Year: 2020

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Hertz Global Holdings Inc is working with debt restructuring advisers to explore options for shoring up its finances after the coronavirus pandemic killed demand for car rentals, people familiar with the matter said on Thursday. The Estero, Florida-based company, whose largest shareholder is billionaire investor Carl Icahn, is reeling from the impact of the pandemic on global travel. Hertz has enlisted restructuring experts at law firm White & Case LLP and investment bank Moelis & Co to help it address a cash crunch that has made its $17 billion debt pile potentially unsustainable, the sources said. …read more […]

Ruth’s Hospitality Group Inc, owner of the Ruth’s Chris Steak House chain of restaurants, on Thursday said it would quickly repay $20 million of federal rescue loans it received to help maintain payroll through the coronavirus crisis, a program aimed at small businesses. The announcement came after the U.S. Treasury said a highly valued public company would have a hard time getting a coronavirus relief loan in the next round of funding. …read more […]

There is no question that the economy is in a far worse place today than it was a year ago. The numbers we are seeing are beyond belief…
Gross domestic product estimates from analysts for the second quarter range from horrifying (down 20%) to catastrophic (down 40%). Oil is selling for less than $10 per barrel.
Unemployment is projected to hit 32%, which is worse than it was at the peak of the Great Depression.
It really is terrifying economic data.
But against the economic nightmare that the country is now facing, amazingly, the S&P 500 Index hasn’t dropped over the past year. Instead, …read more […]

(Bloomberg) — Intel Corp. withdrew its full-year sales forecast, citing “significant economic uncertainty” caused by the Covid-19 pandemic. The company’s shares fell more than 5% in late trading.The world’s largest semiconductor maker reported a 23% jump in first-quarter revenue and better-than-projected profit, bolstered by demand for chips that run the laptops and server machines companies need to keep people working from home. Though it gave an optimistic second-quarter sales target, Intel’s profit outlook fell short of estimates, sparking concerns that a spending slowdown will drag on business for the rest of 2020.Sales in the current period will be about $18.5 …read more […]

Stock futures kicked off the overnight session roughly flat on the heels of a volatile trading day Thursday, with stocks whipsawed amid conflicting signals over the results of a clinical trial for a coronavirus antiviral treatment candidate. …read more […]

The stock market, as measured by the S&P 500 Index, is down more than 15% this year, even after the recent mega-rally.
Now, having said this, a select group of investors who positioned themselves early are looking forward to checking their brokerage accounts every morning, crash or no crash.
Why is that?
Because they invested – and are still investing – in the one asset that has outperformed the market by double and triple digits – even while the market is down. This one investment is outshining everything.
Oops… I gave it away!
As I’m sure you already know, gold has been on a tear. …read more […]