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5200.0
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2020-10-05 00:00:00 UTC
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Peru miners aiming for full-strength workforce by year-end, minister says
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AAL
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https://www.nasdaq.com/articles/peru-miners-aiming-for-full-strength-workforce-by-year-end-minister-says-2020-10-05
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By Marco Aquino
LIMA, Oct 5 (Reuters) - Peru's miners hope to have their workforce back up to full strength by the end of the year, the country's energy and mines minister said on Monday, as the world's No. 2 copper producer ramps up after being slammed by the coronavirus pandemic.
Minister Miguel Inchaustegui said the reduced workforce was affecting output and construction of new mines, such as Anglo American's AAL.L $5.3 billion Quellaveco project in the country's south.
"In the case of companies in operation, they are projecting that in November-December they will have 100% of their personnel working," the minister said during the virtual conference with foreign press.
Local copper production, which had been recovering since May when some restrictions were lifted, fell by 2.5% in August to 193,852 tonnes compared to July, when it reached almost pre-pandemic levels, government data show.
The official said there had been 4,200 confirmed cases of COVID-19 among mining sector workers until mid-September. The country has almost 830,000 cases, the sixth in the world.
Inchaustegui said the reason for the August production drop was the labor issue, which would be key in months ahead.
"That will mean that by the end of the year we will have a lower copper production, but in 2021 levels will recover once the companies operate with all their personnel," he said. Peru produced around 2.45 million tonnes of copper in 2019.
Inchaustegui said separately on Monday that the government expected to have a bill on the regulation and exploitation of uranium and lithium ready in the last quarter of the year for its pre-publication and discussion.
(Reporting by Marco Aquino; Writing by Adam Jourdan; Editing by David Gregorio)
((adam.jourdan@thomsonreuters.com; +54 1155446882; Reuters Messaging: adam.jourdan.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Minister Miguel Inchaustegui said the reduced workforce was affecting output and construction of new mines, such as Anglo American's AAL.L $5.3 billion Quellaveco project in the country's south. By Marco Aquino LIMA, Oct 5 (Reuters) - Peru's miners hope to have their workforce back up to full strength by the end of the year, the country's energy and mines minister said on Monday, as the world's No. Local copper production, which had been recovering since May when some restrictions were lifted, fell by 2.5% in August to 193,852 tonnes compared to July, when it reached almost pre-pandemic levels, government data show.
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Minister Miguel Inchaustegui said the reduced workforce was affecting output and construction of new mines, such as Anglo American's AAL.L $5.3 billion Quellaveco project in the country's south. By Marco Aquino LIMA, Oct 5 (Reuters) - Peru's miners hope to have their workforce back up to full strength by the end of the year, the country's energy and mines minister said on Monday, as the world's No. "That will mean that by the end of the year we will have a lower copper production, but in 2021 levels will recover once the companies operate with all their personnel," he said.
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Minister Miguel Inchaustegui said the reduced workforce was affecting output and construction of new mines, such as Anglo American's AAL.L $5.3 billion Quellaveco project in the country's south. By Marco Aquino LIMA, Oct 5 (Reuters) - Peru's miners hope to have their workforce back up to full strength by the end of the year, the country's energy and mines minister said on Monday, as the world's No. Local copper production, which had been recovering since May when some restrictions were lifted, fell by 2.5% in August to 193,852 tonnes compared to July, when it reached almost pre-pandemic levels, government data show.
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Minister Miguel Inchaustegui said the reduced workforce was affecting output and construction of new mines, such as Anglo American's AAL.L $5.3 billion Quellaveco project in the country's south. By Marco Aquino LIMA, Oct 5 (Reuters) - Peru's miners hope to have their workforce back up to full strength by the end of the year, the country's energy and mines minister said on Monday, as the world's No. "That will mean that by the end of the year we will have a lower copper production, but in 2021 levels will recover once the companies operate with all their personnel," he said.
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5201.0
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2020-10-02 00:00:00 UTC
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Pelosi says agreement on U.S. airline payroll assistance 'imminent'
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AAL
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https://www.nasdaq.com/articles/pelosi-says-agreement-on-u.s.-airline-payroll-assistance-imminent-2020-10-02
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WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement is "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months.
Pelosi said the House will either pass "bipartisan stand-alone legislation or achieve this as part of a comprehensive negotiated relief bill." She called on airlines to hold off on furloughs and firings "as an agreement for relief for airline workers is being reached."
(Reporting by David Shepardson and Tracy Rucinski)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement is "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. Pelosi said the House will either pass "bipartisan stand-alone legislation or achieve this as part of a comprehensive negotiated relief bill." (Reporting by David Shepardson and Tracy Rucinski) ((David.Shepardson@thomsonreuters.com; 2028988324;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement is "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. She called on airlines to hold off on furloughs and firings "as an agreement for relief for airline workers is being reached." (Reporting by David Shepardson and Tracy Rucinski) ((David.Shepardson@thomsonreuters.com; 2028988324;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement is "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. She called on airlines to hold off on furloughs and firings "as an agreement for relief for airline workers is being reached." (Reporting by David Shepardson and Tracy Rucinski) ((David.Shepardson@thomsonreuters.com; 2028988324;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement is "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. Pelosi said the House will either pass "bipartisan stand-alone legislation or achieve this as part of a comprehensive negotiated relief bill." She called on airlines to hold off on furloughs and firings "as an agreement for relief for airline workers is being reached."
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5202.0
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2020-10-02 00:00:00 UTC
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South African union threatens strike at coal and diamond mines
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AAL
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https://www.nasdaq.com/articles/south-african-union-threatens-strike-at-coal-and-diamond-mines-2020-10-02
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Adds companies comments
JOHANNESBURG, Oct 2 (Reuters) - South Africa's National Union of Mineworkers (NUM) threatened on Friday to call a strike at mining companies De Beers, Exxaro EXXJ.J and Petra Diamonds PDL.L after failing to reach wage agreements.
NUM, one of the biggest mining unions in South Africa, said it had secured a certificate to stage a strike after talks on a wage settlement in mediation with the companies at the Commission for Conciliation, Mediation and Arbitration (CCMA) came to no agreement.
It said it was finalising picketing rules with the CCMA but did not say when the strike would go ahead.
"It is going to be a big, big fight," said William Mabapa, NUM Chief Negotiator at the three companies, said in a statement.
"Food prices, fuel prices and general inflation had sky-rocketed. There is just no room for peanuts increases and for that, we are prepared for war."
The three companies all said in separate statements that they would continue to engage with the union to find a solution.
"We value our employees and our relationship with the NUM and we will therefore continue with our engagements in an effort to reach a sustainable agreement in the interest of all parties, considering the current external environment," De Beers, a unit of Anglo American AAL.L, said in its statement.
Exxaro is the biggest coal supplier to South Africa's state-owned power utility Eskom.
NUM has also reached a deadlock in its wage negotiations with unlisted Seriti Coal Mine and has declared a dispute with the CCMA for mediation, a move that is one step short of a strike.
South Africa's labour laws allow for wage disputes to be referred to an outside mediator. If that fails, employees can go on strike.
NUM said it is demanding an increase of 8.5% across the board while the company is offering workers a 4% rise.
Seriti said talks with the union were continuing.
(Reporting by Tanisha Heiberg; Editing by Susan Fenton)
((Tanisha.Heiberg@thomsonreuters.com; +27117753034; Reuters Messaging: tanisha.heiberg.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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"We value our employees and our relationship with the NUM and we will therefore continue with our engagements in an effort to reach a sustainable agreement in the interest of all parties, considering the current external environment," De Beers, a unit of Anglo American AAL.L, said in its statement. Adds companies comments JOHANNESBURG, Oct 2 (Reuters) - South Africa's National Union of Mineworkers (NUM) threatened on Friday to call a strike at mining companies De Beers, Exxaro EXXJ.J and Petra Diamonds PDL.L after failing to reach wage agreements. NUM has also reached a deadlock in its wage negotiations with unlisted Seriti Coal Mine and has declared a dispute with the CCMA for mediation, a move that is one step short of a strike.
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"We value our employees and our relationship with the NUM and we will therefore continue with our engagements in an effort to reach a sustainable agreement in the interest of all parties, considering the current external environment," De Beers, a unit of Anglo American AAL.L, said in its statement. Adds companies comments JOHANNESBURG, Oct 2 (Reuters) - South Africa's National Union of Mineworkers (NUM) threatened on Friday to call a strike at mining companies De Beers, Exxaro EXXJ.J and Petra Diamonds PDL.L after failing to reach wage agreements. NUM, one of the biggest mining unions in South Africa, said it had secured a certificate to stage a strike after talks on a wage settlement in mediation with the companies at the Commission for Conciliation, Mediation and Arbitration (CCMA) came to no agreement.
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"We value our employees and our relationship with the NUM and we will therefore continue with our engagements in an effort to reach a sustainable agreement in the interest of all parties, considering the current external environment," De Beers, a unit of Anglo American AAL.L, said in its statement. Adds companies comments JOHANNESBURG, Oct 2 (Reuters) - South Africa's National Union of Mineworkers (NUM) threatened on Friday to call a strike at mining companies De Beers, Exxaro EXXJ.J and Petra Diamonds PDL.L after failing to reach wage agreements. NUM, one of the biggest mining unions in South Africa, said it had secured a certificate to stage a strike after talks on a wage settlement in mediation with the companies at the Commission for Conciliation, Mediation and Arbitration (CCMA) came to no agreement.
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"We value our employees and our relationship with the NUM and we will therefore continue with our engagements in an effort to reach a sustainable agreement in the interest of all parties, considering the current external environment," De Beers, a unit of Anglo American AAL.L, said in its statement. Adds companies comments JOHANNESBURG, Oct 2 (Reuters) - South Africa's National Union of Mineworkers (NUM) threatened on Friday to call a strike at mining companies De Beers, Exxaro EXXJ.J and Petra Diamonds PDL.L after failing to reach wage agreements. NUM, one of the biggest mining unions in South Africa, said it had secured a certificate to stage a strike after talks on a wage settlement in mediation with the companies at the Commission for Conciliation, Mediation and Arbitration (CCMA) came to no agreement.
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5203.0
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2020-10-02 00:00:00 UTC
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4 Top Stock Trades for Monday: NIO, BBBY, AAL, SPCE
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AAL
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https://www.nasdaq.com/articles/4-top-stock-trades-for-monday%3A-nio-bbby-aal-spce-2020-10-02
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
A poor jobs report and news that President Donald Trump has tested positive for Covid-19 weighed on the stock market on Friday. With that in mind, let’s get to some top stock trades in the meantime.
Top Stock Trades for Monday No. 1: Nio (NIO)
Click to EnlargeSource: Chart courtesy of StockCharts.com
Nio (NYSE:NIO) reported solid third-quarter delivery results on Friday, but you wouldn’t know it by the stock’s reaction. Same with Tesla (NASDAQ:TSLA).
However, unlike Tesla, Nio stock isn’t wavering as much. In fact, the stock is holding up near its prior breakout level.
In late August and early September, Nio stock was rejected by the $21 level. It didn’t help that the company raised additional funds and the stock market took a solid dip (as did Tesla).
However, Nio never broke stride, as uptrend support continued to hold (blue line). This week, shares were able to breakout over $21 and hit the 161.8% extension (for the entire range).
Let’s see if the stock can continue to hold up over the 10-day moving average. If it can, it will keep bulls looking for a move over $22.59, the current all-time high. Above that could trigger a rally to the two-times range extension all the way up near $26.40.
The 7 Top Robinhood Stocks for October
On the downside, a break of the 10-day moving average puts uptrend support and the 50-day moving average in play.
Top Stock Trades for Monday No. 2: Bed Bath & Beyond (BBBY)
Click to EnlargeSource: Chart courtesy of StockCharts.com
Earlier this week, Bed Bath & Beyond (NASDAQ:BBBY) reported a much better-than-expected earnings result. Now, shares are ramping higher on the week, up more than 40%.
The stock is reclaiming a vital mark near $17.50, as well as the declining 200-week moving average. I know it’s quite the rally, but as long as shares are over $17.50, I find it hard to be bearish.
Plus, this stock had a short interest north of 60%. That puts the potential for a massive short squeeze higher on the table. If BBBY can rally further, look to see if it can extend up to the 138.2% and 161.8% extensions at $22.73 and $26.02, respectively.
Top Stock Trades for Monday No. 3: American Airlines (AAL)
Click to EnlargeSource: Chart courtesy of StockCharts.com
American Airlines (NASDAQ:AAL) is trying to get some upside momentum going. Shares are struggling with the 10-day, 20-day and 50-day moving averages.
If AAL can gain momentum over these marks, it puts $14 resistance in play. Above $14 could really get the group moving, potentially putting the 200-day moving average on the table.
The $14 level was resistance in June. Above that and the 38.2% retracement is possible.
On the downside, a break of this week’s low at $12 could put recent range support on the table near $11. If the stock gets there and it holds as support, it’s more wait-and-see trading from AAL as it remains rangebound.
7 Dividend Stocks Perfect for a Retiree’s Portfolio
A close below $11 support is more bearish, though.
Top Trades for Monday No. 4: Virgin Galactic (SPCE)
Click to EnlargeSource: Chart courtesy of StockCharts.com
Virgin Galactic (NYSE:SPCE) has a great-looking chart right here.
The stock exploded higher on Monday, rallying about 25%. And all week the stock has been forming this nice-looking bull flag.
That action comes as the 50-day moving average continues to hold as support and as the 10-day moving average finally catches up to the stock.
Now what?
I want to see a rotation over this week’s high at $20.98 and longer-term resistance at $21. Above that could get a quick move to the 38.2% retracement, up at $21.83.
From there we’ll need to see how SPCE stock is trading. However, above this level could open the door to the 50% retracement at $25.78. It also puts the $26 to $27.50 area on the table, which came into play near the July highs.
On the downside, a break of the 200-day moving average — which was solid support until September — would be very damaging to the bull case in the short term. It could put a gap-fill in play toward $16.50, followed by support at $15.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
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The post 4 Top Stock Trades for Monday: NIO, BBBY, AAL, SPCE appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The post 4 Top Stock Trades for Monday: NIO, BBBY, AAL, SPCE appeared first on InvestorPlace. 3: American Airlines (AAL) Click to EnlargeSource: Chart courtesy of StockCharts.com American Airlines (NASDAQ:AAL) is trying to get some upside momentum going.
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Click to EnlargeSource: Chart courtesy of StockCharts.com American Airlines (NASDAQ:AAL) is trying to get some upside momentum going. 3: American Airlines (AAL) If AAL can gain momentum over these marks, it puts $14 resistance in play.
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3: American Airlines (AAL) Click to EnlargeSource: Chart courtesy of StockCharts.com American Airlines (NASDAQ:AAL) is trying to get some upside momentum going. If AAL can gain momentum over these marks, it puts $14 resistance in play.
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The post 4 Top Stock Trades for Monday: NIO, BBBY, AAL, SPCE appeared first on InvestorPlace. 3: American Airlines (AAL) Click to EnlargeSource: Chart courtesy of StockCharts.com American Airlines (NASDAQ:AAL) is trying to get some upside momentum going.
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5204.0
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2020-10-02 00:00:00 UTC
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Why Airline Shares Flew Through Turbulence Today
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AAL
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https://www.nasdaq.com/articles/why-airline-shares-flew-through-turbulence-today-2020-10-02
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What happened
It's been a tough year for airline investors, with the stocks rocked earlier in the year by the COVID-19 pandemic and swinging higher and lower in the months that have followed on news about the pandemic and its economic impact.
Friday was a microcosm of the last six months, with the airlines falling sharply in the morning and then rallying midday. The entire sector was in the green as of 2:30 p.m. EDT, but at various points in the day Spirit Airlines (NYSE: SAVE) and United Airlines Holdings (NASDAQ: UAL) were down more than 5% and both United and American Airlines Group (NASDAQ: AAL) climbed more than 5%.
So what
For the airlines right now, all eyes are on Washington. The industry has seen revenue evaporate due to the pandemic, but airlines have avoided bankruptcy in part thanks to $50 billion in government support provided by the CARES Act.
Half of that aid came in the form of payroll support, and was conditioned on the airlines doing no involuntary separations before Sept. 30. With the deadline now past and travel demand still showing no signs of recovering, the airlines are making plans to grow dramatically smaller, with American and United announcing a combined 32,000 cuts on Oct. 1.
Image source: Getty Images.
Lawmakers from both parties have been pushing to extend the payroll support and layoff prohibition for another six months, but the effort has been caught up in the election-year battle over a broader stimulus package.
The stocks have traded down in recent days and started Friday pointed downward, in part due to the announcement that President Donald Trump had tested positive for COVID-19. That's a fresh reminder that the pandemic is nowhere near contained, and an outbreak on Capitol Hill could make it harder to get legislation done in the weeks to come.
The midday rebound followed comments from House Speaker Nancy Pelosi saying that her chamber was willing to pass stand-alone legislation to fund airline payrolls if no broader agreement on a stimulus package can be reached. But the rally faded some as the House adjourned for the weekend around 2 p.m. EDT, meaning airline relief was on hold until Tuesday at the earliest.
American has been among the most volatile airline stocks for months now due to the carrier's industry-high debt load, which investors worry make it more vulnerable to a prolonged downturn.
Now what
Lost in a lot of the drama surrounding the airlines this week is what this second stimulus would mean for the industry, and what it wouldn't mean. The airlines, thanks to the CARES Act and private fundraising efforts, have adequate liquidity for now and are in no immediate danger of bankruptcy should the effort in Washington fail.
That's not to say the effort is meaningless, either for the tens of thousands facing furloughs, or for the airlines. The industry doesn't expect travel to return to pre-pandemic levels until 2022, at the earliest, but would love to keep workers on the payrolls in order to quickly ramp up operations should those estimates prove to be overly pessimistic.
The bottom line is whatever happens in Washington the airline stocks are in no immediate danger of going to zero, but they're also unlikely to rally higher any time soon. For investors, the best advice is to ignore the noise and focus on the best-run airlines that should survive and thrive no matter what lies ahead.
10 stocks we like better than United Airlines Holdings
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and United Airlines Holdings wasn't one of them! That's right -- they think these 10 stocks are even better buys.
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Lou Whiteman owns shares of Spirit Airlines. The Motley Fool owns shares of Spirit Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The entire sector was in the green as of 2:30 p.m. EDT, but at various points in the day Spirit Airlines (NYSE: SAVE) and United Airlines Holdings (NASDAQ: UAL) were down more than 5% and both United and American Airlines Group (NASDAQ: AAL) climbed more than 5%. With the deadline now past and travel demand still showing no signs of recovering, the airlines are making plans to grow dramatically smaller, with American and United announcing a combined 32,000 cuts on Oct. 1. The midday rebound followed comments from House Speaker Nancy Pelosi saying that her chamber was willing to pass stand-alone legislation to fund airline payrolls if no broader agreement on a stimulus package can be reached.
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The entire sector was in the green as of 2:30 p.m. EDT, but at various points in the day Spirit Airlines (NYSE: SAVE) and United Airlines Holdings (NASDAQ: UAL) were down more than 5% and both United and American Airlines Group (NASDAQ: AAL) climbed more than 5%. * David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and United Airlines Holdings wasn't one of them! The Motley Fool owns shares of Spirit Airlines.
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The entire sector was in the green as of 2:30 p.m. EDT, but at various points in the day Spirit Airlines (NYSE: SAVE) and United Airlines Holdings (NASDAQ: UAL) were down more than 5% and both United and American Airlines Group (NASDAQ: AAL) climbed more than 5%. 10 stocks we like better than United Airlines Holdings When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. * David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and United Airlines Holdings wasn't one of them!
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The entire sector was in the green as of 2:30 p.m. EDT, but at various points in the day Spirit Airlines (NYSE: SAVE) and United Airlines Holdings (NASDAQ: UAL) were down more than 5% and both United and American Airlines Group (NASDAQ: AAL) climbed more than 5%. The airlines, thanks to the CARES Act and private fundraising efforts, have adequate liquidity for now and are in no immediate danger of bankruptcy should the effort in Washington fail. * David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and United Airlines Holdings wasn't one of them!
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5205.0
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2020-10-02 00:00:00 UTC
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US STOCKS-Wall St retreats as Trump tests positive for COVID-19
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AAL
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https://www.nasdaq.com/articles/us-stocks-wall-st-retreats-as-trump-tests-positive-for-covid-19-2020-10-02
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For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.
News could hurt Trump's campaigning ability - analysts
U.S. jobs growth slows more than expected in September
Banks track Treasury yields lower
Airlines slip as stimulus deal remains elusive
Indexes off: Dow 0.08%, S&P 0.51%, Nasdaq 1.53%
Updates to early afternoon
By Sagarika Jaisinghani and Devik Jain
Oct 2 (Reuters) - Wall Street's main indexes fell on Friday after two straight sessions of gains as news that President Donald Trump had contracted COVID-19 stirred up political uncertainty just weeks before the election.
Still, the three main stock indexes were off session lows as the White House tried to reassure Americans that Trump was still working from isolation, while a slowdown in U.S. job growth in September raised hopes that Washington would agree on a new fiscal stimulus.
Six of the 11 major S&P sectors were trading higher, with gains led by the materials sector .SPLRCM. Energy stocks .SPNY jumped 1.1% after hitting a six-month low earlier in the day.
"The knee-jerk reaction from the market was dramatic," said Quincy Krosby, chief market strategist at Prudential Financial, Newark in New Jersey.
"But the more information the market receives, especially if the president is recovering and where the symptoms have been mild if that's the report, it should ease pressure on the market."
Meanwhile, Democratic presidential candidate Joe Biden and his wife Jill have tested negative for coronavirus.
At 12:25 p.m. ET, the Dow Jones Industrial Average .DJI was down 23.37 points, or 0.08%, at 27,793.53, the S&P 500 .SPX was down 17.26 points, or 0.51%, at 3,363.54. The Nasdaq Composite .IXIC was down 173.53 points, or 1.53%, at 11,152.98.
Declines by early afternoon were concentrated in tech-heavy stocks including Facebook Inc FB.O, Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Microsoft Corp MSFT.O and Apple Inc AAPL.O, which generally tend to outperform at a time of economic uncertainty, shedding between 1.4% and 2.7%.
An investor bought large blocks of upside call options on Thursday in companies such as Netflix NFLX.O and Amazon.com AMZN.O, trades reminiscent of outsized options purchases made in August by a large investor known as the "Nasdaq whale."
Tesla Inc TSLA.O slipped 4.7% even as it reported record vehicle deliveries in the third quarter.
Trading on Wall Street turned choppy last month, with the S&P 500 snapping a five-month gaining streak, as economic data indicated a long road to pre-pandemic levels and Congress deliberated over the next round of fiscal stimulus.
With a bipartisan deal eluding House Speaker Nancy Pelosi and the White House, the U.S. House of Representatives on Thursday approved a $2.2 trillion Democratic plan on fiscal aid, but objections from top Republicans are likely to doom the plan in the Senate.
American Airlines AAL.O and United Airlines UAL.O, which began laying off 32,000 workers after government funding program expired this week, fell 4.1% and 2.7%, respectively.
"Despite the fact that positive news has been made of ongoing talks between Mnuchin and Pelosi, we've been skeptical that a breakthrough was possible prior to the election," said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance in Charlotte, North Carolina.
The CBOE volatility index .VIX, known as Wall Street's fear gauge, shot up to a one-week high.
Advancing issues outnumbered decliners 1.08-to-1 on the NYSE and 1.33-to-1 on the Nasdaq.
The S&P index recorded five new 52-week highs and one new low, while the Nasdaq recorded 48 new highs and 26 new lows.
(Reporting by Sagarika Jaisinghani and Devik Jain in Bengaluru; Additional reporting by Karen Pierog in Chicago; Editing by Shounak Dasgupta and Arun Koyyur)
((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O and United Airlines UAL.O, which began laying off 32,000 workers after government funding program expired this week, fell 4.1% and 2.7%, respectively. News could hurt Trump's campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines slip as stimulus deal remains elusive Indexes off: Dow 0.08%, S&P 0.51%, Nasdaq 1.53% Updates to early afternoon By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes fell on Friday after two straight sessions of gains as news that President Donald Trump had contracted COVID-19 stirred up political uncertainty just weeks before the election. Still, the three main stock indexes were off session lows as the White House tried to reassure Americans that Trump was still working from isolation, while a slowdown in U.S. job growth in September raised hopes that Washington would agree on a new fiscal stimulus.
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American Airlines AAL.O and United Airlines UAL.O, which began laying off 32,000 workers after government funding program expired this week, fell 4.1% and 2.7%, respectively. News could hurt Trump's campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines slip as stimulus deal remains elusive Indexes off: Dow 0.08%, S&P 0.51%, Nasdaq 1.53% Updates to early afternoon By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes fell on Friday after two straight sessions of gains as news that President Donald Trump had contracted COVID-19 stirred up political uncertainty just weeks before the election. Still, the three main stock indexes were off session lows as the White House tried to reassure Americans that Trump was still working from isolation, while a slowdown in U.S. job growth in September raised hopes that Washington would agree on a new fiscal stimulus.
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American Airlines AAL.O and United Airlines UAL.O, which began laying off 32,000 workers after government funding program expired this week, fell 4.1% and 2.7%, respectively. News could hurt Trump's campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines slip as stimulus deal remains elusive Indexes off: Dow 0.08%, S&P 0.51%, Nasdaq 1.53% Updates to early afternoon By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes fell on Friday after two straight sessions of gains as news that President Donald Trump had contracted COVID-19 stirred up political uncertainty just weeks before the election. Still, the three main stock indexes were off session lows as the White House tried to reassure Americans that Trump was still working from isolation, while a slowdown in U.S. job growth in September raised hopes that Washington would agree on a new fiscal stimulus.
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American Airlines AAL.O and United Airlines UAL.O, which began laying off 32,000 workers after government funding program expired this week, fell 4.1% and 2.7%, respectively. News could hurt Trump's campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines slip as stimulus deal remains elusive Indexes off: Dow 0.08%, S&P 0.51%, Nasdaq 1.53% Updates to early afternoon By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes fell on Friday after two straight sessions of gains as news that President Donald Trump had contracted COVID-19 stirred up political uncertainty just weeks before the election. Still, the three main stock indexes were off session lows as the White House tried to reassure Americans that Trump was still working from isolation, while a slowdown in U.S. job growth in September raised hopes that Washington would agree on a new fiscal stimulus.
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5206.0
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2020-10-02 00:00:00 UTC
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Pelosi says agreement on U.S. airline payroll assistance 'imminent'
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https://www.nasdaq.com/articles/pelosi-says-agreement-on-u.s.-airline-payroll-assistance-imminent-2020-10-02-0
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement was "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months.
Pelosi said the House will either pass "bipartisan stand-alone legislation or achieve this as part of a comprehensive negotiated relief bill." She called on airlines to hold off on furloughs and firings "as an agreement for relief for airline workers is being reached."
Airline stocks jumped on the news.
Congressional aides expected the House to pass a standalone measure to aid airlines later on Friday that the Senate could take up next week if a broader coronavirus deal is not reached.
Senate aides said Thursday that only a single Republican senator had been holding up the new bailout from being approved in the U.S. Senate.
Congress in March approved a $50 billion bailout for the passenger airline industry, with $25 billion in mostly cash grants to fund payroll costs with the condition that they not eliminate jobs before Oct. 1. It also included $25 billion in government loans.
American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers on Wednesday after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief.
U.S. airlines are collectively burning about $5 billion of cash a month as passenger traffic has stalled at around 30% of 2019 levels. After tapping capital markets, they say they have enough liquidity to last them at least 12 months at that rate.
They have argued for another $25 billion in federal payroll aid to maintain their workforce and meet demand as the economy rebounds. Without the money, flight networks could further shrink, hampering their revenue power and shortening their liquidity runway.
(Reporting by David Shepardson and Tracy Rucinski; Editing by David Gregorio)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers on Wednesday after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement was "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. Pelosi said the House will either pass "bipartisan stand-alone legislation or achieve this as part of a comprehensive negotiated relief bill."
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers on Wednesday after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement was "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. Congress in March approved a $50 billion bailout for the passenger airline industry, with $25 billion in mostly cash grants to fund payroll costs with the condition that they not eliminate jobs before Oct. 1.
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers on Wednesday after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement was "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. Congress in March approved a $50 billion bailout for the passenger airline industry, with $25 billion in mostly cash grants to fund payroll costs with the condition that they not eliminate jobs before Oct. 1.
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers on Wednesday after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Oct 2 (Reuters) - House Speaker Nancy Pelosi said Friday that agreement was "imminent" on a deal to provide another $25 billion in government assistance to keep tens of thousands of airline workers on the job for another six months. Congressional aides expected the House to pass a standalone measure to aid airlines later on Friday that the Senate could take up next week if a broader coronavirus deal is not reached.
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5207.0
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2020-10-02 00:00:00 UTC
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Airline Relief May Be on the Way After All
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https://www.nasdaq.com/articles/airline-relief-may-be-on-the-way-after-all-2020-10-02
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For the past six months, a payroll support program created under the CARES Act enabled airlines to keep their workers employed despite an unprecedented drop in demand. But with U.S. air travel demand still at just a third of 2019 levels, more relief is needed to avoid tens of thousands of furloughs and layoffs.
Despite aggressive lobbying by airlines and their unions and bipartisan support for a six-month extension of the payroll support program, no agreement had materialized by the time the initial batch of payroll support funds ran out last week. However, with the furlough process beginning, it appears that Congress is finally close to extending the payroll support program.
Image source: American Airlines.
A rollercoaster ride
For the past two months at least, there has been solid bipartisan support for extending the payroll support program for airlines. Between the likely job losses in big hub markets and potential service cuts in small cities, most members of Congress have a vested interest in helping airlines avoid big cuts. Nevertheless, in recent weeks, the likelihood of an extension seemed to fade due to disagreements between Democrats and Republicans about the size and composition of a broader follow-up coronavirus relief bill.
As a result, airlines -- particularly American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) -- began to implement mass furloughs and layoffs on Thursday. The number of planned job cuts totaled around 19,000 at American and 13,342 at United. Regional affiliates of the two airlines were also preparing to furlough or lay off thousands of employees.
These stark figures are goading Congress into action. Congressional leaders also seem to recognize that furloughs are particularly disruptive in the airline industry, where training and licensing requirements make it virtually impossible to recall furloughed workers quickly.
On Friday, Speaker of the House Nancy Pelosi asked airlines to delay their furloughs and said more aid was on the way. Negotiations around the next large-scale relief bill remain contentious, but Pelosi also dangled the possibility of a stand-alone extension of the airline payroll support program. Such a stand-alone bill would likely pass Congress easily.
Short-term and long-term savings
The terms of an extended payroll support program are unclear. However, if Congress just rolls the existing program forward, the Treasury Department would provide $25 billion of aid to passenger airlines over the next six months -- split roughly 70% to 30% between grants and loans -- earmarked specifically for payroll costs. In return, the airlines would agree not to implement any involuntary layoffs or furloughs until at least April.
Obviously, this would be a huge win for airline workers. With coronavirus vaccine development moving along and air travel demand being strongest during the spring and summer, postponing furloughs until at least April 1, 2021 would probably make the ultimate number of furloughs much lower.
Of course, U.S. airlines will also be big beneficiaries of any additional aid. In the near term, a payroll support extension should enable many airlines to post break-even or even positive cash flow over the next six months. Big airlines like American and United were burning $100 million of cash per day (or more) at the peak of the pandemic this spring, and the payroll support funds only offset a portion of those losses. By contrast, United Airlines expects to report daily cash burn of around $25 million for the third quarter, an amount that the grant portion of its payroll support funds would almost fully cover.
Looking further ahead, the payroll support extension would enable airlines to avoid unnecessary training costs and limitations on which aircraft are available for service. They will be able to make sure all of their employees get enough work to maintain their regulatory certifications. Airlines will also have an easier time ramping up their schedules in 2021 and 2022 as demand recovers.
High debt loads, subpar pre-pandemic profitability, and heavy exposure to market segments that are likely to recover slowly will continue to weigh on shares of American Airlines and United Airlines. However, their prospects appear a lot better now than they did just a few days ago.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a result, airlines -- particularly American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) -- began to implement mass furloughs and layoffs on Thursday. However, if Congress just rolls the existing program forward, the Treasury Department would provide $25 billion of aid to passenger airlines over the next six months -- split roughly 70% to 30% between grants and loans -- earmarked specifically for payroll costs. Big airlines like American and United were burning $100 million of cash per day (or more) at the peak of the pandemic this spring, and the payroll support funds only offset a portion of those losses.
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As a result, airlines -- particularly American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) -- began to implement mass furloughs and layoffs on Thursday. Big airlines like American and United were burning $100 million of cash per day (or more) at the peak of the pandemic this spring, and the payroll support funds only offset a portion of those losses. Looking further ahead, the payroll support extension would enable airlines to avoid unnecessary training costs and limitations on which aircraft are available for service.
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As a result, airlines -- particularly American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) -- began to implement mass furloughs and layoffs on Thursday. Despite aggressive lobbying by airlines and their unions and bipartisan support for a six-month extension of the payroll support program, no agreement had materialized by the time the initial batch of payroll support funds ran out last week. Big airlines like American and United were burning $100 million of cash per day (or more) at the peak of the pandemic this spring, and the payroll support funds only offset a portion of those losses.
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As a result, airlines -- particularly American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) -- began to implement mass furloughs and layoffs on Thursday. Despite aggressive lobbying by airlines and their unions and bipartisan support for a six-month extension of the payroll support program, no agreement had materialized by the time the initial batch of payroll support funds ran out last week. In the near term, a payroll support extension should enable many airlines to post break-even or even positive cash flow over the next six months.
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5208.0
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2020-10-02 00:00:00 UTC
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US STOCKS-Wall St slides after Trump's positive COVID-19 test
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https://www.nasdaq.com/articles/us-stocks-wall-st-slides-after-trumps-positive-covid-19-test-2020-10-02
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For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.
News could hurt Trump's election campaigning ability - analysts
U.S. jobs growth slows more than expected in September
Banks track Treasury yields lower
Airlines tumble as stimulus deal remains elusive
Indexes down: Dow 0.99%, S&P 1.25%, Nasdaq 1.68%
Updates to open
By Sagarika Jaisinghani and Devik Jain
Oct 2 (Reuters) - Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment.
All11 major S&P sectors were down, with energy .SPNY sliding 1.5% on the back of a more than 3% drop in oil prices. O/R
Utilities .SPLRCU, healthcare .SPXHC and consumer staples .SPLRCS were among the smallest decliners in early trading.
Trump's tweet that he and first lady Melania had contracted the disease rankled global financial markets and sent investors scurrying to the perceived safety of the dollar, yen and gold. MKTS/GLOB
Analysts said the news could hurt Trump's campaigning ability and jack up market volatility at a time when investors were already skittish after a chaotic presidential debate heightened fears of a messy transfer of power.
"It's one more insecurity heading into a tight, contentious election," said Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield, Connecticut.
"And given that Trump does not adhere to conventional norms and rules, who knows what he'll do in terms of postponing the elections."
A senior White House official said the president is "not incapacitated" and will work from his residence.
After Trump said he had the coronavirus, online gambling site Betfair suspended betting on the outcome of the election. Betfair's odds had previously shown Democratic challenger Joe Biden's probability of winning at 60% on Wednesday.
At 9:37 a.m. ET, the Dow Jones Industrial Average .DJIwas down 0.99%, the S&P 500 .SPXwas down 1.25% and the Nasdaq Composite .IXICwas down 1.68%.
The risk-off mood sparked a broad-based decline, with banks <.SPXBK> tracking Treasury yields lower and tech mega-caps, which generally tend to outperform at a time of economic uncertainty, slumping between 1.6% and 2.3%. US/
Tesla Inc TSLA.O slipped 4.1% even as it reported record vehicle deliveries in the third quarter.
Trading on Wall Street turned choppy last month, with the S&P 500 snapping a five-month gaining streak, as economic data indicated a long road to pre-pandemic levels and Congress deliberated over the next round of fiscal stimulus.
With a bipartisan deal eluding House Speaker Nancy Pelosi and the White House, the U.S. House of Representatives on Thursday approved a $2.2 trillion Democratic plan on fiscal aid, but objections from top Republicans are likely to doom the plan in the Senate.
Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell more than 2%.
Meanwhile, data showed U.S. job growth slowed more than expected in September as the recovery from the COVID-19 slump shifts into lower gear, although the unemployment rate fell to 7.9% from 8.4% in August.
"My initial reaction was, 'ouch!' I don't think it's going to do anything for the market; it's not positive enough," said Patrick Leary, chief market strategist at Incapital in Minneapolis.
The CBOE volatility index .VIX, known as Wall Street's fear gauge, shot up to a one-week high.
Declining issues outnumbered advancers 9.77-to-1 on the NYSE and 8.50-to-1 on the Nasdaq.
The S&P index recorded no new 52-week high and one new low, while the Nasdaq recorded three new highs and 21 new lows.
(Reporting by Sagarika Jaisinghani and Devik Jain in Bengaluru; Additional reporting by Herbert Lash and Stephen Culp in New York; Editing by Shounak Dasgupta and Arun Koyyur)
((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell more than 2%. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Indexes down: Dow 0.99%, S&P 1.25%, Nasdaq 1.68% Updates to open By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. MKTS/GLOB Analysts said the news could hurt Trump's campaigning ability and jack up market volatility at a time when investors were already skittish after a chaotic presidential debate heightened fears of a messy transfer of power.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell more than 2%. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Indexes down: Dow 0.99%, S&P 1.25%, Nasdaq 1.68% Updates to open By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. MKTS/GLOB Analysts said the news could hurt Trump's campaigning ability and jack up market volatility at a time when investors were already skittish after a chaotic presidential debate heightened fears of a messy transfer of power.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell more than 2%. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Indexes down: Dow 0.99%, S&P 1.25%, Nasdaq 1.68% Updates to open By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. With a bipartisan deal eluding House Speaker Nancy Pelosi and the White House, the U.S. House of Representatives on Thursday approved a $2.2 trillion Democratic plan on fiscal aid, but objections from top Republicans are likely to doom the plan in the Senate.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell more than 2%. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Indexes down: Dow 0.99%, S&P 1.25%, Nasdaq 1.68% Updates to open By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. US/ Tesla Inc TSLA.O slipped 4.1% even as it reported record vehicle deliveries in the third quarter.
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5209.0
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2020-10-02 00:00:00 UTC
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US STOCKS-Wall St set to slide after Trump's positive COVID-19 test
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AAL
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https://www.nasdaq.com/articles/us-stocks-wall-st-set-to-slide-after-trumps-positive-covid-19-test-2020-10-02
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nan
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For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.
News could hurt Trump's election campaigning ability - analysts
U.S. jobs growth slows more than expected in September
Banks track Treasury yields lower
Airlines tumble as stimulus deal remains elusive
Futures off: Dow 1.41%, S&P 1.42%, Nasdaq 2.01%
Adds comments, updates price
By Sagarika Jaisinghani and Devik Jain
Oct 2 (Reuters) - Wall Street's main indexes were set to tumble on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment.
Trump's tweet that he and first lady Melania had contracted the disease rankled global financial markets and sent investors scurrying to the perceived safety of the dollar, yen and gold. MKTS/GLOB
Analysts said the news could hurt Trump's campaigning ability and jack up market volatility at a time when investors were already skittish after a chaotic presidential debate heightened fears of a messy transfer of power.
"There are more questions than answers right now (and) stock markets tend to sell first and ask questions later," said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
"Until there's more concrete news (around) how he's feeling, it's probably going to be tough for the market to bounce back significantly."
A senior White House official said the president is "not incapacitated" and will work from his residence.
At 8:36 a.m. ET, Dow e-minis 1YMcv1 were down 390 points, or 1.41%, S&P 500 e-minis EScv1 were down 47.75 points, or 1.42%, and Nasdaq 100 e-minis NQcv1 were down 233 points, or 2.01%.
The risk-off mood sparked broad-based premarket declines, with banks GS.N, JPM.N, MS.N tracking Treasury yields lower and tech mega-caps, which generally tend to outperform at a time of economic uncertainty, slumping between 1.9% and 2.9%. US/
Tesla Inc TSLA.O slipped 4.3% even as it reported record vehicle deliveries in the third quarter.
Trading in U.S. stocks turned choppy last month, with the S&P 500 snapping a five-month gaining streak, as economic data indicated a long road to pre-pandemic levels and Congress deliberated over the next round of fiscal stimulus.
With a bipartisan deal eluding House Speaker Nancy Pelosi and the White House, the U.S. House of Representatives on Thursday approved a $2.2 trillion Democratic plan on fiscal aid, but objections from top Republicans are likely to doom the plan in the Senate.
Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell between 3.1% and 4.2%.
Meanwhile, data on Friday showed U.S. job growth slowed more than expected in September as the recovery from the COVID-19 slump shifts into lower gear. The Labor Department's closely watched report was the last before the Nov. 3 election.
After Trump said he had coronavirus, online gambling site Betfair suspended betting on the outcome of the election. Betfair's odds had previously shown Democratic challenger Joe Biden's probability of winning at 60% on Wednesday.
The CBOE volatility index .VIX, known as Wall Street's fear gauge, shot up to a one-week high.
(Reporting by Sagarika Jaisinghani and Devik Jain in Bengaluru; Editing by Shounak Dasgupta and Arun Koyyur)
((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell between 3.1% and 4.2%. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Futures off: Dow 1.41%, S&P 1.42%, Nasdaq 2.01% Adds comments, updates price By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes were set to tumble on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment. MKTS/GLOB Analysts said the news could hurt Trump's campaigning ability and jack up market volatility at a time when investors were already skittish after a chaotic presidential debate heightened fears of a messy transfer of power.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell between 3.1% and 4.2%. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Futures off: Dow 1.41%, S&P 1.42%, Nasdaq 2.01% Adds comments, updates price By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes were set to tumble on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment. MKTS/GLOB Analysts said the news could hurt Trump's campaigning ability and jack up market volatility at a time when investors were already skittish after a chaotic presidential debate heightened fears of a messy transfer of power.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell between 3.1% and 4.2%. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Futures off: Dow 1.41%, S&P 1.42%, Nasdaq 2.01% Adds comments, updates price By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes were set to tumble on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment. MKTS/GLOB Analysts said the news could hurt Trump's campaigning ability and jack up market volatility at a time when investors were already skittish after a chaotic presidential debate heightened fears of a messy transfer of power.
