• Why Shares of Howmet Aerospace, Allegheny Technologies, and Sabre All Soared Today
    Motley Fool

    Why Shares of Howmet Aerospace, Allegheny Technologies, and Sabre All Soared Today

    Airline stocks have enjoyed two solid days of gains on growing optimism that the worst is over for the travel sector. Shares of Sabre (NASDAQ: SABR) were up 14.8% at the close Friday, while shares of Howmet Aerospace (NYSE: HWM) and Allegheny Technologies (NYSE: ATI) were each up more than 9%. Sabre, Howmet, and Allegheny do not overlap much, but they all count on airlines for a significant portion of their sales.

  • Analyst who predicted market's 40% rally says these stocks will lead to all-time highs
    Yahoo Finance

    Analyst who predicted market's 40% rally says these stocks will lead to all-time highs

    After nailing the market's recovery, Fundstrat's Tom Lee is predicting hard hit stocks can carry the S&P 500 to new highs.

  • Why Macy's and Other Retail Stocks Are Trading Higher Today
    Motley Fool

    Why Macy's and Other Retail Stocks Are Trading Higher Today

    Shares of consumer-discretionary retail operators were trading higher on Friday on growing investor optimism after new data indicated that the unemployment rate in May was better than expected. The U.S. Bureau of Labor Statistics reported on Friday morning that total non-farm employment rose by 2.5 million jobs in May, driving the unemployment rate down to 13.3% from 14.7% in April. Macy's has reopened many of its stores, but some may close again -- for good -- later this year.

  • 3 big reasons retail brands die in America
    Yahoo Finance

    3 big reasons retail brands die in America

    Yahoo Finance looks at why once proud retail chains such as J.C. Penney have gone bankrupt.

  • Why Movie Theater Stocks Soared Today
    Motley Fool

    Why Movie Theater Stocks Soared Today

    Movie theater stocks including AMC Entertainment (NYSE: AMC), Cinemark Holdings (NYSE: CNK), Marcus (NYSE: MCS), and National Cinemedia (NASDAQ: NCMI) were all moving higher today after the May employment report was much better than expected. It was a strong sign that the economic recovery is well under way, and investors reacted enthusiastically, sending shares of hard-hit stocks like movie theaters and other consumer discretionary companies surging. As of 11:16 a.m. EDT, AMC shares were up 10%, Cinemark had gained 8.8%, Marcus was up 12.8%, and National Cinemedia was trading up 14.9%.

  • Why Carnival, Royal Caribbean, and Norwegian Cruise Line Stocks Soared Today
    Motley Fool

    Why Carnival, Royal Caribbean, and Norwegian Cruise Line Stocks Soared Today

    Cruise ship stocks surged on Friday after a surprising jobs report boosted investors' hopes for a faster-than-expected economic recovery. As of 1:30 p.m. EDT, shares of Carnival (NYSE: CCL), Royal Caribbean (NYSE: RCL), and Norwegian Cruise Line Holdings (NYSE: NCLH) were all up more than 20%. The U.S. economy added 2.5 million jobs in May, according to the Labor Department, which brought the unemployment rate down to 13.3%.

  • Why Under Armour Shares Fell More Than 15% Last Month
    Motley Fool

    Why Under Armour Shares Fell More Than 15% Last Month

    Shares of sporting goods and casual apparel maker Under Armour (NYSE: UA)(NYSE: UAA) fell hard in May. According to data from S&P Global Market Intelligence, Under Armour's Class A shares fell 16% and the Class C shares lost 15.2%. Under Armour's revenue fell 22% to $930 million. Under Armour expects to reduce its full-year operating expenses by $325 million through a variety of cost-saving initiatives.

  • Why Hotel REITs Pebblebrook, DiamondRock, and Park Hotels & Resorts Took Off Today
    Motley Fool

    Why Hotel REITs Pebblebrook, DiamondRock, and Park Hotels & Resorts Took Off Today

    Investors are changing their minds about this struggling real estate niche. Here's why, and why it's still too soon to call an all-clear.

  • 3 Great Stocks Around $10 a Share
    Motley Fool

    3 Great Stocks Around $10 a Share

    The allure of penny stocks is that you can control a lot of shares for relatively little money, so that even small upward movements in the price can result in windfalls. Its recovery may be premature, as CEO Roy Harvey told analysts recently there was too much uncertainty to say we're on the edge of a recovery.

