during next few years at previous growth rates. |
