Tag: rally

Vaccine-led rally stalls in Europe as travel shares slide

(Reuters) – European stocks eased from eight-month highs as tighter coronavirus-driven restrictions across the continent hit travel stocks, halting a broader rally that was powered by encouraging COVID-19 vaccine news.



The German share price index DAX graph at the stock exchange in Frankfurt


© Reuters/STAFF
The German share price index DAX graph at the stock exchange in Frankfurt


The pan-European STOXX 600 <.stoxx wp_automatic_readability="9.0623306233062"> slipped 0.1% in morning trading. The index closed at it highest level since Feb. 27 on Monday after positive data from drugmaker Moderna’s COVID-19 vaccine.

Earlier, Pfizer and partner BioNTech flagged strong progress in their COVID-19 vaccine, sparking a rally in global equities last week.

“Though the vaccine developments were incredibly positive, markets still have a bit of a ‘show me the logistics’ side to it,” Deutsche Bank strategist Jim Reid wrote in a morning note.

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Near-term economic outlook remains hazy as the grip of the virus grows stronger, with Sweden moving to restrict the size of public gatherings and a British medical adviser suggesting strengthening the three-tier system of restrictions when the full lockdown in England ends.

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Travel stocks <.sxtp wp_automatic_readability="4.4335180055402"> fell the most, with British airline EasyJet sliding 5% after it recorded a 1.27 billion pound ($1.68 billion) annual loss, the first in its history that also highlights the extent of the pandemic’s impact on air travel. European banks <.sx7p wp_automatic_readability="8.8301886792453"> retreated after a more than 3% surge on Monday. BBVA fell 4.2% after it and smaller rival Sabadell said they were in talks to create Spain’s second-biggest domestic lender by assets.

Sabadell shares jumped 3.5% to become the second-biggest gainer on the STOXX 600.

Other economically sensitive sectors such as oil and gas <.sxep> and automakers <.sxap> retreated after a sharp rally in the past week as hopes of a vaccine prompted investors to bet on a faster economic recovery.

Tobacco company Imperial Brands gained 3% after it forecast a rise in profit for 2021, helped by expected improvements in its e-cigarette business.

Defensive sectors such as utilities <.sx6p> and healthcare <.sxdp> inched higher.

(Reporting by Sruthi Shankar and Shashank Nayar in Bengaluru; Editing by Anil D’Silva)

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Travel stocks rally after Moderna’s vaccine progress lifts hopes for near-term reopening

United Express ERJ145 ExpressJet

Airline, hotel, and cruise stocks surged in early Monday trading as Moderna’s encouraging vaccine trial results spurred fresh optimism for an end to the coronavirus pandemic.

The biotech company announced Monday morning that its experimental coronavirus vaccine was 94.5% effective at preventing COVID-19 in a preliminary analysis. The update comes one week after Pfizer and BioNTech revealed similarly positive results from early trials of their own vaccine. While both candidates still need to receive approval from the US Food and Drug Administration, their supposed effectiveness suggests a nationwide rollout could come in 2021. 

The news boosted shares of companies hit hardest by the virus and stay-at-home restrictions. United Airlines, American Airlines, and Delta jumped more than 5% shortly after the vaccine news.

Read more: GOLDMAN SACHS: Buy these 20 deeply underpriced stocks now before the recovery helps them rebound and crush Wall Street’s low expectations in 2021

Royal Caribbean Cruises, Carnival, and Norwegian Cruise Line Holdings gained more than 7%.

Hotels also rallied on the news. Hilton Hotels, Hyatt Hotels, and Marriott International all posted gained exceeding 5% in early trading.

The moves mimic the dislocations seen after previous encouraging vaccine updates. Stocks that would benefit the most from a full economic recovery bounce higher, while those that thrived through the pandemic slide. Monday was no different, as stay-at-home stocks such as Zoom, Netflix, and Peloton all traded lower.

Both Moderna and Pfizer aim to apply for emergency use authorization later this month. Approval would allow the companies to quickly begin distributing their vaccines to the most vulnerable populations. Even if both candidates are approved by regulators, vaccine supply is set to be very limited.

Read more: Peter Lynch disciple William Danoff manages over $124 billion and has beaten the market for 30 years. He shares the 10 investment rules that ensured his success.

Still, new hopes for a near-term breakthrough lifted the broader stock market. Futures for the Dow Jones industrial average and S&P 500 rose more than 1% on the news. Nasdaq 100 futures erased early gains posted minor losses as major tech names fell.

Oil futures extended gains as traders hoped for a vaccine to revive travel-based consumption. West Texas Intermediate crude contracts gained as much as 4.7%, to $42.02 per barrel.

