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Biden Announces Five-Point Plan to Combat Omicron Variant

  • Biden Announces Five-Point Plan to Combat Omicron Variant Biden Announces Five-Point Plan to Combat Omicron Variant 1:52
    Why the Omicron Covid Variant Concerns Scientists Why the Omicron Covid Variant Concerns Scientists 3:55
    Biden: U.S. Is Working With Vaccine Makers on Omicron Contingency Plans Biden: U.S. Is Working With Vaccine Makers on Omicron Contingency Plans 1:15
    The Ripple Effects of Airline Problems for Holiday Travel The Ripple Effects of Airline Problems for Holiday Travel 5:27
4:50 a.m. Today - By Tomi Kilgore
Boeing's stock extends bounce after receiving additional order for 30 737 MAX jets from 777 PartnersShares of Boeing Co. rose 1.4% in morning trading Tuesday, after the aerospace and defense giant said investment firm 777 Partners has ordered 30 additional 737 MAX jets, to nearly double its original order. The additional order brings 777's aircraft portfolio to 68 737 MAX aircraft, which are valued at a total of $3.7 billion at list prices. "We have long been confident in the economics of the 737 MAX family but we are especially excited about the 737-8-200 variant which represents the bulk of our additional orders," said Josh Wander, managing partner at 777. "As travel demand returns, 777 has accelerated our quest for efficiencies in both operating cost and carbon footprint at our operating carriers." Boeing's stock has now bounced 10.9% since closing at a 13-month low of $188.19 on Dec. 1. It has still lost 2.6% over the past three months, while the Dow Jones Industrial Average has gained 1.6%.
7:28 a.m. Dec. 6, 2021 - By Tomi Kilgore
Airline stocks enjoy big, broad bounce after Fauci's encouraging comments on omicron variantAirline stocks took flight Monday, as some regarding the omicron variant's severity helped calm investor fears regarding potential future travel restrictions. The U.S. Global Jets ETF jumped 7.2% in midday trading, toward its biggest one-day gain in 13 months, with 43 of 50 equity components gaining ground. The ETF has now gained 11.3% since closing at a 13-month low on Dec. 1. Among the best performing and most-active U.S.-listed components, shares of United Airlines Holdings Inc. climbed 11.1% in midday trading, was the S&P 500's and was on track for the best day since Nov. 9, 2020. Among other more-active U.S. air carriers, shares of American Airlines Group Inc. rallied 10.2%, Delta Air Lines Inc. ran up 8.6%, Southwest Airlines Co. rose 5.3% and JetBlue Airways Corp. jumped 7.6%. The stocks' gains come amid , with the S&P 500 up 1.2%.
7:11 a.m. Dec. 6, 2021 - By Tomi Kilgore
Cruise stocks help lead S&P 500 gainers, with biggest gains this yearShares of cruise operators shot up on Monday toward their best gains in months, as regarding the severity of the omicron variant assuaged investor fears over possible new COVID restrictions. Norwegian Cruise Line Holdings Ltd.'s stock ran up 11.0%, enough to make it the biggest gainer among S&P 500 components, and putting it on track for the biggest one-day gain Nov. 9, 2020, when it rocketed 26.8%. Elsewhere, Carnival Corp. shares were the S&P 500's third-best performers, hiking up 9.7% toward the best day since Nov. 16. And Royal Caribbean Corp.'s stock rallied 9.6%, and was the fourth biggest S&P 500 gainer; it was headed for the biggest gain since Feb. 16. The stocks' rallies come after they all closed at 13-month lows on Dec. 1. In comparison, the S&P 500 was rising 1.0%.
3:20 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express Global Business Travel confirms $5.3 billion merger deal with SPAC Apollo Strategic GrowthShares of American Express Co. rose 0.8% in premarket trading Friday, after American Express Global Business Travel (GBT), which is 50% owned by AmEx, confirmed that it will go public through a merger with special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital in a deal that values the combined company at $5.3 billion. The Wall Street Journal had . The merger will provide $1.2 billion in gross proceeds, including $335 million in private investment in public equity (PIPE) from investors including Zoom Video Communications Inc. , Sabre Corp. and Apollo Global Management Inc. . After the deal closes, which is expected to occur in the first half of 2022, the combined company will be named Global Business Travel Group Inc. and is expected to be the world's largest publicly traded business-to-business travel platform. The company is expected to list on the NYSE under the ticker symbol "GBTG." "We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners," said GBT Chief Executive Paul Abbott. American Express' stock has slipped 1.6% over the past three months, while the Dow Jones Industrial Average has lost 2.1%.
