Why DiamondRock Hospitality Stock Plummeted 11% at the Open Today
Shares of DiamondRock Hospitality (NYSE: DRH), a hotel real estate investment trust (REIT), fell sharply at the start of trading on Monday. The move was swift and direct, with the stock down more than 11% by 10 a.m. EDT. There didn't appear to be any news in the morning that elicited that decline, but investors are clearly awaiting bad news after the market closes.
DiamondRock previously announced that it would release first-quarter earnings after the market close today. The only other news about earnings that it had provided came on March 18, when it gave an update about the impact of COVID-19 on its business. As you'd expect, the news wasn't good, given the government's social-distancing efforts and calls for nonessential businesses to shut down.
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Source Fool.com