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Rally held in support of homeless being housed at Lucerne Hotel on Upper West Side

UPPER WEST SIDE, Manhattan (WABC) — A rally at a New York City hotel Saturday attracted politicians and advocates for the homeless.

NYC Mayoral Candidates Maya Wiley and Dianne Morales, Manhattan Borough President Gale Brewer and former Manhattan Borough President Ruth Messinger and councilmember Helen Rosenthal were among the attendees.

The event was in support of men being housed at the Lucerne Hotel on the Upper West Side.

Last month, a temporary restraining order was granted allowing the 235 temporary residents to remain there.

The Lucerne Hotel has been the subject of controversy throughout the pandemic.

Area residents have complained of a decline in their quality of life.

Related: Homeless encampments line New York City streets, Cuomo calls it ‘public health threat’

On Monday, a judge will hear the case that determines whether or not the men can remain there.

At the same time, UWS Open Hearts will be distributing winter coats, hats, gloves, and other winter gear donated by the community.

On October 19, Judge Debra James granted the men a TRO in response to a suite of affidavits from Lucerne shelter residents, a physician who specializes in substance abuse, a social worker, and a co-founder of UWS Open Hearts attesting to the irrational and harmful nature of the move.

Because of the TRO, residents are now receiving six-day-a-week services on-site from Project Renewal’s Recovery Center, which provides intakes, occupational therapy, and group meetings. At a standard shelter such services would normally only be available off-site.

Exclusive: Tenants living in Manhattan hotel alongside homeless men say they feel trapped

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Fake posts promoting ‘free pancakes’ at Trump Hotel before DC rally spread on social media

Social media users on Saturday morning spread fake posts promoting “free” pancakes and breakfast at Trump International Hotel in Washington, D.C., ahead of the pro-Trump “Million MAGA March.”

A pro-Trump group called “Women for America First” organized for the event, which has drawn large crowds of people from across the country to D.C., defending President Trump’s claims of voter fraud.

Ahead of the march, social media users touted false claims of free breakfast at Trump International with varying details; some said the free breakfast was only for those wearing pro-Trump gear while others said the food was free for all.

Twitter pancakes screenshot (FBN)

Twitter pancakes screenshot (FBN)

Twitter pancakes screenshot (FBN)

A representative for the Trump International Hotel confirmed to Fox News that the hotel was not serving any kind of free breakfast on Saturday.

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Users also flooded TikTok, Instagram and Twitter with images of pancakes under the hashtag #MillionMAGAMarch and #TrumpRally in what appeared to be a group effort to deter attention from the rally itself.

Instagram pancakes screenshot (FBN)

The effort may have stemmed from TikTok users, who pulled a similar prank in June. Users claimed credit for inflated attendance expectations at a Trump rally in Tusla, Oklahoma, when they organized users to reserve tickets to the event and not show up.

TRUMP SAYS HE MAY ‘STOP BY’ MAGA RALLY IN DC ON SATURDAY

An estimated 10,000 people were anticipated to attend the Women for America First rally on Saturday, according to the group’s park permit.

Speeches are expected from Rep. Mike Kelly (R-Penn.), Rep. Paul Gosar (R-Ariz.), Rep.-elect Marjorie Taylor Greene (R-Ga.), Rep. Louis Gohmert ( R-Texas) and others.

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Counter-demonstrations are also planned, with protesters bashing Trump’s attempts to overturn President-elect Joe Biden’s victory. Refuse Fascism is organizing near the White House to demand “The Trump/Pence Regime Must Go,” organizers said.

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Fox News’ Marisa Schultz contributed to this report.

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Stock rally loses momentum as travel, financial shares decline

Stocks closely tied to a rebound from the coronavirus pandemic fell Thursday morning as the market’s post-election gains dwindled.



a group of people standing in front of a computer: Stock rally loses momentum as travel, financial shares decline


© Getty
Stock rally loses momentum as travel, financial shares decline

The Dow Jones Industrial Average opened with a loss of roughly 200 points Thursday, or nearly 0.7 percent, and the S&P 500 index fell roughly 0.4 percent. The losses were driven primarily by declines in shares for hotels, cruise lines, airlines, banks and other companies hindered by the coronavirus pandemic and its economic impact.

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The Nasdaq composite rose roughly 0.3 percent, however, as pharmaceutical and technology stocks rallied across the market.

Thursday’s mixed open comes as a market rally that began the day before Election Day and accelerated on positive results from Pfizer’s coronavirus vaccine candidate begins to lose steam.