2:12 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express' Global Business Travel business close to $5.3 billion merger with SPAC--WSJShares of American Express Co. rose 0.8% in premarket trading Friday, after that the credit card company's Global Business Travel business is close to a deal to be taken public by special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital . Citing people familiar with the matter, the WSJ report said a merger with the SPAC, which is backed by Apollo Global Management Inc. , would value AmEx's travel-booking services provider for corporate customers at about $5.3 billion. The WSJ report said the merger could be announced as soon as Friday. AmEx's stock has rallied 29.7% year to date through Thursday, while the Dow Jones Industrial Average has gained 13.2%.
4:00 a.m. Dec. 2, 2021 - By MarketWatch
The omicron panic is overdone. Buy the dips in these stocks, says JPMorgan.Stock futures are pointing to a rebound, after reports of the first U.S. omicron coronavirus case clobbered Wall Street in a wild day of trading.
1:24 a.m. Dec. 2, 2021 - By Ciara Linnane
Coronavirus tally: Global cases of COVID-19 top 263.6 million and U.S. to stick with face mask mandate on public transportThe global tally for the coronavirus-borne illness climbed above 263.6 million on Tuesday, while the death toll edged above 5.22 million, according to . The U.S. continues to lead the world with a total of 48.7 million cases and 782,100 deaths. The U.S. is still averaging more than 900 deaths a day, , and cases and hospitalizations are rising again. The White House will announce later Thursday that it plans to stick with face mask mandates on public transportation, including planes, buses and trains, and will not allow the requirement to lapse on Jan. 18 as planned, The move is part of tighter travel restrictions aimed at containing the new omicron variant, and includes requiring that travelers into the U.S. provide a negative PCR test conducted 24 hours before departure, and not the 72 hours currently required. The government will also make at-home, COVID-19 tests available and make sure they are covered by private insurers or offered free at health centers. India is second by cases after the U.S. at 34.6 million and has suffered 469,724 deaths. Brazil has second highest death toll at 614,964 and 22.1 million cases. In Europe, Russia has the most fatalities at 272,279 deaths, followed by the U.K. at 145,586.
12:00 p.m. Dec. 1, 2021 - By MarketWatch
Dow stages wild, 1,000-point swing and stocks see sharpest U-turn lower in over a year as U.S. confirms 1st omicron caseStocks end sharply lower Wednesday, squandering a solid rebound, after Dr. Anthony Fauci said U.S. has confirmed its first omicron case.
9:19 a.m. Dec. 1, 2021 - By Tomi Kilgore
Dow transports turns lower, led by sharp reversal in airline stocksThe Dow Jones Transportation Average has swung into negative territory Wednesday, with the pullback driven by a sharp reversal in its airline components. After tumbling 3.2% to a five-week low on Tuesday, the Dow transports were up as much as 2.5% earlier in Wednesday's session, but were last down 0.5%, with 12 of 20 components losing ground, in afternoon trading. The biggest decliner was American Airlines Group Inc.'s stock , which erased an intraday gain of as much as 3.1% to drop 6.8% toward the lowest close since Jan. 26. Among the Dow transports' other biggest losers, United Airlines Holdings Inc. shares slid 5.9% after being up 3.1% at its intraday high, Delta Air Lines Inc.'s stock slumped 5.8% after being up as much as 3.1% earlier and Avis Budget Group Inc.'s stock declined 4.4% after being up as much as 4.8%. Meanwhile, the Dow Jones Industrial Average was up 29 points, or 0.8%, , or 1.5%, at its intraday high.
7:00 a.m. Dec. 1, 2021 - By MarketWatch
Dow’s rebound gains steam, up 500 points, as stock market aims to claw back from Tuesday routA rise for U.S. stocks was gaining momentum Wednesday morning, following the previous session's selloff.
