Why Shares of Hawaiian Holdings Are Falling Today
Shares of Hawaiian Holdings (NASDAQ: HA) plunged 10% on Wednesday morning on a miserable day for the markets, especially stocks affected by the coronavirus pandemic. Hawaiian reported predictably dismal quarterly earnings on Tuesday night, further pressuring the airline stock.
Airlines have been among the hardest hit sectors since the pandemic began, with travel demand falling substantially due to virus concerns. Hawaiian is particularly ill-suited to deal with a pandemic given its reliance on long trans-Pacific flights.
After markets closed Tuesday, Hawaiian reported an adjusted third-quarter loss of $3.76 per share on revenue of just $75.98 million, worse than Wall Street's consensus of $3.48 per share in losses on $97 million in revenue. That's no surprise, given that for most of the quarter, Hawaii imposed a 14-day quarantine on anyone arriving at the state.
Source Fool.com