The Nasdaq closed Wednesday with a gain of 2 percent and the S&P rose 0.8 percent, but the Dow closed largely flat after a more than 800-point gain on Monday.

The U.S. is currently facing a third wave of COVID-19 in every state, spurring record-breaking daily cases that have stretched some hospitals beyond their capacity. The U.S. reported 136,000 new cases of COVID-19 Tuesday, the largest single-day increase on record, according to a tracker by Johns Hopkins University.

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Vaccine hopes spur major rally in oil and travel stocks

Grounded fleet of Aegean Airlines AEE, the flag carrier of Greece, as seen parked in the apron of Athens ATH LGAV International airport in the Greek Capital on July 7, 2020. A3 operates an all-Airbus fleet with A319, A320 mainly, A321 and new arrivals of modern and advanced Airbus A320NEO. The airplanes are parked with the engines covered as the airline temporarily ceased most of the operations due to the Coronavirus Covid-19 pandemic reduced traffic and travel restriction that the government imposed. Greece is restarting the summer season for tourism, one of the main income sources for the country with tighter safety measures, easing the lockdown measures and COVID Virus checks at the entry points in the country such as the airports. (Photo by Nicolas Economou/NurPhoto via Getty Images)
The airline industry’s fate looked uncertain following months of COVID-19 groundings. Photo: Nicolas Economou/NurPhoto via Getty Images

Travel and oil stocks are leading FTSE (^FTSE) gains on Tuesday as markets continue to rejoice over news of a COVID-19 vaccine.

The moves come after early findings show that a vaccine developed by Pfizer (PFE) and BioNTech SE is 90% effective in protecting people from transmission of the virus in global trials.

“Vaccine means ‘back to normal’ – it’s all about the velocity of people getting back to 2019 levels sooner which means more demand for travel, more demand for oil products (gasoline, jet fuel),” said Neil Wilson, chief markets analyst at Markets.com.

Rolls Royce (RR.L) was among the most dramatic gainers on the London index, up around 19.5% at around 11:30am in the UK. IAG was also up 9.1%.

Rolls Royce's gains remained steady on Tuesday as global markets rallied.
Rolls Royce’s gains remained steady on Tuesday as global markets rallied.

“You have also got to remember just how badly beaten down these sectors were and how they are very cheap relative to the market and relative to growth, so we are seeing a major rotation back into value stocks. In some cases too there are short squeezes going on with lots of hedgies caught the wrong side of this news,” Wilson added.

READ MORE: European markets find calm after frantic rally on COVID-19 vaccine news

In September, International Airlines Group (IAG.L) announced more cuts to flights as it adjusted to the collapse in demand for air travel. It dropped its capacity by 60% below of its 2019 levels, adding that it didn’t see a return to 2019 levels until 2023. It was also aiming to cut up to 13,000 jobs amid a bitter dispute with its union Unite over redundancies and pay cuts for cabin crews.

According to a recent Morgan Stanley note, Lufthansa (LHA.DE), IAG, and EasyJet (EZJ.L) still face a strong cash burn rate and will be close to their minimum cash levels by 2Q20, which suggests they may need to access more liquidity resources by 2021.

“With the elastic band stretched so far to the downside it makes sense that these stocks (also heavily shorted) will be big winners on the way up,” said Chris Beauchamp, chief market analyst at IG.

“Of course there’s a long way to go, but the change in sentiment should spark a more extended move to the upside as investors keep piling in in the hope of picking up some bargains, just as holidaymakers try to get some winter sun bargains for 2021. Oil [is] a similar story, hope of a return to stronger demand earlier than expected, which would help support cash flow and reduce the risk of further dividend cuts.”

The oil rally mirrored the wider stock market rally, underscoring gains for BP (BP), which was up 7.6% at around 11:50 am in London, and Royal Dutch Shell (RDSB.L) which was up 4.4%.

Both firms have been hard hit by COVID-19, with Shell planning to cut up

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Airline and cruise stocks rally as Pfizer drug progress spurs hope for travel-industry recovery

norwegian epic cruise ship



Travel stocks surged on Monday after Pfizer’s encouraging vaccine update bolstered hope that the coronavirus crisis may soon end.

Royal Caribbean, Carnival, and Norwegian Cruise Line Holdings all surged more than 30% on Monday morning. United Airlines gained as much as 27%. Delta Air Lines and American Airlines rallied 23% and 26%, respectively, at intraday highs.

The soaring travel giants helped major indexes reach all-time highs on Monday. Stocks rallied in early trading after Pfizer announced its experimental coronavirus vaccine was more than 90% effective at preventing COVID-19 in trial participants. The pharmaceutical company now plans to apply for emergency-use authorization that would allow it to more rapidly distribute the drug.