4:00 a.m. Dec. 1, 2021 - By MarketWatch
The liquidity wave carrying stocks will continue even after the Powell Pivot, this analyst argues. Here’s why.The driving force behind equity infusions is the European Central Bank, not the Fed, according to this analyst.
7:00 a.m. Nov. 30, 2021 - By MarketWatch
Dow down around 500 points; stock losses deepen as Powell says appropriate to consider faster taperStocks extend losses after Fed Chairman Jerome Powell says it would be appropriate to consider a faster taper of asset purchases next month.
2:51 a.m. Nov. 30, 2021 - By Tomi Kilgore
Airline stocks suffer broad selloff as fear of omicron variant's impact on travel spreadsShares of airline companies took a broad beating Tuesday, as part of a selloff in the broader stock market, as will negatively impact the travel industry. The U.S. Global Jets ETF sank 1.7% toward a one-year low in premarket trading. The sector tracker had tumbled 17.1% over the past three weeks through Monday. Among the more-active airline stocks in Tuesday's premarket, American Airlines Group Inc. shed 2.1%, Delta Air Lines Inc. dropped 2.2%, United Airlines Holdings Inc. slid 2.1%, JetBlue Airways Corp. lost 1.8% and Southwest Airlines Co. gave up 1.5%. The selloff comes while futures for the S&P 500 slumped 0.9%.
1:26 a.m. Nov. 30, 2021 - By Ciara Linnane
Tests suggest Regeneron antibody treatment for COVID loses effectiveness against omicron variant: WSJEarly tests suggest that the COVID-19 antibody treatment developed by Regeneron Pharmaceuticals Inc. loses effectiveness against the omicron variant of the coronavirus that causes COVID, but the full impact will only be known in the coming weeks after further testing, the company's president and chief scientific officer George Yancopoulos Evercore analysts had raised that issue Omicron is the variant from South Africa that was classified a 'variant of concern' by the World Health Organization on Friday, that has led several countries to impose restrictions on travel from there and neighboring countries. Separate testing of the antibody developed by Eli Lilly & Co. suggests it too is less effective against omicron. Researchers say that some antibody therapies are likely to be vulnerable to omicron because it contains mutations to the spike protein that the Regeneron and Lilly drugs target, while other drugs should hold up well because they attack elements of the virus unchanged in the variant. Yancopoulos said the company is already working on alternative antibodies that should hold up well against the variant. "What we have to admit is, in the course of the past six days, our urgency has increased," Dr. Yancopoulos said in an interview. "What started out as a backup plan has now been made a lot more urgent." Regeneron shares were down 2.7% premarket, but have gained 35% in the year to date, while the S&P 500 has gained 24%.
8:29 a.m. Nov. 29, 2021 - By Tomi Kilgore
Cruise stocks bounce, but only slightly after omicron-related drubbing on FridayCruise stocks rose Monday, as part of a broad-market bounce following the on fears over potential impact of omicron variant of coronavirus that causes COVID-19. The stocks' gains were relatively slight, however, considering the deep declines suffered in recent weeks amid worries that the would lead to travel bans. Royal Caribbean Group's stock rose 3.3% in afternoon trading, after tumbling 11.4% on Friday to a nine-month closing low. The cruise operator's stock had plunged 30.6% as it lost ground in 12 of the 14 trading days since it closed at a five-month high on Nov. 5 through Friday. Carnival Corp. shares tacked on 1.1% on Monday, after dropping 11.0% on Friday to close at a one-year low. The shares had been pummeled for a 27.6% loss as they dropped in 13 of 14 sessions from the Nov. 5 close through Friday. Norwegian Cruise Line Holdings Ltd.'s stock gained 0.8% on Monday, after diving 11.4% on Friday to close at a one-year low. The stock had plummeted 30.6% as it fell in 12 of 14 sessions from Nov. 5 through Friday. Meanwhile, the S&P 500 gained 1.6% after ; it had slipped 2.2% from Nov. 5 through Friday.
