quarter

Real-Estate Losers in 2020, Like Hotel and Mall Owners, Starred in the First Quarter

Shares of companies that own shopping centers, hotels and New York office buildings were decimated most of last year but mounted a first-quarter comeback, as investors bet that a vaccine rollout can revitalize these hard-hit businesses.

Real-estate investment trusts overall rose 9% during the three months, beating the S&P 500’s 6% gain, according to data-analytics firm Green Street. Fueling the REIT rally was an 18% rise in the shares of lodging owners and a 32% gain by mall owners.

The real-estate recovery was part of a broader market surge that lifted many beaten-down sectors starting late last year, when

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Jeff Bezos’ departure as Amazon CEO comes on the heels of a historic quarter

In a letter to Amazon employees published Tuesday afternoon, Jeff Bezos announced that he would step down as CEO and transition to executive chairman, where he’ll focus on “new products and early initiatives.” Andy Jassy, who is currently CEO of Amazon Web Services, will replace him.

“Jeff Bezos really knows how to go out on a high note, and the news of his stepping down from the CEO role will certainly overshadow what was a truly historic quarter,” said Andrew Lipsman, eMarketer principal analyst at Insider Intelligence.

“Amazon’s huge topline performance in Q4—bolstered by Prime Day in October, a

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