Clipper Realty Inc
Change company Symbol lookup
Select an option...
CLPR Clipper Realty Inc
VGI Virtus Global Multi-Sector Income Fund
VDE Vanguard Energy Index Fund ETF Shares
VCV Invesco California Value Municipal Income Trust
VCSH Vanguard Short-Term Corporate Bond Index Fund ETF Shares
VBR Vanguard Small-Cap Value Index Fund ETF Shares
V Visa Inc
UPS United Parcel Service Inc
UNM Unum Group
UNH UnitedHealth Group Inc

Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

Clipper Realty, Inc. is a real estate investment trust, which acquires, owns, manages, operates and repositions multi-family residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. The Company's segments include Commercial and Residential. As of June 30, 2016, it owned two residential/retail rental properties at 50 Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan, referred to as the Tribeca House properties. As of June 30, 2016, it also owned a residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings, referred to as the Flatbush Gardens properties or complex. As of June 30, 2016, it owned two primarily commercial properties in Downtown Brooklyn (one of which included 36 residential apartment units), referred to as the 141 Livingston Street property and the 250 Livingston Street property, and also owned the Aspen property.

Closing Price
Day's Change
0.00 (0.00%)
B/A Size
Day's High
Day's Low

10-day average volume:

UPDATE: Hertz's stock falls to record low after 'going concern' warning is issued with debt-relief deadline approaching

7:22 am ET May 13, 2020 (MarketWatch)

By Tomi Kilgore, MarketWatch

Rental-car company to 'transition' 12,000 furloughed employees to permanent job cuts as COVID-19 results in revenue 'free fall'

Shares of Hertz Global Holdings Inc. tumbled to their lowest-ever close Tuesday after the rental-car company issued a "going concern" warning, to go along with its disappointing first-quarter results and as a deadline to negotiate debt relief with its lenders approaches.

In its 10-Q filing of first-quarter results ( late Monday, Hertz added to its risk factors that management has determined that the company may not be able to repay or refinance its debt before it comes due, and therefore cash flows may be insufficient to fund operations.

"As such, management has concluded that there is substantial doubt regarding the company's ability to continue as a going concern within one year form the issuance date of this quarterly report on form 10-Q," the company stated.

The stock (HTZ) was dropped 9.1% to $2.90, the lowest closing price since going public in November 2006.

The 10-Q was filed in conjunction with a first-quarter report in which Hertz reported a wider-than-expected loss ( as results were significantly impacted by the COVID-19 pandemic. Revenue also fell more than expected.

"While my senior team and I have weathered economic downturns throughout our careers, the severe toll that COVID-19 has taken on our customers' lives and on the travel industry has been unlike anything we've experienced and the speed with which it occurred is astounding," Chief Executive Kathryn Marinello said on the post-earnings conference call with analysts, according to a FactSet transcript.

And it didn't get any better after the quarter ended. Marinello said the revenue trend went into "free fall" in April as nearly all travel ceased, and as the number of its used vehicles sold at U.S. auctions fell to "unprecedented historic lows."

The company had responded to the COVID-19 crisis by furloughing about 16,000 employees starting on March 30. "But with no way to predict when the crisis will end, we are forced to transition 12,000 of those employees into permanent separation," Marinello said. That represents 32% of the 38,000 employees Hertz had as of Dec. 31.

Hertz's "going concern" warning and earnings report came on the heels of Hertz's disclosure in late April that it had missed certain lease payments. Last week, Hertz said it reached agreements with most of its lenders to give it until May 22 before the company is required to liquidate vehicles serving as collateral.

Wall Street Journal:Hertz is preparing for a potential bankruptcy filing (

Also read:Hertz's stock suffers record selloff, as Moody's cuts rating as COVID-19 creates 'severe' credit shock (

Don't miss:Hertz to restore executive pay amid heavy workload as it looks to dodge a default (

Late Monday the company said it can't provide any assurances that it will be able to negotiate any relief past May 22. And given these "active discussions," Marinello said "we will not be taking questions" from analysts following the prepared remarks.

Morgan Stanley analyst Adam Jonas said Hertz's "lack of transparency" contrasts with rival Avis Budget Group Inc. (CAR), which faces the same challenges but has responded with "high levels of financial transparency and equity holder engagement," such as making its finance executives available for a number of analyst calls.

"While we acknowledge the extremely difficult situation facing the car rental business, the 1Q Hertz conference call failed to convey a sense of strategy ... or a distinct path forward," Jonas wrote in a note to clients.

Jonas reiterated his underweight rating and stock-price target of $2, which implies a 31% drop from current levels.

Hertz's stock has plummeted 84.5% over the past three months, while Avis shares have tumbled 70.0% and the S&P 500 index has declined 15.1%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

May 13, 2020 07:22 ET (11:22 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Earnings Calendar and Events Data provided by |Terms of Use| © 2020 Wall Street Horizon, Inc.

Market data accompanied by is delayed by at least 15 minutes for NASDAQ, NYSE MKT, NYSE, and options. Duration of the delay for other exchanges varies.
Market data and information provided by Morningstar.

Options are not suitable for all investors as the special risks inherent to options trading may expose investors to potentially rapid and substantial losses.
Please read Characteristics and Risks of Standard Options before investing in options.

Information and news provided by ,, , Computrade Systems, Inc., , and

Copyright © 2020. All rights reserved.