3:30 a.m. Nov. 29, 2021 - By Tomi Kilgore
Hertz stock surges after new $2 billion repurchase program launched, effective immediatelyShares of Hertz Global Holdings Inc. surged 6.8% in premarket trading Monday, after the car rental company announced a new stock repurchase program of up to $2.0 billion. The company said the new program, which is effective immediately and has not time limit, includes the $200 million remaining in the previous program. The program represents nearly 18% of the company's market capitalization of $11.30 billion as of Friday's close. "The repurchase program allows for ongoing and profitable investment in the business while utilizing moderate balance sheet leverage and facilitating opportunistic share repurchases," the company said in a statement. Hertz's stock , after trading over the counter since the company emerged from bankruptcy. Hertz's stock has dropped 23.1% over the past month while shares of rival Avis Budget Group Inc. have soared 66.7% and the S&P 500 has inched 0.2% lower.
2:51 a.m. Nov. 29, 2021 - By Tomi Kilgore
Hyatt Hotels stock jumps after J.P. Morgan turns bullish, saying discount to Marriott, Hilton is too wideShares of Hyatt Hotels Corp. bounced 2.5% in premarket trading Monday, after the hotel operator was upgraded at J.P. Morgan, citing improved valuation after the recent selloff. The stock dropped 5.7% on Friday, amid fears that the omicron variant of the COVID-19 virus would lead to reduced leisure travel, and has tumbled 14.6% since closing at a 21-month high of $91.50 on Nov. 5. Analyst Joseph Greff raised his rating to overweight after being at neutral for at least nearly three years, while raising his stock price target to $101 from $90. Greff said Hyatt's stock has underperformed its peers over the past year, but he thinks "this can turn around" as Hyatt migrates to "a less capital-intensive, more fee-generative and a more leisure-focused business" following the company's . "We think the current environment is ripe for [Hyatt] to optimize the value of its owned hotels, particularly leisure focused ones, and we don't see this changing in the near to medium term," Greff wrote in a note to clients. "Lastly, we look at [Hyatt's] relative valuation as attractive versus [Hilton] and [Marriott], and while we believe it should trade at some discount, we'd argue the discount is too wide." Hyatt's stock has gained 5.2% year to date through Friday, while shares of Marriott International Inc. have rallied 22.4% and Hilton Worldwide Holdings Inc. have advanced 11.8%. The S&P 500 has climbed 22.3% this year.
11:35 p.m. Nov. 28, 2021 - By Barbara Kollmeyer
WHO warns of 'severe consequences' from omicron surges, urges widespread testingThe World Health Organization is urging countries to start widely testing in communities to gauge whether the new omicron variant is circulating, in it released on Sunday. "Given mutations that may confer immune escape potential and possibily transmissibility advantage, the likelihood of potential further spread of omicron at the global level is high. Depending on these characteristics, there could be future surges of COVID-19, which could have severe consequences, depending on a number of factors including where suges may take place. The overall global risk to the new VOC [variant of concern] omicron is assessed as very high." The body urged member states to not only start testing widely, but to accelerate vaccination coverage as fast as possible, espcially among high-risk individuals. Masks, distancing, ventilation of outdoor spaces and crowd avoidance are among the measures country should follow, as well as a risk-based approach to adjust international travel measures in a timely manner.
12:00 p.m. Nov. 26, 2021 - By MarketWatch
The U.S. stock market suffers ugly Black Friday selloff. Here are the biggest losers (and the winners).Wall Street skidded lower on Black Friday as investors reacted to fresh travel bans related to a variant of the coronavirus that causes COVID-19 called B.1.1.529, that has been identified in South Africa.
10:56 a.m. Nov. 26, 2021 - By Claudia Assis
Moderna to 'rapidly advance' omicron-specific COVID-19 booster candidateModerna Inc. said Friday it will "rapidly advance" an omicron-specific COVID-19 booster vaccine candidate and continue to work on booster candidates designed to anticipate mutations of the coronavirus and to study and test higher booster doses also meant to boost immunity. The World Health Organization's technical advisory group earlier on Friday The US, the U.K. and the European Union have implemented travel bans on South Africa and neighboring countries on Friday, amid concerns the variant may be more transmissible. Shares of Moderna ended the abbreviated Friday session up nearly 21%, while shares of Pfizer Inc. rose more than 6%.
