Royal Caribbean Group said on Monday it was seeing an uptick in future bookings, following a disastrous year for the cruise operator, as travel enthusiasts look to sail again at a time governments globally have started mass vaccinations.
Royal Caribbean Group said on Monday it was seeing an uptick in future bookings, following a disastrous year for the cruise operator, as travel enthusiasts look to sail again at a time governments globally have started mass vaccinations.
(Repeats story first published Friday with no changes to text)
NEW YORK, Feb 12 (Reuters) - Investors are watching next week’s earnings reports from hotels, cruise lines and other businesses that have been hard hit by COVID-19 for indications of which companies could be the first to bounce back when the pandemic recedes.
For nearly a year, money managers have largely looked past earnings in the travel and leisure sector, where coronavirus-fueled lockdowns and travel restrictions battered companies’ businesses and crushed their stock prices: shares of Marriott and Norwegian Cruise Lines, for example, are down 12% or more in the last year, compared to a nearly 17% gain for the S&P 500 through Friday afternoon.
Investors are watching next week's earnings reports from hotels, cruise lines and other businesses that have been hard hit by COVID-19 for indications of which companies could be the first to bounce back when the pandemic recedes.
Breakingviews
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Peter Weinberg, head of advisory at Perella Weinberg Partners, speaks during a Reuters Breakingviews panel in New York, U.S. January 10, 2017. REUTERS/Lucas Jackson
NEW YORK (Reuters Breakingviews) - Perella Weinberg is injecting some financial sense into one of the hottest market trends. The advisory firm founded by Joseph Perella, Peter Weinberg and Terry Meguid has registered a $977 million valuation in a deal to sell itself to a special-purpose acquisition company. It is a sensible price for a real business in a competitive market.
The firm’s 60-odd partners made their careers doling out advice to companies like cruise-liner operator Royal Caribbean and private equity giant KKR. The boutique firm, with a 15 year track record, brought in $533 million of revenue in 2019, posting a compound annual growth rate of 15% on average over the three years prior. On an adjusted basis, Perella Weinberg actually makes a profit, too.