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Airlines including United Airlines Holding Inc UAL.O, Delta Air Lines Inc DAL.N, JetBlue Airways Corp JBLU.O and American Airlines Group Inc AAL.O fell between 3.1% and 4.2%. For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window. News could hurt Trump's election campaigning ability - analysts U.S. jobs growth slows more than expected in September Banks track Treasury yields lower Airlines tumble as stimulus deal remains elusive Futures off: Dow 1.41%, S&P 1.42%, Nasdaq 2.01% Adds comments, updates price By Sagarika Jaisinghani and Devik Jain Oct 2 (Reuters) - Wall Street's main indexes were set to tumble on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment.
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5210.0
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2020-10-02 00:00:00 UTC
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U.S. employment growth slows in September; unemployment rate drops to 7.9%
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https://www.nasdaq.com/articles/u.s.-employment-growth-slows-in-september-unemployment-rate-drops-to-7.9-2020-10-02
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By Lucia Mutikani
WASHINGTON, Oct 2 (Reuters) - U.S. job growth slowed more than expected in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed.
In the last monthly employment report before the Nov. 3 presidential election, the Labor Department on Friday said nonfarm payrolls increased by 661,000 jobs last month after advancing 1.489 million in August. Economists polled by Reuters had forecast 850,000 jobs were created in September.
Employment growth peaked in June when payrolls jumped by a record 4.781 million jobs.
The unemployment rate fell to 7.9% in September from 8.4% in August. While the jobless rate has declined from a high of 14.7% in April, it has been biased down by people misclassifying themselves as being "employed but absent from work."
Friday's numbers are sure to become a political football in the race for the White House for which the economic blow from the pandemic has been a top issue.
For his part, Republican President Donald Trump is likely to tout the fifth straight month of job gains and lower unemployment as a sign of progress for an economy that plunged into recession in February.
But September's employment gains were the smallest since the jobs recovery started in May and left the labor market a long way from recouping the 22.2 million jobs lost in March and April, indicating slower growth heading into the fourth quarter.
Former Vice President Joe Biden, the Democratic Party nominee, blames the economic turmoil on the White House's handling of the pandemic, which has killed more than 200,000 people and infected over 7 million in the nation.
Trump said on Friday that he and his wife Melania had tested positive for COVID-19.
"The recovery continues but at slower rate in part because the government stimulus has diminished significantly," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. "We are seeing more layoffs and bankruptcies, and until the next government comes in with more support, I would not be surprised to see a renewed decline in employment toward the end of the year."
Third-quarter gross domestic product growth estimates are topping a 32% annualized rate, reversing a historic 31.4% pace of contraction in the April-June quarter. Growth estimates for the fourth quarter have been cut to around a 2.5% rate from above a 10% pace.
New coronavirus cases are rising, with a surge expected in the fall, which could lead to some restrictions being imposed on businesses in the services sector. Political uncertainty is increasing and could extend beyond the election, and make businesses cautious about hiring.
Several months after operations resumed, demand has remained poor, especially in the services sector, leading some businesses to permanently shut down or layoff more workers.
Walt Disney Co. DIS.N said this week it would layoff roughly 28,000 employees in its theme parks division. American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, without government assistance.
(Reporting by Lucia Mutikani; Editing by Chizu Nomiyama)
((Lucia.Mutikani@thomsonreuters.com; 1 (202) 843-6281; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, without government assistance. By Lucia Mutikani WASHINGTON, Oct 2 (Reuters) - U.S. job growth slowed more than expected in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed. Former Vice President Joe Biden, the Democratic Party nominee, blames the economic turmoil on the White House's handling of the pandemic, which has killed more than 200,000 people and infected over 7 million in the nation.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, without government assistance. By Lucia Mutikani WASHINGTON, Oct 2 (Reuters) - U.S. job growth slowed more than expected in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed. In the last monthly employment report before the Nov. 3 presidential election, the Labor Department on Friday said nonfarm payrolls increased by 661,000 jobs last month after advancing 1.489 million in August.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, without government assistance. By Lucia Mutikani WASHINGTON, Oct 2 (Reuters) - U.S. job growth slowed more than expected in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed. In the last monthly employment report before the Nov. 3 presidential election, the Labor Department on Friday said nonfarm payrolls increased by 661,000 jobs last month after advancing 1.489 million in August.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, without government assistance. By Lucia Mutikani WASHINGTON, Oct 2 (Reuters) - U.S. job growth slowed more than expected in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed. In the last monthly employment report before the Nov. 3 presidential election, the Labor Department on Friday said nonfarm payrolls increased by 661,000 jobs last month after advancing 1.489 million in August.
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5211.0
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2020-10-02 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Big banks, oil majors, airlines, Tesla Inc, Bloom Energy Corp
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-big-banks-oil-majors-airlines-tesla-inc-bloom-energy-corp
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
U.S. stock index futures tumbled on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment. .N
At 8:14 a.m. ET, Dow e-minis 1YMc1 were down 1.40% at 27,301. S&P 500 e-minis ESc1 were down 1.56% at 3,315.25, while Nasdaq 100 e-minis NQc1 were down 2.35% at 11,302.25. The top NYSE percentage gainers premarket .PRPG.NQ: ** IDT Corp IDT.N, up 19.5% ** Mercury General Corp MCY.N, up 12.2% The top three NYSE percentage losers premarket .PRPL.NQ: ** Brookfield Renewable Corp BEPC.N, down 15.1% ** Build-A-Bear Workshop Inc BBW.N, down 14.5% ** Medley Management Inc MDLY.N, down 13.4% The top Nasdaq percentage gainers premarket .PRPG.O: ** Lonestar Resources Inc LONE.O, up 149.5% ** TTM Technologies Inc TTMI.O, up 29.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Mesoblast Ltd MESO.O, down 36.5% ** Forte Biosciences Inc FBRX.O, down 31.4% ** Synacor Inc SYNC.O, down 30.9% ** Twilio Inc TWLO.N: up 9.3% premarket BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 5.5% premarket BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% premarket BUZZ-Nu Skin Enterprises: Jumps on quarterly revenue forecast raise ** Casella Waste Systems Inc CWST.O: up 0.8% premarket BUZZ-Casella Waste Systems acquires Pinto Trucking; shares up ** Tesla Inc TSLA.O: down 2.8% premarket BUZZ-Tesla: Set to snap two-day winning streak ** JPMorgan Chase & Co JPM.N: down 1.8% premarket
** Morgan Stanley MS.N: down 1.6% premarket
** Goldman Sachs Group Inc GS.N: down 1.8% premarket
** Citigroup Inc C.N: down 1.8% premarket
** Wells Fargo & Co WFC.N: down 1.6% premarket
** Bank of America Corp BAC.N: down 1.6% premarket BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 2.1% premarket ** Chevron Corp CVX.N: down 1.8% premarket ** Diamondback Energy Inc FANG.O: down 2.9% premarket ** ConocoPhillips COP.N: down 2.7% premarket ** Apache Corp APA.O: down 4.4% premarket ** Callon Petroleum Co CPE.N: down 4.2% premarket ** Halliburton Co HAL.N: down 3.8% premarket ** Patterson-UTI Energy Inc PTEN.O: down 4.7% premarket ** Marathon Petroleum Corp MPC.N: down 4.2% premarket ** Phillips 66 PSX.N: down 2.5% premarket BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 36.5% premarket BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 8.2% premarket BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.7% premarket BUZZ-Activision Blizzard: Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 10.5% premarket BUZZ-Assured Guaranty: Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 12.5% premarket BUZZ-Sasol: Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 6.1% premarket BUZZ-Invesco: Gains on activist Trian stake purchase, possible push for deals ** NewAge Inc NBEV.O: up 1.2% premarket BUZZ-NewAge Inc: Jumps after ARIIX acquisition update ** DPW Holdings Inc DPW.A: up 25.3% premarket BUZZ-DPW Holdings soars after unit launches new EV charger USN ** American Airlines Group Inc AAL.O: down 3.7% premarket ** United Airlines Holdings Inc UAL.O: down 4.1% premarket ** Southwest Airlines Co LUV.N: down 3.7% premarket ** Alaska Air Group ALK.N: down 3.7% premarket ** Delta Air Lines Inc DAL.N: down 3.6% premarket ** Spirit Airlines Inc SAVE.N: down 4.1% premarket BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 41.7% premarket BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Laboratory Corporation of America Holdings LH.N: down 0.5% premarket BUZZ-LabCorp: Up as FDA authorizes method to improve speed of COVID-19 molecular test ** Co-Diagnostics Inc CODX.O: up 15.6% premarket BUZZ-Co-Diagnostics: Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 7.6% premarket BUZZ-Chembio Diagnostics: Rises after FDA approves rapid HIV-Syphilis test
(Compiled by C Nivedita in Bengaluru)
((c.nivedita@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top NYSE percentage gainers premarket .PRPG.NQ: ** IDT Corp IDT.N, up 19.5% ** Mercury General Corp MCY.N, up 12.2% The top three NYSE percentage losers premarket .PRPL.NQ: ** Brookfield Renewable Corp BEPC.N, down 15.1% ** Build-A-Bear Workshop Inc BBW.N, down 14.5% ** Medley Management Inc MDLY.N, down 13.4% The top Nasdaq percentage gainers premarket .PRPG.O: ** Lonestar Resources Inc LONE.O, up 149.5% ** TTM Technologies Inc TTMI.O, up 29.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Mesoblast Ltd MESO.O, down 36.5% ** Forte Biosciences Inc FBRX.O, down 31.4% ** Synacor Inc SYNC.O, down 30.9% ** Twilio Inc TWLO.N: up 9.3% premarket BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 5.5% premarket BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% premarket BUZZ-Nu Skin Enterprises: Jumps on quarterly revenue forecast raise ** Casella Waste Systems Inc CWST.O: up 0.8% premarket BUZZ-Casella Waste Systems acquires Pinto Trucking; shares up ** Tesla Inc TSLA.O: down 2.8% premarket BUZZ-Tesla: Set to snap two-day winning streak ** JPMorgan Chase & Co JPM.N: down 1.8% premarket ** Morgan Stanley MS.N: down 1.6% premarket ** Goldman Sachs Group Inc GS.N: down 1.8% premarket ** Citigroup Inc C.N: down 1.8% premarket ** Wells Fargo & Co WFC.N: down 1.6% premarket ** Bank of America Corp BAC.N: down 1.6% premarket BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 2.1% premarket ** Chevron Corp CVX.N: down 1.8% premarket ** Diamondback Energy Inc FANG.O: down 2.9% premarket ** ConocoPhillips COP.N: down 2.7% premarket ** Apache Corp APA.O: down 4.4% premarket ** Callon Petroleum Co CPE.N: down 4.2% premarket ** Halliburton Co HAL.N: down 3.8% premarket ** Patterson-UTI Energy Inc PTEN.O: down 4.7% premarket ** Marathon Petroleum Corp MPC.N: down 4.2% premarket ** Phillips 66 PSX.N: down 2.5% premarket BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 36.5% premarket BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 8.2% premarket BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.7% premarket BUZZ-Activision Blizzard: Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 10.5% premarket BUZZ-Assured Guaranty: Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 12.5% premarket BUZZ-Sasol: Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 6.1% premarket BUZZ-Invesco: Gains on activist Trian stake purchase, possible push for deals ** NewAge Inc NBEV.O: up 1.2% premarket BUZZ-NewAge Inc: Jumps after ARIIX acquisition update ** DPW Holdings Inc DPW.A: up 25.3% premarket BUZZ-DPW Holdings soars after unit launches new EV charger USN ** American Airlines Group Inc AAL.O: down 3.7% premarket ** United Airlines Holdings Inc UAL.O: down 4.1% premarket ** Southwest Airlines Co LUV.N: down 3.7% premarket ** Alaska Air Group ALK.N: down 3.7% premarket ** Delta Air Lines Inc DAL.N: down 3.6% premarket ** Spirit Airlines Inc SAVE.N: down 4.1% premarket BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 41.7% premarket BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Laboratory Corporation of America Holdings LH.N: down 0.5% premarket BUZZ-LabCorp: Up as FDA authorizes method to improve speed of COVID-19 molecular test ** Co-Diagnostics Inc CODX.O: up 15.6% premarket BUZZ-Co-Diagnostics: Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 7.6% premarket BUZZ-Chembio Diagnostics: Rises after FDA approves rapid HIV-Syphilis test (Compiled by C Nivedita in Bengaluru) ((c.nivedita@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stock index futures tumbled on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment. ET, Dow e-minis 1YMc1 were down 1.40% at 27,301.
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The top NYSE percentage gainers premarket .PRPG.NQ: ** IDT Corp IDT.N, up 19.5% ** Mercury General Corp MCY.N, up 12.2% The top three NYSE percentage losers premarket .PRPL.NQ: ** Brookfield Renewable Corp BEPC.N, down 15.1% ** Build-A-Bear Workshop Inc BBW.N, down 14.5% ** Medley Management Inc MDLY.N, down 13.4% The top Nasdaq percentage gainers premarket .PRPG.O: ** Lonestar Resources Inc LONE.O, up 149.5% ** TTM Technologies Inc TTMI.O, up 29.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Mesoblast Ltd MESO.O, down 36.5% ** Forte Biosciences Inc FBRX.O, down 31.4% ** Synacor Inc SYNC.O, down 30.9% ** Twilio Inc TWLO.N: up 9.3% premarket BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 5.5% premarket BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% premarket BUZZ-Nu Skin Enterprises: Jumps on quarterly revenue forecast raise ** Casella Waste Systems Inc CWST.O: up 0.8% premarket BUZZ-Casella Waste Systems acquires Pinto Trucking; shares up ** Tesla Inc TSLA.O: down 2.8% premarket BUZZ-Tesla: Set to snap two-day winning streak ** JPMorgan Chase & Co JPM.N: down 1.8% premarket ** Morgan Stanley MS.N: down 1.6% premarket ** Goldman Sachs Group Inc GS.N: down 1.8% premarket ** Citigroup Inc C.N: down 1.8% premarket ** Wells Fargo & Co WFC.N: down 1.6% premarket ** Bank of America Corp BAC.N: down 1.6% premarket BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 2.1% premarket ** Chevron Corp CVX.N: down 1.8% premarket ** Diamondback Energy Inc FANG.O: down 2.9% premarket ** ConocoPhillips COP.N: down 2.7% premarket ** Apache Corp APA.O: down 4.4% premarket ** Callon Petroleum Co CPE.N: down 4.2% premarket ** Halliburton Co HAL.N: down 3.8% premarket ** Patterson-UTI Energy Inc PTEN.O: down 4.7% premarket ** Marathon Petroleum Corp MPC.N: down 4.2% premarket ** Phillips 66 PSX.N: down 2.5% premarket BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 36.5% premarket BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 8.2% premarket BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.7% premarket BUZZ-Activision Blizzard: Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 10.5% premarket BUZZ-Assured Guaranty: Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 12.5% premarket BUZZ-Sasol: Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 6.1% premarket BUZZ-Invesco: Gains on activist Trian stake purchase, possible push for deals ** NewAge Inc NBEV.O: up 1.2% premarket BUZZ-NewAge Inc: Jumps after ARIIX acquisition update ** DPW Holdings Inc DPW.A: up 25.3% premarket BUZZ-DPW Holdings soars after unit launches new EV charger USN ** American Airlines Group Inc AAL.O: down 3.7% premarket ** United Airlines Holdings Inc UAL.O: down 4.1% premarket ** Southwest Airlines Co LUV.N: down 3.7% premarket ** Alaska Air Group ALK.N: down 3.7% premarket ** Delta Air Lines Inc DAL.N: down 3.6% premarket ** Spirit Airlines Inc SAVE.N: down 4.1% premarket BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 41.7% premarket BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Laboratory Corporation of America Holdings LH.N: down 0.5% premarket BUZZ-LabCorp: Up as FDA authorizes method to improve speed of COVID-19 molecular test ** Co-Diagnostics Inc CODX.O: up 15.6% premarket BUZZ-Co-Diagnostics: Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 7.6% premarket BUZZ-Chembio Diagnostics: Rises after FDA approves rapid HIV-Syphilis test (Compiled by C Nivedita in Bengaluru) ((c.nivedita@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stock index futures tumbled on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment. S&P 500 e-minis ESc1 were down 1.56% at 3,315.25, while Nasdaq 100 e-minis NQc1 were down 2.35% at 11,302.25.
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The top NYSE percentage gainers premarket .PRPG.NQ: ** IDT Corp IDT.N, up 19.5% ** Mercury General Corp MCY.N, up 12.2% The top three NYSE percentage losers premarket .PRPL.NQ: ** Brookfield Renewable Corp BEPC.N, down 15.1% ** Build-A-Bear Workshop Inc BBW.N, down 14.5% ** Medley Management Inc MDLY.N, down 13.4% The top Nasdaq percentage gainers premarket .PRPG.O: ** Lonestar Resources Inc LONE.O, up 149.5% ** TTM Technologies Inc TTMI.O, up 29.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Mesoblast Ltd MESO.O, down 36.5% ** Forte Biosciences Inc FBRX.O, down 31.4% ** Synacor Inc SYNC.O, down 30.9% ** Twilio Inc TWLO.N: up 9.3% premarket BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 5.5% premarket BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% premarket BUZZ-Nu Skin Enterprises: Jumps on quarterly revenue forecast raise ** Casella Waste Systems Inc CWST.O: up 0.8% premarket BUZZ-Casella Waste Systems acquires Pinto Trucking; shares up ** Tesla Inc TSLA.O: down 2.8% premarket BUZZ-Tesla: Set to snap two-day winning streak ** JPMorgan Chase & Co JPM.N: down 1.8% premarket ** Morgan Stanley MS.N: down 1.6% premarket ** Goldman Sachs Group Inc GS.N: down 1.8% premarket ** Citigroup Inc C.N: down 1.8% premarket ** Wells Fargo & Co WFC.N: down 1.6% premarket ** Bank of America Corp BAC.N: down 1.6% premarket BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 2.1% premarket ** Chevron Corp CVX.N: down 1.8% premarket ** Diamondback Energy Inc FANG.O: down 2.9% premarket ** ConocoPhillips COP.N: down 2.7% premarket ** Apache Corp APA.O: down 4.4% premarket ** Callon Petroleum Co CPE.N: down 4.2% premarket ** Halliburton Co HAL.N: down 3.8% premarket ** Patterson-UTI Energy Inc PTEN.O: down 4.7% premarket ** Marathon Petroleum Corp MPC.N: down 4.2% premarket ** Phillips 66 PSX.N: down 2.5% premarket BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 36.5% premarket BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 8.2% premarket BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.7% premarket BUZZ-Activision Blizzard: Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 10.5% premarket BUZZ-Assured Guaranty: Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 12.5% premarket BUZZ-Sasol: Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 6.1% premarket BUZZ-Invesco: Gains on activist Trian stake purchase, possible push for deals ** NewAge Inc NBEV.O: up 1.2% premarket BUZZ-NewAge Inc: Jumps after ARIIX acquisition update ** DPW Holdings Inc DPW.A: up 25.3% premarket BUZZ-DPW Holdings soars after unit launches new EV charger USN ** American Airlines Group Inc AAL.O: down 3.7% premarket ** United Airlines Holdings Inc UAL.O: down 4.1% premarket ** Southwest Airlines Co LUV.N: down 3.7% premarket ** Alaska Air Group ALK.N: down 3.7% premarket ** Delta Air Lines Inc DAL.N: down 3.6% premarket ** Spirit Airlines Inc SAVE.N: down 4.1% premarket BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 41.7% premarket BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Laboratory Corporation of America Holdings LH.N: down 0.5% premarket BUZZ-LabCorp: Up as FDA authorizes method to improve speed of COVID-19 molecular test ** Co-Diagnostics Inc CODX.O: up 15.6% premarket BUZZ-Co-Diagnostics: Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 7.6% premarket BUZZ-Chembio Diagnostics: Rises after FDA approves rapid HIV-Syphilis test (Compiled by C Nivedita in Bengaluru) ((c.nivedita@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. ET, Dow e-minis 1YMc1 were down 1.40% at 27,301. S&P 500 e-minis ESc1 were down 1.56% at 3,315.25, while Nasdaq 100 e-minis NQc1 were down 2.35% at 11,302.25.
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The top NYSE percentage gainers premarket .PRPG.NQ: ** IDT Corp IDT.N, up 19.5% ** Mercury General Corp MCY.N, up 12.2% The top three NYSE percentage losers premarket .PRPL.NQ: ** Brookfield Renewable Corp BEPC.N, down 15.1% ** Build-A-Bear Workshop Inc BBW.N, down 14.5% ** Medley Management Inc MDLY.N, down 13.4% The top Nasdaq percentage gainers premarket .PRPG.O: ** Lonestar Resources Inc LONE.O, up 149.5% ** TTM Technologies Inc TTMI.O, up 29.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Mesoblast Ltd MESO.O, down 36.5% ** Forte Biosciences Inc FBRX.O, down 31.4% ** Synacor Inc SYNC.O, down 30.9% ** Twilio Inc TWLO.N: up 9.3% premarket BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 5.5% premarket BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% premarket BUZZ-Nu Skin Enterprises: Jumps on quarterly revenue forecast raise ** Casella Waste Systems Inc CWST.O: up 0.8% premarket BUZZ-Casella Waste Systems acquires Pinto Trucking; shares up ** Tesla Inc TSLA.O: down 2.8% premarket BUZZ-Tesla: Set to snap two-day winning streak ** JPMorgan Chase & Co JPM.N: down 1.8% premarket ** Morgan Stanley MS.N: down 1.6% premarket ** Goldman Sachs Group Inc GS.N: down 1.8% premarket ** Citigroup Inc C.N: down 1.8% premarket ** Wells Fargo & Co WFC.N: down 1.6% premarket ** Bank of America Corp BAC.N: down 1.6% premarket BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 2.1% premarket ** Chevron Corp CVX.N: down 1.8% premarket ** Diamondback Energy Inc FANG.O: down 2.9% premarket ** ConocoPhillips COP.N: down 2.7% premarket ** Apache Corp APA.O: down 4.4% premarket ** Callon Petroleum Co CPE.N: down 4.2% premarket ** Halliburton Co HAL.N: down 3.8% premarket ** Patterson-UTI Energy Inc PTEN.O: down 4.7% premarket ** Marathon Petroleum Corp MPC.N: down 4.2% premarket ** Phillips 66 PSX.N: down 2.5% premarket BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 36.5% premarket BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 8.2% premarket BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.7% premarket BUZZ-Activision Blizzard: Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 10.5% premarket BUZZ-Assured Guaranty: Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 12.5% premarket BUZZ-Sasol: Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 6.1% premarket BUZZ-Invesco: Gains on activist Trian stake purchase, possible push for deals ** NewAge Inc NBEV.O: up 1.2% premarket BUZZ-NewAge Inc: Jumps after ARIIX acquisition update ** DPW Holdings Inc DPW.A: up 25.3% premarket BUZZ-DPW Holdings soars after unit launches new EV charger USN ** American Airlines Group Inc AAL.O: down 3.7% premarket ** United Airlines Holdings Inc UAL.O: down 4.1% premarket ** Southwest Airlines Co LUV.N: down 3.7% premarket ** Alaska Air Group ALK.N: down 3.7% premarket ** Delta Air Lines Inc DAL.N: down 3.6% premarket ** Spirit Airlines Inc SAVE.N: down 4.1% premarket BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 41.7% premarket BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Laboratory Corporation of America Holdings LH.N: down 0.5% premarket BUZZ-LabCorp: Up as FDA authorizes method to improve speed of COVID-19 molecular test ** Co-Diagnostics Inc CODX.O: up 15.6% premarket BUZZ-Co-Diagnostics: Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 7.6% premarket BUZZ-Chembio Diagnostics: Rises after FDA approves rapid HIV-Syphilis test (Compiled by C Nivedita in Bengaluru) ((c.nivedita@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stock index futures tumbled on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with Washington's failure to reach a new fiscal stimulus deal also hurting sentiment. ET, Dow e-minis 1YMc1 were down 1.40% at 27,301.
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5212.0
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2020-10-02 00:00:00 UTC
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Pre-Market Most Active for Oct 2, 2020 : NIO, SQQQ, AAPL, TSLA, QQQ, AAL, PLTR, TQQQ, GE, CCL, NCLH, SPCE
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AAL
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https://www.nasdaq.com/articles/pre-market-most-active-for-oct-2-2020-%3A-nio-sqqq-aapl-tsla-qqq-aal-pltr-tqqq-ge-ccl-nclh
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nan
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The NASDAQ 100 Pre-Market Indicator is down -237.2 to 11,346. The total Pre-Market volume is currently 48,714,131 shares traded.
The following are the most active stocks for the pre-market session:
NIO Inc. (NIO) is -0.6201 at $21.14, with 4,032,514 shares traded. NIO's current last sale is 151% of the target price of $14.
ProShares UltraPro Short QQQ (SQQQ) is +1.29 at $24.02, with 3,728,200 shares traded. This represents a 22.86% increase from its 52 Week Low.
Apple Inc. (AAPL) is -3.04 at $113.75, with 3,236,922 shares traded. As reported by Zacks, the current mean recommendation for AAPL is in the "buy range".
Tesla, Inc. (TSLA) is -16.71 at $431.45, with 2,618,871 shares traded. TSLA's current last sale is 146.25% of the target price of $295.
Invesco QQQ Trust, Series 1 (QQQ) is -5.38 at $276.87, with 1,536,347 shares traded. This represents a 67.87% increase from its 52 Week Low.
American Airlines Group, Inc. (AAL) is -0.4 at $12.18, with 1,347,414 shares traded. AAL's current last sale is 121.8% of the target price of $10.
Palantir Technologies Inc. (PLTR) is -0.29 at $9.17, with 1,158,707 shares traded.
ProShares UltraPro QQQ (TQQQ) is -7.68 at $129.35, with 1,096,737 shares traded. This represents a 300.84% increase from its 52 Week Low.
General Electric Company (GE) is -0.1302 at $6.11, with 950,804 shares traded. As reported by Zacks, the current mean recommendation for GE is in the "buy range".
Carnival Corporation (CCL) is -0.66 at $14.37, with 805,670 shares traded.CCL is scheduled to provide an earnings report on 10/8/2020, for the fiscal quarter ending Aug2020. The consensus earnings per share forecast is -2.22 per share, which represents a 263 percent increase over the EPS one Year Ago
Norwegian Cruise Line Holdings Ltd. (NCLH) is -0.74 at $16.60, with 581,865 shares traded. NCLH's current last sale is 103.75% of the target price of $16.
Virgin Galactic Holdings, Inc. (SPCE) is -0.92 at $19.25, with 484,030 shares traded. SPCE's current last sale is 83.7% of the target price of $23.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines Group, Inc. (AAL) is -0.4 at $12.18, with 1,347,414 shares traded. AAL's current last sale is 121.8% of the target price of $10. As reported by Zacks, the current mean recommendation for AAPL is in the "buy range".
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American Airlines Group, Inc. (AAL) is -0.4 at $12.18, with 1,347,414 shares traded. AAL's current last sale is 121.8% of the target price of $10. As reported by Zacks, the current mean recommendation for AAPL is in the "buy range".
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American Airlines Group, Inc. (AAL) is -0.4 at $12.18, with 1,347,414 shares traded. AAL's current last sale is 121.8% of the target price of $10. The total Pre-Market volume is currently 48,714,131 shares traded.
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American Airlines Group, Inc. (AAL) is -0.4 at $12.18, with 1,347,414 shares traded. AAL's current last sale is 121.8% of the target price of $10. The NASDAQ 100 Pre-Market Indicator is down -237.2 to 11,346.
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5213.0
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2020-10-02 00:00:00 UTC
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Slower U.S. job gains anticipated; permanent unemployment in focus
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AAL
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https://www.nasdaq.com/articles/slower-u.s.-job-gains-anticipated-permanent-unemployment-in-focus-2020-10-02
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nan
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nan
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By Lucia Mutikani
WASHINGTON, Oct 2 (Reuters) - U.S. job growth likely slowed further in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed.
The Labor Department's closely watched employment report on Friday will be the last before the fiercely contested Nov. 3 presidential election for which the economic blow from the pandemic has been a top issue. Republican President Donald Trump is likely to see the fifth straight month of job gains as a sign of progress for an economy that plunged into recession in February.
But September's anticipated employment gains would be the smallest since the jobs recovery started in May and would still leave the labor market a long way from recouping the 22.2 million jobs lost in March and April. Former Vice President Joe Biden, the Democratic Party nominee, blames the economic turmoil on the White House's handling of the pandemic, which has killed more than 200,000 people and infected over 7 million in the nation.
"The recovery continues but at slower rate in part because the government stimulus has diminished significantly," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles. "We are seeing more layoffs and bankruptcies, and until the next government comes in with more support, I would not be surprised to see a renewed decline in employment toward the end of the year."
According to a Reuters survey of economists nonfarm payrolls likely rose by 850,000 jobs last month after increasing 1.371 million in August amid the hiring of nearly a quarter million workers for the 2020 Census. That would leave employment 10.7 million below its level in February.
Though payrolls have beat forecasts over the past months, that has not changed the narrative of slower growth heading into the fourth quarter. Employment growth peaked in June when payrolls jumped by a record 4.781 million jobs.
Third-quarter gross domestic product growth estimates are topping a 32% annualized rate, reversing a historic 31.4% pace of contraction in the April-June quarter. Growth estimates for the fourth quarter have been cut to around a 2.5% rate from above a 10% pace.
House of Representatives Speaker Nancy Pelosi, a Democrat, and Treasury Secretary Steven Mnuchin are working toward a bipartisan agreement for another rescue package for businesses and the unemployed.
New coronavirus cases are rising, with a surge expected in the fall, which could lead to some restrictions being imposed on businesses in the services sector. Political uncertainty is rising and could extend beyond the election, and make businesses cautious about hiring.
MORE LAYOFFS
Several months after operations resumed, demand has remained poor, especially in the services sector, leading some businesses to permanently shut down or lay off more workers.
Walt Disney Co. DIS.N said this week it would lay off roughly 28,000 employees in its theme parks division. American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, absent additional government assistance.
As the pandemic drags on, furloughed workers are in danger of losing their jobs permanently. There were 3.4 million people who had lost their employment for good in August, accounting for 25% of the 13.6 million unemployed.
"One reason for temporary job losses becoming permanent is the length of the pandemic, the longer it runs, the higher the chances of business failures," said Beth Ann Bovino, chief U.S. economist at S&P Global in New York.
"On top of that, if state and local governments, which are some of the country's largest employers, don't get budget relief from the federal government, there will likely be more pressure to cut positions, rather than just furlough employees."
Government payrolls are expected to have been flat or declined in September because of the departure of the temporary Census hires and layoffs at state and local government education departments as many school districts shift to online learning.
The unemployment rate is forecast falling to 8.2% in September from 8.4% in August. The jobless rate has declined from a high of 14.7% in April. It has been biased down by people misclassifying themselves as being "employed but absent from work." With many now enduring long spells of joblessness, economists believe the unemployment rate will not see its pre-pandemic level of 3.5% until mid-2024.
This risks further widening the income inequality gap. The COVID-19 crisis has disproportionately affected the lower-income population. At least 26.5 million people were receiving unemployment benefits in mid-September.
"The longer one is unemployed, the lower the chances they can find another job," said Alexander Lin, a U.S. economist at Bank of America Securities in New York. "Longer spells of unemployment also lead to lower reemployment wages as skills and employee bargaining power erode."
The loss of jobs in the low-wage services industries like restaurants and bars has distorted wage growth. Average hourly earnings are forecast rising 0.2% in September after increasing 0.4% in August. That would lift the annual wage growth to 4.8% from 4.7% in August.
(Reporting by Lucia Mutikani; Editing by Andrea Ricci)
((Lucia.Mutikani@thomsonreuters.com; 1 (202) 843-6281; Reuters Messaging: lucia.mutikani.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, absent additional government assistance. By Lucia Mutikani WASHINGTON, Oct 2 (Reuters) - U.S. job growth likely slowed further in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed. "The recovery continues but at slower rate in part because the government stimulus has diminished significantly," said Sung Won Sohn, a finance and economics professor at Loyola Marymount University in Los Angeles.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, absent additional government assistance. According to a Reuters survey of economists nonfarm payrolls likely rose by 850,000 jobs last month after increasing 1.371 million in August amid the hiring of nearly a quarter million workers for the 2020 Census. Government payrolls are expected to have been flat or declined in September because of the departure of the temporary Census hires and layoffs at state and local government education departments as many school districts shift to online learning.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, absent additional government assistance. By Lucia Mutikani WASHINGTON, Oct 2 (Reuters) - U.S. job growth likely slowed further in September as the recovery from the COVID-19 slump shifts into lower gear amid diminishing government money and a relentless pandemic, leaving many at the risk of being permanently unemployed. But September's anticipated employment gains would be the smallest since the jobs recovery started in May and would still leave the labor market a long way from recouping the 22.2 million jobs lost in March and April.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of more than 32,000 workers on Thursday, absent additional government assistance. According to a Reuters survey of economists nonfarm payrolls likely rose by 850,000 jobs last month after increasing 1.371 million in August amid the hiring of nearly a quarter million workers for the 2020 Census. There were 3.4 million people who had lost their employment for good in August, accounting for 25% of the 13.6 million unemployed.
