Why Airline Shares Are Down Today
Airline shares headed south for the third consecutive trading session, weighed down by a rise of new COVID-19 cases in tourism hot spots that some fear could be the start of a second wave to the pandemic. There was also some company-specific news that helped remind investors that even if travel demand is slowly improving, we are in for an extended downturn.
Shares of United Airlines Holdings (NASDAQ: UAL), American Airlines Group (NASDAQ: AAL), and Spirit Airlines (NYSE: SAVE) were each down more than 12% as of noon Thursday, with shares of Delta Air Lines (NYSE: DAL), Alaska Air Group (NYSE: ALK), Hawaiian Holdings (NASDAQ: HA) and Allegiant Travel (NASDAQ: ALGT) all off double digits.
Even the relative "winners" in the sector were having rough days, with Southwest Airlines (NYSE: LUV) and JetBlue Airways (NASDAQ: JBLU) each off by more than 8%.
Source Fool.com