  • Why Oil Stocks Are Going Ballistic Today
    Motley Fool

    Why Oil Stocks Are Going Ballistic Today

    Oil prices are in rally mode today. WTI, the main U.S. oil price benchmark, was up 4.5% to about $39 a barrel by 10:15 a.m. EDT on Friday. Fueling the rebound in crude prices was a report that OPEC and its partners had agreed to extend their historic production cut by another two months.

  • Why Is Spirit Aerosystems (SPR) Up 66% Since Last Earnings Report?

    Why Is Spirit Aerosystems (SPR) Up 66% Since Last Earnings Report?

    Spirit Aerosystems (SPR) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

  • This Is the Biggest Problem in Canopy Growth's Q4 Earnings Report
    Motley Fool

    This Is the Biggest Problem in Canopy Growth's Q4 Earnings Report

    Canopy Growth (NYSE: CGC) released its fourth-quarter results on May 29. The number that garnered attention was the company's mammoth loss, which totaled $1.3 billion Canadian dollars. It's another big loss from a company that's been no stranger to them in the past.

  • Fed Vow Boosts Debt Binge as Borrowers Cut Thousands of Jobs

    Fed Vow Boosts Debt Binge as Borrowers Cut Thousands of Jobs

    (Bloomberg) -- Soon after the Federal Reserve’s March 23 assurance that it would make borrowing easier for American corporations, Sysco Corp. sold $4 billion of debt.Not long after that, the food-service giant announced plans to cut one-third of its workforce, more than 20,000 employees. Dividends to shareholders would continue, executives said.That process repeated itself in April and May as the coronavirus spread. The Fed’s promise juiced the corporate-bond market. Borrowing by top-rated companies shot to a record $1.1 trillion for the year, nearly twice the pace of 2019. Companies as diverse as Sysco, Toyota Motor Corp., international marketing firm Omnicom Group Inc. and movie-theater chain Cinemark Holdings Inc. borrowed billions of dollars -- and then fired workers.The companies were under no obligation to behave any differently, but their actions call into question the degree to which the U.S. central bank’s promise to purchase corporate debt will help preserve American jobs.While the Fed has yet to buy a single bond, its pledge threw a lifeline to the market that undoubtedly kept some people working. Retail chains such as Dollar General Corp., CVS Health Corp., Walgreens Boots Alliance Inc., Lowe’s Cos. and Costco Wholesale Corp. said they’re adding personnel after tapping the bond market.But unlike the Small Business Administration’s Paycheck Protection Program, which has incentives for employers to keep workers on the job, the taxpayer-backed facilities that the Fed and Treasury Department created for bigger companies have no such requirements. To make sure the emergency programs help fulfill one of the Fed’s mandates -- maximum employment -- the central bank is essentially crossing its fingers that restoring order to markets will translate to saving jobs.“They could set conditions, say to companies, hire back your workers, maintain your payroll to at least a certain percentage of prior payroll, and we will help,” said Robert Reich, the former Secretary of Labor for President Bill Clinton who now teaches economics at the University of California, Berkeley. “It’s hardly clear that if you keep companies afloat they’ll hire employees.”Unanimous SenateThe lending programs -- credit for big companies and the so-called Main Street facilities for midsize firms -- are supported by the CARES Act, a law that passed the House with more than 96% of the chamber’s votes and cleared the Senate unanimously. For many supporters, putting conditions on the assistance was a step too far. If Congress had intended any, it would have made it explicit in the legislation, they say.