Hilton Is a Great Buy for the End of the Coronavirus Pandemic
The backdrop is grim. The coronavirus outbreak continues to grow in Europe and North America, with commerce-killing lockdowns becoming standard as a means of reducing the spread. Some hotel stocks have fallen more than 50% since their late-February peak and remain deep in the red despite this week's broad market bounce. Traveling is the last thing on anybody's mind -- or on their agenda -- right now.
What if, however, investors were pricing in a pandemic that wasn't going to hurt the global economy nearly as much as presumed, and is apt to end much sooner than expected?
That's a bet hedge fund manager Bill Ackman has already made. He confirmed the purchase of shares in a beaten-down Hilton Worldwide (NYSE: HLT) some time within the past few days, reversing his concern from a week earlier that the stock was "going to zero" if the U.S. didn't act quickly to quell the COVID-19 contagion.
Source Fool.com
