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Fly News Breaks for March 5, 2020
Mar 5, 2020 | 11:36 EDT
BofA analyst Andrew Diodora downgraded American Airlines (AAL) to Underperform from Neutral earlier this morning, citing the airline's high operational and financial leverage. He sees the spread of the coronavirus sending the airline industry into a recession and thinks peers should follow United (UAL) and JetBlue (JBLU) in cutting capacity, Diodora said.
News For AAL;UAL;JBLU From the Last 2 Days
Jun 4, 2020 | 15:45 EDT
American Airlines is seeing 14 officers leave the company as part of a restructuring, Bloomberg reports. The company's revenue chief Don Casey will retire, according to Bloomberg.
Jun 4, 2020 | 11:27 EDT
American Airlines announced earlier that, "in response to improving demand for air travel," American is planning to fly 55% of its domestic schedule and nearly 20% of its international schedule in July 2020 compared to the same period last year. The airline's July systemwide capacity amounts to approximately 40% of July 2019 flying. The company added: "American saw an increase in demand in May. By the last week of May, the airline carried a daily average of about 110,000 customers per day - an increase of 71% over the approximately 32,000 average daily customers the airline served in April. Compared to the spring, American is increasing frequency of flying from hubs, including Dallas Fort Worth International Airport and Charlotte Douglas International Airport to destinations customers are searching and booking most, with increased flying to major cities in Florida, Gulf Coast cities as well as mountain destinations. The airline also increased frequency of flying to Asheville, North Carolina, Savannah, Georgia, and Charleston, South Carolina for business and leisure travelers."
Jun 4, 2020 | 09:40 EDT
Unusual total active option classes on open include: Spirit Airlines (SAVE), Coty (COTY), US Global Jets ETF (JETS), MGM Resorts (MGM), Dave & Buster's (PLAY), Boeing (BA), Wynn Resorts (WYNN), JetBlue (JBLU), Southwest (LUV), and Nokia (NOK).
Jun 3, 2020 | 15:14 EDT
The Trump administration has banned Chinese passenger carriers from flying to the U.S. starting in mid-June. The Department of Transportation said the order will be served on Air China (AIRYY), Beijing Capital Airlines, China Eastern Airlines (CEA), China Southern Airlines (ZNH), Hainan Airlines, Sichuan Airlines, and Xiamen Airlines. CHINESE PASSENGER CARRIER BAN: According to the Department of Transportation, "responding to the failure of the Government of the People's Republic of China to permit U.S. carriers to exercise the full extent of their bilateral right to conduct scheduled passenger air services to and from China, we will serve this Order on Air China Limited d/b/a/ Air China; Beijing Capital Airlines Co., Ltd.; China Eastern Airlines Corporation Limited; China Southern Airlines Company Limited; Hainan Airlines Holding Co. Ltd.; Sichuan Airlines Co., Ltd.; and Xiamen Airlines; all certificated U.S. carriers operating large aircraft; the Embassy of the People's Republic of China in Washington, D.C.; the Civil Aviation Authority of China; the Department of State; the Transportation Security Administration; and the Federal Aviation Administration." Publicly traded U.S. air carriers that have offered passenger flights to China include American Airlines (AAL), Delta (DAL) and United (UAL). PRICE ACTION: In afternoon trading in New York, shares of Air China have dropped almost 1% to $12.90. Meanwhile, China Eastern Airlines is fractionally up at $18.58 and China Southern Airlines has gained over 2% to $22.58. Reference Link