Airlines

Corona Capital: “Halo”, Salesforce, Brooks Bros

12 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: Microsoft delays the next chapter of the “Halo” game franchise; Salesforce gets a lockdown bonus with sale of Zoom shares; and Simon Property suits up with a purchase of Brooks Brothers out of bankruptcy.

Corona Capital: Telemedicine, Outdated movie rules

10 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: Men’s wellness outfit Hims matches the online medical consultation trend with a financial one, namely blank-check companies; and Washington finally scraps a “Gone with the Wind”-era regulation.

Corona Capital: PizzaExpress, Aerospace pain

4 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: The UK restaurant chain’s restructuring is not that tasty a meal for creditors; Airplane-parts maker Spirit’s reliance on Boeing’s 737 MAX has it heading into worse turbulence.

IAG’s capital raise buys limited flying time

31 Jul 2020

The British Airways owner is tapping investors for 2.8 billion euros of equity. But the carrier is burning through 800 million euros of cash each month. Unless restrictions in its three biggest markets lift soon, a government bailout may be the only way to avoid a rough landing.

Corona Capital: GM, Glaxo, Shopify, Movies, Pemex

29 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: General Motors pulls further ahead; GlaxoSmithKline’s vaccine-order boost; Shopify fills its revenue basket; AMC bows to online streaming’s growing power; Mexico’s oil giant puts on a brave face.

Corona Capital: Precious metals, Share sales, Toys

27 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: The virus and central banks’ response to it is a rich seam for gold and silver prices; UK companies’ growing preference for bonds rather than stock is a warning sign; Hasbro and Mattel vie to see who loses less.

Ryanair pain will be milder than rivals’ misery

27 Jul 2020

CEO Michael O’Leary is focusing on preserving cash and cut staff costs by 77% in the first quarter. Competitors that have more unionised employees can’t tighten their belts as much. Another big wave of infections would be even worse for them than the 11 bln euro budget carrier.

Corona Capital: Thanksgiving shopping, Airlines

22 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Walmart gives thanks to employees; Airlines’ relative winners emerge.

Corona Capital: Newspapers, 747s

17 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Congress may dangle newspapers a lifeline; British Airways brings its fleet of jumbo jets in for a final landing.

Corona Capital: Good news is bad news

16 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. retail sales are rising and some banks say consumers are surprisingly resilient – but a recovery once glimpsed is even harder to give up.

Airlines need surgery not a vaccine

14 Jul 2020

Delta’s CEO said business travel, recently half its revenue, may never fully recover. That suggests the health crisis is turning into a full-fledged shift in behavior. The U.S. government could re-up bailouts. But the industry needs to shrink and rethink to stay airborne.

Virgin’s budget rescue buys a bit more flying time

14 Jul 2020

Richard Branson’s airline claims its rescue deal is worth 1.2 bln pounds. But the tycoon and other investors are only chipping in 370 mln pounds of new cash, with payment holidays and deferrals bringing in the rest. With few assets to borrow against, it’s the best deal on offer.

American Airlines has jumbo-sized seating dilemma

10 Jul 2020

The Dallas-based carrier’s un-socially distanced cabins have displeased passengers and health officials. But a look at its finances suggests the alternative would be big losses. It’s hard to see how American can please the many people who have stumped up to keep it airborne.

Corona Capital: Nursing homes, Airlines, Walgreens

9 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Nursing home investments will get a rethink; airline travelers get the upper hand; and Walgreens’ LBO heyday is in the past.

Corona Capital: Not so united

8 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: A potential round of cuts at United Airlines lays bare the pitfalls of the government being both savior and investor.

Corona Capital: Disney/“Hamilton”, U.S. housing

6 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: “Hamilton” reinvigorates Walt Disney’s digital-download challenge, and America’s stay-at-home rules may mean there’s pent-up demand for real estate and home improvement.

Scandi airline rescue is formation-flying lesson

30 Jun 2020

Sweden and Denmark are taking an equal share of the knotty $1.5 bln rescue of regional carrier SAS. If equity and debt holders agree, it’s an exception to the rule that national priorities impede cross-border bailouts. Air France-KLM’s fractious state owners should take note.

U.S. airlines are flying into stress-test airspace

29 Jun 2020

Bailouts of American Airlines, Delta and others have effectively branded the industry systemically essential. But Washington has only imposed temporary restrictions in return for taxpayer aid. Like banks, airlines need more oversight of longer-term financial flight paths.

Qantas charts choppy path for Bain’s Aussie flight

26 Jun 2020

The U.S. buyout shop beat out rival bids for bankrupt Virgin Australia. There’s haggling to do with creditors and others before the sums are known. At the same time, Qantas is raising $940 mln and plans to axe 20% of its workforce in a fresh sign of the brutal challenges ahead.

Corona Capital: U.S.-China fight, Canada downgrade

25 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: Washington deploys sanctions over Hong Kong, adding to trade and Covid-19 tensions; and a double whammy of the coronavirus and low oil prices costs Canada one of its AAA ratings.