Why MGM, Vail, Eldorado Resorts, and Avis Stocks Were Up 9% and More Today
Wall Street ended Monday in the green, with the Dow Jones Industrial Average up a solid 1.5%. And some stocks are looking a whole lot greener than others. Investors appear particularly enthusiastic about travel and resort companies, for example, with the following four reaping outsize gains:
Image source: Getty Images.
The news affecting these companies specifically was mostly thin today. Vail, the ski resort operator, did report that members of its season pass program can apply credits from their 2019/2020 season pass toward a 2020/2021 season pass. The bad news for investors is that as a result of this, Vail said it "will be delaying the recognition of approximately $118 million of our deferred season pass revenue, as well as approximately $3 million of related deferred costs, that would have been recognized in the remainder of fiscal 2020 and will now be recognized in the second and third quarters of fiscal 2021." This will hopefully improve its numbers next year, but probably hurt its numbers this year.
Source Fool.com
