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Wyndham Results Lift Hotel Stocks
A series of cost-cutting actions helped Wyndham Worldwide(WYN Quote) surprise investors with stronger-than-expected first-quarter results Wednesday, pushing shares in the company up 35% in afternoon trading and buoying hotel stocks across the board.
The Parsippany, N.J.-based hotelier said its net income before charges came in at $74 million, or 41 cents a diluted share, topping analysts' EPS targets of 35 cents.
Including charges related to restructuring and other items, the company had earnings of $45 million, or 25 cents a share. ...
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