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5214.0
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2020-10-02 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Invesco, Mesoblast, Assured Guaranty, IDT Corp
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-invesco-mesoblast-assured-guaranty-idt-corp-2020-10-02
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. .N
At 9:42 a.m. ET, the Dow Jones Industrial Average .DJI was down 0.76% at 27,605.87. The S&P 500 .SPX was down 0.94% at 3,349.07 and the Nasdaq Composite .IXIC was down 1.34% at 11,174.332. The top three S&P 500 .PG.INX percentage gainers: ** Invesco Ltd IVZ.N, up 5.9% ** Paycom Software Inc PAYC.N, up 3.9% ** Conagra Brands Inc CAG.N, up 2.2% The top three S&P 500 .PL.INX percentage losers: ** Dexcom Inc DXCM.O, down 4% ** Norwegian Cruise Line Holdings Ltd NCLH.N, down 3.2% ** Tapestry Inc TPR.N, down 3.1% The top NYSE .PG.N percentage gainers: ** Xtant Medical Holdings Inc XTNT.N, up 172.7% ** American Renal Associates Holdings Inc ARA.N, up 64.2% The top three NYSE .PL.N percentage losers: ** Electromed Inc ELMD.N, down 11.1% ** Select Energy Services, Inc WTTR.N, down 9.7% ** Gray Television Inc GTNa.N, down 8.5% The top Nasdaq .PG.O percentage gainers: ** Nano-X Imaging Ltd NNOX.O, up 26.2% ** Houghton Mifflin Harcourt Co HMHC.O, up 19.4% The top three Nasdaq .PL.O percentage losers: ** Benitec Biopharma Inc BNTC.O, down 37.7% ** Mesoblast Ltd MESO.O, down 35.8% ** Arcutis Biotherapeutics Inc ARQT.O, down 14.7% ** Twilio Inc TWLO.N: up 7.4%
BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 1.2%
BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0%
BUZZ-Extends gains as brokerages bullish after Q3 forecast raise ** Tesla Inc TSLA.O: down 3.4%
BUZZ-Tesla: Set to snap two-day winning streak UPDATE 4-Tesla reports record quarterly deliveries, but Model 3 sales underwhelm bulls ** JPMorgan Chase & Co JPM.N: down 0.9% ** Morgan Stanley MS.N: down 0.1% ** Goldman Sachs Group Inc GS.N: down 0.5% ** Citigroup Inc C.N: down 0.8% ** Wells Fargo & Co WFC.N: down 1.0% ** Bank of America Corp BAC.N: down 1.5%
BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 1.1% ** Chevron Corp CVX.N: down 1.1% ** Diamondback Energy Inc FANG.O: up 1.6% ** ConocoPhillips COP.N: down 1.0% ** Apache Corp APA.O: down 0.9% ** Callon Petroleum Co CPE.N: down 2.1% ** Halliburton Co HAL.N: down 2.6% ** Patterson-UTI Energy Inc PTEN.O: down 1.6% ** Marathon Petroleum Corp MPC.N: down 2.0%
BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 35.8%
BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 7.3%
BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.9%
BUZZ-Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 13.2%
BUZZ-Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 6.2%
BUZZ-Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 5.9%
BUZZ-Gains on activist Trian stake purchase, possible push for deals ** DPW Holdings Inc DPW.A: up 14.2%
BUZZ-DPW Holdings soars after unit launches new EV charger ** American Airlines Group Inc AAL.O: down 1.6% ** United Airlines Holdings Inc UAL.O: down 2.3% ** Southwest Airlines Co LUV.N: down 2.6% ** Alaska Air Group ALK.N: down 3.1% ** Delta Air Lines Inc DAL.N: down 2.5% ** JetBlue Airways Corp JBLU.O: down 2.1% ** Spirit Airlines Inc SAVE.N: down 2.9%
BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 36.3%
BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Ibio Inc IBIO.A: up 3.9%
BUZZ-Ibio: Gains on deal with Safi Biosolutions ** Co-Diagnostics Inc CODX.O: up 14.2%
BUZZ-Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 2.5%
BUZZ-Rises after FDA approves rapid HIV-Syphilis test ** IDT Corp IDT.N: up 23.5%
BUZZ-Set for seven-month high on higher Q4 earnings ** Arcutis Biotherapeutics ARQT.O: down 14.7%
BUZZ-Arcutis Biotherapeutics drops on equity raise
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
down 1.08%
Consumer Discretionary
.SPLRCD
down 1.27%
Consumer Staples
.SPLRCS
down 0.45%
Energy
.SPNY
down 1.03%
Financial
.SPSY
down 0.73%
Health
.SPXHC
down 0.30%
Industrial
.SPLRCI
down 0.48%
Information Technology
.SPLRCT
down 1.52%
Materials
.SPLRCM
down 0.16%
Real Estate
.SPLRCR
down 0.85%
Utilities
.SPLRCU
down 0.54%
(Compiled by C Nivedita in Bengaluru)
((c.nivedita@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Invesco Ltd IVZ.N, up 5.9% ** Paycom Software Inc PAYC.N, up 3.9% ** Conagra Brands Inc CAG.N, up 2.2% The top three S&P 500 .PL.INX percentage losers: ** Dexcom Inc DXCM.O, down 4% ** Norwegian Cruise Line Holdings Ltd NCLH.N, down 3.2% ** Tapestry Inc TPR.N, down 3.1% The top NYSE .PG.N percentage gainers: ** Xtant Medical Holdings Inc XTNT.N, up 172.7% ** American Renal Associates Holdings Inc ARA.N, up 64.2% The top three NYSE .PL.N percentage losers: ** Electromed Inc ELMD.N, down 11.1% ** Select Energy Services, Inc WTTR.N, down 9.7% ** Gray Television Inc GTNa.N, down 8.5% The top Nasdaq .PG.O percentage gainers: ** Nano-X Imaging Ltd NNOX.O, up 26.2% ** Houghton Mifflin Harcourt Co HMHC.O, up 19.4% The top three Nasdaq .PL.O percentage losers: ** Benitec Biopharma Inc BNTC.O, down 37.7% ** Mesoblast Ltd MESO.O, down 35.8% ** Arcutis Biotherapeutics Inc ARQT.O, down 14.7% ** Twilio Inc TWLO.N: up 7.4% BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 1.2% BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% BUZZ-Extends gains as brokerages bullish after Q3 forecast raise ** Tesla Inc TSLA.O: down 3.4% BUZZ-Tesla: Set to snap two-day winning streak UPDATE 4-Tesla reports record quarterly deliveries, but Model 3 sales underwhelm bulls ** JPMorgan Chase & Co JPM.N: down 0.9% ** Morgan Stanley MS.N: down 0.1% ** Goldman Sachs Group Inc GS.N: down 0.5% ** Citigroup Inc C.N: down 0.8% ** Wells Fargo & Co WFC.N: down 1.0% ** Bank of America Corp BAC.N: down 1.5% BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 1.1% ** Chevron Corp CVX.N: down 1.1% ** Diamondback Energy Inc FANG.O: up 1.6% ** ConocoPhillips COP.N: down 1.0% ** Apache Corp APA.O: down 0.9% ** Callon Petroleum Co CPE.N: down 2.1% ** Halliburton Co HAL.N: down 2.6% ** Patterson-UTI Energy Inc PTEN.O: down 1.6% ** Marathon Petroleum Corp MPC.N: down 2.0% BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 35.8% BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 7.3% BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.9% BUZZ-Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 13.2% BUZZ-Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 6.2% BUZZ-Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 5.9% BUZZ-Gains on activist Trian stake purchase, possible push for deals ** DPW Holdings Inc DPW.A: up 14.2% BUZZ-DPW Holdings soars after unit launches new EV charger ** American Airlines Group Inc AAL.O: down 1.6% ** United Airlines Holdings Inc UAL.O: down 2.3% ** Southwest Airlines Co LUV.N: down 2.6% ** Alaska Air Group ALK.N: down 3.1% ** Delta Air Lines Inc DAL.N: down 2.5% ** JetBlue Airways Corp JBLU.O: down 2.1% ** Spirit Airlines Inc SAVE.N: down 2.9% BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 36.3% BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Ibio Inc IBIO.A: up 3.9% BUZZ-Ibio: Gains on deal with Safi Biosolutions ** Co-Diagnostics Inc CODX.O: up 14.2% BUZZ-Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 2.5% BUZZ-Rises after FDA approves rapid HIV-Syphilis test ** IDT Corp IDT.N: up 23.5% BUZZ-Set for seven-month high on higher Q4 earnings ** Arcutis Biotherapeutics ARQT.O: down 14.7% BUZZ-Arcutis Biotherapeutics drops on equity raise The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. down 0.54% (Compiled by C Nivedita in Bengaluru) ((c.nivedita@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Invesco Ltd IVZ.N, up 5.9% ** Paycom Software Inc PAYC.N, up 3.9% ** Conagra Brands Inc CAG.N, up 2.2% The top three S&P 500 .PL.INX percentage losers: ** Dexcom Inc DXCM.O, down 4% ** Norwegian Cruise Line Holdings Ltd NCLH.N, down 3.2% ** Tapestry Inc TPR.N, down 3.1% The top NYSE .PG.N percentage gainers: ** Xtant Medical Holdings Inc XTNT.N, up 172.7% ** American Renal Associates Holdings Inc ARA.N, up 64.2% The top three NYSE .PL.N percentage losers: ** Electromed Inc ELMD.N, down 11.1% ** Select Energy Services, Inc WTTR.N, down 9.7% ** Gray Television Inc GTNa.N, down 8.5% The top Nasdaq .PG.O percentage gainers: ** Nano-X Imaging Ltd NNOX.O, up 26.2% ** Houghton Mifflin Harcourt Co HMHC.O, up 19.4% The top three Nasdaq .PL.O percentage losers: ** Benitec Biopharma Inc BNTC.O, down 37.7% ** Mesoblast Ltd MESO.O, down 35.8% ** Arcutis Biotherapeutics Inc ARQT.O, down 14.7% ** Twilio Inc TWLO.N: up 7.4% BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 1.2% BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% BUZZ-Extends gains as brokerages bullish after Q3 forecast raise ** Tesla Inc TSLA.O: down 3.4% BUZZ-Tesla: Set to snap two-day winning streak UPDATE 4-Tesla reports record quarterly deliveries, but Model 3 sales underwhelm bulls ** JPMorgan Chase & Co JPM.N: down 0.9% ** Morgan Stanley MS.N: down 0.1% ** Goldman Sachs Group Inc GS.N: down 0.5% ** Citigroup Inc C.N: down 0.8% ** Wells Fargo & Co WFC.N: down 1.0% ** Bank of America Corp BAC.N: down 1.5% BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 1.1% ** Chevron Corp CVX.N: down 1.1% ** Diamondback Energy Inc FANG.O: up 1.6% ** ConocoPhillips COP.N: down 1.0% ** Apache Corp APA.O: down 0.9% ** Callon Petroleum Co CPE.N: down 2.1% ** Halliburton Co HAL.N: down 2.6% ** Patterson-UTI Energy Inc PTEN.O: down 1.6% ** Marathon Petroleum Corp MPC.N: down 2.0% BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 35.8% BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 7.3% BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.9% BUZZ-Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 13.2% BUZZ-Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 6.2% BUZZ-Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 5.9% BUZZ-Gains on activist Trian stake purchase, possible push for deals ** DPW Holdings Inc DPW.A: up 14.2% BUZZ-DPW Holdings soars after unit launches new EV charger ** American Airlines Group Inc AAL.O: down 1.6% ** United Airlines Holdings Inc UAL.O: down 2.3% ** Southwest Airlines Co LUV.N: down 2.6% ** Alaska Air Group ALK.N: down 3.1% ** Delta Air Lines Inc DAL.N: down 2.5% ** JetBlue Airways Corp JBLU.O: down 2.1% ** Spirit Airlines Inc SAVE.N: down 2.9% BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 36.3% BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Ibio Inc IBIO.A: up 3.9% BUZZ-Ibio: Gains on deal with Safi Biosolutions ** Co-Diagnostics Inc CODX.O: up 14.2% BUZZ-Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 2.5% BUZZ-Rises after FDA approves rapid HIV-Syphilis test ** IDT Corp IDT.N: up 23.5% BUZZ-Set for seven-month high on higher Q4 earnings ** Arcutis Biotherapeutics ARQT.O: down 14.7% BUZZ-Arcutis Biotherapeutics drops on equity raise The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. down 0.54% (Compiled by C Nivedita in Bengaluru) ((c.nivedita@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Invesco Ltd IVZ.N, up 5.9% ** Paycom Software Inc PAYC.N, up 3.9% ** Conagra Brands Inc CAG.N, up 2.2% The top three S&P 500 .PL.INX percentage losers: ** Dexcom Inc DXCM.O, down 4% ** Norwegian Cruise Line Holdings Ltd NCLH.N, down 3.2% ** Tapestry Inc TPR.N, down 3.1% The top NYSE .PG.N percentage gainers: ** Xtant Medical Holdings Inc XTNT.N, up 172.7% ** American Renal Associates Holdings Inc ARA.N, up 64.2% The top three NYSE .PL.N percentage losers: ** Electromed Inc ELMD.N, down 11.1% ** Select Energy Services, Inc WTTR.N, down 9.7% ** Gray Television Inc GTNa.N, down 8.5% The top Nasdaq .PG.O percentage gainers: ** Nano-X Imaging Ltd NNOX.O, up 26.2% ** Houghton Mifflin Harcourt Co HMHC.O, up 19.4% The top three Nasdaq .PL.O percentage losers: ** Benitec Biopharma Inc BNTC.O, down 37.7% ** Mesoblast Ltd MESO.O, down 35.8% ** Arcutis Biotherapeutics Inc ARQT.O, down 14.7% ** Twilio Inc TWLO.N: up 7.4% BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 1.2% BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% BUZZ-Extends gains as brokerages bullish after Q3 forecast raise ** Tesla Inc TSLA.O: down 3.4% BUZZ-Tesla: Set to snap two-day winning streak UPDATE 4-Tesla reports record quarterly deliveries, but Model 3 sales underwhelm bulls ** JPMorgan Chase & Co JPM.N: down 0.9% ** Morgan Stanley MS.N: down 0.1% ** Goldman Sachs Group Inc GS.N: down 0.5% ** Citigroup Inc C.N: down 0.8% ** Wells Fargo & Co WFC.N: down 1.0% ** Bank of America Corp BAC.N: down 1.5% BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 1.1% ** Chevron Corp CVX.N: down 1.1% ** Diamondback Energy Inc FANG.O: up 1.6% ** ConocoPhillips COP.N: down 1.0% ** Apache Corp APA.O: down 0.9% ** Callon Petroleum Co CPE.N: down 2.1% ** Halliburton Co HAL.N: down 2.6% ** Patterson-UTI Energy Inc PTEN.O: down 1.6% ** Marathon Petroleum Corp MPC.N: down 2.0% BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 35.8% BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 7.3% BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.9% BUZZ-Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 13.2% BUZZ-Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 6.2% BUZZ-Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 5.9% BUZZ-Gains on activist Trian stake purchase, possible push for deals ** DPW Holdings Inc DPW.A: up 14.2% BUZZ-DPW Holdings soars after unit launches new EV charger ** American Airlines Group Inc AAL.O: down 1.6% ** United Airlines Holdings Inc UAL.O: down 2.3% ** Southwest Airlines Co LUV.N: down 2.6% ** Alaska Air Group ALK.N: down 3.1% ** Delta Air Lines Inc DAL.N: down 2.5% ** JetBlue Airways Corp JBLU.O: down 2.1% ** Spirit Airlines Inc SAVE.N: down 2.9% BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 36.3% BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Ibio Inc IBIO.A: up 3.9% BUZZ-Ibio: Gains on deal with Safi Biosolutions ** Co-Diagnostics Inc CODX.O: up 14.2% BUZZ-Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 2.5% BUZZ-Rises after FDA approves rapid HIV-Syphilis test ** IDT Corp IDT.N: up 23.5% BUZZ-Set for seven-month high on higher Q4 earnings ** Arcutis Biotherapeutics ARQT.O: down 14.7% BUZZ-Arcutis Biotherapeutics drops on equity raise The 11 major S&P 500 sectors: Communication Services ET, the Dow Jones Industrial Average .DJI was down 0.76% at 27,605.87. down 1.27% Consumer Staples
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The top three S&P 500 .PG.INX percentage gainers: ** Invesco Ltd IVZ.N, up 5.9% ** Paycom Software Inc PAYC.N, up 3.9% ** Conagra Brands Inc CAG.N, up 2.2% The top three S&P 500 .PL.INX percentage losers: ** Dexcom Inc DXCM.O, down 4% ** Norwegian Cruise Line Holdings Ltd NCLH.N, down 3.2% ** Tapestry Inc TPR.N, down 3.1% The top NYSE .PG.N percentage gainers: ** Xtant Medical Holdings Inc XTNT.N, up 172.7% ** American Renal Associates Holdings Inc ARA.N, up 64.2% The top three NYSE .PL.N percentage losers: ** Electromed Inc ELMD.N, down 11.1% ** Select Energy Services, Inc WTTR.N, down 9.7% ** Gray Television Inc GTNa.N, down 8.5% The top Nasdaq .PG.O percentage gainers: ** Nano-X Imaging Ltd NNOX.O, up 26.2% ** Houghton Mifflin Harcourt Co HMHC.O, up 19.4% The top three Nasdaq .PL.O percentage losers: ** Benitec Biopharma Inc BNTC.O, down 37.7% ** Mesoblast Ltd MESO.O, down 35.8% ** Arcutis Biotherapeutics Inc ARQT.O, down 14.7% ** Twilio Inc TWLO.N: up 7.4% BUZZ-Twilio: Jumps as Q3 sales outlook enthuses Street ** Protara Therapeutics Inc TARA.O: up 1.2% BUZZ-Protara Therapuetics: Rises after hedge fund reports 5.8% passive stake ** Nu Skin Enterprises Inc NUS.N: up 9.0% BUZZ-Extends gains as brokerages bullish after Q3 forecast raise ** Tesla Inc TSLA.O: down 3.4% BUZZ-Tesla: Set to snap two-day winning streak UPDATE 4-Tesla reports record quarterly deliveries, but Model 3 sales underwhelm bulls ** JPMorgan Chase & Co JPM.N: down 0.9% ** Morgan Stanley MS.N: down 0.1% ** Goldman Sachs Group Inc GS.N: down 0.5% ** Citigroup Inc C.N: down 0.8% ** Wells Fargo & Co WFC.N: down 1.0% ** Bank of America Corp BAC.N: down 1.5% BUZZ-U.S. big banks track broader market fall as Trump tests COVID-19 positive ** ExxonMobil Corp XOM.N: down 1.1% ** Chevron Corp CVX.N: down 1.1% ** Diamondback Energy Inc FANG.O: up 1.6% ** ConocoPhillips COP.N: down 1.0% ** Apache Corp APA.O: down 0.9% ** Callon Petroleum Co CPE.N: down 2.1% ** Halliburton Co HAL.N: down 2.6% ** Patterson-UTI Energy Inc PTEN.O: down 1.6% ** Marathon Petroleum Corp MPC.N: down 2.0% BUZZ-U.S. energy shares: Dragged lower as Trump tests positive for coronavirus ** Mesoblast Ltd MESO.O: down 35.8% BUZZ-Mesoblast: Slumps as FDA declines to approve transplant rejection treatment ** Bloom Energy Corp BE.N: down 7.3% BUZZ-Bloom Energy down as Morgan Stanley markets large block ** Activision Blizzard Inc ATVI.O: down 1.9% BUZZ-Slips on delay of new "World of Warcraft" game ** Assured Guaranty Ltd AGO.N: up 13.2% BUZZ-Rises as co to join S&P 600 small cap index ** Sasol Ltd SSL.N: down 6.2% BUZZ-Slips on U.S. unit's stake sale plans to LyondellBasell for $2 bln ** Invesco Ltd IVZ.N: up 5.9% BUZZ-Gains on activist Trian stake purchase, possible push for deals ** DPW Holdings Inc DPW.A: up 14.2% BUZZ-DPW Holdings soars after unit launches new EV charger ** American Airlines Group Inc AAL.O: down 1.6% ** United Airlines Holdings Inc UAL.O: down 2.3% ** Southwest Airlines Co LUV.N: down 2.6% ** Alaska Air Group ALK.N: down 3.1% ** Delta Air Lines Inc DAL.N: down 2.5% ** JetBlue Airways Corp JBLU.O: down 2.1% ** Spirit Airlines Inc SAVE.N: down 2.9% BUZZ-U.S. airlines fall as positive Trump COVID-19 test raises uncertainty ** Synthetic Biologics Inc SYN.A: down 36.3% BUZZ-Synthetic Biologics scraps irritable bowel treatment trial, shares drop ** Ibio Inc IBIO.A: up 3.9% BUZZ-Ibio: Gains on deal with Safi Biosolutions ** Co-Diagnostics Inc CODX.O: up 14.2% BUZZ-Up on FDA approving saline oral rinse COVID-19 test ** Chembio Diagnostics Inc CEMI.O: up 2.5% BUZZ-Rises after FDA approves rapid HIV-Syphilis test ** IDT Corp IDT.N: up 23.5% BUZZ-Set for seven-month high on higher Q4 earnings ** Arcutis Biotherapeutics ARQT.O: down 14.7% BUZZ-Arcutis Biotherapeutics drops on equity raise The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment. ET, the Dow Jones Industrial Average .DJI was down 0.76% at 27,605.87.
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5215.0
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2020-10-01 00:00:00 UTC
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US STOCKS-Wall St rises on stimulus bets as labor market rebound cools
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AAL
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https://www.nasdaq.com/articles/us-stocks-wall-st-rises-on-stimulus-bets-as-labor-market-rebound-cools-2020-10-01-0
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nan
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For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.
Weekly jobless claims stall at recession levels
Consumer spending rises 1% in August
Airlines head higher on coronavirus aid hopes
Tech heavyweights boost all three indexes
Indexes up: Dow 0.37%, S&P 0.56%, Nasdaq 1.04%
Adds comments, updates prices
By Devik Jain and Sagarika Jaisinghani
Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing.
The number of Americans filing for jobless benefits fell to 837,000 in the week ended Sept. 26, but claims could rise again over the next few weeks as businesses cut more jobs to ride out the recession.
Nine of the 11 major S&P sectors were trading higher after the Trump administration proposed a new stimulus bill to House Democrats worth more than $1.5 trillion, which includes a $20 billion extension in aid for the battered airline industry.
Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.7% and 2.1%.
"Markets are fairly optimistic this morning about the potential for that stimulus package," said Chad Oviatt, director of investment management for Huntington Private Bank in Columbus, Ohio.
"They are looking for a deal to be done (but) the question becomes, is it just posturing or there is actually a deal in the works?"
Aggressive monetary and fiscal stimulus as well as a rally in tech-related stocks powered a Wall Street rebound since a coronavirus-driven crash in March, but the S&P 500 posted monthly declines in September as economic data pointed at a choppy rebound from a deep recession.
Figures on Thursday showed personal income dropped in August, while domestic manufacturing activity unexpectedly slowed in September.
Gains on Thursday were led by tech-related heavyweights including Apple Inc AAPL.O, Microsoft Corp MSFT.O, Tesla Inc TSLA.O and Nvidia Corp NVDA.O, which investors perceive as relatively safe at a time of heightened economic uncertainty.
On the other hand, energy stocks .SPNY tumbled another 2.7% after a 20% decline in the third quarter.
With the presidential election now less than five weeks away, analysts have warned of higher volatility over the next few weeks.
"Volatility is going to come back in a big way, as opposed to the second quarter, when we were able to just forget everything and pile money into the market," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
At 11:49 a.m. ET, the Dow Jones Industrial Average .DJI was up 102.33 points, or 0.37%, at 27,884.03, the S&P 500 .SPX was up 18.85 points, or 0.56%, at 3,381.85, and the Nasdaq Composite .IXIC was up 116.10 points, or 1.04%, at 11,283.60.
Boeing Co BA.N rose 1.8% a day after Federal Aviation Administration Chief Steve Dickson conducted a 737 MAX test flight, a milestone for the jet to win approval to resume flying after two fatal crashes.
U.S.-listed shares of French-Italian chipmaker STMicroelectronics STM.N jumped 7.6% after it saw a sharp rise in automotive and microcontrollers demand in the third quarter, setting it on course to top its 2020 forecast.
Advancing issues outnumbered decliners 1.73-to-1 on the NYSE and 1.28-to-1 on the Nasdaq.
The S&P index recorded nice new 52-week highs and no new low, while the Nasdaq recorded 50 new highs and 30 new lows.
(Reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.7% and 2.1%. Nine of the 11 major S&P sectors were trading higher after the Trump administration proposed a new stimulus bill to House Democrats worth more than $1.5 trillion, which includes a $20 billion extension in aid for the battered airline industry. "Volatility is going to come back in a big way, as opposed to the second quarter, when we were able to just forget everything and pile money into the market," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.7% and 2.1%. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Tech heavyweights boost all three indexes Indexes up: Dow 0.37%, S&P 0.56%, Nasdaq 1.04% Adds comments, updates prices By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing. Aggressive monetary and fiscal stimulus as well as a rally in tech-related stocks powered a Wall Street rebound since a coronavirus-driven crash in March, but the S&P 500 posted monthly declines in September as economic data pointed at a choppy rebound from a deep recession.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.7% and 2.1%. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Tech heavyweights boost all three indexes Indexes up: Dow 0.37%, S&P 0.56%, Nasdaq 1.04% Adds comments, updates prices By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing. The number of Americans filing for jobless benefits fell to 837,000 in the week ended Sept. 26, but claims could rise again over the next few weeks as businesses cut more jobs to ride out the recession.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.7% and 2.1%. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Tech heavyweights boost all three indexes Indexes up: Dow 0.37%, S&P 0.56%, Nasdaq 1.04% Adds comments, updates prices By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing. The number of Americans filing for jobless benefits fell to 837,000 in the week ended Sept. 26, but claims could rise again over the next few weeks as businesses cut more jobs to ride out the recession.
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5216.0
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2020-10-01 00:00:00 UTC
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GLOBAL MARKETS-Stimulus hopes ease markets into eventful fourth quarter
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AAL
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https://www.nasdaq.com/articles/global-markets-stimulus-hopes-ease-markets-into-eventful-fourth-quarter-2020-10-01
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nan
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nan
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By Herbert Lash
NEW YORK, Oct 1 (Reuters) - Renewed U.S. stimulus hopes lifted gold prices and global equity markets on Thursday, even as an all-day outage on Tokyo's Nikkei and a Brexit legal row sparked a bumpy start to what portends to be an explosive fourth quarter.
The dollar slipped against major currencies as hopes for a new round of fiscal stimulus from Washington cheered investors and spurred them to seek higher-yielding but riskier currencies.
Stocks on Wall Street and in Europe rose as investors bet on more stimulus after data showing the number of Americans filing new claims for jobless benefits fell last week but remained at recession levels, while personal income dropped in August.
The economy is recovering well but large U.S. corporations have announced layoffs, so there's a need for stimulus to support income and people's lives, said Etsy Dwek, head ofglobal marketstrategy, Natixis Investment Managers, in Geneva.
Walt Disney Co DIS.N, Goldman Sachs Group Inc GS.N and the airline industry, among others announced job cuts this week.
"The more you can support or give job confidence, the better it will be," Dwek said. "If we don't get stimulus, it's going to be extra bumpy."
The number of Americans filing for jobless benefits fell to 837,000 in the week ended Sept. 26, but claims could rise again over the next few weeks as businesses cut more jobs to ride out the recession.
MSCI's benchmark for global equity markets .MIWD00000PUS rose 0.39% to 567.33, while the broad FTSEurofirst 300 index .FTEU3 in Europe closed up 0.23% at 1,402.27.
On Wall Street, the Dow Jones Industrial Average .DJI rose 0.21%, the S&P 500 .SPX gained 0.36% and the Nasdaq Composite .IXIC added 0.81%.
The euro and European shares advanced on data showing the region's recovery from the coronavirus-induced slump helped traders claw back some of September's heavy falls. .EU
The euro EUR= gained 0.19% to $1.174 and the Japanese yen JPY= weakened 0.14% at 105.57 per dollar.
Sterling was on a wild ride. News that the European Union had launched a legal case against Britain for undercutting their earlier divorce deal sent the pound tumbling , only to then pinball higher on a Financial Times tweet that the two sides had made some progress in trade talks.
With U.S. elections, as well as the potential for a COVID-19 vaccine and a no-deal Brexit all lying ahead, markets are likely seeing the lull before a storm, according to Chris Dyer, Eaton Vance's director of global equity.
"What I have been saying is that the equity markets are likely to move violently sideways in the next few months," he said, though in 12 months, the trajectory should be a brighter one of global recovery.
Asian trading saw a 0.4% rise on MSCI's regional index .MIAPJ0000PUS, led by 1.1% and 1.5% gains in Australia and India. The day was dominated by a rare glitch at Tokyo Stock Exchange, the world's third-largest stock market.
TSE President Koichiro Miyahara said the exchange decided to suspend the full session because an early resumption could cause market confusion, but it planned to restart on Friday.
The meltdown also coincided with the release of the Bank of Japan's closely watched tankan corporate survey, which showed business sentiment improved from a decade low.
AIRLINES CLIMB
S&P 500 futures ESc1 rose 0.8%, extending Wall Street's rebound, amid strong employment data and talk of progress on long-delayed COVID-19 relief legislation from U.S. Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi. .N
With a $20 billion lifeline for the battered airline industry part of a potential $1.5 trillion package, American Airlines AAL.O, Delta DAL.N, United Airlines UAL.O and JetBlue JBLU.O shares climbed 1.3%-3.6% in premarket trading.
COVID-19 vaccine developments underpinned market sentiment too, despite rising infection rates in both Europe and the United States and a global death toll now above 1 million.
In the currency markets, the dollar's slip after its best month since July 2019 lifted Australia's trade-sensitive dollar 0.5% to $0.72 AUD=D4 and Mexico's peso MXN= more than 1%.
Gold gained 1% after its worst month since November 2016 while oil prices slid, adding to a 10% September drop.
Brent crude futures LCOc1 fell $1.83 to $40.47 a barrel. U.S. crude futures CLc1 slid $1.97 to $38.25 a barrel.
Spot gold prices XAU= rose 1.22% to $1,908.53 an ounce.
Global financial markets in 2020https://tmsnrt.rs/2S4NUHp
(Reporting by Herbert Lash; Editing by Bernadette Baum)
((herb.lash@thomsonreuters.com; 1-646-223-6019; Reuters Messaging: herb.lash.reuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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.N With a $20 billion lifeline for the battered airline industry part of a potential $1.5 trillion package, American Airlines AAL.O, Delta DAL.N, United Airlines UAL.O and JetBlue JBLU.O shares climbed 1.3%-3.6% in premarket trading. By Herbert Lash NEW YORK, Oct 1 (Reuters) - Renewed U.S. stimulus hopes lifted gold prices and global equity markets on Thursday, even as an all-day outage on Tokyo's Nikkei and a Brexit legal row sparked a bumpy start to what portends to be an explosive fourth quarter. Stocks on Wall Street and in Europe rose as investors bet on more stimulus after data showing the number of Americans filing new claims for jobless benefits fell last week but remained at recession levels, while personal income dropped in August.
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.N With a $20 billion lifeline for the battered airline industry part of a potential $1.5 trillion package, American Airlines AAL.O, Delta DAL.N, United Airlines UAL.O and JetBlue JBLU.O shares climbed 1.3%-3.6% in premarket trading. By Herbert Lash NEW YORK, Oct 1 (Reuters) - Renewed U.S. stimulus hopes lifted gold prices and global equity markets on Thursday, even as an all-day outage on Tokyo's Nikkei and a Brexit legal row sparked a bumpy start to what portends to be an explosive fourth quarter. Stocks on Wall Street and in Europe rose as investors bet on more stimulus after data showing the number of Americans filing new claims for jobless benefits fell last week but remained at recession levels, while personal income dropped in August.
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.N With a $20 billion lifeline for the battered airline industry part of a potential $1.5 trillion package, American Airlines AAL.O, Delta DAL.N, United Airlines UAL.O and JetBlue JBLU.O shares climbed 1.3%-3.6% in premarket trading. By Herbert Lash NEW YORK, Oct 1 (Reuters) - Renewed U.S. stimulus hopes lifted gold prices and global equity markets on Thursday, even as an all-day outage on Tokyo's Nikkei and a Brexit legal row sparked a bumpy start to what portends to be an explosive fourth quarter. Stocks on Wall Street and in Europe rose as investors bet on more stimulus after data showing the number of Americans filing new claims for jobless benefits fell last week but remained at recession levels, while personal income dropped in August.
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.N With a $20 billion lifeline for the battered airline industry part of a potential $1.5 trillion package, American Airlines AAL.O, Delta DAL.N, United Airlines UAL.O and JetBlue JBLU.O shares climbed 1.3%-3.6% in premarket trading. By Herbert Lash NEW YORK, Oct 1 (Reuters) - Renewed U.S. stimulus hopes lifted gold prices and global equity markets on Thursday, even as an all-day outage on Tokyo's Nikkei and a Brexit legal row sparked a bumpy start to what portends to be an explosive fourth quarter. Stocks on Wall Street and in Europe rose as investors bet on more stimulus after data showing the number of Americans filing new claims for jobless benefits fell last week but remained at recession levels, while personal income dropped in August.
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5217.0
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2020-10-01 00:00:00 UTC
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Breakingviews - Airline employees are pawns in U.S. bailout debate
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AAL
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https://www.nasdaq.com/articles/breakingviews-airline-employees-are-pawns-in-u.s.-bailout-debate-2020-10-01
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Reuters
Reuters
NEW YORK (Reuters Breakingviews) - Some 19,000 employees at American Airlines are in job purgatory. The Texas-based companyâs chief executive, Doug Parker, said late on Wednesday that he was going ahead with furloughs and layoffs, though he could reverse the decision in the coming days if the U.S. Congress passes a new bailout package. Though politicking may get in the way, Washington can justify helping.
American has been shrinking its workforce since the pandemic hit in early March. Then, it had 140,000 people on its payroll, helping to fly passengers some 285 billion miles in 2019. In the second quarter, that capacity had been cut by more than 78% compared the same time the previous year.
The pandemic has permanently altered the airlines business, Delta Air Linesâ Chief Executive Ed Bastian recently suggested. Even so, the sector will recover to some extent and at least some of those 19,000 employees at Parker's firm, and others at rival carriers, will be called back. American has, after all, separately reduced its headcount by over 20,000 with voluntary leave and extended severance packages.
The latest cuts shrink American's employee base by nearly a third from its pre-Covid days. The job losses are hitting flight attendants particularly hard. Yet if some are going to be needed again before too long, it's a case study for why Congress should be willing to consider helping to keep them in post.
American has received over $11 billion from the government so far, including a loan that it increased last week. That cash came in two separate facilities, one targeted at preserving jobs and the other bolstering the companyâs liquidity position. Both come with restrictions that have led some airlines to avoid them.
Parker has used the U.S. Treasury's cheap loans to shore up a liquidity position that was stretched long before the pandemic. There's political risk for legislators committing even more cash to the industry, providing one more reason for Congress and the administration of President Donald Trump to dither about a fresh broader stimulus. But further funds linked to saving jobs, in effect bridging a recovery in passenger numbers, ought to be an easier sell. Meanwhile, employees are just pawns in the debate.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The Texas-based companyâs chief executive, Doug Parker, said late on Wednesday that he was going ahead with furloughs and layoffs, though he could reverse the decision in the coming days if the U.S. Congress passes a new bailout package. The pandemic has permanently altered the airlines business, Delta Air Linesâ Chief Executive Ed Bastian recently suggested. There's political risk for legislators committing even more cash to the industry, providing one more reason for Congress and the administration of President Donald Trump to dither about a fresh broader stimulus.
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NEW YORK (Reuters Breakingviews) - Some 19,000 employees at American Airlines are in job purgatory. The Texas-based companyâs chief executive, Doug Parker, said late on Wednesday that he was going ahead with furloughs and layoffs, though he could reverse the decision in the coming days if the U.S. Congress passes a new bailout package. The latest cuts shrink American's employee base by nearly a third from its pre-Covid days.
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NEW YORK (Reuters Breakingviews) - Some 19,000 employees at American Airlines are in job purgatory. The Texas-based companyâs chief executive, Doug Parker, said late on Wednesday that he was going ahead with furloughs and layoffs, though he could reverse the decision in the coming days if the U.S. Congress passes a new bailout package. The latest cuts shrink American's employee base by nearly a third from its pre-Covid days.
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NEW YORK (Reuters Breakingviews) - Some 19,000 employees at American Airlines are in job purgatory. Then, it had 140,000 people on its payroll, helping to fly passengers some 285 billion miles in 2019. The latest cuts shrink American's employee base by nearly a third from its pre-Covid days.
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5218.0
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2020-10-01 00:00:00 UTC
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American, United Cut 32,000 Jobs as Government Support Ends
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https://www.nasdaq.com/articles/american-united-cut-32000-jobs-as-government-support-ends-2020-10-01
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American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) plan to proceed with a combined 32,000 job cuts after a Sept. 30 deadline passed without lawmakers agreeing to provide additional payroll support to the airline industry.
The airlines were hit hard by COVID-19, but the industry received $50 billion under the CARES Act to boost liquidity and support payroll. As a condition of the payroll support, airlines were prohibited from doing layoffs through Sept. 30.
Image source: Getty Images.
With revenue down upwards of 80% year over year and a full recovery still years off, the industry needs to shrink. Airlines and their unions have lobbied for additional government assistance and have support from lawmakers in both parties, but with the prospects of a fresh stimulus package uncertain, American and United are proceeding with scheduled layoffs beginning Oct. 1.
American will furlough 19,000 workers in the days to come, while United intends to furlough 13,000. United's pilots will be spared furloughs thanks to a deal reached between the union and management last month, but the cuts are expected to impact most other areas of operations at both companies.
Washington leaders remain hopeful about passing a new stimulus bill that would contain new payroll support in return for a continuing prohibition on furloughs. Treasury Secretary Steven Mnuchin had urged airlines to hold off on furloughs while negotiations continue. Both United and American said they are ready to reverse course if a deal is reached in the next few days.
"I am extremely sorry we have reached this outcome," American CEO Doug Parker wrote in a letter to employees announcing the cuts. "It is not what you all deserve."
10 stocks we like better than United Airlines Holdings
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Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) plan to proceed with a combined 32,000 job cuts after a Sept. 30 deadline passed without lawmakers agreeing to provide additional payroll support to the airline industry. Airlines and their unions have lobbied for additional government assistance and have support from lawmakers in both parties, but with the prospects of a fresh stimulus package uncertain, American and United are proceeding with scheduled layoffs beginning Oct. 1. United's pilots will be spared furloughs thanks to a deal reached between the union and management last month, but the cuts are expected to impact most other areas of operations at both companies.
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American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) plan to proceed with a combined 32,000 job cuts after a Sept. 30 deadline passed without lawmakers agreeing to provide additional payroll support to the airline industry. Washington leaders remain hopeful about passing a new stimulus bill that would contain new payroll support in return for a continuing prohibition on furloughs. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.
|
American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) plan to proceed with a combined 32,000 job cuts after a Sept. 30 deadline passed without lawmakers agreeing to provide additional payroll support to the airline industry. 10 stocks we like better than United Airlines Holdings When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. * David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and United Airlines Holdings wasn't one of them!
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American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) plan to proceed with a combined 32,000 job cuts after a Sept. 30 deadline passed without lawmakers agreeing to provide additional payroll support to the airline industry. Washington leaders remain hopeful about passing a new stimulus bill that would contain new payroll support in return for a continuing prohibition on furloughs. See the 10 stocks
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5219.0
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2020-10-01 00:00:00 UTC
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U.S. airlines face grim winter, with or without a bailout
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AAL
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https://www.nasdaq.com/articles/u.s.-airlines-face-grim-winter-with-or-without-a-bailout-2020-10-01
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By Tracy Rucinski and Andrea Shalal
CHICAGO/WASHINGTON, Oct 1 (Reuters) - U.S. airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid.
American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief.
U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were expected to continue negotiations on Thursday.
U.S. airlines are collectively burning about $5 billion of cash a month as passenger traffic has stalled at around 30% of 2019 levels. After tapping capital markets, they say they have enough liquidity to last them at least 12 months at that rate.
They have argued for another $25 billion in federal payroll aid to maintain their workforce and meet demand as the economy rebounds. Without the money, flight networks could further shrink, hampering their revenue power and shortening their liquidity runway.
Between voluntary and involuntary furloughs, major U.S. airlines' workforce will shrink by at least 25% in October.
"Airlines quite correctly have been bulking up on cash ... but to be 25% smaller, best case, how are you going to handle the debt service?" asked airline consultant Mike Boyd.
Cities will lose a number of daily flights and non-stop options, Cowen analyst Helane Becker said. "Service to small communities will decline pretty dramatically," she added.
That threat has resonated with some lawmakers even as the bailout request partly fell victim to broader political turmoil in a bitterly divided Washington.
And an uncertain recovery has not helped the airlines' case.
Industry experts expect a slight improvement in domestic demand over the winter holidays from current levels, but it will remain far below last year's volumes, and higher-margin business and international travel remain severely depressed.
Daily passengers at U.S. airports have swung from record highs in 2019 to dramatic lows in 2020, according to Transportation Security Administration (TSA) data.
"Right now airline traffic is equal to where it was in the 1970s," said Becker. "And the industry has a balance sheet that is 2019."
Chief executives acknowledge that pre-pandemic air travel demand is unlikely to return for years, and still unknown is how the pandemic, which has forced drastic changes in habits, will impact travel behavior.
This has accelerated a deeper economic debate over which sectors should be propped up.
Top International Monetary Fund officials warned last month that certain sectors, including travel, were facing a "prolonged decline" due to the lingering impact of the coronavirus pandemic.
"Many firms in these sectors may no longer be viable. This will require gradually unwinding the lifelines extended to these firms so that labor and capital may be reallocated away from such shrinking sectors to growing sectors such as online retail and other e-commerce," IMF Managing Director Kristalina Georgieva and chief economist Gita Gopinath wrote in Foreign Policy magazine.
(Reporting by Tracy Rucinski and Andrea Shalal; Editing by Aurora Ellis)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By Tracy Rucinski and Andrea Shalal CHICAGO/WASHINGTON, Oct 1 (Reuters) - U.S. airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid. That threat has resonated with some lawmakers even as the bailout request partly fell victim to broader political turmoil in a bitterly divided Washington.
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By Tracy Rucinski and Andrea Shalal CHICAGO/WASHINGTON, Oct 1 (Reuters) - U.S. airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid. U.S. airlines are collectively burning about $5 billion of cash a month as passenger traffic has stalled at around 30% of 2019 levels.
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By Tracy Rucinski and Andrea Shalal CHICAGO/WASHINGTON, Oct 1 (Reuters) - U.S. airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid. This will require gradually unwinding the lifelines extended to these firms so that labor and capital may be reallocated away from such shrinking sectors to growing sectors such as online retail and other e-commerce," IMF Managing Director Kristalina Georgieva and chief economist Gita Gopinath wrote in Foreign Policy magazine.
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American Airlines AAL.O and United Airlines UAL.O began laying off 32,000 workers after a deadline passed with no new help from Washington, but told staff they would reverse this if lawmakers reach a deal on COVID-19 relief. By Tracy Rucinski and Andrea Shalal CHICAGO/WASHINGTON, Oct 1 (Reuters) - U.S. airlines face a winter test of their finances and question marks over the reach of their domestic flight networks after failing, for now, to win fresh federal aid. "Airlines quite correctly have been bulking up on cash ... but to be 25% smaller, best case, how are you going to handle the debt service?"