“Really it’s all about creating a context, a climate, in which employees will have the best chance to either keep their job, or go back to their old job, or ultimately find a new job,” Fed Chairman Jerome Powell said in a May 29 webinar hosted by Princeton University. “That’s the point of this exercise.” A spokesman for the U.S. central bank declined further comment.Even as businesses around the country began reopening in May after months of stay-at-home orders, helping a battered U.S. economy add 2.5 million jobs in May, prospects remained grim for millions of Americans who’ve been let go since February. An extra $600 a week in unemployment benefits that Congress approved in March is slated to stop on July 31. The prohibition against firing workers in the $25 billion government rescue of U.S. airlines expires Sept. 30, and the biggest recipients have said they intend to shed employees after that date.Protecting WorkersReich’s view is echoed mostly by progressive Democrats and supporters of stricter regulatory oversight of the financial system.“The Fed’s primary motivator in creating these lending facilities is not protecting workers,” U.S. Representative Katie Porter, a California Democrat on the Financial Services Committee, said in an email interview. “The American people should not be asked or expected to loan $500 billion with no strings attached.”A letter, circulated by the Wall Street watchdog group Americans for Financial Reform and published May 27, urged Congress to attach conditions favorable to workers to any Covid-19-related rescue programs. It was signed by 45 organizations, including labor unions and religious and environmental groups.Without provisions for employees, “the credit assistance will tend to boost financial markets, but not the broad economic well-being of the great majority of the population,” Marcus Stanley, Americans for Financial Reform’s policy director, said in an interview.Stanley said the corporate-lending programs don’t have to require companies to keep or rehire workers, but they could give priority to those that do.In its legislation, Congress did express an intent that workers benefit from taxpayer-funded assistance, but it left a lot of the details to Powell and Treasury Secretary Steven Mnuchin.“Our No. 1 objective is keeping people employed,” Mnuchin said during a May 19 Senate Banking Committee hearing after Senator Elizabeth Warren, a Massachusetts Democrat, accused him of “boosting your Wall Street buddies” at the expense of ordinary Americans. “What we put in the Main Street facility is that we expect people to use their best efforts to support jobs,” Mnuchin said.The phrase “best efforts” echoes the original terms for the Main Street program, which required companies to attest they’ll make “reasonable efforts” to keep employees. The wording was subsequently changed to “commercially reasonable efforts,” which Jeremy C. Stein, chairman of the Harvard University economics department and a former Fed governor, called a welcome watering-down of expectations that the central bank would dictate employment policies to borrowers.Emergency Help“It was smart of them to weaken that,” Stein said. “You can’t expect companies to borrow to pay employees.”Companies might not seek emergency help if too many strings are attached to the aid, Stein said. Others question the practicality of tying workers to their companies as economic realities shift.“To go to great lengths to make companies keep employees that they don’t need, in light of new expectations that economic activity will remain below pre-Covid levels for a long while, doesn’t make sense,” said Mark Carey, a former Fed staff member and now co-president of the Risk Institute of the Global Association of Risk Professionals.The Fed approached this crisis with the intent of keeping credit flowing everywhere, from municipalities to small businesses to big corporations to households. Powell said the programs are about lending, not spending -- in other words, they aim to ease a financing pinch rather than stimulate the demand companies need to keep workers on the payroll.Weird Hybrid“For the Fed to second-guess a corporate survival strategy would be a step too far for them,” said Adam Tooze, a Columbia University history professor and author of “Crashed: How a Decade of Financial Crises Changed the World.” Putting explicit conditions on program beneficiaries would make the central bank “a weird hybrid of the Federal Reserve, Treasury, BlackRock and an activist stockholder.” BlackRock Inc. is the world’s biggest money manager and was hired by the central bank to assist with bond programs.Through the Main Street facilities, which are scheduled to begin operations any day, the Fed will buy as much as $600 billion in four-year loans made to companies by commercial banks with principal and