Ambling with Grambling #33: Entering the Summer doldrums, but not for all travel stocks

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Ambling with Grambling #33: Entering the Summer doldrums, but not for all travel stocks

Update

July 17, 2026 06:50 PM GMT

Morgan Stanley & Co. LLCMGaming & Lodging | North America Stephen W Grambling

Equity Analyst

Ambling with Grambling #33: Stephen.Grambling@morganstanley.comMorgan Stanley & Co. International plc+ +1 212 761-1010

Jamie Rollo

Equity AnalystEntering the Summer doldrums, Jamie.Rollo@morganstanley.com +44 20 7425-3281

Morgan Stanley & Co. LLCbut not for all travel stocks Nicholas P DeValeria

Nick.DeValeria@morganstanley.com +1 212 761-1413

Molly Baum

Key Takeaways Molly.Baum@morganstanley.com +1 212 761-0378

James F Koehne, CFA

Performance: GLL stocks were flat the past two weeks (vs. S&P +1%). Research Associate

Powersports saw the greatest deviation, outperforming along with fitness. Cruise James.Koehne@morganstanley.com +1 212 761-2186

lagged. Gaming & Lodging

North America

Analysis: We review monthly seasonality of stock performance by sub-sector in Industry View In-Line

GLL, highlighting Aug-Sept outperformance of cruise and global gaming.

2 wks behind: TNL acquisition of Yes& and Spinnaker, NY & CT Marketing, World

Cup Watch Event, 2Q Earnings Roundtable, Fanatics Investor Day / Fest.

2 wks fwd: GLL 2Q Earnings.

Sentiment: Itching to fade World Cup "winners", still seeing fewer options to

invest in consumer outside of GLL given relatively better trends/fundamentals.

Stock Seasonality

Exhibit 1: We examine the historical relative monthly performance of stocks

across GLL (vs. S&P 500) by sub-sector to find the highest outperformance in

cruise in the coming months and in 2H vs. 1H whereas the worst appears to be

REITs/powersports/timeshare.

Cruise C-Corps REITs Global Gaming Domestic Gaming Powersports Timeshare

January 0% -1% 0% 2% 1% -1% 1%