9:00 a.m. Nov. 26, 2021 - By Robert Schroeder
White House announces restrictions on travel from South Africa, 7 other countries The White House on Friday announced the U.S. will restrict travel from South Africa and seven other African nations starting Monday. Senior administration officials said the policy is being put in place "out of an abundance of caution in light of a new COVID-19 variant circulating in Southern Africa." The Dow Jones Industrial Average fell about 900 points on Friday on concerns over the new variant, which the World Health Organization . The seven other countries are Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi. Administration officials said the new policy doesn't apply to U.S. citizens or permanent residents. A White House official said President Joe Biden has been briefed on the new COVID variant.
8:08 a.m. Nov. 26, 2021 - By Ciara Linnane
WHO names coronavirus variant from South Africa 'omicron' and designates it a 'variant of concern'The World Health Organization's technical advisory group said Friday it has assigned the B.1.1.529 variant of the coronavirus that causes COVID-19 the Greek letter omicron and said it has been designated a "variant of concern." Earlier reports . The variant, which was first reported from South Africa, led the U.K. and European Union to implement travel bans on South Africa and neighboring countries on Friday, amid concerns it may be more transmissible than the original virus and more lethal. "This variant has a large number of mutations, some of which are concerning," the group said in a statement. "Preliminary evidence suggests an increased risk of reinfection with this variant, as compared to other VOCs. The number of cases of this variant appears to be increasing in almost all provinces in South Africa." For now, there are a number of studies underway, and the group will continue to monitor and track the variant. It called on countries to enhance surveillance and sequencing efforts, to submit complete genome sequences and associated metadata to a publicly available database and to report cases and clusters to the WHO. "Individuals are reminded to take measures to reduce their risk of COVID-19, including proven public health and social measures such as wearing well-fitting masks, hand hygiene, physical distancing, improving ventilation of indoor spaces, avoiding crowded spaces, and getting vaccinated," said the statement.
2:42 a.m. Nov. 26, 2021 - By Mark Decambre
Wall Street's 'fear index' surges by most in 10 months as Dow and S&P 500 set to tumble on COVID variant worriesA measure of implied volatility on Wall Street on Black Friday touched the highest level since around September as futures for the Dow Jones Industrial Average [: DJIA] and the S&P 500 index , looked set to tumble amid concerns of a fast-spreading strain of coronavirus, which was identified in South Africa, Hong Kong and Israel and was already leading to travel restrictions. The CBOE Volatility Index jumped by about 40% Friday morning, trading around 25.4, which would mark the highest level for the index since around Sept. 20 and mark the biggest daily jump for the measure since late January, according to FactSet data. The index, also known as the VIX, for its ticker symbol, has become well known as Wall Street's "fear gauge," since it was created in the early 1990s. The VIX itself, which uses S&P 500 options to measure trader expectations for volatility over the coming 30-day period, tends to rise as stocks fall and is often therefore referred to as a guide to the level of investor fear. It had been trading below its historic average of around 19.5.
2:31 a.m. Nov. 26, 2021 - By Steve Gelsi
Drug maker stocks rise but travel stocks sink on new coronavirus variantShares of airlines fell and drug makers rose in premarket trades on Friday as investors reacted to fresh travel bans related to a new variant of the coronavirus that causes COVID-19 called B.1.1.529 identified in South Africa. Meanwhile, stocks relating to 'stay-at-home' activities gained. The British government has banned flights from South Africa and five other southern African countries. The World Health Organization's technical working group is meeting Friday to discuss the variant. Pfizer advanced by 5.8%, Moderna gained 8.7%, Southwest Airlines dropped 7%, American Airlines stock slumped 7%; Expedia fell 6.8% and United Airlines dropped 7.6%. Delta Air Lines lost 7.8%, Norwegian Cruise gave up 9.6% and Royal Caribbean shares slid 10%. Netflix rose 2%.Take-Two Interactive Software rose by 1%.
7:00 a.m. Nov. 23, 2021 - By MarketWatch
Stick to these stock themes in what could be a volatile 2022, says Charles Schwab’s top strategistOur call of the day from Charles Schwab's Jeffrey Kleintop who offers some advice on what he sees are some winning themes in 2022.
7:00 a.m. Nov. 22, 2021 - By MarketWatch
After letting suspense build, Biden taps Powell for second termPresident Joe Biden has decided to give Fed Chairman Jerome Powell a second four-year term, the White House said Monday.
