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Fly News Breaks for February 27, 2020
Feb 27, 2020 | 08:18 EDT
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.
News For AAL;ALGT;ALK;JBLU;LUV;SAVE;UAL From the Last 2 Days
Oct 27, 2020 | 12:26 EDT
Equity futures were modestly firmer in early trading as the sharp declines yesterday provided an opportunity for dip buyers, although that bargain shopping did not support the major averages for long after the open. Near midday, the... To see the rest of the story go to See Story Here
Oct 27, 2020 | 08:53 EDT
Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - SPI... To see the rest of the story go to See Story Here