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5220.0
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2020-10-01 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-XPO Logistics, VerifyMe, Workday, LogicBio Therapeutics
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-xpo-logistics-verifyme-workday-logicbio-therapeutics-2020-10
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet in favor of more fiscal stimulus after data showed the pace of a domestic economic rebound was slowing..N
At 12:36 ET, the Dow Jones Industrial Average .DJI was up 0.40% at 27,893.64. The S&P 500 .SPX was up 0.44% at 3,377.82 and the Nasdaq Composite .IXIC was up 0.85% at 11,262.442. The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc ETSY.O, up 7.2% ** L Brands Inc LB.N, up 4.5% ** Gap Inc GPS.N, up 4.3% The top three S&P 500 .PL.INX percentage losers: ** Valero Energy Corp VLO.N, down 7.8% ** Halliburton Co HAL.N, down 6.5% ** Abiomed Inc ABMD.O, down 6.1% The top three NYSE .PG.N percentage gainers: ** Amer Eq Inv Life AEL.N, up 39% ** Container Store Group Inc TCS.N, up 16.3% ** SailPoint Technologies Holdings Inc SAIL.N, up 13.5% The top three NYSE .PL.N percentage losers: ** Bluegreen Vacations Holding Corp BVH.N, down 22.3% ** Ambow Education Holding Ltd AMBO.N, down 21.2% ** Boqii Holding Ltd BQ.N, down 14.9% The top three Nasdaq .PG.O percentage gainers: ** Solid Biosciences Inc SLDB.O, up 111.3% ** Pulmonx Corp LUNG.O, up 107.2% ** Thryv Holdings Inc THRY.O, up 81.4% The top three Nasdaq .PL.O percentage losers: ** LogicBio Therapeutics Inc LOGC.O, down 32% ** Benitec Biopharma Inc BNTC.O, down 25.9% ** Kismet Acquisition One Corp KSMTU.O, down 21.5% ** LogicBio Therapeutics Inc LOGC.O: down 32.0%
BUZZ-Slumps on deep-discounted stock offering
** XPO Logistics Inc XPO.N: up 1.4%
BUZZ-Up after co's app downloads doubles
** VerifyMe Inc VRME.O: up 2.6%
BUZZ-Jumps on reviewing potential acquisition opportunities
** Workday Inc WDAY.O: up 1.5%
BUZZ-Rises as Citigroup upgrades on growth opportunities
** Triton International Ltd TRTN.N: down 6.6%
BUZZ-Drops on secondary stock offering by selling shareholders
** PAR Technology Corp PAR.N: down 11.1%
BUZZ-Slides on equity offering
** Genfit SA GNFT.O: down 15.9%
BUZZ-Drops on workforce reduction, bigger loss
** Draftkings Inc DKNG.O: up 5.1%
BUZZ-Hits record high on sport betting deal with Philadelphia Eagles
** Wells Fargo & Co WFC.N: down 0.7%
** Citigroup Inc C.N: down 0.5%
** Goldman Sachs Group Inc GS.N: down 0.1%
** Morgan Stanley MS.N: down 0.5%
** Bank of America Corp BAC.N: down 0.1%
BUZZ-U.S. big banks fall as U.S. Fed to extend curbs on capital distribution
** Lixiang Education Holding Co Ltd LXEH.O: down 17.3%
BUZZ-Shares plunge nearly 25% in Nasdaq debut
** Exxon Mobil Corp XOM.N: down 3.4%
** Chevron Corp CVX.N: down 1.6%
** TechnipFMC PLC FTI.N: down 1.9%
** Halliburton Co HAL.N: down 6.5%
** Marathon Petroleum Corp MPC.N: down 5.4%
** Phillips 66 PSX.N: down 3.4%
** Diamondback Energy Inc FANG.O: down 4.5%
** Marathon Oil Corp MRO.N: down 3.7%
** ConocoPhillips COP.N: down 2.2%
** Apache Corp APA.O: down 4.1%
** Devon Energy Corp DVN.N: down 2.4%
** Occidental Petroleum Corp OXY.N: down 3.8%
** Patterson-UTI Energy Inc PTEN.O: down 6.7%
BUZZ-U.S. energy shares slide on 5% drop in U.S. crude
** Textron Inc TXT.N: down 2.3%
BUZZ-Falls as Cowen downgrades on bleak recovery prospects
** Datadog Inc DDOG.O: up 1.0%
BUZZ-Rises as brokerage hikes PT to Street high on Microsoft partnership
** AMAG Pharmaceuticals Inc AMAG.O: up 44.6%
BUZZ-Surges as Apollo-backed Covis to buy co for $647 mln
** CareDx Inc CDNA.O: up 6.6%
BUZZ-Reaches record high on Medicare coverage decision for AlloSure heart
** Amazon.com Inc AMZN.O: up 1.3%
BUZZ-Pivotal says ad business underappreciated, boosts PT to Street high
** Houghton Mifflin Harcourt Co HMHC.O: up 10.7%
BUZZ-Soars on restructuring plan; to slash 22% jobs
** Cyclerion Therapeutics Inc CYCN.O: up 4.4%
BUZZ-Up on sickle cell, nervous system disease study updates
** Skyworks Solutions Inc SWKS.O: up 1.8%
BUZZ-Cowen hikes PT as OEMs seek to fill Huawei void
** VAALCO Energy Inc EGY.N: up 11.4%
BUZZ-Jumps on Q3 production outlook
** Bed Bath & Beyond Inc BBBY.O: up 33.4%
BUZZ-Surges as co swings to quarterly profit
** Abbott Laboratories ABT.N: up 0.6%
BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests
** Pennsylvania Real Estate Investment Trust: PEI.N: up 1.0%
BUZZ-Up on securing one-month extension to liquidity facility
** Advanced Emissions Solutions Inc ADES.O: up 25.4%
BUZZ-Surges on 15-year carbon supply contract
** Enlivex Therapeutics Ltd ENLV.O: up 45.8%
BUZZ-Surges on positive data from potential COVID-19 treatment
** Gridsum Holding Inc GSUM.O: up 35.5%
BUZZ-Soars on take-private offer
** American Equity Investment Life Holding Co AEL.N: up 38.9%
BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid
** Papa John's International Inc PZZA.O: up 2.4%
BUZZ-KeyBanc starts with 'overweight' rating
** Genworth Financial Inc GNW.N: down 3.4%
BUZZ-Drops on extension of merger agreement with Oceanwide
** Zillow Group Inc ZG.O: up 4.0%
BUZZ-Brokerages hike PTs on growth prospects
** Callon Petroleum Co CPE.N: up 2.7%
BUZZ-Jumps after signing asset monetization deals
** Solid Biosciences Inc SLDB.O: up 111.3%
BUZZ-Surges after FDA allows gene therapy trial to resumeUSN
** American Airlines Group Inc AAL.O: up 1.5%
** United Airlines Holdings Inc UAL.O: up 0.2%
** Delta Air Line Inc DAL.N: up 0.7%
** Southwest Airlines Co LUV.N: up 0.1%
** JetBlue Airways Corp JBLU.N: up 0.5%
BUZZ-U.S. airlines: Up on talks of federal aid extension
** Boeing Co BA.N: up 1.4%
BUZZ-Up after FAA conducts 737 MAX test flight
** ProPhase Labs Inc PRPH.O: up 9.8%
BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing
** Lonestar Resources LONE.O: down 12.3%
BUZZ-Slumps after bankruptcy filing
** Tesla Inc TSLA.O: up 2.9%
BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price
** AMAG Pharmaceuticals Inc AMAG.O: up 44.6%
BUZZ-Surges on report of potential takeover deal
** PepsiCo Inc PEP.O: up 0.9%
BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps
** Alibaba Group Holding Ltd BABA.N: down 1.4%
BUZZ-Up as Needham hikes PT on growth prospects
** LogicBio Therapeutics Inc LOGC.O: down 32.0%
BUZZ-Slumps on proposed stock offering
** Mastercard Inc MA.N: up 1.5%
BUZZ-JPMorgan hikes PT and estimates on positive growth trends
** Selecta Biosciences Inc SELB.O: down 32.9%
BUZZ-Plunges as drug fails to meet trial main goal
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 1.18%
Consumer Discretionary
.SPLRCD
up 1.25%
Consumer Staples
.SPLRCS
up 0.57%
Energy
.SPNY
down 2.95%
Financial
.SPSY
up 0.36%
Health
.SPXHC
down 0.19%
Industrial
.SPLRCI
up 0.29%
Information Technology
.SPLRCT
up 0.68%
Materials
.SPLRCM
down 0.05%
Real Estate
.SPLRCR
up 0.92%
Utilities
.SPLRCU
up 1.06%
(Compiled by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc ETSY.O, up 7.2% ** L Brands Inc LB.N, up 4.5% ** Gap Inc GPS.N, up 4.3% The top three S&P 500 .PL.INX percentage losers: ** Valero Energy Corp VLO.N, down 7.8% ** Halliburton Co HAL.N, down 6.5% ** Abiomed Inc ABMD.O, down 6.1% The top three NYSE .PG.N percentage gainers: ** Amer Eq Inv Life AEL.N, up 39% ** Container Store Group Inc TCS.N, up 16.3% ** SailPoint Technologies Holdings Inc SAIL.N, up 13.5% The top three NYSE .PL.N percentage losers: ** Bluegreen Vacations Holding Corp BVH.N, down 22.3% ** Ambow Education Holding Ltd AMBO.N, down 21.2% ** Boqii Holding Ltd BQ.N, down 14.9% The top three Nasdaq .PG.O percentage gainers: ** Solid Biosciences Inc SLDB.O, up 111.3% ** Pulmonx Corp LUNG.O, up 107.2% ** Thryv Holdings Inc THRY.O, up 81.4% The top three Nasdaq .PL.O percentage losers: ** LogicBio Therapeutics Inc LOGC.O, down 32% ** Benitec Biopharma Inc BNTC.O, down 25.9% ** Kismet Acquisition One Corp KSMTU.O, down 21.5% ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on deep-discounted stock offering ** XPO Logistics Inc XPO.N: up 1.4% BUZZ-Up after co's app downloads doubles ** VerifyMe Inc VRME.O: up 2.6% BUZZ-Jumps on reviewing potential acquisition opportunities ** Workday Inc WDAY.O: up 1.5% BUZZ-Rises as Citigroup upgrades on growth opportunities ** Triton International Ltd TRTN.N: down 6.6% BUZZ-Drops on secondary stock offering by selling shareholders ** PAR Technology Corp PAR.N: down 11.1% BUZZ-Slides on equity offering ** Genfit SA GNFT.O: down 15.9% BUZZ-Drops on workforce reduction, bigger loss ** Draftkings Inc DKNG.O: up 5.1% BUZZ-Hits record high on sport betting deal with Philadelphia Eagles ** Wells Fargo & Co WFC.N: down 0.7% ** Citigroup Inc C.N: down 0.5% ** Goldman Sachs Group Inc GS.N: down 0.1% ** Morgan Stanley MS.N: down 0.5% ** Bank of America Corp BAC.N: down 0.1% BUZZ-U.S. big banks fall as U.S. Fed to extend curbs on capital distribution ** Lixiang Education Holding Co Ltd LXEH.O: down 17.3% BUZZ-Shares plunge nearly 25% in Nasdaq debut ** Exxon Mobil Corp XOM.N: down 3.4% ** Chevron Corp CVX.N: down 1.6% ** TechnipFMC PLC FTI.N: down 1.9% ** Halliburton Co HAL.N: down 6.5% ** Marathon Petroleum Corp MPC.N: down 5.4% ** Phillips 66 PSX.N: down 3.4% ** Diamondback Energy Inc FANG.O: down 4.5% ** Marathon Oil Corp MRO.N: down 3.7% ** ConocoPhillips COP.N: down 2.2% ** Apache Corp APA.O: down 4.1% ** Devon Energy Corp DVN.N: down 2.4% ** Occidental Petroleum Corp OXY.N: down 3.8% ** Patterson-UTI Energy Inc PTEN.O: down 6.7% BUZZ-U.S. energy shares slide on 5% drop in U.S. crude ** Textron Inc TXT.N: down 2.3% BUZZ-Falls as Cowen downgrades on bleak recovery prospects ** Datadog Inc DDOG.O: up 1.0% BUZZ-Rises as brokerage hikes PT to Street high on Microsoft partnership ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges as Apollo-backed Covis to buy co for $647 mln ** CareDx Inc CDNA.O: up 6.6% BUZZ-Reaches record high on Medicare coverage decision for AlloSure heart ** Amazon.com Inc AMZN.O: up 1.3% BUZZ-Pivotal says ad business underappreciated, boosts PT to Street high ** Houghton Mifflin Harcourt Co HMHC.O: up 10.7% BUZZ-Soars on restructuring plan; to slash 22% jobs ** Cyclerion Therapeutics Inc CYCN.O: up 4.4% BUZZ-Up on sickle cell, nervous system disease study updates ** Skyworks Solutions Inc SWKS.O: up 1.8% BUZZ-Cowen hikes PT as OEMs seek to fill Huawei void ** VAALCO Energy Inc EGY.N: up 11.4% BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 33.4% BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.6% BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pennsylvania Real Estate Investment Trust: PEI.N: up 1.0% BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 25.4% BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 45.8% BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 35.5% BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 38.9% BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 2.4% BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 3.4% BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 4.0% BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 2.7% BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 111.3% BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.5% ** United Airlines Holdings Inc UAL.O: up 0.2% ** Delta Air Line Inc DAL.N: up 0.7% ** Southwest Airlines Co LUV.N: up 0.1% ** JetBlue Airways Corp JBLU.N: up 0.5% BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 1.4% BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 9.8% BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 12.3% BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.9% BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.9% BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: down 1.4% BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 1.5% BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 32.9% BUZZ-Plunges as drug fails to meet trial main goal The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet in favor of more fiscal stimulus after data showed the pace of a domestic economic rebound was slowing..N At 12:36 ET, the Dow Jones Industrial Average .DJI was up 0.40% at 27,893.64. up 1.06% (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc ETSY.O, up 7.2% ** L Brands Inc LB.N, up 4.5% ** Gap Inc GPS.N, up 4.3% The top three S&P 500 .PL.INX percentage losers: ** Valero Energy Corp VLO.N, down 7.8% ** Halliburton Co HAL.N, down 6.5% ** Abiomed Inc ABMD.O, down 6.1% The top three NYSE .PG.N percentage gainers: ** Amer Eq Inv Life AEL.N, up 39% ** Container Store Group Inc TCS.N, up 16.3% ** SailPoint Technologies Holdings Inc SAIL.N, up 13.5% The top three NYSE .PL.N percentage losers: ** Bluegreen Vacations Holding Corp BVH.N, down 22.3% ** Ambow Education Holding Ltd AMBO.N, down 21.2% ** Boqii Holding Ltd BQ.N, down 14.9% The top three Nasdaq .PG.O percentage gainers: ** Solid Biosciences Inc SLDB.O, up 111.3% ** Pulmonx Corp LUNG.O, up 107.2% ** Thryv Holdings Inc THRY.O, up 81.4% The top three Nasdaq .PL.O percentage losers: ** LogicBio Therapeutics Inc LOGC.O, down 32% ** Benitec Biopharma Inc BNTC.O, down 25.9% ** Kismet Acquisition One Corp KSMTU.O, down 21.5% ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on deep-discounted stock offering ** XPO Logistics Inc XPO.N: up 1.4% BUZZ-Up after co's app downloads doubles ** VerifyMe Inc VRME.O: up 2.6% BUZZ-Jumps on reviewing potential acquisition opportunities ** Workday Inc WDAY.O: up 1.5% BUZZ-Rises as Citigroup upgrades on growth opportunities ** Triton International Ltd TRTN.N: down 6.6% BUZZ-Drops on secondary stock offering by selling shareholders ** PAR Technology Corp PAR.N: down 11.1% BUZZ-Slides on equity offering ** Genfit SA GNFT.O: down 15.9% BUZZ-Drops on workforce reduction, bigger loss ** Draftkings Inc DKNG.O: up 5.1% BUZZ-Hits record high on sport betting deal with Philadelphia Eagles ** Wells Fargo & Co WFC.N: down 0.7% ** Citigroup Inc C.N: down 0.5% ** Goldman Sachs Group Inc GS.N: down 0.1% ** Morgan Stanley MS.N: down 0.5% ** Bank of America Corp BAC.N: down 0.1% BUZZ-U.S. big banks fall as U.S. Fed to extend curbs on capital distribution ** Lixiang Education Holding Co Ltd LXEH.O: down 17.3% BUZZ-Shares plunge nearly 25% in Nasdaq debut ** Exxon Mobil Corp XOM.N: down 3.4% ** Chevron Corp CVX.N: down 1.6% ** TechnipFMC PLC FTI.N: down 1.9% ** Halliburton Co HAL.N: down 6.5% ** Marathon Petroleum Corp MPC.N: down 5.4% ** Phillips 66 PSX.N: down 3.4% ** Diamondback Energy Inc FANG.O: down 4.5% ** Marathon Oil Corp MRO.N: down 3.7% ** ConocoPhillips COP.N: down 2.2% ** Apache Corp APA.O: down 4.1% ** Devon Energy Corp DVN.N: down 2.4% ** Occidental Petroleum Corp OXY.N: down 3.8% ** Patterson-UTI Energy Inc PTEN.O: down 6.7% BUZZ-U.S. energy shares slide on 5% drop in U.S. crude ** Textron Inc TXT.N: down 2.3% BUZZ-Falls as Cowen downgrades on bleak recovery prospects ** Datadog Inc DDOG.O: up 1.0% BUZZ-Rises as brokerage hikes PT to Street high on Microsoft partnership ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges as Apollo-backed Covis to buy co for $647 mln ** CareDx Inc CDNA.O: up 6.6% BUZZ-Reaches record high on Medicare coverage decision for AlloSure heart ** Amazon.com Inc AMZN.O: up 1.3% BUZZ-Pivotal says ad business underappreciated, boosts PT to Street high ** Houghton Mifflin Harcourt Co HMHC.O: up 10.7% BUZZ-Soars on restructuring plan; to slash 22% jobs ** Cyclerion Therapeutics Inc CYCN.O: up 4.4% BUZZ-Up on sickle cell, nervous system disease study updates ** Skyworks Solutions Inc SWKS.O: up 1.8% BUZZ-Cowen hikes PT as OEMs seek to fill Huawei void ** VAALCO Energy Inc EGY.N: up 11.4% BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 33.4% BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.6% BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pennsylvania Real Estate Investment Trust: PEI.N: up 1.0% BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 25.4% BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 45.8% BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 35.5% BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 38.9% BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 2.4% BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 3.4% BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 4.0% BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 2.7% BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 111.3% BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.5% ** United Airlines Holdings Inc UAL.O: up 0.2% ** Delta Air Line Inc DAL.N: up 0.7% ** Southwest Airlines Co LUV.N: up 0.1% ** JetBlue Airways Corp JBLU.N: up 0.5% BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 1.4% BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 9.8% BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 12.3% BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.9% BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.9% BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: down 1.4% BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 1.5% BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 32.9% BUZZ-Plunges as drug fails to meet trial main goal The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet in favor of more fiscal stimulus after data showed the pace of a domestic economic rebound was slowing..N At 12:36 ET, the Dow Jones Industrial Average .DJI was up 0.40% at 27,893.64. down 0.05% Real Estate
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The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc ETSY.O, up 7.2% ** L Brands Inc LB.N, up 4.5% ** Gap Inc GPS.N, up 4.3% The top three S&P 500 .PL.INX percentage losers: ** Valero Energy Corp VLO.N, down 7.8% ** Halliburton Co HAL.N, down 6.5% ** Abiomed Inc ABMD.O, down 6.1% The top three NYSE .PG.N percentage gainers: ** Amer Eq Inv Life AEL.N, up 39% ** Container Store Group Inc TCS.N, up 16.3% ** SailPoint Technologies Holdings Inc SAIL.N, up 13.5% The top three NYSE .PL.N percentage losers: ** Bluegreen Vacations Holding Corp BVH.N, down 22.3% ** Ambow Education Holding Ltd AMBO.N, down 21.2% ** Boqii Holding Ltd BQ.N, down 14.9% The top three Nasdaq .PG.O percentage gainers: ** Solid Biosciences Inc SLDB.O, up 111.3% ** Pulmonx Corp LUNG.O, up 107.2% ** Thryv Holdings Inc THRY.O, up 81.4% The top three Nasdaq .PL.O percentage losers: ** LogicBio Therapeutics Inc LOGC.O, down 32% ** Benitec Biopharma Inc BNTC.O, down 25.9% ** Kismet Acquisition One Corp KSMTU.O, down 21.5% ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on deep-discounted stock offering ** XPO Logistics Inc XPO.N: up 1.4% BUZZ-Up after co's app downloads doubles ** VerifyMe Inc VRME.O: up 2.6% BUZZ-Jumps on reviewing potential acquisition opportunities ** Workday Inc WDAY.O: up 1.5% BUZZ-Rises as Citigroup upgrades on growth opportunities ** Triton International Ltd TRTN.N: down 6.6% BUZZ-Drops on secondary stock offering by selling shareholders ** PAR Technology Corp PAR.N: down 11.1% BUZZ-Slides on equity offering ** Genfit SA GNFT.O: down 15.9% BUZZ-Drops on workforce reduction, bigger loss ** Draftkings Inc DKNG.O: up 5.1% BUZZ-Hits record high on sport betting deal with Philadelphia Eagles ** Wells Fargo & Co WFC.N: down 0.7% ** Citigroup Inc C.N: down 0.5% ** Goldman Sachs Group Inc GS.N: down 0.1% ** Morgan Stanley MS.N: down 0.5% ** Bank of America Corp BAC.N: down 0.1% BUZZ-U.S. big banks fall as U.S. Fed to extend curbs on capital distribution ** Lixiang Education Holding Co Ltd LXEH.O: down 17.3% BUZZ-Shares plunge nearly 25% in Nasdaq debut ** Exxon Mobil Corp XOM.N: down 3.4% ** Chevron Corp CVX.N: down 1.6% ** TechnipFMC PLC FTI.N: down 1.9% ** Halliburton Co HAL.N: down 6.5% ** Marathon Petroleum Corp MPC.N: down 5.4% ** Phillips 66 PSX.N: down 3.4% ** Diamondback Energy Inc FANG.O: down 4.5% ** Marathon Oil Corp MRO.N: down 3.7% ** ConocoPhillips COP.N: down 2.2% ** Apache Corp APA.O: down 4.1% ** Devon Energy Corp DVN.N: down 2.4% ** Occidental Petroleum Corp OXY.N: down 3.8% ** Patterson-UTI Energy Inc PTEN.O: down 6.7% BUZZ-U.S. energy shares slide on 5% drop in U.S. crude ** Textron Inc TXT.N: down 2.3% BUZZ-Falls as Cowen downgrades on bleak recovery prospects ** Datadog Inc DDOG.O: up 1.0% BUZZ-Rises as brokerage hikes PT to Street high on Microsoft partnership ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges as Apollo-backed Covis to buy co for $647 mln ** CareDx Inc CDNA.O: up 6.6% BUZZ-Reaches record high on Medicare coverage decision for AlloSure heart ** Amazon.com Inc AMZN.O: up 1.3% BUZZ-Pivotal says ad business underappreciated, boosts PT to Street high ** Houghton Mifflin Harcourt Co HMHC.O: up 10.7% BUZZ-Soars on restructuring plan; to slash 22% jobs ** Cyclerion Therapeutics Inc CYCN.O: up 4.4% BUZZ-Up on sickle cell, nervous system disease study updates ** Skyworks Solutions Inc SWKS.O: up 1.8% BUZZ-Cowen hikes PT as OEMs seek to fill Huawei void ** VAALCO Energy Inc EGY.N: up 11.4% BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 33.4% BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.6% BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pennsylvania Real Estate Investment Trust: PEI.N: up 1.0% BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 25.4% BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 45.8% BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 35.5% BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 38.9% BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 2.4% BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 3.4% BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 4.0% BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 2.7% BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 111.3% BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.5% ** United Airlines Holdings Inc UAL.O: up 0.2% ** Delta Air Line Inc DAL.N: up 0.7% ** Southwest Airlines Co LUV.N: up 0.1% ** JetBlue Airways Corp JBLU.N: up 0.5% BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 1.4% BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 9.8% BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 12.3% BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.9% BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.9% BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: down 1.4% BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 1.5% BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 32.9% BUZZ-Plunges as drug fails to meet trial main goal The 11 major S&P 500 sectors: Communication Services up 1.18% Consumer Discretionary up 1.25% Consumer Staples
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The top three S&P 500 .PG.INX percentage gainers: ** ETSY Inc ETSY.O, up 7.2% ** L Brands Inc LB.N, up 4.5% ** Gap Inc GPS.N, up 4.3% The top three S&P 500 .PL.INX percentage losers: ** Valero Energy Corp VLO.N, down 7.8% ** Halliburton Co HAL.N, down 6.5% ** Abiomed Inc ABMD.O, down 6.1% The top three NYSE .PG.N percentage gainers: ** Amer Eq Inv Life AEL.N, up 39% ** Container Store Group Inc TCS.N, up 16.3% ** SailPoint Technologies Holdings Inc SAIL.N, up 13.5% The top three NYSE .PL.N percentage losers: ** Bluegreen Vacations Holding Corp BVH.N, down 22.3% ** Ambow Education Holding Ltd AMBO.N, down 21.2% ** Boqii Holding Ltd BQ.N, down 14.9% The top three Nasdaq .PG.O percentage gainers: ** Solid Biosciences Inc SLDB.O, up 111.3% ** Pulmonx Corp LUNG.O, up 107.2% ** Thryv Holdings Inc THRY.O, up 81.4% The top three Nasdaq .PL.O percentage losers: ** LogicBio Therapeutics Inc LOGC.O, down 32% ** Benitec Biopharma Inc BNTC.O, down 25.9% ** Kismet Acquisition One Corp KSMTU.O, down 21.5% ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on deep-discounted stock offering ** XPO Logistics Inc XPO.N: up 1.4% BUZZ-Up after co's app downloads doubles ** VerifyMe Inc VRME.O: up 2.6% BUZZ-Jumps on reviewing potential acquisition opportunities ** Workday Inc WDAY.O: up 1.5% BUZZ-Rises as Citigroup upgrades on growth opportunities ** Triton International Ltd TRTN.N: down 6.6% BUZZ-Drops on secondary stock offering by selling shareholders ** PAR Technology Corp PAR.N: down 11.1% BUZZ-Slides on equity offering ** Genfit SA GNFT.O: down 15.9% BUZZ-Drops on workforce reduction, bigger loss ** Draftkings Inc DKNG.O: up 5.1% BUZZ-Hits record high on sport betting deal with Philadelphia Eagles ** Wells Fargo & Co WFC.N: down 0.7% ** Citigroup Inc C.N: down 0.5% ** Goldman Sachs Group Inc GS.N: down 0.1% ** Morgan Stanley MS.N: down 0.5% ** Bank of America Corp BAC.N: down 0.1% BUZZ-U.S. big banks fall as U.S. Fed to extend curbs on capital distribution ** Lixiang Education Holding Co Ltd LXEH.O: down 17.3% BUZZ-Shares plunge nearly 25% in Nasdaq debut ** Exxon Mobil Corp XOM.N: down 3.4% ** Chevron Corp CVX.N: down 1.6% ** TechnipFMC PLC FTI.N: down 1.9% ** Halliburton Co HAL.N: down 6.5% ** Marathon Petroleum Corp MPC.N: down 5.4% ** Phillips 66 PSX.N: down 3.4% ** Diamondback Energy Inc FANG.O: down 4.5% ** Marathon Oil Corp MRO.N: down 3.7% ** ConocoPhillips COP.N: down 2.2% ** Apache Corp APA.O: down 4.1% ** Devon Energy Corp DVN.N: down 2.4% ** Occidental Petroleum Corp OXY.N: down 3.8% ** Patterson-UTI Energy Inc PTEN.O: down 6.7% BUZZ-U.S. energy shares slide on 5% drop in U.S. crude ** Textron Inc TXT.N: down 2.3% BUZZ-Falls as Cowen downgrades on bleak recovery prospects ** Datadog Inc DDOG.O: up 1.0% BUZZ-Rises as brokerage hikes PT to Street high on Microsoft partnership ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges as Apollo-backed Covis to buy co for $647 mln ** CareDx Inc CDNA.O: up 6.6% BUZZ-Reaches record high on Medicare coverage decision for AlloSure heart ** Amazon.com Inc AMZN.O: up 1.3% BUZZ-Pivotal says ad business underappreciated, boosts PT to Street high ** Houghton Mifflin Harcourt Co HMHC.O: up 10.7% BUZZ-Soars on restructuring plan; to slash 22% jobs ** Cyclerion Therapeutics Inc CYCN.O: up 4.4% BUZZ-Up on sickle cell, nervous system disease study updates ** Skyworks Solutions Inc SWKS.O: up 1.8% BUZZ-Cowen hikes PT as OEMs seek to fill Huawei void ** VAALCO Energy Inc EGY.N: up 11.4% BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 33.4% BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.6% BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pennsylvania Real Estate Investment Trust: PEI.N: up 1.0% BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 25.4% BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 45.8% BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 35.5% BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 38.9% BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 2.4% BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 3.4% BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 4.0% BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 2.7% BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 111.3% BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.5% ** United Airlines Holdings Inc UAL.O: up 0.2% ** Delta Air Line Inc DAL.N: up 0.7% ** Southwest Airlines Co LUV.N: up 0.1% ** JetBlue Airways Corp JBLU.N: up 0.5% BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 1.4% BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 9.8% BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 12.3% BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.9% BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 44.6% BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.9% BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: down 1.4% BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 32.0% BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 1.5% BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 32.9% BUZZ-Plunges as drug fails to meet trial main goal The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet in favor of more fiscal stimulus after data showed the pace of a domestic economic rebound was slowing..N At 12:36 ET, the Dow Jones Industrial Average .DJI was up 0.40% at 27,893.64. The S&P 500 .SPX was up 0.44% at 3,377.82 and the Nasdaq Composite .IXIC was up 0.85% at 11,262.442.
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5221.0
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2020-10-01 00:00:00 UTC
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White House open to coronavirus aid bill for airlines -Press Secretary
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AAL
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https://www.nasdaq.com/articles/white-house-open-to-coronavirus-aid-bill-for-airlines-press-secretary-2020-10-01
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nan
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nan
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WASHINGTON, Oct 1 (Reuters) - White House Press Secretary Kayleigh McEnany said on Thursday that President Donald Trump's administration is still open to standalone legislation to help U.S. airlines weather their financial crisis triggered by the coronavirus pandemic, as the companies announced thousands of layoffs.
"We are willing to look at a plan - legislation - that is just clean legislation to protect those airline workers," McEnany said at a White House briefing.
(Reporting by Lisa Lambert and Daphne Psaledakis)
((lisa.lambert@thomsonreuters.com; +1 202 898 8328; Reuters Messaging: lisa.lambert.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON, Oct 1 (Reuters) - White House Press Secretary Kayleigh McEnany said on Thursday that President Donald Trump's administration is still open to standalone legislation to help U.S. airlines weather their financial crisis triggered by the coronavirus pandemic, as the companies announced thousands of layoffs. "We are willing to look at a plan - legislation - that is just clean legislation to protect those airline workers," McEnany said at a White House briefing. (Reporting by Lisa Lambert and Daphne Psaledakis) ((lisa.lambert@thomsonreuters.com; +1 202 898 8328; Reuters Messaging: lisa.lambert.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON, Oct 1 (Reuters) - White House Press Secretary Kayleigh McEnany said on Thursday that President Donald Trump's administration is still open to standalone legislation to help U.S. airlines weather their financial crisis triggered by the coronavirus pandemic, as the companies announced thousands of layoffs. "We are willing to look at a plan - legislation - that is just clean legislation to protect those airline workers," McEnany said at a White House briefing. (Reporting by Lisa Lambert and Daphne Psaledakis) ((lisa.lambert@thomsonreuters.com; +1 202 898 8328; Reuters Messaging: lisa.lambert.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON, Oct 1 (Reuters) - White House Press Secretary Kayleigh McEnany said on Thursday that President Donald Trump's administration is still open to standalone legislation to help U.S. airlines weather their financial crisis triggered by the coronavirus pandemic, as the companies announced thousands of layoffs. "We are willing to look at a plan - legislation - that is just clean legislation to protect those airline workers," McEnany said at a White House briefing. (Reporting by Lisa Lambert and Daphne Psaledakis) ((lisa.lambert@thomsonreuters.com; +1 202 898 8328; Reuters Messaging: lisa.lambert.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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WASHINGTON, Oct 1 (Reuters) - White House Press Secretary Kayleigh McEnany said on Thursday that President Donald Trump's administration is still open to standalone legislation to help U.S. airlines weather their financial crisis triggered by the coronavirus pandemic, as the companies announced thousands of layoffs. "We are willing to look at a plan - legislation - that is just clean legislation to protect those airline workers," McEnany said at a White House briefing. (Reporting by Lisa Lambert and Daphne Psaledakis) ((lisa.lambert@thomsonreuters.com; +1 202 898 8328; Reuters Messaging: lisa.lambert.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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5222.0
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2020-10-01 00:00:00 UTC
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U.S. airlines rise as Trump's proposal revives bailout hope
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AAL
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https://www.nasdaq.com/articles/u.s.-airlines-rise-as-trumps-proposal-revives-bailout-hope-2020-10-01
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nan
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nan
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Oct 1 (Reuters) - Shares of U.S. airlines rose on Thursday, buoyed by hopes for a second bailout after the Trump administration proposed including a $20 billion extension in aid for the battered industry in a new stimulus plan.
Negotiations for coronavirus relief aid between the White House and House Democrats had stalled in large part over the price tag, with Democrats seeking $2.2 trillion and the White House staying firm at $1.5 trillion.
Shares of American Airlines, United, Delta Air Lines DAL.N, and Southwest Airlines LUV.N were up between 1.3% and 2.8% in pre-market trading.
U.S. airlines have been pleading for another $25 billion in support to protect jobs for a further six months after the previous package, which banned furloughs, expired at midnight Sept. 30.
The deadline expiry prompted American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, to announce they were beginning furloughs of over 32,000 workers.
Both airlines said, as per memos seen by Reuters, they would reverse furloughs if Washington extends aid which affect about 13% of their workforces before the pandemic.
"U.S. carriers have avoided the hard restructuring to date. While there have been furloughs, planes have been retired, and some layoffs are coming, but managements of these airlines have positioned these companies for an eventual recovery," said Peter McNally, an analyst at research firm Third Bridge.
"The extreme numbers are unlikely in the short term."
(Reporting by Rachit Vats in Bengaluru; Editing by Bernard Orr)
((Rachit.Vats@tr.com; within U.S. +1 646 223 8780, outside U.S. +91 80 61822828; Reuters Messaging: rachit.vats.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The deadline expiry prompted American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, to announce they were beginning furloughs of over 32,000 workers. Oct 1 (Reuters) - Shares of U.S. airlines rose on Thursday, buoyed by hopes for a second bailout after the Trump administration proposed including a $20 billion extension in aid for the battered industry in a new stimulus plan. U.S. airlines have been pleading for another $25 billion in support to protect jobs for a further six months after the previous package, which banned furloughs, expired at midnight Sept. 30.
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The deadline expiry prompted American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, to announce they were beginning furloughs of over 32,000 workers. Negotiations for coronavirus relief aid between the White House and House Democrats had stalled in large part over the price tag, with Democrats seeking $2.2 trillion and the White House staying firm at $1.5 trillion. Shares of American Airlines, United, Delta Air Lines DAL.N, and Southwest Airlines LUV.N were up between 1.3% and 2.8% in pre-market trading.
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The deadline expiry prompted American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, to announce they were beginning furloughs of over 32,000 workers. Oct 1 (Reuters) - Shares of U.S. airlines rose on Thursday, buoyed by hopes for a second bailout after the Trump administration proposed including a $20 billion extension in aid for the battered industry in a new stimulus plan. Shares of American Airlines, United, Delta Air Lines DAL.N, and Southwest Airlines LUV.N were up between 1.3% and 2.8% in pre-market trading.
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The deadline expiry prompted American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, to announce they were beginning furloughs of over 32,000 workers. Oct 1 (Reuters) - Shares of U.S. airlines rose on Thursday, buoyed by hopes for a second bailout after the Trump administration proposed including a $20 billion extension in aid for the battered industry in a new stimulus plan. Negotiations for coronavirus relief aid between the White House and House Democrats had stalled in large part over the price tag, with Democrats seeking $2.2 trillion and the White House staying firm at $1.5 trillion.
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5223.0
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2020-10-01 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-VAALCO Energy, Pfizer, Genworth Financial, Lonestar Resources
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-vaalco-energy-pfizer-genworth-financial-lonestar-resources
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels..N
At 9:09 ET, Dow e-minis 1YMc1 were up 0.61% at 27,832. S&P 500 e-minis ESc1 were up 0.73% at 3,376.5, while Nasdaq 100 e-minis NQc1 were up 1.30% at 11,556. The top three NYSE percentage gainers premarket .PRPG.NQ: ** American Equity Investment Life Holding Co , up 53.0% ** HC2 Holdings Inc , up 18.0% ** Callon Petroleum Co , up 14.9% The top three NYSE percentage losers premarket .PRPL.NQ: ** Mizuho Financial Group Inc , down 89.9% ** Biglari Holdings Inc , down 15.7% ** Borr Drillng Ltd , down 9.9% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Solid Biosciences Inc , up 140.9% ** Enlivex Therapeutics Ltd , up 70.4% ** Gridsum Holding Inc , up 45.5% The top three Nasdaq percentage losers premarket .PRPL.O: ** South Mountain Merger Corp , down 99.1% ** Zosano Pharma Corp ZSAN.O, down 53.2%
** Selecta Biosciences Inc SELB.O down 37.9% ** VAALCO Energy Inc EGY.N: up 7.0% premarket BUZZ-Jumps on Q3 production outlook
** Bed Bath & Beyond Inc BBBY.O: up 24.0% premarket BUZZ-Surges as co swings to quarterly profit
** Abbott Laboratories ABT.N: up 0.9% premarket BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests
** Pfizer Inc PFE.N: up 0.5% premarket BUZZ-Obtains FDA 'Fast Track' designation for muscle degeneration therapy
** Pennsylvania Real Estate Investment Trust: PEI.N: up 4.7% premarket BUZZ-Up on securing one-month extension to liquidity facility
** Advanced Emissions Solutions Inc ADES.O: up 43.6% premarket BUZZ-Surges on 15-year carbon supply contract
** Enlivex Therapeutics Ltd ENLV.O: up 70.4% premarket BUZZ-Surges on positive data from potential COVID-19 treatment
** Gridsum Holding Inc GSUM.O: up 45.5% premarket BUZZ-Soars on take-private offer
** American Equity Investment Life Holding Co AEL.N: up 53.0% premarket BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid
** Papa John's International Inc PZZA.O: up 1.2% premarket BUZZ-KeyBanc starts with 'overweight' rating
** Genworth Financial Inc GNW.N: down 9.9% premarket BUZZ-Drops on extension of merger agreement with Oceanwide
** Zillow Group Inc ZG.O: up 2.7% premarket BUZZ-Brokerages hike PTs on growth prospects
** Callon Petroleum Co CPE.N: up 14.9% premarket BUZZ-Jumps after signing asset monetization deals
** Solid Biosciences Inc SLDB.O: up 140.9% premarket BUZZ-Surges after FDA allows gene therapy trial to resumeUSN
** American Airlines Group Inc AAL.O: up 1.2% premarket
** United Airlines Holdings Inc UAL.O: up 1.5% premarket
** Delta Air Line Inc DAL.N: up 0.9% premarket
** Southwest Airlines Co LUV.N: up 0.7% premarket
BUZZ-U.S. airlines: Up on talks of federal aid extension
** Boeing Co BA.N: up 2.5% premarket
BUZZ-Up after FAA conducts 737 MAX test flight
** ProPhase Labs Inc PRPH.O: up 15.6% premarket
BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing
** Lonestar Resources LONE.O: down 16.9% premarket
BUZZ-Slumps after bankruptcy filing
** Tesla Inc TSLA.O: up 2.1% premarket
BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price
** AMAG Pharmaceuticals Inc AMAG.O: up 40.6% premarket
BUZZ-Surges on report of potential takeover deal
** PepsiCo Inc PEP.O: up 0.7% premarket
BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps
** Alibaba Group Holding Ltd BABA.N: up 0.6% premarket
BUZZ-Up as Needham hikes PT on growth prospects
** LogicBio Therapeutics Inc LOGC.O: down 30.6% premarket
BUZZ-Slumps on proposed stock offering
** Mastercard Inc MA.N: up 0.6% premarket
BUZZ-JPMorgan hikes PT and estimates on positive growth trends
** Selecta Biosciences Inc SELB.O: down 37.9% premarket
BUZZ-Plunges as drug fails to meet trial main goal
(Compiled by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** American Equity Investment Life Holding Co , up 53.0% ** HC2 Holdings Inc , up 18.0% ** Callon Petroleum Co , up 14.9% The top three NYSE percentage losers premarket .PRPL.NQ: ** Mizuho Financial Group Inc , down 89.9% ** Biglari Holdings Inc , down 15.7% ** Borr Drillng Ltd , down 9.9% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Solid Biosciences Inc , up 140.9% ** Enlivex Therapeutics Ltd , up 70.4% ** Gridsum Holding Inc , up 45.5% The top three Nasdaq percentage losers premarket .PRPL.O: ** South Mountain Merger Corp , down 99.1% ** Zosano Pharma Corp ZSAN.O, down 53.2% ** Selecta Biosciences Inc SELB.O down 37.9% ** VAALCO Energy Inc EGY.N: up 7.0% premarket BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 24.0% premarket BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.9% premarket BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pfizer Inc PFE.N: up 0.5% premarket BUZZ-Obtains FDA 'Fast Track' designation for muscle degeneration therapy ** Pennsylvania Real Estate Investment Trust: PEI.N: up 4.7% premarket BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 43.6% premarket BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 70.4% premarket BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 45.5% premarket BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 53.0% premarket BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 1.2% premarket BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 9.9% premarket BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 2.7% premarket BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 14.9% premarket BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 140.9% premarket BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.2% premarket ** United Airlines Holdings Inc UAL.O: up 1.5% premarket ** Delta Air Line Inc DAL.N: up 0.9% premarket ** Southwest Airlines Co LUV.N: up 0.7% premarket BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 2.5% premarket BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 15.6% premarket BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 16.9% premarket BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.1% premarket BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 40.6% premarket BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.7% premarket BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: up 0.6% premarket BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 30.6% premarket BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 0.6% premarket BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 37.9% premarket BUZZ-Plunges as drug fails to meet trial main goal (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels..N At 9:09 ET, Dow e-minis 1YMc1 were up 0.61% at 27,832. S&P 500 e-minis ESc1 were up 0.73% at 3,376.5, while Nasdaq 100 e-minis NQc1 were up 1.30% at 11,556.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** American Equity Investment Life Holding Co , up 53.0% ** HC2 Holdings Inc , up 18.0% ** Callon Petroleum Co , up 14.9% The top three NYSE percentage losers premarket .PRPL.NQ: ** Mizuho Financial Group Inc , down 89.9% ** Biglari Holdings Inc , down 15.7% ** Borr Drillng Ltd , down 9.9% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Solid Biosciences Inc , up 140.9% ** Enlivex Therapeutics Ltd , up 70.4% ** Gridsum Holding Inc , up 45.5% The top three Nasdaq percentage losers premarket .PRPL.O: ** South Mountain Merger Corp , down 99.1% ** Zosano Pharma Corp ZSAN.O, down 53.2% ** Selecta Biosciences Inc SELB.O down 37.9% ** VAALCO Energy Inc EGY.N: up 7.0% premarket BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 24.0% premarket BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.9% premarket BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pfizer Inc PFE.N: up 0.5% premarket BUZZ-Obtains FDA 'Fast Track' designation for muscle degeneration therapy ** Pennsylvania Real Estate Investment Trust: PEI.N: up 4.7% premarket BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 43.6% premarket BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 70.4% premarket BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 45.5% premarket BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 53.0% premarket BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 1.2% premarket BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 9.9% premarket BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 2.7% premarket BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 14.9% premarket BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 140.9% premarket BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.2% premarket ** United Airlines Holdings Inc UAL.O: up 1.5% premarket ** Delta Air Line Inc DAL.N: up 0.9% premarket ** Southwest Airlines Co LUV.N: up 0.7% premarket BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 2.5% premarket BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 15.6% premarket BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 16.9% premarket BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.1% premarket BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 40.6% premarket BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.7% premarket BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: up 0.6% premarket BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 30.6% premarket BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 0.6% premarket BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 37.9% premarket BUZZ-Plunges as drug fails to meet trial main goal (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels..N At 9:09 ET, Dow e-minis 1YMc1 were up 0.61% at 27,832. S&P 500 e-minis ESc1 were up 0.73% at 3,376.5, while Nasdaq 100 e-minis NQc1 were up 1.30% at 11,556.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** American Equity Investment Life Holding Co , up 53.0% ** HC2 Holdings Inc , up 18.0% ** Callon Petroleum Co , up 14.9% The top three NYSE percentage losers premarket .PRPL.NQ: ** Mizuho Financial Group Inc , down 89.9% ** Biglari Holdings Inc , down 15.7% ** Borr Drillng Ltd , down 9.9% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Solid Biosciences Inc , up 140.9% ** Enlivex Therapeutics Ltd , up 70.4% ** Gridsum Holding Inc , up 45.5% The top three Nasdaq percentage losers premarket .PRPL.O: ** South Mountain Merger Corp , down 99.1% ** Zosano Pharma Corp ZSAN.O, down 53.2% ** Selecta Biosciences Inc SELB.O down 37.9% ** VAALCO Energy Inc EGY.N: up 7.0% premarket BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 24.0% premarket BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.9% premarket BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pfizer Inc PFE.N: up 0.5% premarket BUZZ-Obtains FDA 'Fast Track' designation for muscle degeneration therapy ** Pennsylvania Real Estate Investment Trust: PEI.N: up 4.7% premarket BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 43.6% premarket BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 70.4% premarket BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 45.5% premarket BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 53.0% premarket BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 1.2% premarket BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 9.9% premarket BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 2.7% premarket BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 14.9% premarket BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 140.9% premarket BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.2% premarket ** United Airlines Holdings Inc UAL.O: up 1.5% premarket ** Delta Air Line Inc DAL.N: up 0.9% premarket ** Southwest Airlines Co LUV.N: up 0.7% premarket BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 2.5% premarket BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 15.6% premarket BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 16.9% premarket BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.1% premarket BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 40.6% premarket BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.7% premarket BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: up 0.6% premarket BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 30.6% premarket BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 0.6% premarket BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 37.9% premarket BUZZ-Plunges as drug fails to meet trial main goal (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels..N At 9:09 ET, Dow e-minis 1YMc1 were up 0.61% at 27,832. S&P 500 e-minis ESc1 were up 0.73% at 3,376.5, while Nasdaq 100 e-minis NQc1 were up 1.30% at 11,556.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** American Equity Investment Life Holding Co , up 53.0% ** HC2 Holdings Inc , up 18.0% ** Callon Petroleum Co , up 14.9% The top three NYSE percentage losers premarket .PRPL.NQ: ** Mizuho Financial Group Inc , down 89.9% ** Biglari Holdings Inc , down 15.7% ** Borr Drillng Ltd , down 9.9% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Solid Biosciences Inc , up 140.9% ** Enlivex Therapeutics Ltd , up 70.4% ** Gridsum Holding Inc , up 45.5% The top three Nasdaq percentage losers premarket .PRPL.O: ** South Mountain Merger Corp , down 99.1% ** Zosano Pharma Corp ZSAN.O, down 53.2% ** Selecta Biosciences Inc SELB.O down 37.9% ** VAALCO Energy Inc EGY.N: up 7.0% premarket BUZZ-Jumps on Q3 production outlook ** Bed Bath & Beyond Inc BBBY.O: up 24.0% premarket BUZZ-Surges as co swings to quarterly profit ** Abbott Laboratories ABT.N: up 0.9% premarket BUZZ-Up after Air Canada says finalizing order for 25,000 COVID-19 tests ** Pfizer Inc PFE.N: up 0.5% premarket BUZZ-Obtains FDA 'Fast Track' designation for muscle degeneration therapy ** Pennsylvania Real Estate Investment Trust: PEI.N: up 4.7% premarket BUZZ-Up on securing one-month extension to liquidity facility ** Advanced Emissions Solutions Inc ADES.O: up 43.6% premarket BUZZ-Surges on 15-year carbon supply contract ** Enlivex Therapeutics Ltd ENLV.O: up 70.4% premarket BUZZ-Surges on positive data from potential COVID-19 treatment ** Gridsum Holding Inc GSUM.O: up 45.5% premarket BUZZ-Soars on take-private offer ** American Equity Investment Life Holding Co AEL.N: up 53.0% premarket BUZZ-Jumps on report of Athene, MassMutual $3-bln-plus takeover bid ** Papa John's International Inc PZZA.O: up 1.2% premarket BUZZ-KeyBanc starts with 'overweight' rating ** Genworth Financial Inc GNW.N: down 9.9% premarket BUZZ-Drops on extension of merger agreement with Oceanwide ** Zillow Group Inc ZG.O: up 2.7% premarket BUZZ-Brokerages hike PTs on growth prospects ** Callon Petroleum Co CPE.N: up 14.9% premarket BUZZ-Jumps after signing asset monetization deals ** Solid Biosciences Inc SLDB.O: up 140.9% premarket BUZZ-Surges after FDA allows gene therapy trial to resumeUSN ** American Airlines Group Inc AAL.O: up 1.2% premarket ** United Airlines Holdings Inc UAL.O: up 1.5% premarket ** Delta Air Line Inc DAL.N: up 0.9% premarket ** Southwest Airlines Co LUV.N: up 0.7% premarket BUZZ-U.S. airlines: Up on talks of federal aid extension ** Boeing Co BA.N: up 2.5% premarket BUZZ-Up after FAA conducts 737 MAX test flight ** ProPhase Labs Inc PRPH.O: up 15.6% premarket BUZZ-Up on plans to acquire CLIA certified labs for COVID-19 testing ** Lonestar Resources LONE.O: down 16.9% premarket BUZZ-Slumps after bankruptcy filing ** Tesla Inc TSLA.O: up 2.1% premarket BUZZ-Set to open at 1-1/2 week high, cuts China Model 3 price ** AMAG Pharmaceuticals Inc AMAG.O: up 40.6% premarket BUZZ-Surges on report of potential takeover deal ** PepsiCo Inc PEP.O: up 0.7% premarket BUZZ-Gains on Q3 results, upbeat outlook as at-home snacking jumps ** Alibaba Group Holding Ltd BABA.N: up 0.6% premarket BUZZ-Up as Needham hikes PT on growth prospects ** LogicBio Therapeutics Inc LOGC.O: down 30.6% premarket BUZZ-Slumps on proposed stock offering ** Mastercard Inc MA.N: up 0.6% premarket BUZZ-JPMorgan hikes PT and estimates on positive growth trends ** Selecta Biosciences Inc SELB.O: down 37.9% premarket BUZZ-Plunges as drug fails to meet trial main goal (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels..N At 9:09 ET, Dow e-minis 1YMc1 were up 0.61% at 27,832. S&P 500 e-minis ESc1 were up 0.73% at 3,376.5, while Nasdaq 100 e-minis NQc1 were up 1.30% at 11,556.
