Hyatt Gains, Robinhood Hits Record, US Banks Rise

On this edition of Stock Movers: 

- Hyatt Hotels Corp (H) shares gain after the hotel operator said it will sell the entire Playa Hotels & Resorts real estate portfolio for $2 billion to Tortuga Resorts, a joint venture between KSL Capital Partners and Rodina. Deal includes 15 all-inclusive resorts across Mexico, the Dominican Republic and Jamaica. Hyatt will retain long-term management rights for 13 of the properties and hold $200m in preferred equity.

- Robinhood Markets Inc (HOOD) shares hit a record high as they are joining the growing push to trade US equities on the blockchain, making tokenized US securities available to 150,000 customers in 30 countries, 24 hours a day, five days a week. The company will own the shares backing the tokens, a spokesperson said, and while token holders will have most of the benefits of the underlying security, including dividends, voting rights won’t be initially supported. Bloomberg News previously reported that the product was in development.

- Big US banks such as Goldman Sachs Group (GS), Wells Fargo (WFC), and Bank of America (BAC) shares rose after the industry’s biggest names comfortably cleared the Federal Reserve’s annual stress test late Friday, setting the stage for lenders to boost buybacks and dividends for shareholders.

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