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After making big gains of more than 35% in November following positive Covid vaccine news and developments, the cruise stocks have cooled off over the past month. In a research note Friday, Woronka attributed that turnaround “to multiple reasons, with perhaps the most important being a bit less optimism of late about the timing of a return to sailings out of U.S. ports.”
“It’s unlikely, in our view, that entire fleets will be back in the water much before year end,” he wrote. “The critical question is, at what point can enough capacity return such that current (elevated) cash burn levels can be reduced to more manageable levels that might not necessitate further capital raises?”
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The recovering economy should lift corporate profits this year. But that doesn’t mean companies will pay taxes on the gains, even with rates potentially going up under the Biden administration.
Generous tax breaks in the Cares Act, along with the heavy losses racked up by companies in 2020, may produce a tax shield for years. The higher the tax rate goes, the more companies could save.
The.
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The recovering economy should lift corporate profits this year.
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Order Reprints Photograph by Andrew B. Myers; (background) Suttipong Sutiratanachai/Getty Images
Corporate travel has fallen off a cliff during the pandemic, taking airline traffic with it. The Las Vegas Strip, ordinarily bustling with conference-goers and leisure travelers alike, more resembles a quiet resort town than the 24/7 hive of activity it usually is. No cruise ships aside from some Covid-stricken stragglers have embarked from or entered U.S. ports since mid-March.
Even domestic leisure travel, a relatively bright spot over the summer and into the fall, is coming up against a surge of Covid-19 cases and a fresh.
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Corporate travel has fallen off a cliff during the pandemic, taking airline traffic with it.