HALISTER: Accor Drops; Market May See French Strikes Hurting Hotel Demand

Accor Drops; Market May See French Strikes Hurting Hotel Demand

(Bloomberg) -- Accor drops as much as 3.2%, biggest decliner in the Stoxx 600 Travel and Leisure index, vol. 52% of 3-month daily avg.
  • Stock decline may be tied to the French rail strike and press reports that travelers may avoid France, Raymond James leisure analyst Julien Richer says in e-mail (rates Accor strong buy - PT EU46)
    • France is Accor’s biggest market at 31% of sales
    • Based on comments in French press June 1, hotel revpar in France is down significantly in past week due to strikes
    • Investors may think strikes will weigh on France leisure demand during key summer season
  • Shooting star set-up formed on the daily candles on Monday, signaling the start of a bearish reversal
    • Stock has since broken its 200-DMA, 50-DMA to the downside, 100-DMA is below at EU37.03
  • NOTE: Euro 2016 soccer tournament begins in France on June 10
  • NOTE May 30: Paris Tourism Recovery Threatened by Protests Actions: Agency
  • NOTE April 19: Accor said in France a favorable calendar in May and the start of the Euro 2016 in June should put growth back in positive territory in 2Q
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
AC FP (Accor SA)

People
Julien Richer (Raymond James & Associates Inc)

Topics
France Football

To de-activate this alert, click here

UUID: 7947283