Travel & Tourism

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: Movies, Sports

24 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Walt Disney is pushing back the highly anticipated movie “Mulan,” with a domino effect for “Avatar” and “Star Wars” sequels; and sport stars are still making it rain when it comes to pay.

Traditional IPO is best-fit destination for Airbnb

23 Jul 2020

The home-sharing app is reviving plans to go public. Before the pandemic it favored a direct listing, but now it could use fresh capital. CEO Brian Chesky is exploring all options, including a SPAC investment. For a big name, though, a regular IPO looks the most logical route.

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: Expense accounts, Zoom’s new box

15 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Goldman Sachs’ earnings give an insight into pandemic-era client schmoozing, and virtual meeting facilitator Zoom tiptoes into the high-priced hardware market.

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.

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.

Corona Capital: Quarantines, UK bailout, Drugs

3 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Britain relaxes its “bonkers” quarantine rules; a small UK bailout sets a troubling transparency precedent; and India’s drugmakers click into dealmaking mode.

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.

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.

EasyJet sees glimpse of blue sky above virus cloud

25 Jun 2020

The UK budget airline raised 419 mln pounds from investors. With European economies reopening and the few planes back in the sky full of passengers, CEO Johan Lundgren’s route out of the gloom is clearer. Shares up 50% from their virus low make this a good time to refuel.

Winnebago’s spring surge may run out of gas

24 Jun 2020

The recreational-vehicle maker’s stock price has more than tripled from March lows as social distancing pushes stir-crazy Americans outdoors. But the company’s valuation is stuffed with expectations of hitting Mount Rainier-type heights. Investors might want to put on the brakes.

Corona Capital: SpongeBob, Cirque du Soleil

23 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: Cinema chains raring to reopen may find that movie studios have already made other plans. Meanwhile, Cirque du Soleil may get new financing, but with strings.

Corona Capital: UK debt, Oaktree, KKR, Chanel

19 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: UK government borrowing surges past GDP; Howard Marks is sceptical about the stock market revival; KKR bets on cheap and local European holidays; Chanel takes a gloomier view than rivals on the luxury rebound.

Hertz shares may yet be roadworthy

18 Jun 2020

The bankrupt car-rental firm halted plans to sell stock after the SEC raised concerns. Equity is usually wiped out in Chapter 11. But if a re-emergent Hertz could rev its EBITDA up to, say, 60% of pre-pandemic levels, shareholders could stay along for the ride.

Corona Capital: J.C. Penney, Hockey

17 Jun 2020

Concise views on the pandemic’s corporate and financial fallout: Executives at bankrupt clothing chain J.C. Penney sell their shares for, well, pennies; and ice hockey gear supplier Bauer adapts for the Covid-19 era.

Hertz throws equity wrench in bankruptcy melee

12 Jun 2020

The car-hire firm wants to raise up to $1 bln by selling shares to replace debt that usually finances a restructuring. It may pay off, but equity usually crashes into a wall in Chapter 11. The stock market’s irrational exuberance is letting Hertz test-drive an unusual vehicle.