interest deferred for one year. The program is aimed at midsize businesses, with 15,000 or fewer employees or annual revenue of $5 billion or less in 2019.The central bank’s credit backstop for larger companies is split in two. The $500 billion primary program is designed to buy slices of syndicated loans or new bonds from companies with investment-grade credit scores or one notch below. It’s available to corporations that can prove they can’t borrow elsewhere. The $250 billion secondary facility buys individual corporate bonds already on the market and exchange-traded funds that include investment-grade and junk bonds. The Fed kicked off the program last month; its balance sheet as of June 2 listed ETF holdings valued at $4.3 billion.European DifferencesEuropean countries are charting a different policy course by paying workers directly. The U.K., for example, is offering 80% of salaries up to 2,600 pounds ($3,207) a month. The Netherlands and Denmark have effectively nationalized private payrolls.The U.S. government paid adults who make less than $75,000 a year a one-time sum of $1,200, with $500 for every dependent child. The cost was $239 billion.The S&P 500 has jumped 38% since March 23, the day the Fed intervened. Observers of the stock market wonder how it could be so bullish at the same time as the country faces an avalanche of joblessness unsurpassed in its history. The choices companies are making provide an answer.Since selling $4 billion in debt on March 30, Sysco has amassed $6 billion of cash and available liquidity, enabling it to gobble up market share, while cutting $500 million of expenses, according to Chief Executive Officer Kevin Hourican. Sysco, which is based in Houston, will continue to pay dividends to shareholders, Chief Financial Officer Joel Grade said on a May 5 earnings call.Junk BondMovie theaters were one of the first businesses to close during the pandemic. Cinemark, which owns 554 of them, shut its U.S. locations on March 17. Three days later, the company paid a previously announced dividend. It has since said it will discontinue such distributions. Cinemark borrowed $250 million from the junk-bond market on April 13, the same day it announced the firing of 17,500 hourly workers. Managerial staff were kept on at reduced pay, according to company filings. Cinemark, which is based in Plano, Texas, said it plans to open its theaters in phases starting June 19.The theater chain opted to go to the bond market over seeking funding from the government because “it didn’t come with any of the strings attached that government-backed facilities can include,” CEO Mark Zoradi said on the April 15 earnings call. It “was really no more complicated than that.”Sysco and Cinemark declined to comment for this story, and referred to their executives’ previous remarks.Omnicom issued $600 million in bonds on March 27. In an April 28 conference call to discuss quarterly earnings, CEO John Wren said the company was letting employees go but didn’t say how many. He said the company was extending medical benefits to July 31 for employees furloughed or fired.Wren added: “Our liquidity, balance sheet and credit ratings remain very strong and we have no plans to change our dividend policy.” Omnicom didn’t respond to requests for comment.Toyota borrowed $4 billion from investors on March 27. Three days later, the Japan-based car company said it would continue paying dividends to shareholders. Eight days after that it said it would drop roughly 5,000 contract workers who helped staff its plants in North America. Scott Vazin, a Toyota spokesperson, declined to comment.In a March 24 letter, 200 academics, led by Stanford University Graduate School of Business Professor Jonathan Berk, called lending programs aimed at corporations “a huge mistake.” Better to focus help directly on people living paycheck to paycheck who lost their jobs, it said.“Bailing out investors who chose to take high-risk investments because they wanted the high returns undermines capitalism and makes it an unfair game,” Berk said in an interview. “If you don’t have a level playing field in capitalism, it doesn’t work.”(Updates with details of May jobs report in 10th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Sabre (SABR) to Cut More Jobs Under Business-Realignment Plan