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5224.0
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2020-10-01 00:00:00 UTC
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Stimulus hopes lift futures ahead of economic data
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AAL
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https://www.nasdaq.com/articles/stimulus-hopes-lift-futures-ahead-of-economic-data-2020-10-01
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nan
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nan
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By Devik Jain
Oct 1 (Reuters) - U.S. stock index futures rose on Thursday as investors remained hopeful of a new coronavirus fiscal aid package ahead of a clutch of economic data including consumer spending and weekly jobless claims.
The Trump administration has proposed a new stimulus bill to House Democrats worth more than $1.5 trillion that includes a $20 billion extension in aid for the battered airline industry, White House chief of staff Mark Meadows said on Wednesday.
U.S. airlines have been pleading for more payroll support to protect jobs after the current package expired at midnight on Thursday.
Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.3% and 3.6% in thin premarket trading.
Optimistic comments on fiscal stimulus from Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi had helped Wall Street's main indexes jump on Wednesday, with the S&P 500 clocking its best two-quarter gain since 2009.
With a clutch of better-than-expected data also boosting sentiment in the previous session, investors will turn to consumer spending figures for August and the latest batch of weekly jobless claims on Thursday to gauge the pace of the domestic economic recovery.
September data on the manufacturing sector is also due at 10 a.m. ET, while the Labor Department's comprehensive jobs report is scheduled for release on Friday.
At 6:33 a.m. ET, Dow e-minis 1YMcv1 were up 219 points, or 0.79%, S&P 500 e-minis EScv1 were up 29.5 points, or 0.88% and Nasdaq 100 e-minis NQcv1 were up 146.25 points, or 1.28%.
Boeing Co BA.N rose 2.7% a day after Federal Aviation Administration Chief Steve Dickson conducted a 737 MAX test flight, a milestone for the jet to win approval to resume flying after two fatal crashes.
PepsiCo Inc PEP.O gained 2.2% after it forecast full-year profit above estimates as consumers bought more of its snacks such as Doritos and Cheetos, while staying indoors due to the COVID-19 pandemic.
U.S.-listed shares of French-Italian chipmaker STMicroelectronics STM.N jumped 6.4% after it saw a sharp rise in automotive and microcontrollers demand in the third quarter, setting it on course to top its 2020 forecast.
Tech mega-caps including Apple Inc AAPL.O, Nvidia Corp NVDA.O, Microsoft Corp MSFT.O and Alphabet Inc GOOGL.O rose between 1.3% and 2.4%.
(Reporting by Devik Jain in Bengaluru; Editing by Anil D'Silva)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.3% and 3.6% in thin premarket trading. By Devik Jain Oct 1 (Reuters) - U.S. stock index futures rose on Thursday as investors remained hopeful of a new coronavirus fiscal aid package ahead of a clutch of economic data including consumer spending and weekly jobless claims. Optimistic comments on fiscal stimulus from Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi had helped Wall Street's main indexes jump on Wednesday, with the S&P 500 clocking its best two-quarter gain since 2009.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.3% and 3.6% in thin premarket trading. By Devik Jain Oct 1 (Reuters) - U.S. stock index futures rose on Thursday as investors remained hopeful of a new coronavirus fiscal aid package ahead of a clutch of economic data including consumer spending and weekly jobless claims. With a clutch of better-than-expected data also boosting sentiment in the previous session, investors will turn to consumer spending figures for August and the latest batch of weekly jobless claims on Thursday to gauge the pace of the domestic economic recovery.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.3% and 3.6% in thin premarket trading. By Devik Jain Oct 1 (Reuters) - U.S. stock index futures rose on Thursday as investors remained hopeful of a new coronavirus fiscal aid package ahead of a clutch of economic data including consumer spending and weekly jobless claims. The Trump administration has proposed a new stimulus bill to House Democrats worth more than $1.5 trillion that includes a $20 billion extension in aid for the battered airline industry, White House chief of staff Mark Meadows said on Wednesday.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.3% and 3.6% in thin premarket trading. By Devik Jain Oct 1 (Reuters) - U.S. stock index futures rose on Thursday as investors remained hopeful of a new coronavirus fiscal aid package ahead of a clutch of economic data including consumer spending and weekly jobless claims. The Trump administration has proposed a new stimulus bill to House Democrats worth more than $1.5 trillion that includes a $20 billion extension in aid for the battered airline industry, White House chief of staff Mark Meadows said on Wednesday.
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5225.0
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2020-10-01 00:00:00 UTC
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American, United Airlines To Furlough 32K Employees On Delayed Federal Aid
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AAL
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https://www.nasdaq.com/articles/american-united-airlines-to-furlough-32k-employees-on-delayed-federal-aid-2020-10-01
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nan
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nan
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(RTTNews) - With the expiration of US federal payroll program on September 30, American Airlines Group Inc. and United Airlines are starting to furlough their employees Thursday, that is expected to affect around 32,000 workers in total.
However, the companies in their memos to employees reportedly said they will be recalled if and when the Congress passes another financial lifeline to the airline industry.
American Airlines is set to furlough 19,000 employees, as announced in August. This includes around 1,600 pilots. Meanwhile, United Airlines plans to furlough more than 13,000 employees, but no pilots. This week, United Airlines pilots approved a deal to avoid furlough of thousands of pilots at least until June 2021.
The airlines had received aid under the federal Payroll Support Program or PSP under the CARES Act passed by Congress in March, that banned furloughs. They were hoping for an additional $25 billion in funding to help them maintain their payrolls.
However, Treasury Secretary Steven Mnuchin is yet to reach a deal with the Congress, and it could take more time to win the support to pass the agreement.
Meanwhile, reports said that Mnuchin has urged airlines to delay job cuts as he continue talks on the bill.
In a memo to employees, American Airlines CEO Doug Parker reportedly said that the airline has no choice but to cut jobs after it failed to get more federal aid.
United Airlines CEO Scott Kirby also said in a memo that the decision to cut 13,000 jobs marked a very sad day for all at United. "We implore our elected leaders to reach a compromise, get a deal done now, and save jobs," Kirby wrote.
In late August, American Airlines had announced plans to cut about 19,000 employees when the US federal aid expires in October. In June, the company had warned around 25,000 employees, which is about 20% of its total workforce, about the possibility of furloughs.
United Airlines in September had announced its plans to furlough 16,370 employees in October. The potential furloughs was fewer than 36,000 jobs loss the airline warned of in July.
The coronavirus pandemic, which continues to wreak havoc on the travel and tourism industry, has impacted employees at many other airlines including Delta Air Lines and Southwest Airlines.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The airlines had received aid under the federal Payroll Support Program or PSP under the CARES Act passed by Congress in March, that banned furloughs. However, Treasury Secretary Steven Mnuchin is yet to reach a deal with the Congress, and it could take more time to win the support to pass the agreement. In late August, American Airlines had announced plans to cut about 19,000 employees when the US federal aid expires in October.
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(RTTNews) - With the expiration of US federal payroll program on September 30, American Airlines Group Inc. and United Airlines are starting to furlough their employees Thursday, that is expected to affect around 32,000 workers in total. In late August, American Airlines had announced plans to cut about 19,000 employees when the US federal aid expires in October. United Airlines in September had announced its plans to furlough 16,370 employees in October.
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(RTTNews) - With the expiration of US federal payroll program on September 30, American Airlines Group Inc. and United Airlines are starting to furlough their employees Thursday, that is expected to affect around 32,000 workers in total. Meanwhile, United Airlines plans to furlough more than 13,000 employees, but no pilots. In a memo to employees, American Airlines CEO Doug Parker reportedly said that the airline has no choice but to cut jobs after it failed to get more federal aid.
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Meanwhile, United Airlines plans to furlough more than 13,000 employees, but no pilots. In a memo to employees, American Airlines CEO Doug Parker reportedly said that the airline has no choice but to cut jobs after it failed to get more federal aid. In June, the company had warned around 25,000 employees, which is about 20% of its total workforce, about the possibility of furloughs.
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5226.0
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2020-10-01 00:00:00 UTC
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White House stimulus proposal goes over $1.5 trln with $20 bln for airlines
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AAL
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https://www.nasdaq.com/articles/white-house-stimulus-proposal-goes-over-%241.5-trln-with-%2420-bln-for-airlines-2020-10-01
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nan
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nan
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Adds more comments from Meadows, background
Oct 1 (Reuters) - The Trump administration has proposed including a $20 billion extension in aid for the battered airline industry in a new stimulus proposal to House Democrats worth over $1.5 trillion, White House chief of staff Mark Meadows said on Wednesday.
"There's $20 billion in the most recent proposal for the airlines that would give them a six month extension," Meadows told reporters aboard Air Force One, noting that the industry was in urgent need of support.
American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of over 32,000 workers on Thursday as hopes faded for a last-minute bailout from Washington. U.S. airlines have been pleading for another $25 billion in payroll support to protect jobs for a further six months after the current package, which banned furloughs, expired at midnight EDT.
Coronavirus relief talks between the White House and House Democrats had stalled in large part over the price tag, with Democrats seeking $2.2 trillion and the White House staying firm at $1.5 trillion.
Meadows declined to provide the total value of the White House's latest proposal but said the figure is "certainly above the $1.5 trillion that has been articulated to date."
"As you get above $1.5 trillion, it gets extremely difficult to justify based on the facts," he cautioned, explicitly stating that $2 trillion was too much. "If it starts with a 2, it's going to be a real problem," he added.
Speaking on a flight to Washington from the swing state of Minnesota where U.S. President Donald Trump had headlined a rally ahead of presidential elections in November, Meadows said he was hopeful talks will continue with Democrats on Thursday.
Meadows also told reporters that a stop-gap spending bill approved by the Republican-controlled Senate and the Democratically-led House to fund the government through December 11 had been received by the White House. Trump has signed the bill.
(Reporting by Alexandra Alper in Washington; Editing by Muralikumar Anantharaman and Raju Gopalakrishnan)
((Aishwarya.Nair@thomsonreuters.com; +91-8067494421;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of over 32,000 workers on Thursday as hopes faded for a last-minute bailout from Washington. "There's $20 billion in the most recent proposal for the airlines that would give them a six month extension," Meadows told reporters aboard Air Force One, noting that the industry was in urgent need of support. U.S. airlines have been pleading for another $25 billion in payroll support to protect jobs for a further six months after the current package, which banned furloughs, expired at midnight EDT.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of over 32,000 workers on Thursday as hopes faded for a last-minute bailout from Washington. Adds more comments from Meadows, background Oct 1 (Reuters) - The Trump administration has proposed including a $20 billion extension in aid for the battered airline industry in a new stimulus proposal to House Democrats worth over $1.5 trillion, White House chief of staff Mark Meadows said on Wednesday. "There's $20 billion in the most recent proposal for the airlines that would give them a six month extension," Meadows told reporters aboard Air Force One, noting that the industry was in urgent need of support.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of over 32,000 workers on Thursday as hopes faded for a last-minute bailout from Washington. Adds more comments from Meadows, background Oct 1 (Reuters) - The Trump administration has proposed including a $20 billion extension in aid for the battered airline industry in a new stimulus proposal to House Democrats worth over $1.5 trillion, White House chief of staff Mark Meadows said on Wednesday. Coronavirus relief talks between the White House and House Democrats had stalled in large part over the price tag, with Democrats seeking $2.2 trillion and the White House staying firm at $1.5 trillion.
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American Airlines AAL.O and United Airlines UAL.O, two of the largest U.S. carriers, said they were beginning furloughs of over 32,000 workers on Thursday as hopes faded for a last-minute bailout from Washington. Adds more comments from Meadows, background Oct 1 (Reuters) - The Trump administration has proposed including a $20 billion extension in aid for the battered airline industry in a new stimulus proposal to House Democrats worth over $1.5 trillion, White House chief of staff Mark Meadows said on Wednesday. "There's $20 billion in the most recent proposal for the airlines that would give them a six month extension," Meadows told reporters aboard Air Force One, noting that the industry was in urgent need of support.
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5227.0
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2020-10-01 00:00:00 UTC
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Wall Street rises on stimulus bets as labor market rebound cools
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AAL
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https://www.nasdaq.com/articles/wall-street-rises-on-stimulus-bets-as-labor-market-rebound-cools-2020-10-01
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For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.
Weekly jobless claims stall at recession levels
Consumer spending rises 1% in August
Airlines head higher on coronavirus aid hopes
Tech heavyweights boost all three indexes
Indexes up: Dow 0.11%, S&P 0.34%, Nasdaq 1.01%
Updates to open
By Devik Jain and Sagarika Jaisinghani
Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing.
The number of Americans filing for jobless benefits fell to 837,000 in the week ended Sept. 26, but claims could rise again over the next few weeks as businesses cut more jobs to ride out the recession.
Six of the 11 major S&P sectors were trading higher after the Trump administration proposed a new stimulus bill to House Democrats worth more than $1.5 trillion, which includes a $20 billion extension in aid for the battered airline industry.
Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.1% and 1.0%.
"Today it's all about the stimulus being passed or not," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
Aggressive monetary and fiscal stimulus as well as a rally in tech-related stocks powered a Wall Street rebound since a coronavirus-driven crash in March.
In September, the benchmark index clocked its biggest two-quarter increase since 2009 and the Nasdaq its best since 2000 with investors pouring into tech-related stocks such as Apple Inc AAPL.O and Microsoft Corp MSFT.O through July and August.
Gains on Thursday were again led by the consumer discretionary sector .SPLRCD, which includes Amazon.com Inc AMZN.O, and the information technology index .SPLRCT.
On the other hand, the energy index .SPNY tumbled another 2.7% after a 20% decline in the third quarter.
With the presidential election now less than five weeks away, analysts have warned of higher volatility over the next few weeks.
"Volatility is going to come back in a big way, as opposed to the second quarter, when we were able to just forget everything and pile money into the market," Forrest said.
At 10:05 a.m. ET, the Dow Jones Industrial Average .DJI was up 0.11%, the S&P 500 .SPX was up 0.34% and the Nasdaq Composite .IXIC was up 1.01%.
Boeing Co BA.N rose 2.3% a day after Federal Aviation Administration Chief Steve Dickson conducted a 737 MAX test flight, a milestone for the jet to win approval to resume flying after two fatal crashes.
U.S.-listed shares of French-Italian chipmaker STMicroelectronics STM.N jumped 7.4% after it saw a sharp rise in automotive and microcontrollers demand in the third quarter, setting it on course to top its 2020 forecast.
Advancing issues outnumbered decliners about 1.6-to-1 on the NYSE and the Nasdaq.
The S&P index recorded nine new 52-week highs and no new low, while the Nasdaq recorded 41 new highs and 14 new lows.
(Reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.1% and 1.0%. Six of the 11 major S&P sectors were trading higher after the Trump administration proposed a new stimulus bill to House Democrats worth more than $1.5 trillion, which includes a $20 billion extension in aid for the battered airline industry. In September, the benchmark index clocked its biggest two-quarter increase since 2009 and the Nasdaq its best since 2000 with investors pouring into tech-related stocks such as Apple Inc AAPL.O and Microsoft Corp MSFT.O through July and August.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.1% and 1.0%. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Tech heavyweights boost all three indexes Indexes up: Dow 0.11%, S&P 0.34%, Nasdaq 1.01% Updates to open By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing. The S&P index recorded nine new 52-week highs and no new low, while the Nasdaq recorded 41 new highs and 14 new lows.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.1% and 1.0%. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Tech heavyweights boost all three indexes Indexes up: Dow 0.11%, S&P 0.34%, Nasdaq 1.01% Updates to open By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing. Six of the 11 major S&P sectors were trading higher after the Trump administration proposed a new stimulus bill to House Democrats worth more than $1.5 trillion, which includes a $20 billion extension in aid for the battered airline industry.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 0.1% and 1.0%. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Tech heavyweights boost all three indexes Indexes up: Dow 0.11%, S&P 0.34%, Nasdaq 1.01% Updates to open By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes rose on the first day of the fourth quarter on Thursday as investors bet on more fiscal stimulus after data showed a recovery in the labor market was slowing. The number of Americans filing for jobless benefits fell to 837,000 in the week ended Sept. 26, but claims could rise again over the next few weeks as businesses cut more jobs to ride out the recession.
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5228.0
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2020-10-01 00:00:00 UTC
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US STOCKS-Stimulus hopes set to lift Wall St as jobless claims stay elevated
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AAL
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https://www.nasdaq.com/articles/us-stocks-stimulus-hopes-set-to-lift-wall-st-as-jobless-claims-stay-elevated-2020-10-01
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nan
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For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.
Weekly jobless claims stall at recession levels
Consumer spending rises 1% in August
Airlines head higher on coronavirus aid hopes
Pepsi rises after strong annual profit forecast
Futures up: Dow 0.68%, S&P 0.82%, Nasdaq 1.42%
Adds comments, updates prices
By Devik Jain and Sagarika Jaisinghani
Oct 1 (Reuters) - Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels.
The Trump administration has proposed a new stimulus bill to House Democrats worth more than $1.5 trillion that includes a $20 billion extension in aid for the battered airline industry, White House chief of staff Mark Meadows said on Wednesday.
Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.5% and 3.3% in premarket trading.
"Today it's all about the stimulus being passed or not," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.
Optimism around more fiscal support and a slate of better-than-expected data helped Wall Street's main indexes jump on Wednesday, with the S&P 500 clocking its best two-quarter gain since 2009.
But with the presidential election less than five weeks away and the domestic economy still reeling from the impact of the COVID-19 pandemic, analysts have warned of higher volatility over the next few weeks.
"Volatility is going to come back in a big way, as opposed to the second quarter, when we were able to just forget everything and pile money into the market and move on," Forrest said.
Data on Thursday showed consumer spending rose a better-than-expected 1.0% in August.
A separate report showed the number of Americans filing new claims for jobless benefits fell to 837,000 in the week ended Sept. 26, but stalled at higher levels, suggesting the labor market rebound was cooling as government spending diminishes.
Focus now turns to September data on the manufacturing sector due at 10 a.m. ET and the Labor Department's comprehensive jobs report scheduled for release on Friday.
Tech mega-caps including Apple Inc AAPL.O, Nvidia Corp NVDA.O, Microsoft Corp MSFT.O and Alphabet Inc GOOGL.O, which tend to rise at a time of economic uncertainty, added between 1.4% and 2.0%.
At 8:39 a.m. ET, Dow e-minis 1YMcv1 were up 187 points, or 0.68%, S&P 500 e-minis EScv1 were up 27.5 points, or 0.82%, and Nasdaq 100 e-minis NQcv1 were up 161.75 points, or 1.42%.
Boeing Co BA.N rose 2.6% a day after Federal Aviation Administration Chief Steve Dickson conducted a 737 MAX test flight, a milestone for the jet to win approval to resume flying after two fatal crashes.
PepsiCo Inc PEP.O gained 1% after it forecast full-year profit above estimates as consumers bought more of its snacks such as Doritos and Cheetos, while staying indoors due to the COVID-19 pandemic.
U.S.-listed shares of French-Italian chipmaker STMicroelectronics STM.N jumped 6.9% after it saw a sharp rise in automotive and microcontrollers demand in the third quarter, setting it on course to top its 2020 forecast.
Shares of Solid Biosciences Inc SLDB.O more than doubled in value as the U.S. Food and Drug Administration lifted a clinical halt placed on a trial of its experimental gene therapy for a muscle-wasting disorder.
(Reporting by Devik Jain and Sagarika Jaisinghani in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.5% and 3.3% in premarket trading. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Pepsi rises after strong annual profit forecast Futures up: Dow 0.68%, S&P 0.82%, Nasdaq 1.42% Adds comments, updates prices By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels. A separate report showed the number of Americans filing new claims for jobless benefits fell to 837,000 in the week ended Sept. 26, but stalled at higher levels, suggesting the labor market rebound was cooling as government spending diminishes.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.5% and 3.3% in premarket trading. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Pepsi rises after strong annual profit forecast Futures up: Dow 0.68%, S&P 0.82%, Nasdaq 1.42% Adds comments, updates prices By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels. Optimism around more fiscal support and a slate of better-than-expected data helped Wall Street's main indexes jump on Wednesday, with the S&P 500 clocking its best two-quarter gain since 2009.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.5% and 3.3% in premarket trading. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Pepsi rises after strong annual profit forecast Futures up: Dow 0.68%, S&P 0.82%, Nasdaq 1.42% Adds comments, updates prices By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels. The Trump administration has proposed a new stimulus bill to House Democrats worth more than $1.5 trillion that includes a $20 billion extension in aid for the battered airline industry, White House chief of staff Mark Meadows said on Wednesday.
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Shares of American Airlines Group Inc AAL.O, Delta Air Lines Inc DAL.N, United Airlines Holdings Inc UAL.O and JetBlue Airways Corp JBLU.O rose between 1.5% and 3.3% in premarket trading. For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window. Weekly jobless claims stall at recession levels Consumer spending rises 1% in August Airlines head higher on coronavirus aid hopes Pepsi rises after strong annual profit forecast Futures up: Dow 0.68%, S&P 0.82%, Nasdaq 1.42% Adds comments, updates prices By Devik Jain and Sagarika Jaisinghani Oct 1 (Reuters) - Wall Street's main indexes were set to jump on the first day of the fourth quarter on Thursday as investors remained hopeful of a new coronavirus fiscal aid package, while data showed weekly jobless claims hovered at recession levels.
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5229.0
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2020-09-30 00:00:00 UTC
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Seven Airlines Snag U.S. Treasury Loans
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AAL
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https://www.nasdaq.com/articles/seven-airlines-snag-u.s.-treasury-loans-2020-09-30
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nan
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The U.S. Treasury has finalized loans to seven airlines and called on Congress to authorize additional funding for the industry to prevent massive job cuts.
In a statement on Tuesday, the department announced loans for American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), SkyWest (NASDAQ: SKYW), and Frontier Airlines. The loans were part of a $25 billion package authorized earlier this year under the CARES Act.
Individual amounts were not disclosed, but American said last week it had finalized a $5.5 billion loan and could raise it to $7.5 billion if the money is not allocated elsewhere. Other airlines, including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL), have said they do not intend to borrow under the plan.
Image source: Getty Images.
The stimulus bill also provided $25 billion in payroll protection to help the industry avoid layoffs, and with prohibitions on involuntary separations set to expire today, airlines and their unions are lobbying for additional funds.
In announcing the loans, Treasury Secretary Steven Mnuchin urged Congress to approve a new stimulus plan with additional payroll support for the industry.
"The payroll support and loan programs created by the CARES Act have saved a large number of aviation industry jobs, and kept workers employed and connected to their healthcare, during an unprecedented time," Mnuchin said.Â
Airlines have seen travel demand evaporate due to the pandemic, and without aid from Washington will need to get dramatically smaller in the months to come. House Democrats have also voiced support for additional airline aid, but it is uncertain lawmakers will be able to agree on a broader stimulus package before the election.
Thanks in part to the government loans, the airlines have the liquidity to navigate the crisis for now. The added stimulus is not needed to avoid bankruptcies, but as Mnuchin notes, it will likely be the difference between workers keeping their jobs and benefits or filing for unemployment.
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Lou Whiteman owns shares of Delta Air Lines. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In a statement on Tuesday, the department announced loans for American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), SkyWest (NASDAQ: SKYW), and Frontier Airlines. The stimulus bill also provided $25 billion in payroll protection to help the industry avoid layoffs, and with prohibitions on involuntary separations set to expire today, airlines and their unions are lobbying for additional funds. In announcing the loans, Treasury Secretary Steven Mnuchin urged Congress to approve a new stimulus plan with additional payroll support for the industry.
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In a statement on Tuesday, the department announced loans for American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), SkyWest (NASDAQ: SKYW), and Frontier Airlines. Other airlines, including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL), have said they do not intend to borrow under the plan. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines.
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In a statement on Tuesday, the department announced loans for American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), SkyWest (NASDAQ: SKYW), and Frontier Airlines. "The payroll support and loan programs created by the CARES Act have saved a large number of aviation industry jobs, and kept workers employed and connected to their healthcare, during an unprecedented time," Mnuchin said. Airlines have seen travel demand evaporate due to the pandemic, and without aid from Washington will need to get dramatically smaller in the months to come. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines.
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In a statement on Tuesday, the department announced loans for American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), SkyWest (NASDAQ: SKYW), and Frontier Airlines. The loans were part of a $25 billion package authorized earlier this year under the CARES Act. In announcing the loans, Treasury Secretary Steven Mnuchin urged Congress to approve a new stimulus plan with additional payroll support for the industry.
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5230.0
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2020-09-30 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Scientific Games, Datadog, Exxon Mobil, Chevron
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-scientific-games-datadog-exxon-mobil-chevron-2020-09-30
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes jumped on Wednesday, with the S&P 500 on course for its best two-quarter gain since 2009, as investors rekindled bets on an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N
At 1:18 p.m. ET, the Dow Jones Industrial Average .DJI was up 1.65% at 27,905.34. The S&P 500 .SPX was up 1.21% at 3,375.68 and the Nasdaq Composite .IXIC was up 1.08% at 11,204.622. The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 6.2% ** Universal Health Services Inc , up 5.2% ** Centene Corp , up 5% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 6.3% ** Western Digital Corp , down 4.7% ** Zebra Technologies Corp , down 2.5% The top three NYSE .PG.N percentage gainers: ** CynergisTek Inc , up 97.2% ** Asana Inc , up 37.9% ** Lithium Americas Corp , up 17.7% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 31.6% ** Houston American Energy Corp , down 31.3% ** Glb X Msci Prtgl , down 9.4% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 106.2% ** Sky Solar Holdings Ltd , up 38% ** Nano Dimension Ltd , up 37 % The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42.2% ** Oasis Midstream Partners LP , down 24.1% ** Adial Pharmaceuticals Inc , down 22.1% ** Scientific Games Corp SGMS.O: up 0.4%
BUZZ-Extends partnership with Hard Rock International
** Exxon Mobil Corp XOM.N: up 1.2%
** Chevron Corp CVX.N: up 0.7%
BUZZ-Oil majors eye steep losses
** Datadog Inc DDOG.O: up 14.1%
BUZZ-Moves higher on Microsoft partnership
** Perion Network Ltd PERI.O: up 9.2%
BUZZ-Gains as Oppenheimer assumes coverage with 'outperform'
** ConocoPhillips COP.N: up 2.3%
BUZZ-Climbs on Q3 outlook, plans to resume share buybacks
** AtriCure Inc ATRC.O: down 1.1%
BUZZ-Drops after Kerrisdale reveals short position
** BioHiTech Global Inc BHTG.O: up 6.5%
BUZZ-Soars after shipping disinfectant system to cruise company
** Nikola Corp NKLA.O: up 12.4%
BUZZ-Rebounds as co reassures investors of product roadmap
** Wanda Sports Group Co Ltd WSG.O: up 27.8%
BUZZ-Soars on take-private offer from parent
** Genetron Holdings Ltd GTH.O: up 24.5%
BUZZ-Rises as FDA grants liver cancer test breakthrough device status
** Peck Company Holdings Inc PECK.O: up 9.1%
BUZZ-Jumps on $2.4 mln contract in Maine
** Elanco Animal Health Inc ELAN.N: up 4.6%
BUZZ-To cut 900 jobs, shares rise
** Lululemon Athletica Inc LULU.O: up 2.5%
BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy'
** Enerpac Tool Group Corp EPAC.N: down 7.6%
BUZZ-Slumps after Q4 earnings misses estimates
** Boqii Holding Ltd BQ.N: down 31.0%
BUZZ-Falls in NYSE debut
** Canadian Solar Inc CSIQ.O: up 5.1%
BUZZ-Climbs on raising capital ahead of unit's China IPO
** American Airlines Group Inc AAL.O: up 2.7%
** United Airlines Holdings Inc UAL.O: up 3.2%
** Spirit Airlines Inc SAVE.N: up 2.9%
** Delta Air Lines Inc DAL.N: up 2.0%
** Southwest Airlines Co LUV.N: up 1.3%
** Alaska Air Group Inc ALK.N: up 2.2%
** JetBlue Airways Corp JBLU.O: up 2.4%
BUZZ-U.S. airlines: Up on hopes of federal aid extension
** Yalla Group Ltd YALA.N: up 2%
BUZZ-Jumps 30% in its NYSE debut
** Pacira BioSciences Inc PCRX.O: up 1.7%
BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects
** Oceaneering International Inc OII.N: up 4.8%
BUZZ-Up on securing U.S. Navy contract
** PVH Corp PVH.N: up 3.3%
BUZZ-Gains as President Larsson to takeover as CEO
** Tesla Inc TSLA.O: up 2.2%
BUZZ-Rises after media report points to record deliveries
** Penn National Gaming Inc PENN.O: up 3.2%
BUZZ-Rises as JP Morgan sees higher value, hikes PT
** Synnex Corp SNX.N: up 7.3%
BUZZ-Jumps on upbeat forecast
** Iterum Therapeutics PLC ITRM.O: up 136.2%
BUZZ-Soars on positive FDA meeting for urinary tract infection drug
** Western Digital Corp WDC.O: down 4.7%
BUZZ-Slips as Micron flags profitability challenges in NAND market
** Starbucks Corp SBUX.O: up 1.7%
BUZZ-Gains after Cowen upgrades rating and raises PT to Street high
** Hasbro Inc HAS.O: up 2.8%
BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost
** Shopify Inc SHOP.N: up 0.1%
BUZZ-Wedbush says e-commerce pull forward sustainable
** Target Hospitality Corp TH.O: up 2.5%
BUZZ-Rises as customer activity seen rising from Q2 lows
** L Brands Inc LB.N: up 4.6%
BUZZ-JPM boosts PT to highest on Wall Street
** Solaredge Technologies Inc SEDG.O: up 3.8%
BUZZ-Solar energy firms: JPM hikes PT on growth trends
** Vivint Solar Inc VSLR.N: up 6.4%
BUZZ-Solar energy firms: JPM hikes PT on growth trends
** Quest Diagnostics Inc DGX.N: up 1.1%
BUZZ-Rises on launch of three new COVID-19 tests
** Tuniu Corp TOUR.O: up 26.7%
BUZZ-Up on $10 mln share buyback plan
** Alnylam Pharmaceuticals Inc ALNY.O: up 0.8%
BUZZ-Gains on positive data from its kidney disorder drug
** Yunji Inc YJ.O: up 4.3%
BUZZ-Soars after first live streaming show on Douyin
** Alibaba Group Holding Ltd BABA.N: up 5.2%
BUZZ-Rises as co expects cloud unit to turn profitable next year
** Bionano Genomics Inc BNGO.O: up 8.1%
BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia
** Zynga Inc ZNGA.O: up 0.4%
BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N]
** Micron Technology Inc MU.O: down 6.2%
BUZZ-Street View: Near-term challenges aplenty
** Fuelcell Energy Inc FCEL.O: down 15.6%
BUZZ-Down after co prices upsized equity offering
** CureVac NV CVAC.O: up 2.9%
BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate
** Duke Energy Corp DUK.N: up 6.2%
BUZZ-Climbs on report of takeover offer from NextEra
** Oasis Petroleum Inc OAS.O: down 38.7%
BUZZ-Slumps after Chapter 11 bankruptcy filing
** Moderna Inc MRNA.O: up 2.7%
BUZZ-Up after COVID-19 vaccine shows signs of working in older adults
** Walt Disney Co DIS.N: down 0.6%
BUZZ-Falls as co plans to lay off 28,000 park employees
** Caesars Entertainment Inc CZR.O: up 4.2%
BUZZ-Agrees to buy William Hill
** Eton Pharmaceuticals Inc ETON.O: up 0.5%
BUZZ-Up on U.S. approval for adrenal insufficiency treatment
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.47%
Consumer Discretionary
.SPLRCD
up 1.35%
Consumer Staples
.SPLRCS
up 1.38%
Energy
.SPNY
up 1.01%
Financial
.SPSY
up 1.76%
Health
.SPXHC
up 1.90%
Industrial
.SPLRCI
up 0.71%
Information Technology
.SPLRCT
up 1.10%
Materials
.SPLRCM
up 1.44%
Real Estate
.SPLRCR
up 0.52%
Utilities
.SPLRCU
up 0.74%
(Compiled by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 6.2% ** Universal Health Services Inc , up 5.2% ** Centene Corp , up 5% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 6.3% ** Western Digital Corp , down 4.7% ** Zebra Technologies Corp , down 2.5% The top three NYSE .PG.N percentage gainers: ** CynergisTek Inc , up 97.2% ** Asana Inc , up 37.9% ** Lithium Americas Corp , up 17.7% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 31.6% ** Houston American Energy Corp , down 31.3% ** Glb X Msci Prtgl , down 9.4% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 106.2% ** Sky Solar Holdings Ltd , up 38% ** Nano Dimension Ltd , up 37 % The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42.2% ** Oasis Midstream Partners LP , down 24.1% ** Adial Pharmaceuticals Inc , down 22.1% ** Scientific Games Corp SGMS.O: up 0.4% BUZZ-Extends partnership with Hard Rock International ** Exxon Mobil Corp XOM.N: up 1.2% ** Chevron Corp CVX.N: up 0.7% BUZZ-Oil majors eye steep losses ** Datadog Inc DDOG.O: up 14.1% BUZZ-Moves higher on Microsoft partnership ** Perion Network Ltd PERI.O: up 9.2% BUZZ-Gains as Oppenheimer assumes coverage with 'outperform' ** ConocoPhillips COP.N: up 2.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 1.1% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 6.5% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 12.4% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 27.8% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 24.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 9.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.6% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.5% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 7.6% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 31.0% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.1% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.7% ** United Airlines Holdings Inc UAL.O: up 3.2% ** Spirit Airlines Inc SAVE.N: up 2.9% ** Delta Air Lines Inc DAL.N: up 2.0% ** Southwest Airlines Co LUV.N: up 1.3% ** Alaska Air Group Inc ALK.N: up 2.2% ** JetBlue Airways Corp JBLU.O: up 2.4% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 2% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 1.7% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.8% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 3.3% BUZZ-Gains as President Larsson to takeover as CEO ** Tesla Inc TSLA.O: up 2.2% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 3.2% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 7.3% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 136.2% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** Western Digital Corp WDC.O: down 4.7% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 1.7% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.8% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.1% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** L Brands Inc LB.N: up 4.6% BUZZ-JPM boosts PT to highest on Wall Street ** Solaredge Technologies Inc SEDG.O: up 3.8% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 6.4% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** Tuniu Corp TOUR.O: up 26.7% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 0.8% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 4.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.2% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 8.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.4% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 6.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.6% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 6.2% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 38.7% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 2.7% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 4.2% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: up 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes jumped on Wednesday, with the S&P 500 on course for its best two-quarter gain since 2009, as investors rekindled bets on an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N At 1:18 p.m. up 0.74% (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 6.2% ** Universal Health Services Inc , up 5.2% ** Centene Corp , up 5% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 6.3% ** Western Digital Corp , down 4.7% ** Zebra Technologies Corp , down 2.5% The top three NYSE .PG.N percentage gainers: ** CynergisTek Inc , up 97.2% ** Asana Inc , up 37.9% ** Lithium Americas Corp , up 17.7% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 31.6% ** Houston American Energy Corp , down 31.3% ** Glb X Msci Prtgl , down 9.4% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 106.2% ** Sky Solar Holdings Ltd , up 38% ** Nano Dimension Ltd , up 37 % The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42.2% ** Oasis Midstream Partners LP , down 24.1% ** Adial Pharmaceuticals Inc , down 22.1% ** Scientific Games Corp SGMS.O: up 0.4% BUZZ-Extends partnership with Hard Rock International ** Exxon Mobil Corp XOM.N: up 1.2% ** Chevron Corp CVX.N: up 0.7% BUZZ-Oil majors eye steep losses ** Datadog Inc DDOG.O: up 14.1% BUZZ-Moves higher on Microsoft partnership ** Perion Network Ltd PERI.O: up 9.2% BUZZ-Gains as Oppenheimer assumes coverage with 'outperform' ** ConocoPhillips COP.N: up 2.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 1.1% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 6.5% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 12.4% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 27.8% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 24.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 9.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.6% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.5% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 7.6% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 31.0% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.1% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.7% ** United Airlines Holdings Inc UAL.O: up 3.2% ** Spirit Airlines Inc SAVE.N: up 2.9% ** Delta Air Lines Inc DAL.N: up 2.0% ** Southwest Airlines Co LUV.N: up 1.3% ** Alaska Air Group Inc ALK.N: up 2.2% ** JetBlue Airways Corp JBLU.O: up 2.4% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 2% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 1.7% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.8% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 3.3% BUZZ-Gains as President Larsson to takeover as CEO ** Tesla Inc TSLA.O: up 2.2% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 3.2% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 7.3% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 136.2% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** Western Digital Corp WDC.O: down 4.7% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 1.7% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.8% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.1% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** L Brands Inc LB.N: up 4.6% BUZZ-JPM boosts PT to highest on Wall Street ** Solaredge Technologies Inc SEDG.O: up 3.8% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 6.4% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** Tuniu Corp TOUR.O: up 26.7% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 0.8% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 4.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.2% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 8.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.4% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 6.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.6% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 6.2% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 38.7% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 2.7% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 4.2% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: up 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes jumped on Wednesday, with the S&P 500 on course for its best two-quarter gain since 2009, as investors rekindled bets on an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N At 1:18 p.m. up 0.74% (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 6.2% ** Universal Health Services Inc , up 5.2% ** Centene Corp , up 5% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 6.3% ** Western Digital Corp , down 4.7% ** Zebra Technologies Corp , down 2.5% The top three NYSE .PG.N percentage gainers: ** CynergisTek Inc , up 97.2% ** Asana Inc , up 37.9% ** Lithium Americas Corp , up 17.7% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 31.6% ** Houston American Energy Corp , down 31.3% ** Glb X Msci Prtgl , down 9.4% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 106.2% ** Sky Solar Holdings Ltd , up 38% ** Nano Dimension Ltd , up 37 % The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42.2% ** Oasis Midstream Partners LP , down 24.1% ** Adial Pharmaceuticals Inc , down 22.1% ** Scientific Games Corp SGMS.O: up 0.4% BUZZ-Extends partnership with Hard Rock International ** Exxon Mobil Corp XOM.N: up 1.2% ** Chevron Corp CVX.N: up 0.7% BUZZ-Oil majors eye steep losses ** Datadog Inc DDOG.O: up 14.1% BUZZ-Moves higher on Microsoft partnership ** Perion Network Ltd PERI.O: up 9.2% BUZZ-Gains as Oppenheimer assumes coverage with 'outperform' ** ConocoPhillips COP.N: up 2.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 1.1% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 6.5% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 12.4% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 27.8% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 24.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 9.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.6% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.5% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 7.6% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 31.0% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.1% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.7% ** United Airlines Holdings Inc UAL.O: up 3.2% ** Spirit Airlines Inc SAVE.N: up 2.9% ** Delta Air Lines Inc DAL.N: up 2.0% ** Southwest Airlines Co LUV.N: up 1.3% ** Alaska Air Group Inc ALK.N: up 2.2% ** JetBlue Airways Corp JBLU.O: up 2.4% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 2% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 1.7% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.8% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 3.3% BUZZ-Gains as President Larsson to takeover as CEO ** Tesla Inc TSLA.O: up 2.2% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 3.2% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 7.3% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 136.2% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** Western Digital Corp WDC.O: down 4.7% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 1.7% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.8% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.1% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** L Brands Inc LB.N: up 4.6% BUZZ-JPM boosts PT to highest on Wall Street ** Solaredge Technologies Inc SEDG.O: up 3.8% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 6.4% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** Tuniu Corp TOUR.O: up 26.7% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 0.8% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 4.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.2% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 8.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.4% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 6.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.6% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 6.2% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 38.7% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 2.7% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 4.2% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: up 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services ET, the Dow Jones Industrial Average .DJI was up 1.65% at 27,905.34. up 0.47% Consumer Discretionary
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 6.2% ** Universal Health Services Inc , up 5.2% ** Centene Corp , up 5% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 6.3% ** Western Digital Corp , down 4.7% ** Zebra Technologies Corp , down 2.5% The top three NYSE .PG.N percentage gainers: ** CynergisTek Inc , up 97.2% ** Asana Inc , up 37.9% ** Lithium Americas Corp , up 17.7% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 31.6% ** Houston American Energy Corp , down 31.3% ** Glb X Msci Prtgl , down 9.4% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 106.2% ** Sky Solar Holdings Ltd , up 38% ** Nano Dimension Ltd , up 37 % The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42.2% ** Oasis Midstream Partners LP , down 24.1% ** Adial Pharmaceuticals Inc , down 22.1% ** Scientific Games Corp SGMS.O: up 0.4% BUZZ-Extends partnership with Hard Rock International ** Exxon Mobil Corp XOM.N: up 1.2% ** Chevron Corp CVX.N: up 0.7% BUZZ-Oil majors eye steep losses ** Datadog Inc DDOG.O: up 14.1% BUZZ-Moves higher on Microsoft partnership ** Perion Network Ltd PERI.O: up 9.2% BUZZ-Gains as Oppenheimer assumes coverage with 'outperform' ** ConocoPhillips COP.N: up 2.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 1.1% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 6.5% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 12.4% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 27.8% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 24.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 9.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.6% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.5% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 7.6% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 31.0% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.1% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.7% ** United Airlines Holdings Inc UAL.O: up 3.2% ** Spirit Airlines Inc SAVE.N: up 2.9% ** Delta Air Lines Inc DAL.N: up 2.0% ** Southwest Airlines Co LUV.N: up 1.3% ** Alaska Air Group Inc ALK.N: up 2.2% ** JetBlue Airways Corp JBLU.O: up 2.4% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 2% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 1.7% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.8% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 3.3% BUZZ-Gains as President Larsson to takeover as CEO ** Tesla Inc TSLA.O: up 2.2% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 3.2% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 7.3% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 136.2% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** Western Digital Corp WDC.O: down 4.7% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 1.7% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.8% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.1% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** L Brands Inc LB.N: up 4.6% BUZZ-JPM boosts PT to highest on Wall Street ** Solaredge Technologies Inc SEDG.O: up 3.8% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 6.4% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** Tuniu Corp TOUR.O: up 26.7% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 0.8% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 4.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.2% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 8.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.4% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 6.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.6% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 6.2% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 38.7% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 2.7% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 4.2% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: up 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes jumped on Wednesday, with the S&P 500 on course for its best two-quarter gain since 2009, as investors rekindled bets on an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N At 1:18 p.m. ET, the Dow Jones Industrial Average .DJI was up 1.65% at 27,905.34.
