In a bid to meet its investment objective in the emerging clean-energy technologies
United Airlines ( UAL Quick Quote UAL - Free Report) announced the formation of a corporate venture fund United Airlines Ventures. The fund will focus on sustainability concepts that are in line with this Chicago-based airline’s goal of achieving net-zero emissions by 2050 without relying on traditional carbon offsets.
The new fund will also concentrate on revolutionary developments in the aerospace field. The carrier, currently carrying a Zacks Rank #3 (Hold), aims to utilize the newly-created fund for focusing on innovative technologies that are likely to bolster its operations, thereby enhancing its customers’ experience. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here .
Through this fund, the carrier will look to fuel growth of small-to-medium-sized companies with high potential. The carrier’s CEO Scott Kirby sounded upbeat about the fund’s prospects when he said, "With United Airlines Ventures, we're signaling our confidence in these companies and propelling them forward with our expertise and financial support to demonstrate that our commitment to innovation will strengthen our company and improve our customers' experience more quickly than anyone ever anticipated".
Notably, Michael Leskinen, the incumbent vice president of Corporate Development and Investor Relations at United Airlines, will be the president of United Airlines Ventures in addition to his current responsibilities.
Notably, the carrier is constantly looking to work with companies that are developing transformational technologies and services aimed at enriching customer experience. We remind investors that earlier this month, United Airlines inked a deal with Boom Supersonic to buy 15 of Boom's 'Overture' jets with an option to purchase 35 more such planes. The aircraft will make use of 100% sustainable aviation fuel.
Stocks to Consider
Some better-ranked stocks in the broader Zacks
Transportation sector are Landstar System, Inc. ( LSTR Quick Quote LSTR - Free Report) , Triton International Limited ( TRTN Quick Quote TRTN - Free Report) and Herc Holdings Inc. ( HRI Quick Quote HRI - Free Report) .While both Herc Holdings and Landstar sport a Zacks Rank #1 (Strong Buy), Triton carries a Zacks Rank #2 (Buy), currently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term (three to five years) expected earnings per share growth rate for Landstar, Triton and Herc Holdings is projected at 12%, 10% and 42.9%, respectively.
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