NEW YORK (AP) ¿ Shares of Wyndham Worldwide Corp. jumped Friday after the lodging company affirmed its second-quarter guidance, although it also has announced that Chief Financial Officer Virginia Wilson is stepping down. Wyndham shares surged $1.31, or 11.7 percent, to $12.51 in afternoon trading. The stock has traded between $2.55 and $20.96 during the past 52 weeks. Early Friday, Wyndham reiterated it expects second-quarter earnings of 36 cents to 41 cents per share. Analysts polled by Thomson Reuters expect a profit of 37 cents per share. The updated outlook followed Wyndham's announcement Thursday that Wilson is leaving the company in the third quarter to pursue other interests. Wyndham said it is searching for her successor. "We think that management took this opportunity to reiterate guidance to assure investors that her departure was not tied to expected results for the quarter," said Robert LaFleur of Susquehanna Financial Group in a note to investors. "While we think that investors may be jittery with the CFO's departure, we believe they will likely find comfort in the reiteration of guidance," said FBR Capital Markets analyst C. Patrick Scholes. The Parsippany, N.J.-based company, which includes hotel and timeshare businesses, is scheduled to report results on July 29.
More from Investing
Novartis Still a Buy Despite Controversy Over Blockbuster Drug
Despite the issues that have bubbled up related to its breakthrough drug for spinal muscular atrophy, Zolgensma, Novartis "has the newest pipeline with many drugs just beginning to have an impact on the company's bottom line," Cramer told members of his Action Alerts PLUS club for investors during an exclusive video-conference call.
Could Netflix Survive on Just Its Own Original Content?
Netflix says that viewers shell out for original shows like Stranger Things and Orange is the New Black -- but production costs have ballooned roughly 30% since last year, which has many investors spooked.
Saudi Aramco's Value Pegged at Up to $1.7 Trillion
The price range for the offering has been set at around $8 to $8.53 per share, revealed the oil giant over the weekend.