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5231.0
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2020-09-30 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Sunrun, ConocoPhillips, AtriCure, BioHiTech Global
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-sunrun-conocophillips-atricure-biohitech-global-2020-09-30
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nan
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nan
|
Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street's main indexes jumped on Wednesday, led by industrials and technology-related stocks, as officials rekindled the idea of an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N
At 12:01 p.m. ET, the Dow Jones Industrial Average .DJI was up 1.65% at 27,905.51. The S&P 500 .SPX was up 1.33% at 3,379.67 and the Nasdaq Composite .IXIC was up 1.48% at 11,249.84. The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 5.5% ** Norwegian Cruise Line Holdings Ltd , up 5.3% ** L Brands Inc , up 4.6% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 5.2% ** Western Dgtl Crp , down 5% ** Nextera Energy , down 2% The top three NYSE .PG.N percentage gainers: ** Lithium Americas Corp , up 20.4% ** Ardmore Shipping Corp , up 11.6% ** Fang Holdings Ltd , up 11.4% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 30.2% ** Houston American Energy Corp , down 28.3% ** Build-A-Bear Workshop Inc , down 9.5% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 126.6% ** Nano Dimension Ltd , up 38.5% ** Wanda Sports Group Co Ltd , up 28.3% The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42% ** U.S. Energy Corp , down 21.2% ** Adial Pharmceuticals Inc , down 20.5%
** ConocoPhillips COP.N: up 1.3%
BUZZ-Climbs on Q3 outlook, plans to resume share buybacks
** AtriCure Inc ATRC.O: down 2.5%
BUZZ-Drops after Kerrisdale reveals short position
** BioHiTech Global Inc BHTG.O: up 5.8%
BUZZ-Soars after shipping disinfectant system to cruise company
** Nikola Corp NKLA.O: up 11.3%
BUZZ-Rebounds as co reassures investors of product roadmap
** Wanda Sports Group Co Ltd WSG.O: up 28.3%
BUZZ-Soars on take-private offer from parent
** Genetron Holdings Ltd GTH.O: up 23.5%
BUZZ-Rises as FDA grants liver cancer test breakthrough device status
** Peck Company Holdings Inc PECK.O: up 11.1%
BUZZ-Jumps on $2.4 mln contract in Maine
** Elanco Animal Health Inc ELAN.N: up 4.0%
BUZZ-To cut 900 jobs, shares rise
** Lululemon Athletica Inc LULU.O: up 2.6%
BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy'
** Enerpac Tool Group Corp EPAC.N: down 8.1%
BUZZ-Slumps after Q4 earnings misses estimates
** Boqii Holding Ltd BQ.N: down 30.2%
BUZZ-Falls in NYSE debut
** Canadian Solar Inc CSIQ.O: up 5.6%
BUZZ-Climbs on raising capital ahead of unit's China IPO
** American Airlines Group Inc AAL.O: up 2.5%
** United Airlines Holdings Inc UAL.O: up 2.3%
** Spirit Airlines Inc SAVE.N: up 2.4%
** Delta Air Lines Inc DAL.N: up 1.8%
** Southwest Airlines Co LUV.N: up 1.1%
** Alaska Air Group Inc ALK.N: up 1.7%
** JetBlue Airways Corp JBLU.O: up 1.8%
BUZZ-U.S. airlines: Up on hopes of federal aid extension
** Yalla Group Ltd YALA.N: up 10.3%
BUZZ-Jumps 30% in its NYSE debut
** Pacira BioSciences Inc PCRX.O: up 2.1%
BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects
** Oceaneering International Inc OII.N: up 4.0%
BUZZ-Up on securing U.S. Navy contract
** PVH Corp PVH.N: up 2.0%
BUZZ-Gains as President Larsson to takeover as CEO
** Revolve Group Inc RVLV.N: up 0.4%
BUZZ-Needham sees room for margin improvement, says 'hold'
** Kaleido Biosciences Inc KLDO.O: up 10.9%
BUZZ-Rises on starting inflammatory bowel disease therapy study
** Tesla Inc TSLA.O: up 2.7%
BUZZ-Rises after media report points to record deliveries
** Penn National Gaming Inc PENN.O: up 4.6%
BUZZ-Rises as JP Morgan sees higher value, hikes PT
** Synnex Corp SNX.N: up 6.6%
BUZZ-Jumps on upbeat forecast
** Iterum Therapeutics PLC ITRM.O: up 131.8%
BUZZ-Soars on positive FDA meeting for urinary tract infection drug
** BioCryst Pharmaceuticals Inc BCRX.O: down 6.9%
BUZZ-Rises after blood disorder treatment shows benefit in trial
** Western Digital Corp WDC.O: down 5.0%
BUZZ-Slips as Micron flags profitability challenges in NAND market
** Starbucks Corp SBUX.O: up 2.6%
BUZZ-Gains after Cowen upgrades rating and raises PT to Street high
** Hasbro Inc HAS.O: up 2.2%
BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost
** Shopify Inc SHOP.N: up 0.5%
BUZZ-Wedbush says e-commerce pull forward sustainable
** Target Hospitality Corp TH.O: up 2.5%
BUZZ-Rises as customer activity seen rising from Q2 lows
** Owens & Minor Inc OMI.N: down 1.2%
BUZZ-Slips after co launches $150 mln equity offering
** L Brands Inc LB.N: up 4.7%
BUZZ-JPM boosts PT to highest on Wall Street
** General Motors Co GM.N: up 2.1%
BUZZ-JP Morgan cuts PT to reflect Nikola's losses
** Solaredge Technologies Inc SEDG.O: up 4.2%
BUZZ-Solar energy firms: JPM hikes PT on growth trends
** Vivint Solar Inc VSLR.N: up 5.9%
BUZZ-Solar energy firms: JPM hikes PT on growth trends
** Quest Diagnostics Inc DGX.N: up 1.1%
BUZZ-Rises on launch of three new COVID-19 tests
** MDJM Ltd MDJH.O: up 1.3%
BUZZ-Jumps on residential real estate contract in Tianjin
** Tuniu Corp TOUR.O: up 25.0%
BUZZ-Up on $10 mln share buyback plan
** Alnylam Pharmaceuticals Inc ALNY.O: up 1.1%
BUZZ-Gains on positive data from its kidney disorder drug
** Yunji Inc YJ.O: up 2.3%
BUZZ-Soars after first live streaming show on Douyin
** Alibaba Group Holding Ltd BABA.N: up 5.7%
BUZZ-Rises as co expects cloud unit to turn profitable next year
** Bionano Genomics Inc BNGO.O: up 17.1%
BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia
** Zynga Inc ZNGA.O: up 0.7%
BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N]
** Micron Technology Inc MU.O: down 5.2%
BUZZ-Street View: Near-term challenges aplenty
** Fuelcell Energy Inc FCEL.O: down 15.2%
BUZZ-Down after co prices upsized equity offering
** CureVac NV CVAC.O: up 2.9%
BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate
** Duke Energy Corp DUK.N: up 5.5%
BUZZ-Climbs on report of takeover offer from NextEra
** Oasis Petroleum Inc OAS.O: down 35.0%
BUZZ-Slumps after Chapter 11 bankruptcy filing
** Moderna Inc MRNA.O: up 3.2%
BUZZ-Up after COVID-19 vaccine shows signs of working in older adults
** Walt Disney Co DIS.N: down 0.6%
BUZZ-Falls as co plans to lay off 28,000 park employees
** Caesars Entertainment Inc CZR.O: up 5.5%
BUZZ-Agrees to buy William Hill
** Eton Pharmaceuticals Inc ETON.O: down 0.5%
BUZZ-Up on U.S. approval for adrenal insufficiency treatment
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.77%
Consumer Discretionary
.SPLRCD
up 1.78%
Consumer Staples
.SPLRCS
up 1.20%
Energy
.SPNY
up 0.55%
Financial
.SPSY
up 1.30%
Health
.SPXHC
up 1.64%
Industrial
.SPLRCI
up 0.76%
Information Technology
.SPLRCT
up 1.58%
Materials
.SPLRCM
up 1.07%
Real Estate
.SPLRCR
up 1.02%
Utilities
.SPLRCU
up 0.64%
(Compiled by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 5.5% ** Norwegian Cruise Line Holdings Ltd , up 5.3% ** L Brands Inc , up 4.6% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 5.2% ** Western Dgtl Crp , down 5% ** Nextera Energy , down 2% The top three NYSE .PG.N percentage gainers: ** Lithium Americas Corp , up 20.4% ** Ardmore Shipping Corp , up 11.6% ** Fang Holdings Ltd , up 11.4% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 30.2% ** Houston American Energy Corp , down 28.3% ** Build-A-Bear Workshop Inc , down 9.5% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 126.6% ** Nano Dimension Ltd , up 38.5% ** Wanda Sports Group Co Ltd , up 28.3% The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42% ** U.S. Energy Corp , down 21.2% ** Adial Pharmceuticals Inc , down 20.5% ** ConocoPhillips COP.N: up 1.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 2.5% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 5.8% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 11.3% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 28.3% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 23.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 11.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.0% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.6% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 8.1% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 30.2% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.6% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.5% ** United Airlines Holdings Inc UAL.O: up 2.3% ** Spirit Airlines Inc SAVE.N: up 2.4% ** Delta Air Lines Inc DAL.N: up 1.8% ** Southwest Airlines Co LUV.N: up 1.1% ** Alaska Air Group Inc ALK.N: up 1.7% ** JetBlue Airways Corp JBLU.O: up 1.8% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 10.3% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 2.1% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.0% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 2.0% BUZZ-Gains as President Larsson to takeover as CEO ** Revolve Group Inc RVLV.N: up 0.4% BUZZ-Needham sees room for margin improvement, says 'hold' ** Kaleido Biosciences Inc KLDO.O: up 10.9% BUZZ-Rises on starting inflammatory bowel disease therapy study ** Tesla Inc TSLA.O: up 2.7% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 4.6% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 6.6% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 131.8% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** BioCryst Pharmaceuticals Inc BCRX.O: down 6.9% BUZZ-Rises after blood disorder treatment shows benefit in trial ** Western Digital Corp WDC.O: down 5.0% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 2.6% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.2% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.5% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** Owens & Minor Inc OMI.N: down 1.2% BUZZ-Slips after co launches $150 mln equity offering ** L Brands Inc LB.N: up 4.7% BUZZ-JPM boosts PT to highest on Wall Street ** General Motors Co GM.N: up 2.1% BUZZ-JP Morgan cuts PT to reflect Nikola's losses ** Solaredge Technologies Inc SEDG.O: up 4.2% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 5.9% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** MDJM Ltd MDJH.O: up 1.3% BUZZ-Jumps on residential real estate contract in Tianjin ** Tuniu Corp TOUR.O: up 25.0% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 1.1% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 2.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.7% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 17.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.7% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 5.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.2% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 5.5% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 35.0% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 3.2% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 5.5% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: down 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes jumped on Wednesday, led by industrials and technology-related stocks, as officials rekindled the idea of an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N At 12:01 p.m. up 0.64% (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 5.5% ** Norwegian Cruise Line Holdings Ltd , up 5.3% ** L Brands Inc , up 4.6% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 5.2% ** Western Dgtl Crp , down 5% ** Nextera Energy , down 2% The top three NYSE .PG.N percentage gainers: ** Lithium Americas Corp , up 20.4% ** Ardmore Shipping Corp , up 11.6% ** Fang Holdings Ltd , up 11.4% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 30.2% ** Houston American Energy Corp , down 28.3% ** Build-A-Bear Workshop Inc , down 9.5% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 126.6% ** Nano Dimension Ltd , up 38.5% ** Wanda Sports Group Co Ltd , up 28.3% The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42% ** U.S. Energy Corp , down 21.2% ** Adial Pharmceuticals Inc , down 20.5% ** ConocoPhillips COP.N: up 1.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 2.5% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 5.8% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 11.3% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 28.3% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 23.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 11.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.0% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.6% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 8.1% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 30.2% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.6% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.5% ** United Airlines Holdings Inc UAL.O: up 2.3% ** Spirit Airlines Inc SAVE.N: up 2.4% ** Delta Air Lines Inc DAL.N: up 1.8% ** Southwest Airlines Co LUV.N: up 1.1% ** Alaska Air Group Inc ALK.N: up 1.7% ** JetBlue Airways Corp JBLU.O: up 1.8% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 10.3% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 2.1% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.0% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 2.0% BUZZ-Gains as President Larsson to takeover as CEO ** Revolve Group Inc RVLV.N: up 0.4% BUZZ-Needham sees room for margin improvement, says 'hold' ** Kaleido Biosciences Inc KLDO.O: up 10.9% BUZZ-Rises on starting inflammatory bowel disease therapy study ** Tesla Inc TSLA.O: up 2.7% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 4.6% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 6.6% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 131.8% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** BioCryst Pharmaceuticals Inc BCRX.O: down 6.9% BUZZ-Rises after blood disorder treatment shows benefit in trial ** Western Digital Corp WDC.O: down 5.0% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 2.6% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.2% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.5% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** Owens & Minor Inc OMI.N: down 1.2% BUZZ-Slips after co launches $150 mln equity offering ** L Brands Inc LB.N: up 4.7% BUZZ-JPM boosts PT to highest on Wall Street ** General Motors Co GM.N: up 2.1% BUZZ-JP Morgan cuts PT to reflect Nikola's losses ** Solaredge Technologies Inc SEDG.O: up 4.2% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 5.9% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** MDJM Ltd MDJH.O: up 1.3% BUZZ-Jumps on residential real estate contract in Tianjin ** Tuniu Corp TOUR.O: up 25.0% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 1.1% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 2.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.7% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 17.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.7% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 5.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.2% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 5.5% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 35.0% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 3.2% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 5.5% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: down 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes jumped on Wednesday, led by industrials and technology-related stocks, as officials rekindled the idea of an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N At 12:01 p.m. up 1.07% Real Estate
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 5.5% ** Norwegian Cruise Line Holdings Ltd , up 5.3% ** L Brands Inc , up 4.6% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 5.2% ** Western Dgtl Crp , down 5% ** Nextera Energy , down 2% The top three NYSE .PG.N percentage gainers: ** Lithium Americas Corp , up 20.4% ** Ardmore Shipping Corp , up 11.6% ** Fang Holdings Ltd , up 11.4% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 30.2% ** Houston American Energy Corp , down 28.3% ** Build-A-Bear Workshop Inc , down 9.5% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 126.6% ** Nano Dimension Ltd , up 38.5% ** Wanda Sports Group Co Ltd , up 28.3% The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42% ** U.S. Energy Corp , down 21.2% ** Adial Pharmceuticals Inc , down 20.5% ** ConocoPhillips COP.N: up 1.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 2.5% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 5.8% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 11.3% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 28.3% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 23.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 11.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.0% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.6% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 8.1% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 30.2% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.6% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.5% ** United Airlines Holdings Inc UAL.O: up 2.3% ** Spirit Airlines Inc SAVE.N: up 2.4% ** Delta Air Lines Inc DAL.N: up 1.8% ** Southwest Airlines Co LUV.N: up 1.1% ** Alaska Air Group Inc ALK.N: up 1.7% ** JetBlue Airways Corp JBLU.O: up 1.8% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 10.3% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 2.1% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.0% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 2.0% BUZZ-Gains as President Larsson to takeover as CEO ** Revolve Group Inc RVLV.N: up 0.4% BUZZ-Needham sees room for margin improvement, says 'hold' ** Kaleido Biosciences Inc KLDO.O: up 10.9% BUZZ-Rises on starting inflammatory bowel disease therapy study ** Tesla Inc TSLA.O: up 2.7% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 4.6% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 6.6% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 131.8% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** BioCryst Pharmaceuticals Inc BCRX.O: down 6.9% BUZZ-Rises after blood disorder treatment shows benefit in trial ** Western Digital Corp WDC.O: down 5.0% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 2.6% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.2% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.5% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** Owens & Minor Inc OMI.N: down 1.2% BUZZ-Slips after co launches $150 mln equity offering ** L Brands Inc LB.N: up 4.7% BUZZ-JPM boosts PT to highest on Wall Street ** General Motors Co GM.N: up 2.1% BUZZ-JP Morgan cuts PT to reflect Nikola's losses ** Solaredge Technologies Inc SEDG.O: up 4.2% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 5.9% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** MDJM Ltd MDJH.O: up 1.3% BUZZ-Jumps on residential real estate contract in Tianjin ** Tuniu Corp TOUR.O: up 25.0% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 1.1% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 2.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.7% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 17.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.7% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 5.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.2% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 5.5% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 35.0% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 3.2% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 5.5% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: down 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes jumped on Wednesday, led by industrials and technology-related stocks, as officials rekindled the idea of an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N At 12:01 p.m. up 0.77% Consumer Discretionary
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The top three S&P 500 .PG.INX percentage gainers: ** Duke Energy Corp , up 5.5% ** Norwegian Cruise Line Holdings Ltd , up 5.3% ** L Brands Inc , up 4.6% The top three S&P 500 .PL.INX percentage losers: ** Micron Technology Inc , down 5.2% ** Western Dgtl Crp , down 5% ** Nextera Energy , down 2% The top three NYSE .PG.N percentage gainers: ** Lithium Americas Corp , up 20.4% ** Ardmore Shipping Corp , up 11.6% ** Fang Holdings Ltd , up 11.4% The top three NYSE .PL.N percentage losers: ** Boqii Holding Ltd , down 30.2% ** Houston American Energy Corp , down 28.3% ** Build-A-Bear Workshop Inc , down 9.5% The top three Nasdaq .PG.O percentage gainers: ** CTI Biopharma Corp , up 126.6% ** Nano Dimension Ltd , up 38.5% ** Wanda Sports Group Co Ltd , up 28.3% The top three Nasdaq .PL.O percentage losers: ** Aptorum Group Ltd , down 42% ** U.S. Energy Corp , down 21.2% ** Adial Pharmceuticals Inc , down 20.5% ** ConocoPhillips COP.N: up 1.3% BUZZ-Climbs on Q3 outlook, plans to resume share buybacks ** AtriCure Inc ATRC.O: down 2.5% BUZZ-Drops after Kerrisdale reveals short position ** BioHiTech Global Inc BHTG.O: up 5.8% BUZZ-Soars after shipping disinfectant system to cruise company ** Nikola Corp NKLA.O: up 11.3% BUZZ-Rebounds as co reassures investors of product roadmap ** Wanda Sports Group Co Ltd WSG.O: up 28.3% BUZZ-Soars on take-private offer from parent ** Genetron Holdings Ltd GTH.O: up 23.5% BUZZ-Rises as FDA grants liver cancer test breakthrough device status ** Peck Company Holdings Inc PECK.O: up 11.1% BUZZ-Jumps on $2.4 mln contract in Maine ** Elanco Animal Health Inc ELAN.N: up 4.0% BUZZ-To cut 900 jobs, shares rise ** Lululemon Athletica Inc LULU.O: up 2.6% BUZZ-BofA sees growth in post-COVID environment, reinstates with 'buy' ** Enerpac Tool Group Corp EPAC.N: down 8.1% BUZZ-Slumps after Q4 earnings misses estimates ** Boqii Holding Ltd BQ.N: down 30.2% BUZZ-Falls in NYSE debut ** Canadian Solar Inc CSIQ.O: up 5.6% BUZZ-Climbs on raising capital ahead of unit's China IPO ** American Airlines Group Inc AAL.O: up 2.5% ** United Airlines Holdings Inc UAL.O: up 2.3% ** Spirit Airlines Inc SAVE.N: up 2.4% ** Delta Air Lines Inc DAL.N: up 1.8% ** Southwest Airlines Co LUV.N: up 1.1% ** Alaska Air Group Inc ALK.N: up 1.7% ** JetBlue Airways Corp JBLU.O: up 1.8% BUZZ-U.S. airlines: Up on hopes of federal aid extension ** Yalla Group Ltd YALA.N: up 10.3% BUZZ-Jumps 30% in its NYSE debut ** Pacira BioSciences Inc PCRX.O: up 2.1% BUZZ-Gains as Jefferies lifts PT on Exparel growth prospects ** Oceaneering International Inc OII.N: up 4.0% BUZZ-Up on securing U.S. Navy contract ** PVH Corp PVH.N: up 2.0% BUZZ-Gains as President Larsson to takeover as CEO ** Revolve Group Inc RVLV.N: up 0.4% BUZZ-Needham sees room for margin improvement, says 'hold' ** Kaleido Biosciences Inc KLDO.O: up 10.9% BUZZ-Rises on starting inflammatory bowel disease therapy study ** Tesla Inc TSLA.O: up 2.7% BUZZ-Rises after media report points to record deliveries ** Penn National Gaming Inc PENN.O: up 4.6% BUZZ-Rises as JP Morgan sees higher value, hikes PT ** Synnex Corp SNX.N: up 6.6% BUZZ-Jumps on upbeat forecast ** Iterum Therapeutics PLC ITRM.O: up 131.8% BUZZ-Soars on positive FDA meeting for urinary tract infection drug ** BioCryst Pharmaceuticals Inc BCRX.O: down 6.9% BUZZ-Rises after blood disorder treatment shows benefit in trial ** Western Digital Corp WDC.O: down 5.0% BUZZ-Slips as Micron flags profitability challenges in NAND market ** Starbucks Corp SBUX.O: up 2.6% BUZZ-Gains after Cowen upgrades rating and raises PT to Street high ** Hasbro Inc HAS.O: up 2.2% BUZZ-Rises as Stifel upgrades to 'buy' on holiday boost ** Shopify Inc SHOP.N: up 0.5% BUZZ-Wedbush says e-commerce pull forward sustainable ** Target Hospitality Corp TH.O: up 2.5% BUZZ-Rises as customer activity seen rising from Q2 lows ** Owens & Minor Inc OMI.N: down 1.2% BUZZ-Slips after co launches $150 mln equity offering ** L Brands Inc LB.N: up 4.7% BUZZ-JPM boosts PT to highest on Wall Street ** General Motors Co GM.N: up 2.1% BUZZ-JP Morgan cuts PT to reflect Nikola's losses ** Solaredge Technologies Inc SEDG.O: up 4.2% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Vivint Solar Inc VSLR.N: up 5.9% BUZZ-Solar energy firms: JPM hikes PT on growth trends ** Quest Diagnostics Inc DGX.N: up 1.1% BUZZ-Rises on launch of three new COVID-19 tests ** MDJM Ltd MDJH.O: up 1.3% BUZZ-Jumps on residential real estate contract in Tianjin ** Tuniu Corp TOUR.O: up 25.0% BUZZ-Up on $10 mln share buyback plan ** Alnylam Pharmaceuticals Inc ALNY.O: up 1.1% BUZZ-Gains on positive data from its kidney disorder drug ** Yunji Inc YJ.O: up 2.3% BUZZ-Soars after first live streaming show on Douyin ** Alibaba Group Holding Ltd BABA.N: up 5.7% BUZZ-Rises as co expects cloud unit to turn profitable next year ** Bionano Genomics Inc BNGO.O: up 17.1% BUZZ-Jumps on adoption of co's genome mapping system in Australia and Slovenia ** Zynga Inc ZNGA.O: up 0.7% BUZZ-MKM Partners starts with 'buy' on growth prospects[USNnL4N2GR35N] ** Micron Technology Inc MU.O: down 5.2% BUZZ-Street View: Near-term challenges aplenty ** Fuelcell Energy Inc FCEL.O: down 15.2% BUZZ-Down after co prices upsized equity offering ** CureVac NV CVAC.O: up 2.9% BUZZ-Up as co begins mid-stage trial of COVID-19 vaccine candidate ** Duke Energy Corp DUK.N: up 5.5% BUZZ-Climbs on report of takeover offer from NextEra ** Oasis Petroleum Inc OAS.O: down 35.0% BUZZ-Slumps after Chapter 11 bankruptcy filing ** Moderna Inc MRNA.O: up 3.2% BUZZ-Up after COVID-19 vaccine shows signs of working in older adults ** Walt Disney Co DIS.N: down 0.6% BUZZ-Falls as co plans to lay off 28,000 park employees ** Caesars Entertainment Inc CZR.O: up 5.5% BUZZ-Agrees to buy William Hill ** Eton Pharmaceuticals Inc ETON.O: down 0.5% BUZZ-Up on U.S. approval for adrenal insufficiency treatment The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street's main indexes jumped on Wednesday, led by industrials and technology-related stocks, as officials rekindled the idea of an imminent fiscal stimulus package, while upbeat data suggested a domestic economic recovery was on track..N At 12:01 p.m. ET, the Dow Jones Industrial Average .DJI was up 1.65% at 27,905.51.
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5232.0
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2020-09-30 00:00:00 UTC
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American Airlines CEO leaves door open to delaying Oct 1 furloughs -CNN
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AAL
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https://www.nasdaq.com/articles/american-airlines-ceo-leaves-door-open-to-delaying-oct-1-furloughs-cnn-2020-09-30
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nan
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nan
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CHICAGO, Sept 30 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker said it is possible to postpone thousands of furloughs set for Oct. 1 if there is a clear commitment from Washington on an aid extension on Wednesday.
Speaking on CNN, Parker also said he believes that one more six-month extension of $25 billion in federal payroll support would be enough to get the industry through the coronavirus crisis.
(Reporting by Tracy Rucinski)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 30 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker said it is possible to postpone thousands of furloughs set for Oct. 1 if there is a clear commitment from Washington on an aid extension on Wednesday. Speaking on CNN, Parker also said he believes that one more six-month extension of $25 billion in federal payroll support would be enough to get the industry through the coronavirus crisis. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 30 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker said it is possible to postpone thousands of furloughs set for Oct. 1 if there is a clear commitment from Washington on an aid extension on Wednesday. Speaking on CNN, Parker also said he believes that one more six-month extension of $25 billion in federal payroll support would be enough to get the industry through the coronavirus crisis. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 30 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker said it is possible to postpone thousands of furloughs set for Oct. 1 if there is a clear commitment from Washington on an aid extension on Wednesday. Speaking on CNN, Parker also said he believes that one more six-month extension of $25 billion in federal payroll support would be enough to get the industry through the coronavirus crisis. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 30 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker said it is possible to postpone thousands of furloughs set for Oct. 1 if there is a clear commitment from Washington on an aid extension on Wednesday. Speaking on CNN, Parker also said he believes that one more six-month extension of $25 billion in federal payroll support would be enough to get the industry through the coronavirus crisis. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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5233.0
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2020-09-30 00:00:00 UTC
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U.S. airlines strap in for bailout suspense a day before furloughs
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AAL
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https://www.nasdaq.com/articles/u.s.-airlines-strap-in-for-bailout-suspense-a-day-before-furloughs-2020-09-30
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nan
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nan
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By Tracy Rucinski and David Shepardson
CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months.
With an airline payroll support package expiring at midnight, the clock is ticking.
"It's pedal to the metal until 11:59:59 on Sept. 30, and then some," said Amanda Steinbrunn, a United Airlines UAL.O flight attendant who is among tens of thousands of airline workers to be furloughed beginning Thursday, if there's no action by Congress.
U.S. House Speaker Nancy Pelosi has said she hopes to have a coronavirus aid deal with the White House this week, but the prospects of a comprehensive bill passing before Thursday were dim, industry officials said, and a quicker standalone bill for airlines would face the challenge of unanimous support.
Weeks of intense airline lobbying has won over many but not all Washington lawmakers, while also drawing attention to the plight of other pandemic-hit industries as the crisis persists.
U.S. airline officials said earlier this week there were no plans in place to halt the furloughs without aid by Oct. 1, and it was unclear what would happen if a deal passes afterwards.
Thousands of employees have already been instructed to return their badges.
Airlines, which were also awarded a separate $25 billion in federal loans under a first coronavirus relief bill in March and have also tapped capital markets to shore up liquidity, are operating about half their 2019 flying schedules and suffering a 68% decline in passenger volumes. L1N2GR014
The industry has argued it needs trained employees to help drive an economic recovery once the crisis subsides.
Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday.
"I've poured every ounce of my energy into passing this extension," she said.
"I don't have a Plan B."
(Reporting by Tracy Rucinski and David Shepardson Editing by Robert Birsel)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months. Weeks of intense airline lobbying has won over many but not all Washington lawmakers, while also drawing attention to the plight of other pandemic-hit industries as the crisis persists.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months. U.S. House Speaker Nancy Pelosi has said she hopes to have a coronavirus aid deal with the White House this week, but the prospects of a comprehensive bill passing before Thursday were dim, industry officials said, and a quicker standalone bill for airlines would face the challenge of unanimous support.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months. "It's pedal to the metal until 11:59:59 on Sept. 30, and then some," said Amanda Steinbrunn, a United Airlines UAL.O flight attendant who is among tens of thousands of airline workers to be furloughed beginning Thursday, if there's no action by Congress.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months. U.S. airline officials said earlier this week there were no plans in place to halt the furloughs without aid by Oct. 1, and it was unclear what would happen if a deal passes afterwards.
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5234.0
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2020-09-30 00:00:00 UTC
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American Airlines' Preflight COVID-19 Testing For International Travel
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AAL
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https://www.nasdaq.com/articles/american-airlines-preflight-covid-19-testing-for-international-travel-2020-09-30
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nan
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nan
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(RTTNews) - In its bid to prepare for opening up international travel, American Airlines has initiated a plan for preflight coronavirus (COVID-19) testing.
This move is expected to inspire and rebuild confidence in air travel and advance the travel industry's recovery from the COVID-19 pandemic. The carrier is beginning with testing for customers travelling to Jamaica and the Bahamas, and will expand the testing to additional markets in the weeks and months ahead.
American Airlines is collaborating with several foreign governments to begin offering preflight COVID-19 testing protocol for customers traveling to international destinations.
American has reached agreement with Jamaica to launch an initial testing program at its Miami International Airport (MIA) hub next month for Jamaican residents traveling back to their home country. If tested negative, the 14-day quarantine in place in Jamaica will be waived.
American is also working with the Bahamas and CARICOM, an integrated grouping of 20 Caribbean countries, to launch similar program next month. The discussion is afoot with CARICOM about expanding the program to additional Caribbean markets.
Apart from international markets, the airline is working with the government of Hawaii to develop a series of options that fit the Hawaiian requirements for travel to the state. It will begin preflight COVID-19 testing program at its Dallas Fort Worth International Airport (DFW) hub for customers traveling to Hawaii from October 15.
Beginning next month, American will offer three options for preflight testing to customers with flights from DFW to Honolulu (HNL) and Maui (OGG) - At-home test from LetsGetChecked, In-person testing and Onsite rapid testing.
The testing under the COVID-19 predeparture testing program must be completed within 72 hours of the final leg of departure. Travelers who test negative will be exempt from the state's 14-day quarantine.
American Airlines had in August announced its decision to suspend services to 15 markets, effective October, reflecting weak demand as well as the expiration of the air service requirements associated with the Coronavirus Aid, Relief and Economic Security or CARES Act.
In the same month, the company had announced plans to cut about 19,000 employees in October when the US federal aid expires, as the coronavirus pandemic continues to wreak havoc on the travel and tourism industry. The total workforce will shrink by at least 40,000, including 19,000 involuntary cuts, in October.
In June, American Airlines had warned around 25,000 employees, which is about 20% of its total workforce, about possibility of furloughs.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American has reached agreement with Jamaica to launch an initial testing program at its Miami International Airport (MIA) hub next month for Jamaican residents traveling back to their home country. It will begin preflight COVID-19 testing program at its Dallas Fort Worth International Airport (DFW) hub for customers traveling to Hawaii from October 15. In the same month, the company had announced plans to cut about 19,000 employees in October when the US federal aid expires, as the coronavirus pandemic continues to wreak havoc on the travel and tourism industry.
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(RTTNews) - In its bid to prepare for opening up international travel, American Airlines has initiated a plan for preflight coronavirus (COVID-19) testing. American Airlines is collaborating with several foreign governments to begin offering preflight COVID-19 testing protocol for customers traveling to international destinations. It will begin preflight COVID-19 testing program at its Dallas Fort Worth International Airport (DFW) hub for customers traveling to Hawaii from October 15.
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The carrier is beginning with testing for customers travelling to Jamaica and the Bahamas, and will expand the testing to additional markets in the weeks and months ahead. American has reached agreement with Jamaica to launch an initial testing program at its Miami International Airport (MIA) hub next month for Jamaican residents traveling back to their home country. Beginning next month, American will offer three options for preflight testing to customers with flights from DFW to Honolulu (HNL) and Maui (OGG) - At-home test from LetsGetChecked, In-person testing and Onsite rapid testing.
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The carrier is beginning with testing for customers travelling to Jamaica and the Bahamas, and will expand the testing to additional markets in the weeks and months ahead. It will begin preflight COVID-19 testing program at its Dallas Fort Worth International Airport (DFW) hub for customers traveling to Hawaii from October 15. In the same month, the company had announced plans to cut about 19,000 employees in October when the US federal aid expires, as the coronavirus pandemic continues to wreak havoc on the travel and tourism industry.
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5235.0
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2020-09-30 00:00:00 UTC
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U.S. airlines strap in for bailout suspense a day before furloughs
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AAL
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https://www.nasdaq.com/articles/u.s.-airlines-strap-in-for-bailout-suspense-a-day-before-furloughs-2020-09-30-0
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nan
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nan
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By Tracy Rucinski and David Shepardson
CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months.
With an airline payroll support package expiring at midnight, the clock is ticking.
American Airlines Chief Executive Doug Parker told CNBC the airline plans to move forward with furloughs on Thursday without action before the end of the day but he added he is "highly hopeful" of action by Congress in the coming hours.
International President of Flight Attendants-CWA Sara Nelson told CNBC, "we expect action from Congress" on Wednesday.
"It's pedal to the metal until 11:59:59 on Sept. 30, and then some," said Amanda Steinbrunn, a United Airlines UAL.O flight attendant who is among tens of thousands of airline workers to be furloughed beginning Thursday, if there's no action by Congress.
U.S. House Speaker Nancy Pelosi has said she hopes to have a coronavirus aid deal with the White House this week, but the prospects of a comprehensive bill passing before Thursday were dim, industry officials said, and a quicker standalone bill for airlines would face the challenge of unanimous support.
Weeks of intense airline lobbying has won over many but not all Washington lawmakers, while also drawing attention to the plight of other pandemic-hit industries as the crisis persists.
U.S. airline officials said earlier this week there were no plans in place to halt the furloughs without aid by Oct. 1, and it was unclear what would happen if a deal passes afterwards.
Thousands of employees have already been instructed to return their badges.
Airlines, which were also awarded a separate $25 billion in federal loans under a first coronavirus relief bill in March and have also tapped capital markets to shore up liquidity, are operating about half their 2019 flying schedules and suffering a 68% decline in passenger volumes. L1N2GR014
The industry has argued it needs trained employees to help drive an economic recovery once the crisis subsides.
Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday.
"I've poured every ounce of my energy into passing this extension," she said.
"I don't have a Plan B."
(Reporting by Tracy Rucinski and David Shepardson Editing by Robert Birsel and Nick Zieminski)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months. Weeks of intense airline lobbying has won over many but not all Washington lawmakers, while also drawing attention to the plight of other pandemic-hit industries as the crisis persists.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 30 (Reuters) - A day before mass furloughs, U.S. airline workers said they were gearing up for a full-court press to persuade Congress to pass a fresh $25 billion bailout that would protect jobs for another six months. "It's pedal to the metal until 11:59:59 on Sept. 30, and then some," said Amanda Steinbrunn, a United Airlines UAL.O flight attendant who is among tens of thousands of airline workers to be furloughed beginning Thursday, if there's no action by Congress.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. American Airlines Chief Executive Doug Parker told CNBC the airline plans to move forward with furloughs on Thursday without action before the end of the day but he added he is "highly hopeful" of action by Congress in the coming hours. "It's pedal to the metal until 11:59:59 on Sept. 30, and then some," said Amanda Steinbrunn, a United Airlines UAL.O flight attendant who is among tens of thousands of airline workers to be furloughed beginning Thursday, if there's no action by Congress.
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Allie Malis, a flight attendant on American Airlines' AAL.O furlough list, said she would keep pressing lawmakers on Wednesday. International President of Flight Attendants-CWA Sara Nelson told CNBC, "we expect action from Congress" on Wednesday. U.S. airline officials said earlier this week there were no plans in place to halt the furloughs without aid by Oct. 1, and it was unclear what would happen if a deal passes afterwards.
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2020-09-29 00:00:00 UTC
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U.S. Treasury says it has closed loans to seven major airlines
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https://www.nasdaq.com/articles/u.s.-treasury-says-it-has-closed-loans-to-seven-major-airlines-2020-09-29
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WASHINGTON, Sept 29 (Reuters) - The U.S. Treasury said on Tuesday it had closed loans to seven large airlines hit hard by the economic impact of the coronavirus pandemic.
It said in a statement the seven carriers were Alaska Airlines ALK.N, American Airlines AAL.O, Frontier Airlines, JetBlue Airways Corp JBLU.O , Hawaiian Airlines, SkyWest Airlines SKYW.O, and United Airlines UAL.O.
(Reporting by Mohammad Zargham; Editing by Eric Beech)
((mohammad.zargham@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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It said in a statement the seven carriers were Alaska Airlines ALK.N, American Airlines AAL.O, Frontier Airlines, JetBlue Airways Corp JBLU.O , Hawaiian Airlines, SkyWest Airlines SKYW.O, and United Airlines UAL.O. WASHINGTON, Sept 29 (Reuters) - The U.S. Treasury said on Tuesday it had closed loans to seven large airlines hit hard by the economic impact of the coronavirus pandemic. (Reporting by Mohammad Zargham; Editing by Eric Beech) ((mohammad.zargham@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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It said in a statement the seven carriers were Alaska Airlines ALK.N, American Airlines AAL.O, Frontier Airlines, JetBlue Airways Corp JBLU.O , Hawaiian Airlines, SkyWest Airlines SKYW.O, and United Airlines UAL.O. WASHINGTON, Sept 29 (Reuters) - The U.S. Treasury said on Tuesday it had closed loans to seven large airlines hit hard by the economic impact of the coronavirus pandemic. (Reporting by Mohammad Zargham; Editing by Eric Beech) ((mohammad.zargham@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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It said in a statement the seven carriers were Alaska Airlines ALK.N, American Airlines AAL.O, Frontier Airlines, JetBlue Airways Corp JBLU.O , Hawaiian Airlines, SkyWest Airlines SKYW.O, and United Airlines UAL.O. WASHINGTON, Sept 29 (Reuters) - The U.S. Treasury said on Tuesday it had closed loans to seven large airlines hit hard by the economic impact of the coronavirus pandemic. (Reporting by Mohammad Zargham; Editing by Eric Beech) ((mohammad.zargham@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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It said in a statement the seven carriers were Alaska Airlines ALK.N, American Airlines AAL.O, Frontier Airlines, JetBlue Airways Corp JBLU.O , Hawaiian Airlines, SkyWest Airlines SKYW.O, and United Airlines UAL.O. WASHINGTON, Sept 29 (Reuters) - The U.S. Treasury said on Tuesday it had closed loans to seven large airlines hit hard by the economic impact of the coronavirus pandemic. (Reporting by Mohammad Zargham; Editing by Eric Beech) ((mohammad.zargham@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2020-09-29 00:00:00 UTC
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Crude Oil Crash: S&P 500 Falls as Apache, Halliburton Lead Energy Stocks Lower, Airline Stocks Lose Altitude
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https://www.nasdaq.com/articles/crude-oil-crash%3A-sp-500-falls-as-apache-halliburton-lead-energy-stocks-lower-airline
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Yesterday's winners are today's losers. The S&P 500 Index (SNPINDEX: ^GSPC) closed down 16 points on Tuesday after energy and financials stocks fell 2.5% and 1%, respectively, giving up some of their big gains from Monday.Â
Five of today's worst-performing S&P 500 stocks are in the energy sector, with Apache (NASDAQ: APA) and National Oilwell Varco (NYSE: NOV) the biggest losers, down 7% and 6%, respectively. Airline stocks also joined in today's sell-off, with American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) rounding out the bottom 10, both down 4%.
The sell-off in financials was more broad than deep, with no stock falling more than 4%, but almost 90% of the sector's stocks down today. The biggest stocks in the financials sector declined, including Berkshire Hathaway (NYSE: BRK.B), down almost 1.5%, along with banking giants Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC), down 1.3% and 2.4%, respectively.Â
Image source: Getty Images.