    Sabre (SABR) to Cut More Jobs Under Business-Realignment Plan

    Sabre (SABR) to lay off additional 800 workers as part of its major business-restructuring plan, which includes realignment of the airline and agency-focused businesses.

  • Spirit AeroSystems (SPR) in Focus: Stock Moves 11.1% Higher

    Spirit AeroSystems (SPR) in Focus: Stock Moves 11.1% Higher

    Spirit AeroSystems (SPR) saw a big move last session, as its shares jumped more than 11% on the day, amid huge volumes.

  • Bloomberg

    Billionaire-Owned Firms Tap State Aid In U.K. Loan Program

    (Bloomberg) -- Government money aimed at helping companies weather the coronavirus is going to enterprises controlled by some of the world’s richest tycoons, according to data released Thursday by the Bank of England.A number of firms owned by billionaires are tapping an emergency funding program backed by taxpayers, even as businesses great and small struggle to reopen. The initiative, called the Covid Corporate Financing Facility, is one of many the government and its central bank have unveiled to support companies that employ millions of workers and play a key role in the economy.The companies include Chanel, the legendary fragrance and fashion house controlled by brothers Gerard and Alain Wertheimer. Their clan has a combined net worth of $56 billion, according to the Bloomberg Billionaires Index. Chanel received 600 million pounds ($760 million) in loans from the initiative, which started in March and is financed from the BOE’s reserves.Another recipient is the enterprise that oversees the stadium for premier league soccer team Tottenham Hotspur, in London. It received 175 million pounds in funding and is controlled by Joe Lewis, a billionaire businessman and onetime currency trader who lives in the Bahamas.Truck maker CNH Industrial NV, linked to the business empire of Italy’s billionaire Agnelli family, sought 600 million pounds. Carnival Plc, the Miami-based cruise ship operator whose vessels became hotbeds of coronavirus infections, signed on for 25 million pounds. Its chairman is Micky Arison, who also owns the Miami Heat professional basketball team and is worth $9 billion.And JCB, a construction group owned by the billionaire Bamford family, received 600 million pounds. Chief Executive Officer Graeme MacDonald told the Telegraph newspaper the company hoped not to draw on any of the facility and viewed it as an “insurance policy” against further disruption.The roster may increase scrutiny of companies that are availing themselves of state aid -- even though they appear to have owners with ample resources of their own.“It is absolutely right that the Bank of England supports companies in order to save jobs and protect livelihoods, but I’m appalled that so many billionaire-owned businesses are being financed by the taxpayer,” said Margaret Hodge, a member of Parliament for the opposition Labour Party. “It’s high time that the mega-wealthy reach into their own pockets rather than the public purse.”Hodge, a former chair of the Public Accounts Committee, said her concerns run deeper than billionaire-controlled companies. She said the government must ensure firms that cut corners or use financial engineering to avoid big tax bills don’t take advantage of public support. In a June 3 letter, Hodge urged Rishi Sunak, Britain’s finance minister, to prevent companies with poor tax compliance records from receiving bailout funds.Tottenham Hotspur said in a statement on its website that it will lose 200 million pounds from the lockdown, and will use the funding to meet working capital needs. As for Carnival, a spokeswoman said the company contributes more than 2 million pounds to the U.K. economy every time its ships dock in the country, which happens 250 times a year.A spokeswoman for CNH Industrial pointed to a press release from April 29, in which the company said using the facility demonstrates its efforts to preserve a sound level of liquidity during the crisis. A spokesman for Chanel, which has 1,600 employees in the U.K., said the company closed all its boutiques in the country during the lockdown and will repay the loan within 12 months.Under the CCFF, the BOE purchases commercial paper, with maturity of up to a year, issued by large firms making a “material contribution” to the U.K. economy. So far it’s provided companies with 16.2 billion pounds of funding. The CCFF is “directly protecting hundreds of thousands of jobs and supporting some of our biggest companies’ cashflows,” a Treasury spokesman said on June 5.The effort operates in tandem with a suite of government-backed lending programs for smaller companies. While lawmakers and business groups have criticized the initiatives as slow and cumbersome, commercial banks have approved 31.3 billion pounds of partially and fully state-guaranteed loans to more than 745,000 companies since late March, according to the Treasury. The government has also provided 10 billion pounds in grants to 800,000 firms, deferred tax bills, and scrapped business tax rates.Burberry Group Plc, Marks & Spencer Group Plc and Rolls-Royce Holdings Plc were among the British businesses to draw on the CCFF facility, the central bank said. But the biggest recipient is Germany’s BASF SE, the chemicals giant. It withdrew 1 billion pounds, the maximum allowed under the program.(An earlier version of this story corrected Carnival’s contribution to the U.K. economy.)(Adds Treasury statement and government data on business support in 12th and 13th paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • 3 Oil Companies That Could Go Bankrupt in 2020
    Motley Fool

    3 Oil Companies That Could Go Bankrupt in 2020

    The oil industry has been flipped on its head over the last few months as economic shutdowns around the world have caused demand to plummet by around 20%. For a short time, oil futures prices even went negative in the U.S. because there was more supply than demand. Producers and suppliers in the oil market are trying to cut costs and adjust finances as quickly as possible, but not everyone will survive.

