Futures were flat to kick off the holiday shortened week after finishing the previous week strongly. Stocks got a boost last week from a series of solid economic reports, concluded by a better than expected jobs report on Friday. The S&P and the Nasdaq are dancing around record highs. We’ll see where this week leads.
The world’s richest man has new plans for his future. Find out what Jeff Bezos’ big announcement could mean for Amazon.
A well-known and respected car rental firm has risen from the ashes, in what has been deemed a “remarkable” recovery. It’s an impressive story and we’ve got all of the details.
Plus, travelers of business and pleasure alike are experiencing “sticker shock” this summer. Continue reading for advice from the pros on how you can get the most bang for your buck while planning your summer travels.
Hertz rises from the threat of bankruptcy and is looking ahead...
Hertz Global Holdings Inc. (HTZGQ) has emerged from bankruptcy more than a year as a “far stronger company,” owing to a booming rental car industry as more Americans travel and the economy picks up. The well-known company agreed to sell more than 180,000 vehicles from its fleet by the end of 2020 as part of its bankruptcy filing last year, precisely as used car prices rose, and Americans faced a lack of new automobiles.
The turnaround was described as “amazing” by Henry Keizer, chairman of Hertz’s board of directors.
Hertz stated its stock would continue to trade over the counter for the time being and that its creditors will be paid in full in cash, with current owners receiving “more than $1 billion in value.” The stock has risen almost 45% for the month and is up 583% for the year.
Prices for hotel rooms, rental vehicles, flights, etc., are skyrocketing...
Travelers throughout the nation are being met with exorbitant rates and canceled flights. According to travel agents, the most significant thing you can do is start looking and booking as soon as possible.
According to statistics from hotel research firm STR, hotel occupancy was up 44% at the end of June compared to a year ago. What’s more, airfare was 24% higher in May than the same month last year.
Despite this, many of the costs are still lower than they were in the summer of 2019, six months before the Covid-19 epidemic forced travel to a standstill and drove prices to plummet. “Most of the price increase consumers are witnessing is owing to how inexpensive items were last year,” Adam Sacks, president of Tourism Economics, explained.
Hotels and airline tickets aren’t the only things that have gone up in price. The national average cost for a gallon of regular gasoline is $3.13 today, up 44% from a year ago and a seven-year high. Rental vehicle costs have risen a whopping 110% from a year ago to record highs and are now 70% higher than pre-pandemic levels.
Amazon CEO Jeff Bezos is stepping down...
On Monday, Amazon CEO Jeff Bezos stepped down precisely 27 years after founding the e-commerce behemoth in a garage in West Bellevue, Washington. Bezos will delegate day-to-day responsibilities to his long standing subordinate Andy Jassy, but he will retain significant influence as the company’s executive chairman.
Amazon grew from a small online bookstore to the world’s largest online retailer under Bezos’ leadership. Bezos guided the business through the dot-com bubble’s demise in the early 2000s and then embarked on a relentless expansion period extending far beyond Internet shopping. Amazon is currently involved in significant grocery stores, cloud computing, intelligent gadgets, fashion brands, and film production.
Bezos will continue to be Amazon’s largest shareholder. “Jeff is truly not going away,” Amazon CFO Brian Olsavsky informed reporters in February. “It’s more of a restructuring of who does what.”Bezos’ departure as Amazon’s CEO comes at a critical juncture for the company. The epidemic sparked a surge in demand for its services, resulting in increased revenues and recruiting. However, the company’s rapid expansion has drawn the attention of authorities, who fear it has grown too large. Without the world’s richest man at the head, the firm may be able to withstand some of the scrutiny. Stepping down might also let Bezos avoid some of the criticism leveled at him by lawmakers. “I’m very confident someone along the line took notice and said, ‘Here’s another advantage of this timing,” said James Bailey, a George Washington University professor of leadership development.
Where to invest $1,000 right now...
Before you consider buying Hertz, you'll want to see this.
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And it's not Hertz.
Jeff Bezos, Peter Thiel, and the Rockefellers are betting a colossal nine figures on this tiny company that trades publicly for $5.
Keith say’s he thinks investors will be able to turn a small $50 stake into $150,000.
Find that to be extraordinary?
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But you have to act now, because a catalyst coming in a few weeks is set to take this company mainstream... And by then, it could be too late.
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