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Economists and strategists alike have repeatedly said that containing the virus is critical to driving a full recovery. With cases surging to record highs in the US, a viable vaccine is increasingly viewed as a silver bullet for ending the pandemic.

The travel industry was among those hit hardest by the virus and related quarantines. Airline and cruise stocks tumbled through March as trips were placed on hold and people avoided unnecessary travel. While airlines have experienced a partial recovery, cruises are still under a “No Sail” order from the Centers for Disease Control.

Read more: Morgan Stanley says to load up on these 10 stocks featured on the firm’s ‘buy list,’ which has dominated the broader market this year

While the recently beleaguered sector and broader market swung higher on the vaccine news, stocks that thrived through the nationwide lockdown plummeted. So-called stay-at-home plays including Zoom, DocuSign, and Peloton faced outsized selling as investors bolstered bets on the reopening trade.

The rosy vaccine news also boosted oil prices as traders turned more bullish toward an increase in travel activity. West Texas Intermediate crude oil leaped as much as 11.3%, to $41.33 per barrel, at intraday highs.

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Laid-off hotel workers rally after health insurance yanked: ‘We’ve been thrown out like yesterday’s garbage’

About 150 hotel workers who’d been laid off — but promised their jobs back when the hotel industry rebounds — gathered in Grant Park Friday to call on their employers to continue providing health insurance.

They are among about 7,000 Chicago hotel workers represented by UNITE HERE Local 1 who are out of work and, since Oct. 1, without health insurance.

“I have really, really bad arthritis and only four pills left, and I have a daughter who needs her braces taken off,” said Shawan Johnson, 41, who worked turning over rooms at the Hilton Chicago for six years until she was laid off in March.

“When you work for a company for many, many years and once a pandemic hits they just say, ‘Well, forget it, no more healthcare, no more anything.’ … It’s like insult to injury,” said Johnson.

Jesus Morales, who’d worked as a banquet server at the Drake Hotel for 33 years until he lost his job in March, said he’s in a tough spot because his wife, who had brain surgery a few years ago, and daughter, who was recently in a car accident, both depend on him for health insurance.

“We have spent years and decades of our lives working for these companies, and now we’ve been thrown out like yesterday’s garbage,” he said. “They should be ashamed of how they’re treating us.”

Jesus Morales, a banquet server at The Drake, took part in a rally with other hotel workers who are demanding health insurance in the Loop, Friday afternoon, Oct. 23, 2020. | Pat Nabong/Sun-Times
Pat Nabong/Sun-Times

The crowd chanted, “We deserve better!” before marching under a light drizzle several blocks around the Hilton Chicago, 720 S. Michigan Ave.

The majority of workers represented by the union are women of color, according to Unite Here spokeswoman Sarah Lyons. The workers are, in part, room attendants, bartenders, cooks, servers, bellmen and doormen.

Hotel workers and their supporters march to demand health insurance in the Loop, Friday afternoon, Oct. 23, 2020. | Pat Nabong/Sun-Times
Pat Nabong/Sun-Times

Their jobs are spread among dozens of hotels, but the largest chunk of them work for the Hilton, Marriott and Hyatt hotel chains, Lyons said.

Representatives of the three hotel groups did not immediately respond to requests for comment.

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First lady Melania Trump will not travel to Pa. rally due to ‘lingering cough’ after COVID battle

First lady Melania Trump will not accompany President Donald Trump to a campaign rally in Pennsylvania on Tuesday evening due to a “lingering cough” despite having recovered from the novel coronavirus.

Mrs. Trump’s chief of staff Stephanie Grisham said the first lady “continues to feel better every day following her recovery from COVID-19.”

Barron Trump, right, stands with his parents, President Trump and first lady Melania Trump, on the South Lawn of the White House on the fourth day of the Republican National Convention in Washington. (Associated Press)

Barron Trump, right, stands with his parents, President Trump and first lady Melania Trump, on the South Lawn of the White House on the fourth day of the Republican National Convention in Washington. (Associated Press)

“But with a lingering cough, and out of an abundance of caution, she will not be traveling today,” Grisham said in a statement.

The statement comes ahead of President Trump’s scheduled “Make America Great Again!” rally in Erie, Pa., later Tuesday – just two days before the candidates will face off for the second and final presidential debate on Thursday night.

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Mrs. Trump’s last public appearance was during the Sept. 29 presidential debate in Ohio. She and President Trump announced in early October that they had both tested positive for the virus. Their results came after close aide Hope Hicks also tested positive.  

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The first lady announced last week that she had tested negative.  

The Associated Press contributed to this report.

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