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Why Marriott Stock Popped 5% This Morning -- Then Gave Half of It Back

Rich Smith, The Motley Fool
·2-min read
Why Marriott Stock Popped 5% This Morning -- Then Gave Half of It Back

Shares of hotel giant Marriott International (NASDAQ: MAR) jumped 5.4% in early trading Tuesday before settling down to a gain of 2.4% as of 10:35 a.m. EDT. Marriott announced this morning that it has successfully negotiated "amendments" to its co-branded credit card agreements with JPMorgan Chase (NYSE: JPM) and American Express (NYSE: AXP), the net effect of which will be to transfer a combined $920 million in cash from the banks' pockets to Marriott's. Specifically, says Marriott, Chase will be prepaying $500 million worth of "future revenues" and also paying a $70 million signing bonus "early."

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