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On The Fly
U.S. airline stocks slide as analysts cut ratings on coronavirus risk » 11:39
02/27/20
02/27
11:39
02/27/20
11:39
SKYW

SkyWest

$46.00 /

-0.72 (-1.54%)

, MESA

Mesa Air

$6.14 /

-0.18 (-2.85%)

, LUV

Southwest

$47.48 /

-1.4 (-2.86%)

, ALGT

Allegiant Travel

$139.25 /

-5.36 (-3.71%)

, UAL

United Airlines

$66.08 /

-0.44 (-0.66%)

, SAVE

Spirit Airlines

$31.31 /

-1.61 (-4.89%)

, JBLU

JetBlue

$16.42 /

-0.7 (-4.09%)

, DAL

Delta Air Lines

$48.42 /

-1.17 (-2.36%)

, ALK

Alaska Air

$54.90 /

-2.47 (-4.31%)

, AAL

American Airlines

$21.17 /

-1.13 (-5.07%)

Shares of U.S. airline…

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On The Fly
Airline downgrades headline today's top Wall Street calls » 10:53
02/27/20
02/27
10:53
02/27/20
10:53
GILD

Gilead

$74.93 /

+0.23 (+0.31%)

, VIR

Vir Biotechnology

$47.00 /

+12.05 (+34.48%)

, LOGI

Logitech

$38.50 /

-0.82 (-2.09%)

, SQ

Square

$81.56 /

+4.935 (+6.44%)

, SPCE

Virgin Galactic

$20.39 /

-8.3 (-28.93%)

, LUV

Southwest

$46.26 /

-2.62 (-5.36%)

, SKYW

SkyWest

$44.11 /

-2.61 (-5.59%)

, MESA

Mesa Air

$5.88 /

-0.44 (-6.96%)

, ALGT

Allegiant Travel

$135.22 /

-9.39 (-6.49%)

, UAL

United Airlines

$64.10 /

-2.42 (-3.64%)

, SAVE

Spirit Airlines

$30.65 /

-2.27 (-6.90%)

, JBLU

JetBlue

$15.97 /

-1.15 (-6.72%)

, DAL

Delta Air Lines

$47.24 /

-2.35 (-4.74%)

, AAL

American Airlines

$20.33 /

-1.97 (-8.83%)

Check out today's top…

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Downgrade
Fly Intel: Top five analyst downgrades » 10:20
02/27/20
02/27
10:20
02/27/20
10:20
SPCE

Virgin Galactic

$21.83 /

-6.86 (-23.91%)

, VIR

Vir Biotechnology

$53.15 /

+18.2 (+52.07%)

, AAN

Aaron's

$40.17 /

-1.28 (-3.09%)

, AAL

American Airlines

$20.29 /

-2.015 (-9.04%)

, ALGT

Allegiant Travel

$133.52 /

-11.09 (-7.67%)

, ALK

Alaska Air

$54.46 /

-2.91 (-5.07%)

, JBLU

JetBlue

$16.04 /

-1.08 (-6.31%)

, LUV

Southwest

$46.24 /

-2.64 (-5.40%)

, SAVE

Spirit Airlines

$30.72 /

-2.2 (-6.68%)

, UAL

United Airlines

$63.16 /

-3.36 (-5.05%)

, DAL

Delta Air Lines

$46.95 /

-2.64 (-5.32%)

Catch up on today's…

Catch up on today's top five analyst downgrades with this list compiled by The Fly. 1. Virgin Galactic (SPCE) downgraded to Equal Weight from Overweight at Morgan Stanley and to Neutral from Outperform at Credit Suisse. 2. Vir Biotechnology (VIR) downgraded to Underperform from Neutral at Baird with analyst Madhu Kumar saying shares have more than doubled in the past five business days despite an absence of significant data for the company's pipeline. 3. Aaron's (AAN) downgraded to Neutral from Buy at Northcoast with analyst Tim Vierengel saying his prior growth expectations for the Progressive segment were "off base" and the company's FY20 guidance for the core business is worse than even his lowered expectations. 4. American Airlines (AAL), Allegiant Travel (ALGT), Alaska Air (ALK), JetBlue (JBLU), Southwest (LUV), Spirit Airlines (SAVE), and United Airlines (UAL) downgraded to Neutral from Buy at Buckingham on greater risk from COVID-19. 5. American Airlines (AAL), Alaska Air (ALK), and Delta Air Lines (DAL) downgraded to Hold from Buy, and JetBlue (JBLU), Spirit Airlines (SAVE), and United Airlines (UAL) downgraded to Hold from Buy at Deutsche Bank on coronavirus risk. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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Downgrade
Deutsche Bank downgrades many U.S. airline stocks on coronavirus risk » 08:58
02/27/20
02/27
08:58
02/27/20
08:58
AAL

