Hyatt Hotels (H) has been disappointing over the past couple of months. The stock has been trending lower since its last earnings report in May, when it posted worse-than-expected first-quarter results. Going into its first-quarter report, analysts expected the company to earn of $0.08 per share, but actual results came in at $0.03. The company reported that selling, general and administrative expenses rose by 33% during the first period as a result of introducing new brands, bad debts, and legal fees. The company is in the middle of reorganizing, appointing a new CFO and establishing three operating regions that will all report to a newly formed Global Operations Center. With the exception of the company’s most recent quarter, Hyatt has had a rather impressive earnings record, topping analysts estimates nine straight quarters before the miss. We believe that Hyatt will emerge from its reorganization as a stronger entity, but until the company is able to prove that it has expenses under control we would not recommend setting up any long positions in the stock. Its next earnings report is scheduled for August 1, with analysts expecting to see earnings of $0.23 per share, down from $0.27 during the same period last year.