Trouble in the oil patch intensifies
Crude oil prices fell sharply today, with both West Texas Intermediate and Brent crude futures down 3.5%. U.S. crude is back below $40 per barrel, a level that means many U.S. independent producers are paying more to produce oil than they can sell it for. Today's oil sell-off washes out a lot of yesterday's gains, following news that Devon Energy (NYSE: DVN) and WPX Energy (NYSE: WPX) agreed to a merger that created optimism of more M&A activity potentially helping save the U.S. oil industry.Â
Today, the realities of a weakening recovery, along with the threats of both rising coronavirus cases around the world and global giants soaking up market share at prices many producers can't match, has snapped investors back to reality. As much as demand has recovered from the lows of April and early May, the oil patch is still deep in a downturn, and global heavyweights like Saudi Arabia continue to use their pricing power to grab as much share as they can.Â
Airlines stuck in holding pattern
After a good day yesterday, airline stocks fell today. The industry remains stuck in the worst downturn in its history, and investors trade on expectations of a congressional stimulus. Shares were up on Monday based on optimism for a deal to let airlines keep more employees on the payroll by providing federal funds. But today, traders weren't as hopeful of such a deal. Joining American and United on the move lower today were Delta Air Lines (NYSE: DAL), down 2.3%, and Southwest Airlines (NYSE: LUV), closing 1.7% lower.Â
The path forward for the airline industry remains uncertain. Most major carriers have managed to get access to enough capital to ride out a protracted downturn, and the prospects for getting (or not getting) federal funds to offset payroll costs won't really affect their ability to outlast the downturn. What it does affect is what those employees will get: With no federal aid, tens of thousands of employees will be laid off and begin collecting unemployment.Â
Investors shouldn't spend too much energy focusing on the prospects for federal aid. The more important concern is the reopening of global commercial air travel, which means moving past COVID-19. Until that picture is clearer, investors should step very lightly in the airline industry.
10 stocks we like better than American Airlines Group
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David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and American Airlines Group wasn't one of them! That's right -- they think these 10 stocks are even better buys.
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*Stock Advisor returns as of September 24, 2020
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Jason Hall owns shares of Bank of America, Southwest Airlines, and Wells Fargo. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool owns shares of National Oilwell Varco. The Motley Fool recommends Delta Air Lines and Southwest Airlines and recommends the following options: long January 2021 $200 calls on Berkshire Hathaway (B shares) and short January 2021 $200 puts on Berkshire Hathaway (B shares). The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Airline stocks also joined in today's sell-off, with American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) rounding out the bottom 10, both down 4%. The S&P 500 Index (SNPINDEX: ^GSPC) closed down 16 points on Tuesday after energy and financials stocks fell 2.5% and 1%, respectively, giving up some of their big gains from Monday. Five of today's worst-performing S&P 500 stocks are in the energy sector, with Apache (NASDAQ: APA) and National Oilwell Varco (NYSE: NOV) the biggest losers, down 7% and 6%, respectively. Today's oil sell-off washes out a lot of yesterday's gains, following news that Devon Energy (NYSE: DVN) and WPX Energy (NYSE: WPX) agreed to a merger that created optimism of more M&A activity potentially helping save the U.S. oil industry. Today, the realities of a weakening recovery, along with the threats of both rising coronavirus cases around the world and global giants soaking up market share at prices many producers can't match, has snapped investors back to reality.
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Airline stocks also joined in today's sell-off, with American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) rounding out the bottom 10, both down 4%. The Motley Fool owns shares of and recommends Berkshire Hathaway (B shares). The Motley Fool recommends Delta Air Lines and Southwest Airlines and recommends the following options: long January 2021 $200 calls on Berkshire Hathaway (B shares) and short January 2021 $200 puts on Berkshire Hathaway (B shares).
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Airline stocks also joined in today's sell-off, with American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) rounding out the bottom 10, both down 4%. Today's oil sell-off washes out a lot of yesterday's gains, following news that Devon Energy (NYSE: DVN) and WPX Energy (NYSE: WPX) agreed to a merger that created optimism of more M&A activity potentially helping save the U.S. oil industry. Today, the realities of a weakening recovery, along with the threats of both rising coronavirus cases around the world and global giants soaking up market share at prices many producers can't match, has snapped investors back to reality. As much as demand has recovered from the lows of April and early May, the oil patch is still deep in a downturn, and global heavyweights like Saudi Arabia continue to use their pricing power to grab as much share as they can. Airlines stuck in holding pattern After a good day yesterday, airline stocks fell today.
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Airline stocks also joined in today's sell-off, with American Airlines Group (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) rounding out the bottom 10, both down 4%. Joining American and United on the move lower today were Delta Air Lines (NYSE: DAL), down 2.3%, and Southwest Airlines (NYSE: LUV), closing 1.7% lower. The path forward for the airline industry remains uncertain. See the 10 stocks
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5238.0
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2020-09-29 00:00:00 UTC
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Why Airline Stocks Are Down Today
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https://www.nasdaq.com/articles/why-airline-stocks-are-down-today-2020-09-29
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What happened
The International Air Transport Association (IATA) now expects even fewer people to fly in 2020 than previous estimates, a stark reminder of how hard the COVID-19 pandemic is hitting aviation. Those numbers, coupled with continued uncertainty about whether U.S. lawmakers will come through with another round of stimulus and new negative headlines about the pandemic, has airline shares under pressure on Tuesday.
JetBlue Airways (NASDAQ: JBLU) is leading the downward push on the day, down as much as 5.6% midday, while shares of American Airlines Group (NASDAQ: AAL) fell as much as 5.1% and shares of United Airlines Holdings (NASDAQ: UAL) were down 4.7%.
So what
The airline industry is in a state of crisis due to the pandemic, which has caused revenue to fall by as much as 80% year over year. Passenger volumes are not expected to return to pre-pandemic levels until 2022 at the earliest, leaving airlines scrambling to cut costs to weather a prolonged downturn.
The situation would be far worse if not for the CARES Act stimulus package, which provided the industry with up to $50 billion in government funds in exchange for conditions including a temporary prohibition on layoffs. Those limits expire Sept. 30, and the airlines are now waiting to see whether Congress acts to extend the payroll protections and provide more funding.
Image source: Getty Images.
The stocks were up on Monday thanks to comments by both Democrats and Republicans expressing interest in a new stimulus effort, but are losing some of that momentum a day later as the reality of how hard it is for Washington to pass anything this close to an election sinks in. Absent new stimulus the airlines are expected to cut payrolls significantly, leaving tens of thousands of workers without jobs.
The issue for airlines is there is simply not enough revenue coming in to support their pre-pandemic networks. The IATA said Tuesday it now expects global traffic to be down 66% for the year, worse than its previous estimate for a 63% decline. The group cited a "dismal" end to the summer travel season in the Northern Hemisphere for the revision.
"August's disastrous traffic performance puts a cap on the industry's worst-ever summer season," IATA director Alexandre de Juniac said in a statement. "A few months ago, we thought that a full-year fall in demand of -63% compared to 2019 was as bad as it could get. With the dismal peak summer travel period behind us, we have revised our expectations downward."
There are a lot of headlines on Tuesday reminding airline investors the pandemic is far from over. German Chancellor Angela Merkel warned her country could be entering a "second wave" of the pandemic, while in the U.S., the NFL is closing some facilities after positive tests.
JetBlue is under particular pressure because that airline is planning an expansion into the fall to try to soak up whatever revenue is out there, adding risk. American has the highest debt load in the industry and is seen as among the most vulnerable carriers in the event of an extended downturn. The company has aggressively tapped the Treasury Department for what funding is available, and has said it could seek more.
United has a deal in place to avoid pilot furloughs, removing a key uncertainty, but the company still is likely to furlough thousands of non-pilot workers in the months to come absent a new stimulus package.
Now what
The airlines for months now have been moving in lockstep based on investor sentiment about the pandemic and the prospects of a recovery. Monday's jump, and Tuesday's pullback, continue that trend.
It's going to be hard for these stocks to really break out until the pandemic is behind us and travel patterns begin to normalize, which appears unlikely to happen in 2020. Investors should be prepared for continued turbulence in the quarters to come.
For long-term holders able to block out the noise, I believe it is safe to hold airlines as a small part of a well-diversified portfolio. But it is best to stick to top-performing airlines with the best odds of recovering faster than the industry as a whole.
10 stocks we like better than JetBlue Airways
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and JetBlue Airways wasn't one of them! That's right -- they think these 10 stocks are even better buys.
See the 10 stocks
Â
*Stock Advisor returns as of September 24, 2020
Â
Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool recommends JetBlue Airways. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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JetBlue Airways (NASDAQ: JBLU) is leading the downward push on the day, down as much as 5.6% midday, while shares of American Airlines Group (NASDAQ: AAL) fell as much as 5.1% and shares of United Airlines Holdings (NASDAQ: UAL) were down 4.7%. What happened The International Air Transport Association (IATA) now expects even fewer people to fly in 2020 than previous estimates, a stark reminder of how hard the COVID-19 pandemic is hitting aviation. The situation would be far worse if not for the CARES Act stimulus package, which provided the industry with up to $50 billion in government funds in exchange for conditions including a temporary prohibition on layoffs.
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JetBlue Airways (NASDAQ: JBLU) is leading the downward push on the day, down as much as 5.6% midday, while shares of American Airlines Group (NASDAQ: AAL) fell as much as 5.1% and shares of United Airlines Holdings (NASDAQ: UAL) were down 4.7%. Absent new stimulus the airlines are expected to cut payrolls significantly, leaving tens of thousands of workers without jobs. There are a lot of headlines on Tuesday reminding airline investors the pandemic is far from over.
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JetBlue Airways (NASDAQ: JBLU) is leading the downward push on the day, down as much as 5.6% midday, while shares of American Airlines Group (NASDAQ: AAL) fell as much as 5.1% and shares of United Airlines Holdings (NASDAQ: UAL) were down 4.7%. Those numbers, coupled with continued uncertainty about whether U.S. lawmakers will come through with another round of stimulus and new negative headlines about the pandemic, has airline shares under pressure on Tuesday. So what The airline industry is in a state of crisis due to the pandemic, which has caused revenue to fall by as much as 80% year over year.
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JetBlue Airways (NASDAQ: JBLU) is leading the downward push on the day, down as much as 5.6% midday, while shares of American Airlines Group (NASDAQ: AAL) fell as much as 5.1% and shares of United Airlines Holdings (NASDAQ: UAL) were down 4.7%. Absent new stimulus the airlines are expected to cut payrolls significantly, leaving tens of thousands of workers without jobs. There are a lot of headlines on Tuesday reminding airline investors the pandemic is far from over.
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5239.0
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2020-09-29 00:00:00 UTC
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United Airlines Down More Than 10% – What Are The Chances It Drops Again?
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https://www.nasdaq.com/articles/united-airlines-down-more-than-10-what-are-the-chances-it-drops-again-2020-09-29
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With airlines stocks declining again, everyone is wondering â what will happen next? United Airlines (NASDAQ:UAL), which fell nearly -11.4% in the last 5 trading days, is the latest to join the club of airline stocks that have dropped more than 10% within a week. Will this trend continue over the next month, or should we expect a rebound? What about the next 3 months, 6 months, or a year? Turns out that there is a good chance of United Airlines dropping more in the next 1 month, but a recovery is likely over a 3 month period.
Our AI engine analyzes past patterns in stock movements to predict near term behavior for a given level of movement in the recent period, and suggests nearly a 42% probability of United Airlines dropping another 5% over the next 21 trading days. However, over the next 3 months, the chances of a 10% rebound are at a significant 47%. Our detailed dashboard highlights the chances of United Airlinesâ stock rising after a fall and should help you understand near-term return probabilities for different levels of movements.
But what do the underlying fundamentals suggest? While the near term downside risk remains meaningful, the current price is an attractive entry point from a long-term perspective.
Our dashboard Big Movers: United Airlines Holdings Moved -11.4% â What Next? lays this out.
At the beginning of this year, United Airlines Holdingsâ trailing 12 month P/S ratio was 0.53. This figure decreased -35% to 0.34, before ending at 0.30. Compared to this, the figure for its peers Delta Air Lines, Southwest Airlines, and American Airlines stands at 0.57, 1.35, and 0.19 respectively. With the exception of American Airlines, others are trading at a higher multiple. There may be some upside possible once the existing concerns ease off.
United Airlines Holdingsâ revenue has increased 14.5% from $37,784 Mil in 2017 to $43,259 Mil in 2019. For the last 12 months, this figure stood at $31,722 Mil, implying a decrease of -26.7% over 2019 numbers. In addition, United the companyâs net margins increased 22.6% from 5.7% in 2017 to 7% in 2019, before falling to -5.25% for the last 12 months as a result of the Covid-19 induced travel halt. Covid-19 apart, the market has rewarded this consistent improvement in the underlying financials. United Airlines Holdingsâ stock price increased 30% between 2017 and 2019, showing strong correlation with top line and margin improvement. Given the current price levels, there may be good returns in store for long-term investors as demand rebounds.
Taking all perspectives together, we believe that risk of downside remains high in the near term but there is a good chance of recovery over the next 3 to 6 months. But, what if youâre looking for a more balanced portfolio instead? Hereâs a high quality portfolio to beat the market, with over 100% return since 2016, versus 55% for the S&P 500. Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
See all Trefis Price Estimates and Download Trefis Data here
Whatâs behind Trefis? See How Itâs Powering New Collaboration and What-Ifs For CFOs and Finance Teams | Product, R&D, and Marketing Teams
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Our detailed dashboard highlights the chances of United Airlinesâ stock rising after a fall and should help you understand near-term return probabilities for different levels of movements. While the near term downside risk remains meaningful, the current price is an attractive entry point from a long-term perspective. United Airlines Holdingsâ stock price increased 30% between 2017 and 2019, showing strong correlation with top line and margin improvement.
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Turns out that there is a good chance of United Airlines dropping more in the next 1 month, but a recovery is likely over a 3 month period. While the near term downside risk remains meaningful, the current price is an attractive entry point from a long-term perspective. United Airlines Holdingsâ stock price increased 30% between 2017 and 2019, showing strong correlation with top line and margin improvement.
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United Airlines (NASDAQ:UAL), which fell nearly -11.4% in the last 5 trading days, is the latest to join the club of airline stocks that have dropped more than 10% within a week. Turns out that there is a good chance of United Airlines dropping more in the next 1 month, but a recovery is likely over a 3 month period. Our AI engine analyzes past patterns in stock movements to predict near term behavior for a given level of movement in the recent period, and suggests nearly a 42% probability of United Airlines dropping another 5% over the next 21 trading days.
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United Airlines (NASDAQ:UAL), which fell nearly -11.4% in the last 5 trading days, is the latest to join the club of airline stocks that have dropped more than 10% within a week. What about the next 3 months, 6 months, or a year? Taking all perspectives together, we believe that risk of downside remains high in the near term but there is a good chance of recovery over the next 3 to 6 months.
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5240.0
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2020-09-29 00:00:00 UTC
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Atlas Air Fully Valued After 13% Move?
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https://www.nasdaq.com/articles/atlas-air-fully-valued-after-13-move-2020-09-29
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After the 13% rally in the past couple weeks, Atlas Air stock (NASDAQ: AAWW) looks fully valued based on its historic P/E multiples. Atlas stock has rallied from $16 in March to $61 at present, compared to the S&P which gained 51%. The stock has outperformed broader markets primarily due to increased demand for the companyâs charter services supported by a reduction air freight capacity and disruption of the global supply chain. The stock is also up 50% from levels seen in early 2018, two years ago.
Atlas stock has surpassed the level it was at before the drop in February, thanks to the coronavirus outbreak that the companyâs first quarter and second quarter revenues observed a 12% and 24% (y-o-y) growth, respectively. While the demand for air cargo is likely to remain for the remainder of the year, in reality, demand and revenues will likely trend downward as economies re-open and air freight capacity increases.
In the past two years, Atlas Airâs total revenues have increased by 27%, but the adjusted earnings have improved at a moderate pace leading to a 1-percentage point reduction in adjusted net margin.
While the company has seen strong revenue and earnings growth over recent quarters, its trailing P/E multiple has jumped to the highs observed in 2017. We believe the stock is unlikely to see significant upside after the recent rally as indicated by the high trailing P/E multiple. Our dashboard What Factors Drove 4.2% Change in Atlas Air Worldwide Holdings Stock between 2017 and now? has the underlying numbers.
AAWWâs P/E multiple changed from around 12x in 2017 to 5x in 2019. While the companyâs P/E is now around 12x there is a low upside when the current P/E is compared to levels seen in the past years. P/E of 12x at the end of 2017 and 6x as recently as late 2018.
So whatâs the likely trigger and timing for stability in Atlas Airâs stock?
The U.S. Airline industry received a $25 billion bailout under the CARES Act to support employee costs for the second and third quarters. As the CARES Act grant runs out this month, the company will require additional funds to support its huge employee costs. While moderate growth in passenger numbers is easing margin pressure, the rising number of coronavirus cases has prompted many states to delay re-opening initiatives or put in place another round of restrictions. Considering the demand of $32 billion of payroll aid by the six aviation worker unions, another lifeline for the battered airline industry will also raise air freight capacity.
What if youâre looking for a more balanced portfolio instead? Hereâs a high quality portfolio to beat the market, with over 100% return since 2016, versus 55% for the S&P 500. Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
See all Trefis Price Estimates and Download Trefis Data here
Whatâs behind Trefis? See How Itâs Powering New Collaboration and What-Ifs For CFOs and Finance Teams | Product, R&D, and Marketing Teams
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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After the 13% rally in the past couple weeks, Atlas Air stock (NASDAQ: AAWW) looks fully valued based on its historic P/E multiples. The stock has outperformed broader markets primarily due to increased demand for the companyâs charter services supported by a reduction air freight capacity and disruption of the global supply chain. Considering the demand of $32 billion of payroll aid by the six aviation worker unions, another lifeline for the battered airline industry will also raise air freight capacity.
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While the demand for air cargo is likely to remain for the remainder of the year, in reality, demand and revenues will likely trend downward as economies re-open and air freight capacity increases. While the company has seen strong revenue and earnings growth over recent quarters, its trailing P/E multiple has jumped to the highs observed in 2017. We believe the stock is unlikely to see significant upside after the recent rally as indicated by the high trailing P/E multiple. Airline industry received a $25 billion bailout under the CARES Act to support employee costs for the second and third quarters.
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The stock has outperformed broader markets primarily due to increased demand for the companyâs charter services supported by a reduction air freight capacity and disruption of the global supply chain. While the demand for air cargo is likely to remain for the remainder of the year, in reality, demand and revenues will likely trend downward as economies re-open and air freight capacity increases. While the company has seen strong revenue and earnings growth over recent quarters, its trailing P/E multiple has jumped to the highs observed in 2017. We believe the stock is unlikely to see significant upside after the recent rally as indicated by the high trailing P/E multiple.
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While the company has seen strong revenue and earnings growth over recent quarters, its trailing P/E multiple has jumped to the highs observed in 2017. We believe the stock is unlikely to see significant upside after the recent rally as indicated by the high trailing P/E multiple. While the companyâs P/E is now around 12x there is a low upside when the current P/E is compared to levels seen in the past years. Airline industry received a $25 billion bailout under the CARES Act to support employee costs for the second and third quarters.
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5241.0
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2020-09-28 00:00:00 UTC
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US STOCKS-Wall Street closes higher as energy, financials lead broad rally
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https://www.nasdaq.com/articles/us-stocks-wall-street-closes-higher-as-energy-financials-lead-broad-rally-2020-09-28
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By Stephen Culp
Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.
All three major U.S. stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow.
But energy .SPNY, financials .SPSY, and industrials .SPLRCI, which suffered the most bruising blows from the economic shutdown, enjoyed among the largest percentage gains among major S&P 500 sectors.
"Today's market is being led by energy and financials, but it's a very well-balanced market," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Every sector is participating in this rally."
However, even with Monday's jump, the indexes are only days away from closing the books on their first monthly declines since March, when markets were sent into a freefall by pandemic-related lockdowns.
"Given that it's been a weak month, some rebalancing may be occurring," Ghriskey added. "The rebalancing would move allocations to equities and some of that may be happening today."
The third quarter also draws to a close on Wednesday, and despite September's expected loss, the S&P and the Nasdaq are on course for their best two-quarter winning streaks since 2009 and 2000, respectively.
Market leaders Apple Inc AAPL.O and Amazon.com AMZN.O once again gave the biggest boost to the S&P 500 and the Nasdaq.
The lack of a COVID-19 vaccine and an additional fiscal stimulus package from Washington have weighed on the markets in recent sessions.
But U.S. House of Representatives Speaker Nancy Pelosi said in an MSNBC interview that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue on Monday, suggesting a possible progress to end the stalemate.
"I'm not sure there's any chance of it happening before the end of the year but it's in the news and giving some traders some confidence," said Ghriskey.
Unofficially, the Dow Jones Industrial Average .DJI rose 414.67 points, or 1.53%, to 27,588.63, the S&P 500 .SPX gained 53.78 points, or 1.63%, to 3,352.24 and the Nasdaq Composite .IXIC added 204.81 points, or 1.88%, to 11,118.38.
American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. The news sent the commercial carrier's stock higher.
This also gave a lift to the broader airline sector, which was badly stricken by pandemic-related restrictions and plunging demand.
Boeing BA.N extended Friday's gains after Federal Aviation Administration Chief Steve Dickson said the agency was set to conduct a 737 MAX evaluation flight this week.
Devon Energy Corp DVN.N said it would buy peer WPX Energy Inc WPX.N for $2.56 billion, boosting their respective shares.
Ride-hailing platform Uber Technologies Inc UBER.N rose after a judge ruled the company could resume operations in London.
ROBOT
(Reporting by Stephen Culp; Editing by Cynthia Osterman)
((stephen.culp@thomsonreuters.com; 646-223-6076;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. But U.S. House of Representatives Speaker Nancy Pelosi said in an MSNBC interview that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue on Monday, suggesting a possible progress to end the stalemate.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. All three major U.S. stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. "Today's market is being led by energy and financials, but it's a very well-balanced market," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. "The rebalancing would move allocations to equities and some of that may be happening today."
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5242.0
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2020-09-28 00:00:00 UTC
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U.S. House COVID-19 aid proposal gives airlines bailout hope, but chances slim
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AAL
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https://www.nasdaq.com/articles/u.s.-house-covid-19-aid-proposal-gives-airlines-bailout-hope-but-chances-slim-2020-09-28
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nan
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nan
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By Tracy Rucinski and David Shepardson
CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late on Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, although tough hurdles remained.
"I'm hopeful. I'm not necessarily optimistic,"Chief Executive Nicholas Calio of trade group Airlines for America told "PBS NewsHour" in an interview.
Washington insiders said passage by Thursday, when an initial $25 billion that protected airline jobs through September expires, was unlikely, and the airline group did not detail the congressional action it hoped to see.
An option would be a quick standalone bill for the airlines, although senior Democratic congressional aides said that was also difficult given that many industries are seeking help.
International President of Flight Attendants-CWA Sara Nelson called the proposal, which includes $25 billion for airlines to keep workers on the payroll for another six months, "a significant and serious move in negotiations."
"It makes agreement on a full relief bill very possible in time to save our jobs," she said.
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand because of the pandemic.
Julie Hedrick, president of the union representing American Airlines' flight attendants, called on Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi to schedule a vote.
"If we are going to save the airline industry, we have to do it now," she said.
The House bill would provide $28.3 billion for the aviation sector, including $25 billion for passenger airlines and $3 billion for cargo carriers, under the same terms as the first package in March.
The measure would provide $13.5 billion to airports as well as aid for other sectors, including $120 billion to restaurants.
It would also direct $75 million to ensure scheduled passenger air service to small communities.
(Reporting by Tracy Rucinski and David Shepardson; Editing by Cynthia Osterman and Peter Cooney)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand because of the pandemic. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late on Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, although tough hurdles remained. International President of Flight Attendants-CWA Sara Nelson called the proposal, which includes $25 billion for airlines to keep workers on the payroll for another six months, "a significant and serious move in negotiations."
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Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand because of the pandemic. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late on Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, although tough hurdles remained. Julie Hedrick, president of the union representing American Airlines' flight attendants, called on Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi to schedule a vote.
|
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand because of the pandemic. Washington insiders said passage by Thursday, when an initial $25 billion that protected airline jobs through September expires, was unlikely, and the airline group did not detail the congressional action it hoped to see. The House bill would provide $28.3 billion for the aviation sector, including $25 billion for passenger airlines and $3 billion for cargo carriers, under the same terms as the first package in March.
|
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand because of the pandemic. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late on Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, although tough hurdles remained. International President of Flight Attendants-CWA Sara Nelson called the proposal, which includes $25 billion for airlines to keep workers on the payroll for another six months, "a significant and serious move in negotiations."
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5243.0
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2020-09-28 00:00:00 UTC
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U.S. House COVID-19 aid proposal gives airlines some hope for deal this week
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AAL
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https://www.nasdaq.com/articles/u.s.-house-covid-19-aid-proposal-gives-airlines-some-hope-for-deal-this-week-2020-09-28
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nan
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nan
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By Tracy Rucinski and David Shepardson
CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, though tough hurdles remained.
"We remain hopeful that Congress will act swiftly before the current Payroll Support Program expires on September 30 to preserve the jobs of these flight attendants, pilots, mechanics, gate agents and others...," CEO Nicholas Calio of trade group Airlines for America said in a statement.
Washington insiders said passage by Thursday, when an initial $25 billion that protected airline jobs through September expires, was unlikely, and the airline group did not detail the congressional action it hoped to see.
An option would be a quick standalone bill for the airlines, though senior Democratic congressional aides said that is also difficult given that many industries are seeking help.
International President of Flight Attendants-CWA Sara Nelson called the proposal, which includes $25 billion for airlines to keep workers on payroll for another six months, "a significant and serious move in negotiations."
"It makes agreement on a full relief bill very possible in time to save our jobs," she said.
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand.
The House bill would provide $28.3 billion for the aviation sector, including $25 billion for passenger airlines and $3 billion for cargo carriers, under the same terms as the first package in March.
The measure would provide $13.5 billion to airports as well as aid for other sectors, including $120 billion to restaurants.
It would also direct $75 million to ensure scheduled passenger air service to small communities.
(Reporting by Tracy Rucinski and David Shepardson; Editing by Cynthia Osterman)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, though tough hurdles remained. "We remain hopeful that Congress will act swiftly before the current Payroll Support Program expires on September 30 to preserve the jobs of these flight attendants, pilots, mechanics, gate agents and others...," CEO Nicholas Calio of trade group Airlines for America said in a statement.
|
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, though tough hurdles remained. The House bill would provide $28.3 billion for the aviation sector, including $25 billion for passenger airlines and $3 billion for cargo carriers, under the same terms as the first package in March.
|
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, though tough hurdles remained. Washington insiders said passage by Thursday, when an initial $25 billion that protected airline jobs through September expires, was unlikely, and the airline group did not detail the congressional action it hoped to see.
|
Between United Airlines UAL.O and American Airlines AAL.O alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand. By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 28 (Reuters) - A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, though tough hurdles remained. "We remain hopeful that Congress will act swiftly before the current Payroll Support Program expires on September 30 to preserve the jobs of these flight attendants, pilots, mechanics, gate agents and others...," CEO Nicholas Calio of trade group Airlines for America said in a statement.
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5244.0
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2020-09-28 00:00:00 UTC
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US STOCKS-Wall Street closes higher as energy, financials lead broad rally
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AAL
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https://www.nasdaq.com/articles/us-stocks-wall-street-closes-higher-as-energy-financials-lead-broad-rally-2020-09-28-0
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nan
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nan
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By Stephen Culp
Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.
All three major U.S. stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow.
But energy .SPNY and financials .SPSY, which suffered the most bruising blows from the economic shutdown, enjoyed the largest percentage gains among major S&P 500 sectors, all of which ended the session in the black.
"Today's market is being led by energy and financials, but it's a very well-balanced market," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Every sector is participating in this rally."
However, even with Monday's jump, the indexes are only days away from closing the books on their first monthly declines since March, when markets were sent into a freefall by pandemic-related lockdowns.
"Given that it's been a weak month, some rebalancing may be occurring," Ghriskey added. "The rebalancing would move allocations to equities and some of that may be happening today."
The third quarter also draws to a close on Wednesday, and despite September's expected loss, the S&P and the Nasdaq are on course for their best two-quarter winning streaks since 2009 and 2000, respectively.
Market leaders Apple Inc AAPL.O and Amazon.com AMZN.O once again gave the biggest boost to the S&P 500 and the Nasdaq.
The lack of a COVID-19 vaccine and an additional fiscal stimulus package from Washington have weighed on the markets in recent sessions.
But U.S. House of Representatives Speaker Nancy Pelosi said in an MSNBC interview that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue on Monday, suggesting a possible progress to end the stalemate.
"I'm not sure there's any chance of it happening before the end of the year but it's in the news and giving some traders some confidence," said Ghriskey.
The Dow Jones Industrial Average .DJI rose 410.1 points, or 1.51%, to 27,584.06, the S&P 500 .SPX gained 53.14 points, or 1.61%, to 3,351.6 and the Nasdaq Composite .IXIC added 203.96 points, or 1.87%, to 11,117.53.
American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. The news sent the commercial carrier's stock up 3.8%.
This also gave a lift to the broader airline sector. The S&P 1500 Airlines index .SPCOMHOME closed 4.1% higher.
Boeing BA.N extended Friday's gains, rising 6.4% after Federal Aviation Administration Chief Steve Dickson said the agency would conduct a 737 MAX evaluation flight this week.
Devon Energy Corp DVN.N said it would buy peer WPX Energy Inc WPX.N for $2.56 billion, sending their shares jumping 11.1% and 16.4%, respectively.
Ride-hailing platform Uber Technologies Inc UBER.N rose 3.2% after a judge ruled the company could resume operations in London.
Advancing issues outnumbered declining ones on the NYSE by a 5.27-to-1 ratio; on Nasdaq, a 3.25-to-1 ratio favored advancers.
The S&P 500 posted 6 new 52-week highs and no new lows; the Nasdaq Composite recorded 49 new highs and 35 new lows.
Volume on U.S. exchanges was 8.74 billion shares, compared with the 10.05 billion average over the last 20 trading days.
(Reporting by Stephen Culp; Editing by Cynthia Osterman)
((stephen.culp@thomsonreuters.com; 646-223-6076;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. But U.S. House of Representatives Speaker Nancy Pelosi said in an MSNBC interview that stimulus talks with Treasury Secretary Steven Mnuchin are due to continue on Monday, suggesting a possible progress to end the stalemate.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. All three major U.S. stock indexes made solid gains on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow. The Dow Jones Industrial Average .DJI rose 410.1 points, or 1.51%, to 27,584.06, the S&P 500 .SPX gained 53.14 points, or 1.61%, to 3,351.6 and the Nasdaq Composite .IXIC added 203.96 points, or 1.87%, to 11,117.53.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street rallied to close sharply higher on Monday as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. "Today's market is being led by energy and financials, but it's a very well-balanced market," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. "The rebalancing would move allocations to equities and some of that may be happening today." This also gave a lift to the broader airline sector.
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5245.0
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2020-09-28 00:00:00 UTC
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Why Airline Shares Are Flying High Today
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AAL
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https://www.nasdaq.com/articles/why-airline-shares-are-flying-high-today-2020-09-28
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nan
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nan
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What happened
Companies most impacted by the pandemic and that would benefit from a second round of stimulus were on the ascent on Monday on hopes lawmakers will act prior to the November election. Airline stocks were among the big beneficiaries of Wall Street's newfound optimism.
Shares of United Airlines Holdings (NASDAQ: UAL) and Delta Air Lines (NYSE: DAL) were both up 7% apiece as of 1:30 p.m. EDT, while shares of American Airlines Group (NASDAQ: AAL) and JetBlue Airways (NASDAQ: JBLU) were both up more than 6% and Southwest Airlines (NYSE: LUV) gained more than 5%.
It was a good day for the entire industry, with airlines including Hawaiian Holdings (NASDAQ: HA), Spirit Airlines (NYSE: SAVE), and Alaska Air Group (NYSE: ALK) all up more than 4%.
So what
Airlines have been hit hard by the pandemic, with second-quarter industry revenue down about 80% year over year as travel demand has all but evaporated. The U.S. industry has been able to avoid bankruptcies so far thanks in large part to $50 billion in government support provided as part of the CARES Act, but that money will soon run out.
The airlines accepted $25 billion in payroll support conditioned on them doing no involuntary separations through Sept. 30. With that date quickly approaching, airline investors and employees are bracing for drastic cuts this fall.
A second stimulus bill could change things. A new round of assistance for the airlines has the backing of elected officials from both parties and seems likely to be included in a new round of stimulus if one materializes, but with an election fast approaching there is no guarantee Washington will come together and pass an aid plan.
Image source: Getty Images.
The stocks are up on Monday on renewed hope a deal could get done.
House Speaker Nancy Pelosi, appearing on CNN on Sunday, said the Democrats plan to unveil a new $2 trillion stimulus proposal that party leaders hope the White House will find more palatable than a previously floated $3 trillion plan. The White House had been seeking a smaller package, but Pelosi and Treasury Secretary Steven Mnuchin are expected to hold talks this week to try to work out a deal.
"When I have a conversation with the administration it is in good faith," Pelosi told CNN. "I trust Secretary Mnuchin to represent something that can reach a solution, and I believe we can come to an agreement."
United is leading the way higher on news its pilots had voted to approve a deal that would trade reduced flying hours for no pilot furloughs. The airline is still planning on cutting more than 13,000 jobs beginning in October absent a new stimulus deal, but keeping peace with its pilots is important if United is to recover post-pandemic.
Delta has not yet been able to negotiate a similar deal with its pilots, but that airline has agreed to delay a decision on furloughs until November to allow time for lawmakers to act.
American, meanwhile, provided investors with some reassuring news late Friday when it said it would tap the U.S. Treasury for $5.5 billion in loans. American is viewed as the most vulnerable among major U.S. airlines, and the added liquidity should help ensure that it can manage through the crisis without running out of cash.
Now what
The airlines are acting as if they believe a deal will get done and additional payroll protections will be forthcoming. That's good news, but investors need to be careful not to get ahead of themselves.
The pandemic-related travel slowdown is expected to last into 2022, if not longer, meaning at some point the industry is likely to run out of stimulus and have to shrink. Given it will likely take years for travel demand to return to pre-pandemic levels, it is going to be difficult for these stocks to really move higher in the quarters to come even if the government steps in with added help.
The stimulus, if nothing else, would help reassure that the worst-case scenario -- a bankruptcy -- can be avoided. That's good news and reason enough for me not to sell my airline shares. But for those looking to buy in now, it is best to focus on top-performing airlines with the best odds of recovering quicker and to keep the industry as only a small part of a well-diversified portfolio.
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Lou Whiteman owns shares of Delta Air Lines and Spirit Airlines. The Motley Fool owns shares of Spirit Airlines. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of United Airlines Holdings (NASDAQ: UAL) and Delta Air Lines (NYSE: DAL) were both up 7% apiece as of 1:30 p.m. EDT, while shares of American Airlines Group (NASDAQ: AAL) and JetBlue Airways (NASDAQ: JBLU) were both up more than 6% and Southwest Airlines (NYSE: LUV) gained more than 5%. What happened Companies most impacted by the pandemic and that would benefit from a second round of stimulus were on the ascent on Monday on hopes lawmakers will act prior to the November election. The White House had been seeking a smaller package, but Pelosi and Treasury Secretary Steven Mnuchin are expected to hold talks this week to try to work out a deal.
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Shares of United Airlines Holdings (NASDAQ: UAL) and Delta Air Lines (NYSE: DAL) were both up 7% apiece as of 1:30 p.m. EDT, while shares of American Airlines Group (NASDAQ: AAL) and JetBlue Airways (NASDAQ: JBLU) were both up more than 6% and Southwest Airlines (NYSE: LUV) gained more than 5%. It was a good day for the entire industry, with airlines including Hawaiian Holdings (NASDAQ: HA), Spirit Airlines (NYSE: SAVE), and Alaska Air Group (NYSE: ALK) all up more than 4%. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines.
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Shares of United Airlines Holdings (NASDAQ: UAL) and Delta Air Lines (NYSE: DAL) were both up 7% apiece as of 1:30 p.m. EDT, while shares of American Airlines Group (NASDAQ: AAL) and JetBlue Airways (NASDAQ: JBLU) were both up more than 6% and Southwest Airlines (NYSE: LUV) gained more than 5%. It was a good day for the entire industry, with airlines including Hawaiian Holdings (NASDAQ: HA), Spirit Airlines (NYSE: SAVE), and Alaska Air Group (NYSE: ALK) all up more than 4%. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines.
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Shares of United Airlines Holdings (NASDAQ: UAL) and Delta Air Lines (NYSE: DAL) were both up 7% apiece as of 1:30 p.m. EDT, while shares of American Airlines Group (NASDAQ: AAL) and JetBlue Airways (NASDAQ: JBLU) were both up more than 6% and Southwest Airlines (NYSE: LUV) gained more than 5%. The U.S. industry has been able to avoid bankruptcies so far thanks in large part to $50 billion in government support provided as part of the CARES Act, but that money will soon run out. See the 10 stocks
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5246.0
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2020-09-28 00:00:00 UTC
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US STOCKS-Wall Street jumps, financials take the lead
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AAL
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https://www.nasdaq.com/articles/us-stocks-wall-street-jumps-financials-take-the-lead-2020-09-28
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nan
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nan
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By Stephen Culp
Sept 28 (Reuters) - Wall Street surged on Monday in a broad rally as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month.
All three major U.S. stock indexes were solidly higher on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow.
But energy .SPNY financials .SPSY and industrials .SPLRCI, which suffered the most bruising blows from the economic shutdown, enjoyed among the largest percentage gains among major S&P 500 sectors, all of which were up more than 1%.
"Investors are looking for opportunities," said Oliver Pursche, president of Bronson Meadows Capital Management in Fairfield, Connecticut. "And financials and industrials have underperformed in the last few months, so it's not surprising to see rotation into them."
But even with Monday's jump, the indexes are only days away from closing the books on their first monthly declines since March, when markets were sent into a freefall by pandemic-related lockdowns.
"September is usually a rough month for markets," Pursche added. "But people are going to get their third-quarter statements and be very happy with the sharp rebound."
Indeed, with the third quarter's expected gains, the S&P is on course for its best two-quarter winning streak since 2009, and the Nasdaq is set for its largest advance since 2000.
Market leaders Apple Inc AAPL.O, Amazon.com AMZN.O and Microsoft Corp MSFT.O once again gave the biggest boost to the S&P 500 and the Nasdaq, and 29 of 30 constituents of the blue-chip Dow were in the black.
Data released over the weekend showed Chinese industrial profits grew for the fourth straight month, evidence of progress in the global recovery from the pandemic recession.
The lack of a COVID-19 vaccine and an additional fiscal stimulus package from Washington nearly two months after emergency unemployment expired for millions of Americans have weighed on the markets in recent sessions.
The Dow Jones Industrial Average .DJI rose 493.96 points, or 1.82%, to 27,667.92, the S&P 500 .SPX gained 56.1 points, or 1.70%, to 3,354.56 and the Nasdaq Composite .IXIC added 167.42 points, or 1.53%, to 11,080.98.
American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. The news sent the commercial carrier's stock up 4.5%.
This also gave a lift to the broader airline sector, which was badly stricken by pandemic-related restrictions and plunging demand. The S&P 1500 Airlines index .SPCOMHOME gained 4.4%.
Boeing BA.N extended Friday's gains, rising 6.1% after Federal Aviation Administration Chief Steve Dickson said the agency was set to conduct a 737 MAX evaluation flight this week.
Devon Energy Corp DVN.N said it would buy peer WPX Energy Inc WPX.N for $2.56 billion, sending their shares jumping 11.3% and 15.9%, respectively.
Ride-hailing platform Uber Technologies Inc UBER.N rose 3.2% after a judge ruled the company could resume operations in London.
Advancing issues outnumbered declining ones on the NYSE by a 6.30-to-1 ratio; on Nasdaq, a 3.00-to-1 ratio favored advancers.
The S&P 500 posted 6 new 52-week highs and no new lows; the Nasdaq Composite recorded 41 new highs and 25 new lows.
(Reporting by Stephen Culp; Editing by Cynthia Osterman)
((stephen.culp@thomsonreuters.com; 646-223-6076;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street surged on Monday in a broad rally as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. Data released over the weekend showed Chinese industrial profits grew for the fourth straight month, evidence of progress in the global recovery from the pandemic recession.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. All three major U.S. stock indexes were solidly higher on the heels of the longest weekly losing streak in over a year for both the S&P 500 and the Dow. "September is usually a rough month for markets," Pursche added.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. By Stephen Culp Sept 28 (Reuters) - Wall Street surged on Monday in a broad rally as investors sought bargains among sectors hardest-hit by the coronavirus recession, now limping toward its ninth month. But energy .SPNY financials .SPSY and industrials .SPLRCI, which suffered the most bruising blows from the economic shutdown, enjoyed among the largest percentage gains among major S&P 500 sectors, all of which were up more than 1%.
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American Airlines Group Inc AAL.O announced late Friday that it has secured a $5.5 billion government loan, and might access more. But energy .SPNY financials .SPSY and industrials .SPLRCI, which suffered the most bruising blows from the economic shutdown, enjoyed among the largest percentage gains among major S&P 500 sectors, all of which were up more than 1%. Indeed, with the third quarter's expected gains, the S&P is on course for its best two-quarter winning streak since 2009, and the Nasdaq is set for its largest advance since 2000.
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5247.0
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2020-09-28 00:00:00 UTC
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US STOCKS-Tech, bank shares drive Wall Street higher
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AAL
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https://www.nasdaq.com/articles/us-stocks-tech-bank-shares-drive-wall-street-higher-2020-09-28
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nan
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By Devik Jain and Shreyashi Sanyal
Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel-related shares leading the advance.
All 11 major S&P 500 sectors rose, with the S&P 500 financials index's .SPSY 3% jump putting it on track for its best day in two and a half months.
Analysts said the gains could also be attributed to quarter-end rebalancing of investor portfolios as cyclical sectors including financials, industrials .SLPRCI, materials .SPLRCM and energy .SPNY added more than 2% by mid-day trading.
"There is a lack of negative news out there, we are going through a reflex rally," said Sam Stovall, chief investment strategist at CFRA in New York.
"Traders tend to gravitate toward those groups that are most oversold because they have the greatest upside potential," he said, referring to banks and travel-related stocks.
Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 5.7% and 6.2%.
