Marriott (MAR): K-shaped Economy, Q4 Earnings Miss, 35%+ Credit Card Fee Hike Expected

Marriott (MAR) CEO Anthony Capuano highlighted a K-shaped economy, seeing continued strength in luxury travel as the company fires on all cylinders with new hotel construction and higher-income consumers. However, the firm missed $2.62 per share in Q4 adjusted earnings, reporting $2.58, and US/Canada RevPar declined slightly in the quarter. For Q1, the company expects per-share earnings of $2.50 to $2.55, and full-year guidance of $11.32 to $11.57 per share. Management signaled a potential 35%+ annual increase in credit card fees, up from current levels, citing active negotiations with partners like JPMorgan. The stock rose 14% YTD, outperforming the S&P 500 (^GSPC)'s 2% gain.