2:43 a.m. Nov. 18, 2021 - By Tomi Kilgore
Boeing's stock gets a boost after J.P. Morgan gets bullish againShares of Boeing Co. got a 1.6% boost in premarket trading Thursday, after the aerospace and defense contractor was upgraded at J.P. Morgan, with analyst Seth Seifman saying, "a deep breath and diving in." Seifman raised his rating to overweight, after downgrading it to neutral in March 2020. He raised his stock price target to $275 from $260. "With the market near a record, we like that BA has company-specific catalysts that should help, provided we avoid a recession or eternal COVID-19 waves," Seifman wrote in a note to clients. "[B]oeing's position at the center of global air travel offers confidence that it will recover financially over time and we believe risk-reward now skews favorably." He said China's certification of Boeing's 737 MAX planes is "critical," and recent reports suggest it is approaching. Another overhang is the 787 delivery halt, which Seifman said seems likely to persist in to the first quarter of 2022. Boeing's implied stock price gain would add about 24 points to the Dow Jones Industrial Average's price, while Dow futures gained 35 points, or 0.1%.
7:10 a.m. Nov. 17, 2021 - By Claudia Assis
Boeing stock 'lagging' the S&P, gets upgrade to buy from Wells FargoAnalysts at Wells Fargo raised their rating on Boeing Co. stock to the equivalent of buy, saying in a note Wednesday they see "a positive risk/reward balance with the stock lagging the S&P 500 by (about) 30% since its March high." Boeing stock likely benefits from China re-certificating the 337 Max, resumption of 787 deliveries, higher fuel prices driving more aircraft retirements, and easing international travel restrictions, the analysts said. Moreover, there's "limited downside" as Boeing is less susceptible to supply-chain disruptions given a large inventory of completed aircraft, they said. "(Boeing) is most levered to the post-COVID recovery among our coverage, and should outperform as air travel continues to normalize," they said. Shares of Boeing have gained nearly 6% this year, compared with gains of around 25% for the S&P 500 index.
10:34 a.m. Nov. 12, 2021 - Barrons.com
Steering Royal Caribbean for 33 YearsFollowing the announcement of his retirement, outgoing chief executive Richard Fain discusses how he helped lead Royal Caribbean through rough waters during the pandemic.
7:00 a.m. Nov. 12, 2021 - By MarketWatch
Soaring meat, dairy and other food prices jack up grocery bills as inflation hits 31-year highHigh inflation is literally eating up the budgets of American households. Meat, chicken, dairy, eggs, sugar and coffee are among the household stapes whose prices have risen the most.
4:00 a.m. Nov. 12, 2021 - By MarketWatch
Doubting that we could be in a stock-market bubble? Here’s the chart you need to see.Our call of the day from JonesTrading's chief strategist Michael O'Rourke says investors are ignoring history and a stock-market bubble that's bound to burst.
10:17 a.m. Nov. 9, 2021 - By Robert Schroeder
Biden plans in-person meeting with Canada, Mexico leaders as soon as next week: reportsPresident Joe Biden is planning to meet in person with the leaders of Canada and Mexico as soon as next week, reports said Tuesday. As Bloomberg , the meeting would bring together Biden, Canadian Prime Minister Justin Trudeau and Mexican President Andres Manuel Lopez Obrador soon after the countries eased travel restrictions related to the COVID-19 pandemic. Reuters Biden has had virtual meetings with both leaders and attended the G-20 in Rome with Trudeau. The nations make up the United States-Mexico-Canada free trade agreement. The White House declined to comment.
7:20 a.m. Nov. 9, 2021 - By Tomi Kilgore
Hertz stock receives downbeat reception on Nasdaq, as it opens below the recent share-offering priceHertz Global Holdings Inc. received a rather downbeat reception on the Nasdaq, as the car rental company's stock opened 9.5% below where its share-offering just priced. The company said late Monday that an upsized offering by selling stockholders of priced at $29 a share, compared with previous expectations that the would price between $25 and $29 a share. The stock's first trade on the Nasdaq was at $26.25 at 12:14 p.m. Eastern for 2.82 million shares. It has since recovered slightly to trade down 6.3% at $27.19. The stock, which had traded over the counter under the ticker symbol "HTZZ" since the company emerged from bankruptcy through Monday, had closed Monday at $32.62. Before Hertz filed for bankruptcy in May 2020, the stock had traded on the NYSE under the ticker symbol "HTZ." Including it's time as an OTC stock, Hertz's stock has run up 62.2% over the past three months, while shares of rival Avis Budget Group Inc. have rocketed 242.4% and the S&P 500 has gained 5.6%.
