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Wall Street estimates haven’t budged for Zoom in months and the stock is trading around 27% below its 2020 peak. Amazon has flat-lined since September, with news of surging sales and profit eliciting shrugs from analysts. There are similarities in Europe. Delivery Hero is about 16% below a January peak, while France’s Ubisoft Entertainment SA and UK online grocer Ocado Group Plc have fallen back after results failed to provide fresh catalysts. But some of the region’s pandemic winners have continued to prosper, suggesting a more selective approach among investors. Payments firm Adyen NV, which surged over 160% in 2020, and Swedish online casino operator Evolution Gaming Group AB, which almost tripled last year, have continued to hit records on an almost daily basis. German meal-kit company HelloFresh SE is another that has extended gains in 2021.
A year after Covid crash, pandemic losers are the new winners
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A year after Covid crash, pandemic losers are the new winners
Bloomberg / Feb 20, 2021, 14:56 IST
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Rebounds in shares that were the hardest hit during the early days of the crisis have helped equity benchmarks around the world climb to near record highs. (File photo)
NEW DELHI: A year after Covid-19 reordered world markets, sparking a brutal selloff for many stocks and creating new lockdown darlings, the prospect of vaccine-led reflation is turning the tide for the pandemic’s main laggards.
Rebounds in shares that were the hardest hit during the early days of the crisis have helped equity benchmarks around the world climb to near record highs. The likes of European tour operator TUI AG and US mall owner Simon Property Group Inc are among those that have rallied most strongly.
Troubled Coachella Hotel Project Files Bankruptcy Amid Lawsuit The developer, Glenroy Coachella LLC, filed for Chapter 11 protection after the project’s manager has faced allegations of fraud. Bloomberg | Feb 16, 2021
(Bloomberg) The owner of a lavish hotel development near the site of Coachella, the famous California music festival, has filed for bankruptcy after lawsuits and delays stymied its plans.
Glenroy Coachella LLC, which owns the Hotel Indigo development, sought Chapter 11 protection in Los Angeles on Monday, according to a bankruptcy petition. The entity listed assets of $50 million to $100 million and liabilities of $10 million to $50 million.
The bankruptcy filing comes after Stuart Rubin, manager of the project, faced a lawsuit from his business partner, Gary Stiffelman, for $50 million amid allegations of “incompetence and fraud,” according to the Palm Springs Desert Sun. The lawsuit alleged that the development spent two separate budgets of $25 milli