MAR

MAR is executing a classic 'Forward-Looking' breakout, surging +8.5% to all-time highs despite a headline EPS miss ($2.58 vs $2.62 est). The Street is aggressively absorbing the backward-looking miss to position for the bullish FY2026 EBITDA guidance ($5.89B vs $5.72B est) and accelerating net rooms growth (4.5-5%). This price action confirms a High-Conviction Price Discovery phase, fueled by the 'Risk On' macro backdrop where falling treasury yields (4.16%) are expanding multiples for premier consumer discretionary assets. The divergence between the EPS miss and the price surge is the hallmark of institutional accumulation.