American Airlines

$22.30 /

-0.81 (-3.50%)

, ALK

Alaska Air

$57.37 /

-1.43 (-2.43%)

, DAL

Delta Air Lines

$49.59 /

-1.29 (-2.54%)

, JBLU

JetBlue

$17.12 /

-1.12 (-6.14%)

, SAVE

Spirit Airlines

$32.92 /

-1.77 (-5.10%)

, UAL

United Airlines

$66.52 /

-4.07 (-5.77%)

, ALGT

Allegiant Travel

$144.61 /

-3.54 (-2.39%)

, MESA

Mesa Air

$6.32 /

-0.38 (-5.67%)

, SKYW

SkyWest

$46.72 /

-3.64 (-7.23%)

Deutsche Bank analyst…

Deutsche Bank analyst Michael Linenberg downgraded American Airlines (AAL), Alaska Air (ALK), Delta Air Lines (DAL), JetBlue (JBLU), Spirit Airlines (SAVE) and United Airlines (UAL), all to Hold from Buy, given his concerns about the increasing risk that the spread of the Covid-19 coronavirus will disrupt travel patterns beyond just China. He also expressed concern that the coronavirus will start to negatively impact peak travel periods - like spring break, Easter and early summer - and worries about the growing number of restrictions on business travelers, "one of the industry's most lucrative revenue streams." Despite the worries, Linenberg is maintaining Buy ratings on regional airlines Allegiant Travel (ALGT), Mesa Air (MESA) and SkyWest (SKYW), noting that Mesa and SkyWest are contract carriers and roughly 75% of Allegiant's markets are sole-served.

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Downgrade
JetBlue downgraded to Hold from Buy at Deutsche Bank » 08:47
02/27/20
02/27
08:47
02/27/20
08:47
JBLU

JetBlue

$17.12 /

-1.12 (-6.14%)

Deutsche Bank analyst…

Deutsche Bank analyst Michael Linenberg downgraded JetBlue to Hold from Buy.

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Downgrade
Airlines downgraded at Buckingham on greater risk from COVID-19 » 08:18
02/27/20
02/27
08:18
02/27/20
08:18
AAL

American Airlines

$22.30 /

-0.81 (-3.50%)

, ALGT

Allegiant Travel

$144.61 /

-3.54 (-2.39%)

, ALK

Alaska Air

$57.37 /

-1.43 (-2.43%)

, JBLU

JetBlue

$17.12 /

-1.12 (-6.14%)

, LUV

Southwest

$48.88 /

-0.78 (-1.57%)

, SAVE

Spirit Airlines

$32.92 /

-1.77 (-5.10%)

, UAL

United Airlines

$66.52 /

-4.07 (-5.77%)

Buckingham analyst Daniel…

Buckingham analyst Daniel McKenzie downgraded seven airline stocks to Neutral from Buy, citing demand impact from COVID-19 that likely proves far greater than investors appreciate based on the data he tracks. The analyst downgraded American Airlines (AAL), Allegiant (ALGT), Alaska Air (ALK), JetBlue (JBLU), Southwest (LUV), Spirit Airlines (SAVE) and United Airlines (UAL). McKenzie tells investors in a research note that his firm's booking study this past Monday captured the near-collapse of demand to Asia last week, but notes that his earnings and ratings outlook did not contemplate the collapse spreading to other regions which likely proves to be a flawed assumption based on CDC warnings. While he had expected the stocks to fall another 10%-15%, he is now concluding the pullback is likely going to be stronger for longer. If the collapse in demand to Asia is a sign of things to come in other geographic entities, the stocks are not even close to discounting the potential demand fallout from a broader spread of COVID-19, McKenzie says.

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Downgrade
JetBlue downgraded to Neutral from Buy at Buckingham » 08:14
02/27/20
02/27
08:14
02/27/20
08:14
JBLU

JetBlue

$17.12 /

-1.12 (-6.14%)

Buckingham analyst Daniel…

Buckingham analyst Daniel McKenzie downgraded JetBlue to Neutral from Buy with a price target of $15, down from $25.

