Marriott CEO Sorenson dead at 62 after pancreatic cancer battle

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Marriott International CEO Arne Sorenson died Monday after a battle with pancreatic cancer, the company said in a statement Tuesday.

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Sorenson, 62, temporarily reduced his schedule earlier this month due to "more demanding" cancer treatment. He was first diagnosed with cancer in May 2019.

He became the CEO of the hospitality company in 2012, the first not bearing the Marriott surname and lead the company through its acquisition of Starwood Hotels and Resorts.

“Arne was an exceptional executive – but more than that – he was an exceptional human being,” said Marriott Executive Chairman J.W. Marriott, Jr.

This is a breaking news story. Please check back for updates.

Marriott's CEO has died after a nearly 2-year battle with cancer

• Marriott on Tuesday announced the unexpected death of its CEO Arne Sorenson. 
• The chief executive had been battling pancreatic cancer since 2019, the company said. 
• Marriott said it will appoint a new CEO in the next two weeks.
• Visit the Business section of Insider for more stories.

Marriott International said on Tuesday Chief Executive Officer Arne Sorenson, who was undergoing cancer treatment,  died unexpectedly on Sunday. 

He had earlier this month stepped back from a full-time role for several months to treat the cancer that was diagnosed in 2019.

Marriott said it will appoint a new CEO in the next two weeks.

In his absence, Stephanie Linnartz, group president, consumer operations, is overseeing the company’s lodging division, while Tony Capuano, group president for global development, is in charge of the U.S. and Canada lodging business.

This story is developing…

Zoetis Inc. Q4 adjusted earnings Beat Estimates

Zoetis Inc. (ZTS) announced a profit for fourth quarter that fell from the same period last year.

The company’s bottom line came in at $359 million, or $0.75 per share. This compares with $384 million, or $0.80 per share, in last year’s fourth quarter.

Excluding items, Zoetis Inc. reported adjusted earnings of $438 million or $0.91 per share for the period.

Analysts had expected the company to earn $0.87 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 8.4% to $1.81 billion from $1.67 billion last year.

Zoetis Inc. earnings at a glance:

-Earnings (Q4): $438 Mln. vs. $440 Mln. last year.
-EPS (Q4): $0.91 vs. $0.92 last year.
-Analysts Estimate: $0.87
-Revenue (Q4): $1.81 Bln vs. $1.67 Bln last year.

EARNINGS SUMMARY: Details of IPG Photonics Corporation Q4 Earnings Report

Below are the earnings highlights for IPG Photonics Corporation (IPGP):

-Earnings: $49.34 million in Q4 vs. -$4.45 million in the same period last year.
-EPS: $0.92 in Q4 vs. -$0.08 in the same period last year.
-Analysts projected $0.98 per share
-Revenue: $336.63 million in Q4 vs. $306.63 million in the same period last year.

-Guidance:
Next quarter EPS guidance: $0.90 to $1.20
Next quarter revenue guidance: $310 to $340 Mln

Ecolab Inc. Q4 adjusted earnings of $1.23 per share

Ecolab Inc. (ECL) announced earnings for fourth quarter that fell from the same period last year.

The company’s earnings totaled $300.3 million, or $1.04 per share. This compares with $394.7 million, or $1.35 per share, in last year’s fourth quarter.

Excluding items, Ecolab Inc. reported adjusted earnings of $355.1 million or $1.23 per share for the period.

The company’s revenue for the quarter fell 5.6% to $3.06 billion from $3.24 billion last year.

Ecolab Inc. earnings at a glance:

-Earnings (Q4): $355.1 Mln. vs. $424.2 Mln. last year.
-EPS (Q4): $1.23 vs. $1.45 last year.
-Revenue (Q4): $3.06 Bln vs. $3.24 Bln last year.

Expeditors International of Washington Inc. Earnings Advance In Q4

Expeditors International of Washington Inc. (EXPD) revealed a profit for its fourth quarter that increased from the same period last year.

The company’s earnings totaled $198.62 million, or $1.16 per share. This compares with $137.33 million, or $0.79 per share, in last year’s fourth quarter.

Analysts had expected the company to earn $1.07 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.

The company’s revenue for the quarter rose 55.4% to $3.17 billion from $2.04 billion last year.

Expeditors International of Washington Inc. earnings at a glance:

-Earnings (Q4): $198.62 Mln. vs. $137.33 Mln. last year.
-EPS (Q4): $1.16 vs. $0.79 last year.
-Analysts Estimate: $1.07
-Revenue (Q4): $3.17 Bln vs. $2.04 Bln last year.

Stock Alert: Heat Biologics Up 78% On Positive Data From Trial Of Lung Cancer Trial

Heat Biologics, Inc. (HTBX) shares are gaining more than 71 percent on Tuesday morning trade as the clinical-stage biopharma company reported positive interim data for its fully enrolled Phase 2 trial of HS-110, in combination with Bristol-Myers Squibb’s OPDIVO (nivolumab) in advanced non-small-cell lung cancer.

The company noted that substantial survival benefit was observed in a cohort of previously treated, checkpoint inhibitor naïve patients with advanced NSCLC. A median progression-free survival of 1.8 months and a median overall survival of 24.6 months was observed with a median follow-up time of 19.4 months.

Currently, shares are at $14.96, up 78.73 percent from the previous close of $8.37 on a volume of 24,574,378. For the 52-week period, the shares have traded in a range of $1.40-$30.10 on average volume of 1,630,253.