2:40 a.m. Nov. 9, 2021 - By Tomi Kilgore
Hertz stock set to start trading on the Nasdaq, after upsized share offering priced at top of expected rangeHertz Global Holdings Inc.'s stock is set to begin trading on the Nasdaq Tuesday, after the car rental company, which emerged from bankruptcy in July, announced overnight that an upsized public offering of shares priced at the top of the expected range. The company said selling shareholders raised about $1.29 billion as 44.52 million shares were sold at a price of $29.00 a share, compared with of a 37.10 million-share offering that was expected to price between $25 and $29 a share. Hertz said it will not receive any proceeds from the share sale, but plans to repurchase from the underwriters of the offering 10.34 million shares for $300 million. Hertz's stock is expected to begin trading on the Nasdaq under the ticker symbol "HTZ," after previously trading over the counter under the ticker "HTZZ." The stock has soared 94.8% over the past three months through Monday, while the S&P 500 has tacked on 6.1%.
2:01 a.m. Nov. 9, 2021 - By Tomi Kilgore
SeaWorld stock set to fall after profit and revenue missed expectations, while attendance beatShares of SeaWorld Entertainment Inc. were indicated down about 2% in premarket trading Tuesday, after the theme park operator reported third-quarter earnings that fell short of forecasts, as all theme parks were open without COVID-19-related capacity limitations but international travel restrictions limited group-related attendance. The company swung to net income of $102.1 million, or $1.28 a share, from a loss of $79.2 million, or $1.01 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.66. Total revenue jumped nearly fivefold to $521.2 million from $106.1 million, but was below the FactSet consensus of $536.6 million. Attendance of 7.2 million was down from 8.1 million in the same quarter of pre-pandemic 2019, but topped the FactSet consensus of 6.6 million, while total revenue per capita of $72.13 was up 23.7% from 2019 and above expectations of $61.00. "Our pricing and product strategies, along with the strong consumer demand environment, continued to drive higher realized pricing and strong guest spending in the quarter," said Chief Executive Marc Swanson. The stock has soared 117.7% year to date, while the S&P 500 has gained 25.2%.
4:21 p.m. Nov. 8, 2021 - By Claudia Assis
Virgin Galactic sells space-tourism seats faster than it anticipatedVirgin Galactic Holdings Inc. stock edged lower in the extended session Monday after the space-tourism company reported a wider quarterly loss and said its $450,000 space-tourism seats are selling faster than it anticipated. Virgin said it lost $48 million, or 32 cents a share, in the third quarter, compared with a loss of $92 million, or 41 cents a share, in the third quarter of 2020 and FactSet consensus of a loss of 28 cents a share. The company had $2.6 million in revenue, compared with FactSet expectations of revenue around $1.4 million. Virgin Galactic said it is on track to launch its private-astronaut commercial service in late 2022. "Demand for space travel is strong, and we've been selling seats ahead of the pace we had planned," Chief Executive Michael Colglazier said in a statement. "This demonstrates the incredible market for our product and appreciation for the value of the unique experience we offer." Virgin had targeted the sale of 1,000 reservations before the launch of space-tourism service, and about 700 of these have been sold, the company said. The current price of $450,000 a seat "has been well received," Virgin Galactic said. Virgin and has sold about 100 seats since.
