Why Shares of American Airlines Are Falling Today
Shares of American Airlines Group (NASDAQ: AAL) continued their steady descent on Friday, falling another 6%. The stock is now down 30% for the week as investors try to gauge the full ramifications of the COVID-19 coronavirus outbreak on the airline industry.
A miserable week for markets has been even more painful for airline investors, as evidence grows that the coronavirus outbreak will eat into first-quarter revenues and profitability, and the likelihood that the virus will impact future quarters grows.
United Airlines Holdings suspended service throughout Asia on Friday until April, and there is a growing concern that the spread of the virus in the U.S. and other regions of the world will lead to depressed U.S. summer vacation bookings.
Source Fool.com