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Conference/Events
Credit Suisse to hold a forum » 04:55
02/27/20
02/27
04:55
02/27/20
04:55
ACGL

Arch Capital

$43.86 /

-0.52 (-1.17%)

, BX

Blackstone

$56.03 /

-0.435 (-0.77%)

, BLK

BlackRock

$508.93 /

+2.89 (+0.57%)

, BAC

Bank of America

$30.62 /

-0.485 (-1.56%)

, AXS

Axis Capital

$62.01 /

+0.94 (+1.54%)

, CG

Carlyle Group

$29.85 /

+0.6 (+2.05%)

, C

Citi

$68.16 /

-1.28 (-1.84%)

, CBOE

Cboe Global Markets

$124.00 /

+1.73 (+1.41%)

, COWN

Cowen Group

$15.71 /

+0.13 (+0.83%)

, COF

Capital One

$92.83 /

+0.06 (+0.06%)

, DFS

Discover

$68.99 /

-0.5 (-0.72%)

, ETFC

E-Trade

$47.77 /

-0.75 (-1.55%)

, FCFS

FirstCash

$82.43 /

-0.46 (-0.55%)

, FDS

FactSet

$290.17 /

+2.13 (+0.74%)

, GS

Goldman Sachs

$215.74 /

-1.92 (-0.88%)

, LAZ

Lazard

$37.82 /

-0.16 (-0.42%)

, MET

MetLife

$46.91 /

-0.68 (-1.43%)

, MS

Morgan Stanley

$47.23 /

-0.79 (-1.65%)

, MTG

MGIC Investment

$12.63 /

-0.165 (-1.29%)

, NDAQ

Nasdaq

$112.99 /

+0.61 (+0.54%)

, SLM

Sallie Mae

$10.67 /

-0.33 (-3.00%)

, RJF

Raymond James

$90.08 /

-0.87 (-0.96%)

, RF

Regions Financial

$14.58 /

-0.22 (-1.49%)

, PRU

Prudential

$81.90 /

-2.165 (-2.58%)

, PFG

Principal Financial

$48.94 /

-0.58 (-1.17%)

, STT

State Street

$70.13 /

-0.765 (-1.08%)

, XP

XP Inc.

$36.15 /

-1.37 (-3.65%)

, TW

Tradeweb Markets

$49.92 /

+0.1 (+0.20%)

, WFC

Wells Fargo

$44.15 /

-0.96 (-2.13%)

21st Annual Financial…

21st Annual Financial Services Forum will be held in Miami on February 26-28.

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Wednesday
Hot Stocks
JetBlue to suspend change and cancel fees for new flight bookings » 17:42
02/26/20
02/26
17:42
02/26/20
17:42
JBLU

JetBlue

$17.12 /

-1.12 (-6.14%)

JetBlue announced it will…

JetBlue announced it will suspend change and cancel fees for new flight bookings starting tomorrow, February 27, through March 11, for travel completed by June 1. The policy is designed to give customers confidence that they will not be charged any JetBlue fees for changes or cancellations later given evolving coronavirus concerns. The move will apply to all fares offered by JetBlue, including Blue Basic, which generally does not allow for any changes or cancellations. Flights booked through JetBlue Vacations will also be allowed changes or cancellations with no fees. "While authorities have not issued any travel restrictions to the locations we fly, we want to give our customers some peace of mind that we are ready to support them should the situation change," said Joanna Geraghty, president and COO, JetBlue. "Given our mission is to inspire humanity, we felt this suspension was an important way to live up to our crewmember and customer expectations during this uncertain time. We are committed to the health and safety of both our crewmembers and customers, and we are working directly with health and security officials as well as industry leaders for updates and best practices." Customers who book in the next two weeks will receive a full travel credit should they need to cancel their trip, and customers who wish to change their plans can apply the full amount from their original booking to a different itinerary, although fare differences may apply. Customers who have bought a package through JetBlue Vacations can contact JetBlue to understand the cancel and change policies for rental cars, hotels, and other travel products that are part of their package. JetBlue is taking measures aligned with the recommendations of global health authorities and has activated its pandemic response team, which is monitoring the situation in real time and working with key stakeholders to determine any further action. The airline is also promoting handwashing and healthy hygiene practices among its crewmembers and continuing to ensure compliance with aircraft cleaning procedures.

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Options
JetBlue put volume heavy and directionally bearish » 12:55
02/26/20
02/26
12:55
02/26/20
12:55
JBLU

JetBlue

$17.47 /

-0.775 (-4.25%)

Bearish flow noted in…

Bearish flow noted in JetBlue with 4,195 puts trading, or 8x expected. Most active are Mar-20 18 puts and Apr-20 20 calls, with total volume in those strikes near 1,900 contracts. The Put/Call Ratio is 1.99, while ATM IV is up over 1 point on the day. Earnings are expected on April 21st.

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