1:59 a.m. Nov. 8, 2021 - By Ciara Linnane
Coronavirus tally: Global cases of COVID-19 near 250 million and U.S. reopens to vaccinated travelersThe global tally for the coronavirus-borne illness climbed above 249.9 million on Monday, while the death toll edged above 5.05 million, according to . The U.S. continues to lead the world with a total of 46.5 million cases and 754,431 deaths. The U.S. is still averaging about 1,200 deaths a day, although cases and hospitalizations are declining, outside of hot spots that include California and Colorado. More than a year and a half after COVID-19 concerns prompted the U.S. to close its borders to international travelers from countries including Brazil, China, India, South Africa, the United Kingdom and much of Europe, restrictions are shifting to focus on vaccine status, Beginning Monday, bans on travel from specific countries are over. The U.S. will allow in international travelers, but they must be vaccinated - with a few exceptions. The U.S. is also reopening the land borders with Canada and Mexico for vaccinated people. Most trips from Canada and Mexico to the U.S. are by land rather than air. India is second by cases after the U.S. at 34.4 million and has suffered 461,057 deaths. Brazil has second highest death toll at 609,447 and 21.9 million cases. In Europe, Russia has the most fatalities at 243,405 deaths, followed by the U.K. at 142,236.
1:24 a.m. Nov. 8, 2021 - By Tomi Kilgore
Marriott Vacations swings to Q3 profit that beats expectations, says current quarter 'has started well'Marriott Vacations Worldwide Corp. reported Monday that it swung to a third-quarter profit that beat expectations, while revenue rose in line with forecasts, as contract sales nearly tripled to reach within 3% of pre-pandemic 2019 levels. The vacation ownership company's stock was still inactive in premarket trading. Net income was $10 million, or 23 cents a share, after a loss of $62 million, or $1.51 a share, in the year-ago period. Excluding nonrecurring items, the company swung to adjusted earnings per share of $1.60 from a per-share loss of 81 cents, while the FactSet consensus was for EPS of $1.41. Total revenue grew 62.1% from a year ago to $1.05 billion, matching the FactSet consensus, while contract sales jumped 171.4% to $380 million, with first-time buyers representing 30% of contract sales. Average revenue per member increased 16.8% to $42.95. "The fourth quarter has started well with October contract sales above 2019 levels and reservations on the books for the first half of next year are already strong," said Chief Executive Stephen Weisz. The stock has rallied 18.3% over the past three months through Friday while the S&P 500 has gained 5.9%.
1:14 a.m. Nov. 8, 2021 - By Tomi Kilgore
CorePoint's stock tumbles after $1.5 billion buyout deal represents near 12% discount to Friday's closing priceShares of CorePoint Lodging Inc. tumbled 13.8% in premarket trading Monday, after the U.S. lodging real estate investment trust announced an agreement to be acquired in a cash deal valued at $1.5 billion by a joint venture between affiliates of Highgate and Cerberus Capital Management. Under terms of the deal, the per-share price paid is $15.65 a share, or 11.9% below Friday's stock closing price of $17.76 but 42% above the July 13 closing price, which was the last trading day before CorePoint announced its strategic alternatives process. The deal is expected to close in the first quarter of 2022. Separately, Wyndham Hotels & Resorts announced an agreement with CorePoint regarding the termination of all hotel management agreements once the CorpPoint merger is closed. CorePoint's stock has soared 158.1% year to date through Friday, while the SPDR Real Estate Select Sector ETF has rallied 31.9% and the S&P 500 has gained 25.1%.
2:28 a.m. Nov. 4, 2021 - By Tonya Garcia
Wayfair shares sink after revenue missWayfair Inc. shares dropped 5.2% in Thursday premarket trading after the online home goods seller swung to a third-quarter loss and reported revenue that missed expectations. Net losses totaled $78.0 million, or 75 cents per share, after net income of $173.2 million, or $1.67 per share, last year. Adjusted EPS of 14 cents beat the FactSet consensus for a penny per share. Revenue of $3.121 billion was down from $3.839 billion and below the FactSet consensus of $3.238 billion. "As various geographies reopened post-pandemic, consumers naturally shifted some spend towards travel and entertainment and from e-commerce towards brick and mortar," said Chief Executive Niraj Shah in a statement. "Demand and interest in the home remains resilient, but it will take a few more quarters for our growth - and e-commerce growth in general - to get back to normal." Active customers rose to 29.2 million from 28.8 million. And average order value was up to $283 from $243 last year. Wayfair brands include the namesake, Joss & Main, and AllModern. Wayfair stock has gained 19% for the year to date while the S&P 500 index is up 24% for the period.
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