Why Shares of Airlines Are Falling Today
Shares of airline stocks continued their descent on Monday, battered by a fresh round of capacity cuts and talk of financial collapse. Shares of United Airlines Holdings (NASDAQ: UAL) opened down more than 18% and Delta Air Lines (NYSE: DAL) was down 15%, with shares of American Airlines Group (NASDAQ: AAL), Southwest Airlines (NYSE: LUV), JetBlue Airways (NASDAQ: JBLU), and Hawaiian Holdings (NASDAQ: HA) all down 10% or more.
The COVID-19 coronavirus outbreak has caused global travel demand to evaporate and has left airlines scrambling to cut costs as quickly as possible. Over the weekend American and United each announced dramatic capacity reductions, following a similar announcement by Delta on Friday.
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Source Fool.com