  • Long Lines at Ikea Don’t Spell Retail Boom

    Long Lines at Ikea Don’t Spell Retail Boom

    (Bloomberg Opinion) -- Anyone who has ever waited at Primark to pay for cheap workout attire or a bargain dress knows just what a challenge it is to keep the snaking line in the right place. With precautions to control the novel coronavirus’s spread, that logistical nightmare will get even worse. Every second cash register will be shut and there’ll be an employee in charge of enforcing the regimented flow of customers — in one way and out another.Social-distancing rules governing shops are just one of the reasons why any honeymoon for retailers in the first days of reopening may be short lived. Many will soon have to confront hard decisions about whether to shut some stores definitively and how to fend off online competition in a world where people may still be hesitant to go out to shop. Recovery will be a long slog, with more pressure on profits than before the Covid-19 outbreak.Non-essential stores in England, which were forced to close in March, will be permitted to open from June 15. Early indications are good. Ikea stores on the outskirts of London and in the West Midlands drew huge queues when the purveyor of flat-packed furniture (classified as essential) reopened earlier this week. In the U.S., where some states have moved quickly to reopen for business, signs have been encouraging — at least until the civil unrest that forced some store closures again.Take TJX Cos., owner of T.J. Maxx, one of the most touchy-feely retail experiences. It might seem that treasure hunting for a designer gem would be less appealing during a pandemic. But in late May the company said that overall, sales were above the year-earlier period in the 1,100 stores that had been open for at least a week. Even Macy’s Inc., which got caught in the department-store maelstrom, said sales were moderately higher than anticipated.It’s a similar picture in Europe. Earlier this week, Primark, owned by Associated British Foods Plc, said that suburban outlets, such as the one in Hilversum in the Netherlands, were comfortably ahead, even though sales in city-center stores in Berlin and Amsterdam were at less than half of what they were a year ago.There will be pent-up demand when stores open in England, too. During lockdown, online shopping has flourished. Initially, demand was for home furnishings and clothing basics, such as underwear and workout gear. But warm weather, along with a slew of special offers, has encouraged more fashion purchases, such as day dresses, over recent weeks. More markdowns, needed to clear out unsold spring and summer stock, could prompt people to splurge when they can get back out to shop again.But a surge at the reopening doesn’t necessarily mean an enduring rebound. The pandemic has had great human and economic costs, with U.K. unemployment expected to spike in the second quarter. Even if their finances have held up, furloughed workers may be reluctant to spend. People make the most drastic changes to their spending when they lose their job or see their friends and family being laid off. Meanwhile, even though economies are gradually reopening, cancelled weddings, parties and overseas holidays will likely mean a lower level of clothing demand for the remainder of this year.Those who do feel brave enough to splash out may get frustrated with long waits to get into stores or check out. That could be bad news for discount retailers that rely on a high number of relatively low-value transactions. Primark could be hardest hit by social-distancing measures at its busiest stores, which accounted for 10-20% of its total sales before the pandemic, parent Associated British Foods said.Store closures during lockdown pushed even more people to shop online, a trend that’s likely to continue. The digital share of non-food sales in the U.K. could increase to 41% over the next 18 months or so, from about 30% at the end of 2019, according to Richard Hyman, the independent retail analyst. Shifting business online comes with additional costs too.All of these forces will make chains think hard about which stores are worth keeping in their networks. In the U.S., Nordstrom Inc. said it would close 16 of its 116 department stores. Expect similar decisions in Europe, especially if the additional costs associated with equipping stores for social distancing can’t be shared with landlords in the form of lower rents.But some companies are poised to make the most of the turmoil. While Primark may have to deal with some tricky in-store logistics, it should still emerge a winner, given its focus on value, along with cheap-chic rivals Hennes & Mauritz AB and Inditex SA’s Zara. Perhaps that’s why Primark, which has shunned online commerce, is actually opening new stores — such as in Manchester’s Trafford Centre — rather than closing any. Online retailers such as Germany’s Zalando SE and Britain’s Asos Plc, as well as companies with big digital businesses, such as Next Plc, should also be well placed.But even for the winners, the next year or so will be testing. The changes roiling the industry in the space of these five months would have taken five years in normal times. That’s a lot for even the most nimble retailers to deal with.  This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andrea Felsted is a Bloomberg Opinion columnist covering the consumer and retail industries. She previously worked at the Financial Times.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Why Carnival, Norwegian Cruise Line, and Avis Stocks All Rose Today
    Motley Fool

    Why Carnival, Norwegian Cruise Line, and Avis Stocks All Rose Today

    Of particular interest to investors betting on the economy's recovery, shares of cruise lines Carnival (NYSE: CCL) and Norwegian Cruise Line Holdings (NYSE: NCLH) ended up 7.1% and 9%, respectively. Broadly speaking, these kinds of companies are representative of the health of the travel industry and of discretionary consumer spending, which have both been hit especially hard by the COVID-19 pandemic. When governments tell people to stay at home for months on end, that's not great news for travel businesses, either.

  • Business Wire

    INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Carnival Corporation (CCL) Investors

    INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Carnival Corporation (CCL) Investors