Monday's bounce also put the Nasdaq and the S&P 500 on course for their biggest two-quarter gains since 2000 and 2009, respectively.
Tech-related shares including Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Apple Inc AAPL.O Netflix Inc NFLX.O and Tesla Inc .O> have surged over this period due to their perceived stability at a time of economic uncertainty.
Still, Wall Street's three main indexes were on track for their first monthly decline since the coronavirus-led crash in March, and analysts expect trading to remain choppy in the run-up to the Nov. 3 presidential election.
"We don't see this as the beginning of another big leg up. Between now and the election, you're going to see a lot of turmoil," John Traynor, chief investment officer at People's United Advisors, said.
At 12:52 p.m. ET the Dow Jones Industrial Average .DJI was up 543.47 points, or 2.00%, at 27,717.43, the S&P 500 .SPX was up 54.40 points, or 1.65%, at 3,352.86 and the Nasdaq Composite .IXIC was up 144.94 points, or 1.33%, at 11,058.50.
Boeing BA.N shares jumped 7.3% after Federal Aviation Administration Chief Steve Dickson said the agency was set to conduct a 737 MAX evaluation flight this week, a key milestone as the planemaker aims for approval to resume flight.
Devon Energy Corp DVN.N jumped 11.9% after the oil and gas producer said it would buy peer WPX Energy Inc WPX.N for $2.56 billion. WPX Energy shares surged 16.9%.
Uber Technologies Inc UBER.N rose 3.7% after the ride-hailing firm won a legal bid to restore its London operating licence, which was taken away over safety concerns.
Advancing issues outnumbered decliners by a 6.50-to-1 ratio on the NYSE and by a 3.02-to-1 ratio on the Nasdaq.
The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 39 new highs and 22 new lows.
(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 5.7% and 6.2%. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel-related shares leading the advance. Analysts said the gains could also be attributed to quarter-end rebalancing of investor portfolios as cyclical sectors including financials, industrials .SLPRCI, materials .SPLRCM and energy .SPNY added more than 2% by mid-day trading.
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Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 5.7% and 6.2%. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel-related shares leading the advance. All 11 major S&P 500 sectors rose, with the S&P 500 financials index's .SPSY 3% jump putting it on track for its best day in two and a half months.
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Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 5.7% and 6.2%. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel-related shares leading the advance. Boeing BA.N shares jumped 7.3% after Federal Aviation Administration Chief Steve Dickson said the agency was set to conduct a 737 MAX evaluation flight this week, a key milestone as the planemaker aims for approval to resume flight.
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Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 5.7% and 6.2%. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel-related shares leading the advance. All 11 major S&P 500 sectors rose, with the S&P 500 financials index's .SPSY 3% jump putting it on track for its best day in two and a half months.
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5248.0
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2020-09-28 00:00:00 UTC
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Banks, travel stocks set to lead Wall Street higher
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AAL
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https://www.nasdaq.com/articles/banks-travel-stocks-set-to-lead-wall-street-higher-2020-09-28
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By Devik Jain and Shreyashi Sanyal
Sept 28 (Reuters) - Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel.
Delta Air Lines DAL.N, United Airlines UAL.O, American Airlines Group Inc AAL.O rose between 2% and 4% in premarket trading, while cruise operators Norwegian Cruise Line NCLH.N, Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N gained more than 3.5% each.
American Airlines Group Inc AAL.O said on Friday it had secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines.
Worries over rising coronavirus cases and waning hopes of more fiscal stimulus have led to a spike in market volatility in the past few weeks, and analysts expect trading to remain choppy in the run up to the Nov. 3 presidential election.
Wall Street's main indexes ended higher on Friday, helped by technology stocks, but the Dow Jones .DJI and the benchmark S&P 500 .SPX indexes posted their fourth straight weekly decline - the longest such streak since August 2019.
U.S. big banks JPMorgan Chase & Co JPM.N, Goldman Sachs Group Inc GS.N, Morgan Stanley MS.N, Wells Fargo & Co WFC.N and Bank of America Corp BAC.N and Citigroup Inc C.N added between 1.0% and 1.9%. US/
"Traders tend to gravitate toward those groups that are most oversold because they have the greatest upside potential," said Sam Stovall, chief investment strategist at CFRA in New York, referring to banks and travel-related stocks.
Optimism spilled over from Asian trading hours after data over the weekend showed profits at China's industrial firms grew for the fourth straight month in August.
"All of this data reminds investors that we're not headed for a new bear market or a new recession," Stovall said.
At 8:37 a.m. ET, Dow e-minis 1YMcv1 were up 372 points, or 1.38%, S&P 500 e-minis EScv1 were up 47.5 points, or 1.44%, and Nasdaq 100 e-minis NQcv1 were up 213.5 points, or 1.92%.
Shares of technology-related stocks including Facebook Inc FB.O, Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Apple Inc AAPL.O and Netflix Inc NFLX.O, seen as relatively safe assets during economic uncertainty, rose between 1.8% and 2.7%.
Boeing BA.N shares rose 3.5% after the FAA Chief Steve Dickson said the agency is set to conduct a 737 MAX evaluation flight this week, a key milestone as the planemaker aims for approval to resume flight.
Devon Energy Corp DVN.N jumped 12.2% after the oil and gas producer said it will buy peer WPX Energy Inc WPX.N for $2.56 billion. WPX Energy shares surged 13.5%.
Shares of chip gear makers KLA Corp KLAC.O tumbled 2.5%, while Lam Research Corp LRCX.O and Applied Materials Inc AMAT.O fell more than 1% as the United States imposed curbs on exports to China's biggest chip maker SMIC 0981.HK, citing risk of military use.
(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Delta Air Lines DAL.N, United Airlines UAL.O, American Airlines Group Inc AAL.O rose between 2% and 4% in premarket trading, while cruise operators Norwegian Cruise Line NCLH.N, Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N gained more than 3.5% each. American Airlines Group Inc AAL.O said on Friday it had secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel.
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Delta Air Lines DAL.N, United Airlines UAL.O, American Airlines Group Inc AAL.O rose between 2% and 4% in premarket trading, while cruise operators Norwegian Cruise Line NCLH.N, Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N gained more than 3.5% each. American Airlines Group Inc AAL.O said on Friday it had secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel.
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Delta Air Lines DAL.N, United Airlines UAL.O, American Airlines Group Inc AAL.O rose between 2% and 4% in premarket trading, while cruise operators Norwegian Cruise Line NCLH.N, Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N gained more than 3.5% each. American Airlines Group Inc AAL.O said on Friday it had secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel.
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American Airlines Group Inc AAL.O said on Friday it had secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. Delta Air Lines DAL.N, United Airlines UAL.O, American Airlines Group Inc AAL.O rose between 2% and 4% in premarket trading, while cruise operators Norwegian Cruise Line NCLH.N, Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N gained more than 3.5% each. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel.
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5249.0
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2020-09-28 00:00:00 UTC
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Wall Street jumps as tech, bank shares gain
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AAL
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https://www.nasdaq.com/articles/wall-street-jumps-as-tech-bank-shares-gain-2020-09-28
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nan
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By Devik Jain and Shreyashi Sanyal
Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
All the 11 major S&P 500 sectors were up in early trading. The S&P 500 financials index .SPSY jumped 2.6% and was on track for its best day in two and a half months.
Shares of technology-related stocks, which bore the brunt of a sell-off earlier this month, were higher, with Facebook Inc FB.O, Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Apple Inc AAPL.O and Netflix Inc NFLX.O adding about 1% each.
John Traynor, chief investment officer at People's United Advisors, said the broad-based rally was a positive for risk sentiment as "what it tells you is that confidence is increasing that the economy is going to rebound."
Travel-related shares, including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 4.7% and 5.0%.
American Airlines Group Inc AAL.O said on Friday it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October.
Worries over rising coronavirus cases and waning hopes of more fiscal stimulus have led to a spike in market volatility in the past few weeks, and analysts expect trading to remain choppy in the run-up to the Nov. 3 presidential election.
"We don't see this as the beginning of another big leg up. Between now and the election, you're going to see a lot of turmoil," Traynor said.
Optimism spilled over from Asian markets after data over the weekend showed profit at China's industrial firms rose for a fourth straight month in August.
"All of this data reminds investors that we're not headed for a new bear market or a new recession," said Sam Stovall, chief investment strategist at CFRA in New York.
At 11:32 a.m. ET, the Dow Jones Industrial Average .DJI was up 478.00 points, or 1.76%, at 27,651.96, the S&P 500 .SPX was up 51.13 points, or 1.55%, at 3,349.59. The Nasdaq Composite .IXIC was up 151.24 points, or 1.39%, at 11,064.80.
Boeing BA.N shares rose 6.6% after Federal Aviation Administration Chief Steve Dickson said the agency was set to conduct a 737 MAX evaluation flight this week, a key milestone as the planemaker aims for approval to resume flight.
Devon Energy Corp DVN.N jumped 10% after the oil and gas producer said it would buy peer WPX Energy Inc WPX.N for $2.56 billion. WPX Energy shares surged 14%.
Uber Technologies Inc UBER.N rose 4.9% after the ride-hailing firm won a legal bid to restore its London operating licence, which was taken away over safety concerns.
Advancing issues outnumbered decliners by a 6.55-to-1 ratio on the NYSE and by a 3.23-to-1 ratio on the Nasdaq.
The S&P index recorded five new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 13 new lows.
(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Anil D'Silva and Arun Koyyur)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Travel-related shares, including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 4.7% and 5.0%. American Airlines Group Inc AAL.O said on Friday it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
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Travel-related shares, including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 4.7% and 5.0%. American Airlines Group Inc AAL.O said on Friday it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
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Travel-related shares, including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 4.7% and 5.0%. American Airlines Group Inc AAL.O said on Friday it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
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American Airlines Group Inc AAL.O said on Friday it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October. Travel-related shares, including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O, rose between 4.7% and 5.0%. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
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5250.0
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2020-09-28 00:00:00 UTC
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Wall Street kicks off week on high note as tech, bank shares gain
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AAL
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https://www.nasdaq.com/articles/wall-street-kicks-off-week-on-high-note-as-tech-bank-shares-gain-2020-09-28
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nan
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By Devik Jain and Shreyashi Sanyal
Sept 28 (Reuters) - U.S. stocks surged on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
All of the 11 major S&P 500 sectors rose in early trading, while the S&P 500 banks index .SPXBK jumped 2.1% and was on track for its best day in one month.
Travel-related shares including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O rose between 2.5% and 3%.
American Airlines Group Inc AAL.O said on Friday that it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines.
"Traders tend to gravitate toward those groups that are most oversold because they have the greatest upside potential," said Sam Stovall, chief investment strategist at CFRA in New York, referring to banks and travel-related stocks.
Worries over rising coronavirus cases and waning hopes of more fiscal stimulus have led to a spike in market volatility in the past few weeks, and analysts expect trading to remain choppy in the run-up to the Nov. 3 presidential election.
Optimism spilled over from Asian markets after data over the weekend showed profit at China's industrial firms rose for a fourth straight month in August.
"All of this data reminds investors that we're not headed for a new bear market or a new recession," Stovall said.
At 10:00 a.m. ET, the Dow Jones Industrial Average .DJI was up 352.90 points, or 1.30%, at 27,526.86 and the S&P 500 .SPX was up 38.95 points, or 1.18%, at 3,337.41. The Nasdaq Composite .IXIC was up 122.90 points, or 1.13%, at 11,036.46.
Shares of technology-related stocks, which bore the brunt of a selloff earlier this month, were higher, with Facebook Inc FB.O, Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Apple Inc AAPL.O and Netflix Inc NFLX.Oall adding about 1%.
Boeing BA.N shares rose 5.0% after Federal Aviation Administration Chief Steve Dickson said the agency was set to conduct a 737 MAX evaluation flight this week, a key milestone as the planemaker aims for approval to resume flight.
Devon Energy Corp DVN.N rose 4.5% after the oil and gas producer said it would buy peer WPX Energy Inc WPX.N for $2.56 billion. WPX Energy shares jumped 7.3%.
Uber Technologies Inc UBER.N rose 3.8% after the ride-hailing firm won a legal bid to restore its London operating licence, which was taken away over safety concerns.
Advancing issues outnumbered decliners by a 7.56-to-1 ratio on the NYSE. Advancing issues outnumbered decliners by a 3.52-to-1 ratio on the Nasdaq.
The S&P index recorded 3 new 52-week highs and no new lows, while the Nasdaq recorded 31 new highs and 4 new lows.
(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur and Anil D'Silva)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Travel-related shares including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O rose between 2.5% and 3%. American Airlines Group Inc AAL.O said on Friday that it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks surged on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
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Travel-related shares including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O rose between 2.5% and 3%. American Airlines Group Inc AAL.O said on Friday that it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. WPX Energy shares jumped 7.3%.
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American Airlines Group Inc AAL.O said on Friday that it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. Travel-related shares including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O rose between 2.5% and 3%. By Devik Jain and Shreyashi Sanyal Sept 28 (Reuters) - U.S. stocks surged on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance.
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American Airlines Group Inc AAL.O said on Friday that it secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. Travel-related shares including Delta Air Lines DAL.N, United Airlines UAL.O and American Airlines Group Inc AAL.O rose between 2.5% and 3%. The Nasdaq Composite .IXIC was up 122.90 points, or 1.13%, at 11,036.46.
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5251.0
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2020-09-28 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Grid Dynamics, Centene Corp, Cal-Maine Foods, Inovio Pharmaceuticals
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-grid-dynamics-centene-corp-cal-maine-foods-inovio
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel..N
At 9:23 ET, Dow e-minis 1YMc1 were up 1.35% at 27,407. S&P 500 e-minis ESc1 were up 1.38% at 3,332.5, while Nasdaq 100 e-minis NQc1 were up 1.83% at 11,339.75. The top three NYSE percentage gainers premarket .PRPG.NQ: ** Piedmont Office Realty Trust Inc , up 32.1% ** Lithium Americas Corp , up 19.3% ** Tortose Acquisition Corp , up 16.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Grupo Supervielle SA , down 8.3% ** Mallinckrodt PLC , down 7% ** Unitil Corp , down 5.1% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Perceptron Inc PRCP.O, up 67.5%
** Oxbridge Re Holdings Ltd OXBR.O, up 67.5% ** Globus Maritime Ltd , up 70.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Inovio Pharmaceuticals Inc , down 36.2% ** Aquestive Therapeutics Inc , down 33.6% ** Urban One Inc UONE.O, down 19.4% ** Qualcomm Inc QCOM.O: up 1.7% premarket BUZZ-Brokerage sees profit growth from 5G chip ramp up, hikes PT
** Grid Dynamics Holdings Inc GDYN.O: up 12.8% premarket BUZZ-Jumps as Canaccord Genuity begins with 'buy'
** Centene Corp CNC.N: up 1.6% premarket BUZZ-SVB Leerink says Obamacare unlikely to go away, remains bullish on healthcare providers
** Cal-Maine Foods Inc CALM.O: up 3.5% premarket BUZZ-Shares rise as more people cooking at home boost egg sales
** Granite Point Mortgage Trust Inc GPMT.N: up 2.9% premarket BUZZ-Gains as co secures up to $300 mln financing
** Mercadolibre MELI.O: up 3.4% premarket BUZZ-Rises after Jefferies upgrades to 'buy'
** FSD Pharma Inc HUGE.O: up 3.7% premarket BUZZ-Surges on FDA nod for mid-stage trial of COVID-19 drug
** American Airlines Group Inc AAL.O: up 3.6% premarket BUZZ-Rises after securing $5.5 bln Treasury loan
** CBL & Associates Properties Inc: CBL.N: down 1.6% premarket BUZZ-Falls after restructuring petition extention
** Tesla Inc TSLA.O: up 4.5% premarket BUZZ-Set to rise for third straight session
** Inovio Pharmaceuticals Inc INO.O: down 36.2% premarket BUZZ-Slumps as FDA places COVID-19 vaccine trial on partial clinical hold
** Pinterest Inc PINS.N: up 4.1% premarket BUZZ-Up as Guggenheim starts coverage with "buy" rating
** Quotient Ltd QTNT.O: up 7.0% premarket BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test
** WPX Energy Inc WPX.N: up 11.3% premarket BUZZ-Jumps after shale producers agree to merger deal
** Devon Energy Corp DVN.N: up 9.3% premarket BUZZ-Jumps after shale producers agree to merger deal
** Mallinckrodt PLC MNK.N: down 7.0% premarket BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy
** ReneSola Ltd SOL.N: up 3.7% premarket BUZZ-Climbs on solar venture with Germany's Vodasun
** MobileIron Inc MOBL.O: up 5.3% premarket BUZZ-Rises on $872 mln deal to go private
** Snap Inc SNAP.N: up 3.2% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength
** Spotify Technology SA SPOT.N: up 3.7% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength
** Thor Industries Inc THO.N: up 5.0% premarket BUZZ-Rises on upbeat Q4 results, outlook
** Ford Motor Co F.N: up 1.2% premarket BUZZ-Taps into German coronavirus relief aid - Handelsblatt
** Xpeng Inc XPEV.N: up 5.7% premarket BUZZ-Surges on plans to open new car factory in China
** Lam Research Corp LRCX.O: up 0.5% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers
** Applied Materials Inc AMAT.O: up 0.3% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers
** KLA Corp KLAC.O: down 1.0% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers
** Aquestive Therapeutics Inc AQST.O: down 33.6% premarket BUZZ-Slumps after FDA declines co's treatment for seizures
** Uber Technologies Inc UBER.N: up 3.6% premarket BUZZ-Uber jumps as co wins legal bid to restart London operations
** Sina Corp SINA.O: up 6.2% premarket BUZZ-Rises on $2.6 bln deal to go private
** Expedia Group Inc EXPE.O: down 0.4% premarket BUZZ-RBC downgrades as survey suggests slow travel recovery
** Weibo Corp WB.O: up 5.4% premarket BUZZ-Rises on Q2 revenue beat
** Square Inc SQ.N: up 2.4% premarket BUZZ-Gains after Credit Suisse raises price target
** Netflix Inc NFLX.O: up 2.0% premarket BUZZ-Jefferies sees up to $1 bln revenue add from subscription fee hike
** Cleveland-Cliffs Inc CLF.N: up 8.8% premarket BUZZ-Rises on purchase of ArcelorMittal's U.S. assets
(Compiled by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Piedmont Office Realty Trust Inc , up 32.1% ** Lithium Americas Corp , up 19.3% ** Tortose Acquisition Corp , up 16.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Grupo Supervielle SA , down 8.3% ** Mallinckrodt PLC , down 7% ** Unitil Corp , down 5.1% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Perceptron Inc PRCP.O, up 67.5% ** Oxbridge Re Holdings Ltd OXBR.O, up 67.5% ** Globus Maritime Ltd , up 70.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Inovio Pharmaceuticals Inc , down 36.2% ** Aquestive Therapeutics Inc , down 33.6% ** Urban One Inc UONE.O, down 19.4% ** Qualcomm Inc QCOM.O: up 1.7% premarket BUZZ-Brokerage sees profit growth from 5G chip ramp up, hikes PT ** Grid Dynamics Holdings Inc GDYN.O: up 12.8% premarket BUZZ-Jumps as Canaccord Genuity begins with 'buy' ** Centene Corp CNC.N: up 1.6% premarket BUZZ-SVB Leerink says Obamacare unlikely to go away, remains bullish on healthcare providers ** Cal-Maine Foods Inc CALM.O: up 3.5% premarket BUZZ-Shares rise as more people cooking at home boost egg sales ** Granite Point Mortgage Trust Inc GPMT.N: up 2.9% premarket BUZZ-Gains as co secures up to $300 mln financing ** Mercadolibre MELI.O: up 3.4% premarket BUZZ-Rises after Jefferies upgrades to 'buy' ** FSD Pharma Inc HUGE.O: up 3.7% premarket BUZZ-Surges on FDA nod for mid-stage trial of COVID-19 drug ** American Airlines Group Inc AAL.O: up 3.6% premarket BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc: CBL.N: down 1.6% premarket BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 4.5% premarket BUZZ-Set to rise for third straight session ** Inovio Pharmaceuticals Inc INO.O: down 36.2% premarket BUZZ-Slumps as FDA places COVID-19 vaccine trial on partial clinical hold ** Pinterest Inc PINS.N: up 4.1% premarket BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 7.0% premarket BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 11.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 9.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 7.0% premarket BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** ReneSola Ltd SOL.N: up 3.7% premarket BUZZ-Climbs on solar venture with Germany's Vodasun ** MobileIron Inc MOBL.O: up 5.3% premarket BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.2% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Spotify Technology SA SPOT.N: up 3.7% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Thor Industries Inc THO.N: up 5.0% premarket BUZZ-Rises on upbeat Q4 results, outlook ** Ford Motor Co F.N: up 1.2% premarket BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.7% premarket BUZZ-Surges on plans to open new car factory in China ** Lam Research Corp LRCX.O: up 0.5% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Applied Materials Inc AMAT.O: up 0.3% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** KLA Corp KLAC.O: down 1.0% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Aquestive Therapeutics Inc AQST.O: down 33.6% premarket BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.6% premarket BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.2% premarket BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.4% premarket BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 5.4% premarket BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 2.4% premarket BUZZ-Gains after Credit Suisse raises price target ** Netflix Inc NFLX.O: up 2.0% premarket BUZZ-Jefferies sees up to $1 bln revenue add from subscription fee hike ** Cleveland-Cliffs Inc CLF.N: up 8.8% premarket BUZZ-Rises on purchase of ArcelorMittal's U.S. assets (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel..N At 9:23 ET, Dow e-minis 1YMc1 were up 1.35% at 27,407. S&P 500 e-minis ESc1 were up 1.38% at 3,332.5, while Nasdaq 100 e-minis NQc1 were up 1.83% at 11,339.75.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Piedmont Office Realty Trust Inc , up 32.1% ** Lithium Americas Corp , up 19.3% ** Tortose Acquisition Corp , up 16.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Grupo Supervielle SA , down 8.3% ** Mallinckrodt PLC , down 7% ** Unitil Corp , down 5.1% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Perceptron Inc PRCP.O, up 67.5% ** Oxbridge Re Holdings Ltd OXBR.O, up 67.5% ** Globus Maritime Ltd , up 70.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Inovio Pharmaceuticals Inc , down 36.2% ** Aquestive Therapeutics Inc , down 33.6% ** Urban One Inc UONE.O, down 19.4% ** Qualcomm Inc QCOM.O: up 1.7% premarket BUZZ-Brokerage sees profit growth from 5G chip ramp up, hikes PT ** Grid Dynamics Holdings Inc GDYN.O: up 12.8% premarket BUZZ-Jumps as Canaccord Genuity begins with 'buy' ** Centene Corp CNC.N: up 1.6% premarket BUZZ-SVB Leerink says Obamacare unlikely to go away, remains bullish on healthcare providers ** Cal-Maine Foods Inc CALM.O: up 3.5% premarket BUZZ-Shares rise as more people cooking at home boost egg sales ** Granite Point Mortgage Trust Inc GPMT.N: up 2.9% premarket BUZZ-Gains as co secures up to $300 mln financing ** Mercadolibre MELI.O: up 3.4% premarket BUZZ-Rises after Jefferies upgrades to 'buy' ** FSD Pharma Inc HUGE.O: up 3.7% premarket BUZZ-Surges on FDA nod for mid-stage trial of COVID-19 drug ** American Airlines Group Inc AAL.O: up 3.6% premarket BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc: CBL.N: down 1.6% premarket BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 4.5% premarket BUZZ-Set to rise for third straight session ** Inovio Pharmaceuticals Inc INO.O: down 36.2% premarket BUZZ-Slumps as FDA places COVID-19 vaccine trial on partial clinical hold ** Pinterest Inc PINS.N: up 4.1% premarket BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 7.0% premarket BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 11.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 9.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 7.0% premarket BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** ReneSola Ltd SOL.N: up 3.7% premarket BUZZ-Climbs on solar venture with Germany's Vodasun ** MobileIron Inc MOBL.O: up 5.3% premarket BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.2% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Spotify Technology SA SPOT.N: up 3.7% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Thor Industries Inc THO.N: up 5.0% premarket BUZZ-Rises on upbeat Q4 results, outlook ** Ford Motor Co F.N: up 1.2% premarket BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.7% premarket BUZZ-Surges on plans to open new car factory in China ** Lam Research Corp LRCX.O: up 0.5% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Applied Materials Inc AMAT.O: up 0.3% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** KLA Corp KLAC.O: down 1.0% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Aquestive Therapeutics Inc AQST.O: down 33.6% premarket BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.6% premarket BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.2% premarket BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.4% premarket BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 5.4% premarket BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 2.4% premarket BUZZ-Gains after Credit Suisse raises price target ** Netflix Inc NFLX.O: up 2.0% premarket BUZZ-Jefferies sees up to $1 bln revenue add from subscription fee hike ** Cleveland-Cliffs Inc CLF.N: up 8.8% premarket BUZZ-Rises on purchase of ArcelorMittal's U.S. assets (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel..N At 9:23 ET, Dow e-minis 1YMc1 were up 1.35% at 27,407. S&P 500 e-minis ESc1 were up 1.38% at 3,332.5, while Nasdaq 100 e-minis NQc1 were up 1.83% at 11,339.75.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Piedmont Office Realty Trust Inc , up 32.1% ** Lithium Americas Corp , up 19.3% ** Tortose Acquisition Corp , up 16.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Grupo Supervielle SA , down 8.3% ** Mallinckrodt PLC , down 7% ** Unitil Corp , down 5.1% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Perceptron Inc PRCP.O, up 67.5% ** Oxbridge Re Holdings Ltd OXBR.O, up 67.5% ** Globus Maritime Ltd , up 70.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Inovio Pharmaceuticals Inc , down 36.2% ** Aquestive Therapeutics Inc , down 33.6% ** Urban One Inc UONE.O, down 19.4% ** Qualcomm Inc QCOM.O: up 1.7% premarket BUZZ-Brokerage sees profit growth from 5G chip ramp up, hikes PT ** Grid Dynamics Holdings Inc GDYN.O: up 12.8% premarket BUZZ-Jumps as Canaccord Genuity begins with 'buy' ** Centene Corp CNC.N: up 1.6% premarket BUZZ-SVB Leerink says Obamacare unlikely to go away, remains bullish on healthcare providers ** Cal-Maine Foods Inc CALM.O: up 3.5% premarket BUZZ-Shares rise as more people cooking at home boost egg sales ** Granite Point Mortgage Trust Inc GPMT.N: up 2.9% premarket BUZZ-Gains as co secures up to $300 mln financing ** Mercadolibre MELI.O: up 3.4% premarket BUZZ-Rises after Jefferies upgrades to 'buy' ** FSD Pharma Inc HUGE.O: up 3.7% premarket BUZZ-Surges on FDA nod for mid-stage trial of COVID-19 drug ** American Airlines Group Inc AAL.O: up 3.6% premarket BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc: CBL.N: down 1.6% premarket BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 4.5% premarket BUZZ-Set to rise for third straight session ** Inovio Pharmaceuticals Inc INO.O: down 36.2% premarket BUZZ-Slumps as FDA places COVID-19 vaccine trial on partial clinical hold ** Pinterest Inc PINS.N: up 4.1% premarket BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 7.0% premarket BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 11.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 9.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 7.0% premarket BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** ReneSola Ltd SOL.N: up 3.7% premarket BUZZ-Climbs on solar venture with Germany's Vodasun ** MobileIron Inc MOBL.O: up 5.3% premarket BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.2% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Spotify Technology SA SPOT.N: up 3.7% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Thor Industries Inc THO.N: up 5.0% premarket BUZZ-Rises on upbeat Q4 results, outlook ** Ford Motor Co F.N: up 1.2% premarket BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.7% premarket BUZZ-Surges on plans to open new car factory in China ** Lam Research Corp LRCX.O: up 0.5% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Applied Materials Inc AMAT.O: up 0.3% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** KLA Corp KLAC.O: down 1.0% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Aquestive Therapeutics Inc AQST.O: down 33.6% premarket BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.6% premarket BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.2% premarket BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.4% premarket BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 5.4% premarket BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 2.4% premarket BUZZ-Gains after Credit Suisse raises price target ** Netflix Inc NFLX.O: up 2.0% premarket BUZZ-Jefferies sees up to $1 bln revenue add from subscription fee hike ** Cleveland-Cliffs Inc CLF.N: up 8.8% premarket BUZZ-Rises on purchase of ArcelorMittal's U.S. assets (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel..N At 9:23 ET, Dow e-minis 1YMc1 were up 1.35% at 27,407. S&P 500 e-minis ESc1 were up 1.38% at 3,332.5, while Nasdaq 100 e-minis NQc1 were up 1.83% at 11,339.75.
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The top three NYSE percentage gainers premarket .PRPG.NQ: ** Piedmont Office Realty Trust Inc , up 32.1% ** Lithium Americas Corp , up 19.3% ** Tortose Acquisition Corp , up 16.8% The top three NYSE percentage losers premarket .PRPL.NQ: ** Grupo Supervielle SA , down 8.3% ** Mallinckrodt PLC , down 7% ** Unitil Corp , down 5.1% The top three Nasdaq percentage gainers premarket .PRPG.O: ** Perceptron Inc PRCP.O, up 67.5% ** Oxbridge Re Holdings Ltd OXBR.O, up 67.5% ** Globus Maritime Ltd , up 70.6% The top three Nasdaq percentage losers premarket .PRPL.O: ** Inovio Pharmaceuticals Inc , down 36.2% ** Aquestive Therapeutics Inc , down 33.6% ** Urban One Inc UONE.O, down 19.4% ** Qualcomm Inc QCOM.O: up 1.7% premarket BUZZ-Brokerage sees profit growth from 5G chip ramp up, hikes PT ** Grid Dynamics Holdings Inc GDYN.O: up 12.8% premarket BUZZ-Jumps as Canaccord Genuity begins with 'buy' ** Centene Corp CNC.N: up 1.6% premarket BUZZ-SVB Leerink says Obamacare unlikely to go away, remains bullish on healthcare providers ** Cal-Maine Foods Inc CALM.O: up 3.5% premarket BUZZ-Shares rise as more people cooking at home boost egg sales ** Granite Point Mortgage Trust Inc GPMT.N: up 2.9% premarket BUZZ-Gains as co secures up to $300 mln financing ** Mercadolibre MELI.O: up 3.4% premarket BUZZ-Rises after Jefferies upgrades to 'buy' ** FSD Pharma Inc HUGE.O: up 3.7% premarket BUZZ-Surges on FDA nod for mid-stage trial of COVID-19 drug ** American Airlines Group Inc AAL.O: up 3.6% premarket BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc: CBL.N: down 1.6% premarket BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 4.5% premarket BUZZ-Set to rise for third straight session ** Inovio Pharmaceuticals Inc INO.O: down 36.2% premarket BUZZ-Slumps as FDA places COVID-19 vaccine trial on partial clinical hold ** Pinterest Inc PINS.N: up 4.1% premarket BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 7.0% premarket BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 11.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 9.3% premarket BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 7.0% premarket BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** ReneSola Ltd SOL.N: up 3.7% premarket BUZZ-Climbs on solar venture with Germany's Vodasun ** MobileIron Inc MOBL.O: up 5.3% premarket BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.2% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Spotify Technology SA SPOT.N: up 3.7% premarket BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Thor Industries Inc THO.N: up 5.0% premarket BUZZ-Rises on upbeat Q4 results, outlook ** Ford Motor Co F.N: up 1.2% premarket BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.7% premarket BUZZ-Surges on plans to open new car factory in China ** Lam Research Corp LRCX.O: up 0.5% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Applied Materials Inc AMAT.O: up 0.3% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** KLA Corp KLAC.O: down 1.0% premarket BUZZ-Trade curbs on China's SMIC weigh on U.S. chip gear suppliers ** Aquestive Therapeutics Inc AQST.O: down 33.6% premarket BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.6% premarket BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.2% premarket BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.4% premarket BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 5.4% premarket BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 2.4% premarket BUZZ-Gains after Credit Suisse raises price target ** Netflix Inc NFLX.O: up 2.0% premarket BUZZ-Jefferies sees up to $1 bln revenue add from subscription fee hike ** Cleveland-Cliffs Inc CLF.N: up 8.8% premarket BUZZ-Rises on purchase of ArcelorMittal's U.S. assets (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc. Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh Wall Street was set to surge at the open on Monday following the longest weekly losing streak in a year for the S&P 500 and the Dow, with investors piling into shares of beaten-down sectors, including banks and travel..N At 9:23 ET, Dow e-minis 1YMc1 were up 1.35% at 27,407. S&P 500 e-minis ESc1 were up 1.38% at 3,332.5, while Nasdaq 100 e-minis NQc1 were up 1.83% at 11,339.75.
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5252.0
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2020-09-28 00:00:00 UTC
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Pre-Market Most Active for Sep 28, 2020 : INO, AAPL, SQQQ, BMY~, AAL, MOBL, TSLA, NIO, CCL, GE, LAC, SPCE
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AAL
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https://www.nasdaq.com/articles/pre-market-most-active-for-sep-28-2020-%3A-ino-aapl-sqqq-bmy-aal-mobl-tsla-nio-ccl-ge-lac
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nan
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nan
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The NASDAQ 100 Pre-Market Indicator is up 189.47 to 11,340.6. The total Pre-Market volume is currently 26,160,386 shares traded.
The following are the most active stocks for the pre-market session:
Inovio Pharmaceuticals, Inc. (INO) is -5.54 at $11.40, with 4,528,895 shares traded. INO's current last sale is 71.25% of the target price of $16.
Apple Inc. (AAPL) is +2.9699 at $115.25, with 2,225,767 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020. The consensus EPS forecast is $0.69. As reported by Zacks, the current mean recommendation for AAPL is in the "buy range".
ProShares UltraPro Short QQQ (SQQQ) is -1.51 at $24.12, with 1,443,336 shares traded. This represents a 23.38% increase from its 52 Week Low.
Bristol-Myers Squibb Company (BMY~) is unchanged at $2.10, with 1,310,940 shares traded.
American Airlines Group, Inc. (AAL) is +0.41 at $12.70, with 1,304,601 shares traded. AAL's current last sale is 127% of the target price of $10.
MobileIron, Inc. (MOBL) is +0.32 at $6.96, with 1,287,142 shares traded. MOBL's current last sale is 97.68% of the target price of $7.125.
Tesla, Inc. (TSLA) is +17.21 at $424.55, with 1,157,920 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020. The consensus EPS forecast is $0.17. TSLA's current last sale is 143.92% of the target price of $295.
NIO Inc. (NIO) is +0.62 at $18.94, with 886,135 shares traded. NIO's current last sale is 135.29% of the target price of $14.
Carnival Corporation (CCL) is +0.56 at $15.63, with 869,074 shares traded. CCL's current last sale is 97.69% of the target price of $16.
General Electric Company (GE) is +0.1198 at $6.23, with 833,768 shares traded. As reported by Zacks, the current mean recommendation for GE is in the "buy range".
Lithium Americas Corp. (LAC) is +1.91 at $10.45, with 596,218 shares traded. As reported by Zacks, the current mean recommendation for LAC is in the "strong buy range".
Virgin Galactic Holdings, Inc. (SPCE) is +1.45 at $17.88, with 557,369 shares traded. As reported by Zacks, the current mean recommendation for SPCE is in the "buy range".
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020. American Airlines Group, Inc. (AAL) is +0.41 at $12.70, with 1,304,601 shares traded. AAL's current last sale is 127% of the target price of $10.
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Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020. American Airlines Group, Inc. (AAL) is +0.41 at $12.70, with 1,304,601 shares traded. AAL's current last sale is 127% of the target price of $10.
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Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020. American Airlines Group, Inc. (AAL) is +0.41 at $12.70, with 1,304,601 shares traded. AAL's current last sale is 127% of the target price of $10.
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AAL's current last sale is 127% of the target price of $10. American Airlines Group, Inc. (AAL) is +0.41 at $12.70, with 1,304,601 shares traded. The NASDAQ 100 Pre-Market Indicator is up 189.47 to 11,340.6.
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5253.0
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2020-09-28 00:00:00 UTC
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US STOCKS-Futures bounce as China industrial profits rise
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AAL
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https://www.nasdaq.com/articles/us-stocks-futures-bounce-as-china-industrial-profits-rise-2020-09-28
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nan
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nan
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By Devik Jain
Sept 28 (Reuters) - U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.
Shares of American Airlines Group Inc AAL.O, United Airlines UAL.O, cruise operators Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N rose between 2.5% and 5.6% in premarket trading.
American Airlines Group Inc AAL.O said it has secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines.
Optimism spilled over from Asian trading hours after data over the weekend showed profits at China's industrial firms grew for the fourth straight month in August.
Wall Street's main indexes ended higher on Friday, helped by technology stocks, but the Dow Jones .DJI and the S&P 500 .SPX indexes posted their longest weekly losing streaks in a year on fears of a slowing pace of economic growth.
Worries over rising coronavirus cases and waning hopes of more fiscal stimulus have led to a spike in market volatility in the past few weeks, and analysts expect trading to remain choppy in the run up to the Nov. 3 presidential election.
The CBOE Volatility index .VIX, also known as Wall Street's fear gauge, spiked to its highest in nearly two weeks last Monday, with analysts warning of further upside to the index heading toward the end of the quarter.
Shares of technology-related stocks including Facebook Inc FB.O, Alphabet Inc GOOGL.O, Amazon.com Inc AMZN.O, Apple Inc AAPL.O and Netflix Inc NFLX.O, perceived as relatively safe assets at a time of economic uncertainty, rose between 1.1% and 2.2%.
At 6:39 a.m. ET, Dow e-minis 1YMcv1 were up 357 points, or 1.32%. S&P 500 e-minis EScv1 were up 43.75 points, or 1.33% and Nasdaq 100 e-minis NQcv1 were up 190 points, or 1.71%.
U.S. big banks JPMorgan Chase & Co JPM.N, Goldman Sachs Group Inc GS.N, Morgan Stanley MS.N, Wells Fargo & Co WFC.N and Bank of America Corp BAC.N and Citigroup Inc C.N added between 0.8% and 2%.
Boeing BA.N shares rose 2.5% after the FAA Chief Steve Dickson said the agency is set to conduct a 737 MAX evaluation flight this week, a key milestone as the planemaker aims for approval to resume flight.
Shares of chip gear makers Lam Research Corp LRCX.O, Applied Materials Inc AMAT.O, and KLA Corp KLAC.O fell more than 1.5% as the United States imposed curbs on exports to China's biggest chip maker SMIC 0981.HK, citing risk of military use.
(Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur)
((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2062; ;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of American Airlines Group Inc AAL.O, United Airlines UAL.O, cruise operators Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N rose between 2.5% and 5.6% in premarket trading. American Airlines Group Inc AAL.O said it has secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain Sept 28 (Reuters) - U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.
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Shares of American Airlines Group Inc AAL.O, United Airlines UAL.O, cruise operators Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N rose between 2.5% and 5.6% in premarket trading. American Airlines Group Inc AAL.O said it has secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain Sept 28 (Reuters) - U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.
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Shares of American Airlines Group Inc AAL.O, United Airlines UAL.O, cruise operators Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N rose between 2.5% and 5.6% in premarket trading. American Airlines Group Inc AAL.O said it has secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain Sept 28 (Reuters) - U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.
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Shares of American Airlines Group Inc AAL.O, United Airlines UAL.O, cruise operators Royal Caribbean Cruises Ltd RCL.N and Carnival Corp CCL.N rose between 2.5% and 5.6% in premarket trading. American Airlines Group Inc AAL.O said it has secured a $5.5 billion Treasury loan and could tap up to $2 billion more in October depending on the allocation of extra funds under a $25 billion loan package for airlines. By Devik Jain Sept 28 (Reuters) - U.S. stock index futures rose on Monday as hopes of a global economic recovery were supported by data showing continued growth in China's industrial profits, while beaten down shares of banking and travel firms bounced.
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5254.0
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2020-09-28 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-Boeing, Bank of America, Eiger BioPharmaceuticals, Pangaea Logistics
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-boeing-bank-of-america-eiger-biopharmaceuticals-pangaea
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance..N
At 12:21 ET, the Dow Jones Industrial Average .DJI was up 1.72% at 27,642.62. The S&P 500 .SPX was up 1.44% at 3,345.95 and the Nasdaq Composite .IXIC was up 1.07% at 11,030.094. The top three S&P 500 .PG.INX percentage gainers: ** Devon Energy Corp , up 12.4% ** Apache Corp , up 7.5% ** Boeing Co , up 6.7% The top three S&P 500 .PL.INX percentage losers: ** DexCom Inc , down 2.6% ** Westrock Co , down 2.5% ** Regeneron Pharmaceuticals Inc , down 2% The top three NYSE .PG.N percentage gainers: ** Ambow Education Holding Ltd , up 115.5% ** Ashford Hospitality Trust Inc , up 58.7% ** Amer Shared Hospital Services , up 30.4% The top three NYSE .PL.N percentage losers:
** Annovis Bio Inc ANVS.N, down 10% ** Great Ajax Corp AJX.N down 9.33% ** PG&E Corp PCG.N, down 7.5% The top three Nasdaq .PG.O percentage gainers: ** Piedmont Lithium Ltd , up 316.1% ** Oxbridge Re Holdings Ltd , up 245.8% ** Perceptron Inc , up 66.1% The top three Nasdaq .PL.O percentage losers: ** Aquestive Thrapeutics Inc , down 34.5% ** Inovio Pharmaceuticals Inc , down 26% ** Sky Solar Holdings Ltd , down 18.8% ** Boeing Co BA.N: up 6.7%
BUZZ-Rises as Alembic Global upgrades on hopes of 737 MAX return
** Bank of America Corp BAC.N: up 3.2%
BUZZ-Bank stocks lift Wall Street amid global recovery hopes
** Piedmont Lithium Ltd PLL.O: up 316.1%
BUZZ-U.S.-listed shares hit record high on Tesla supply deal
** Masimo Corp MASI.O: up 2.1%
BUZZ-Gains after FDA clears its pulse oximeter
** Eiger BioPharmaceuticals Inc EIGR.O: down 13.0%
BUZZ-Slips after Lambda fails as possible COVID-19 treatment
** Sorrento Therapeutics Inc SRNE.O: up 4.8%
BUZZ-Rises on positive early data from knee pain therapy study
** Plug Power Inc PLUG.O: up 11.9%
BUZZ-Gains as Morgan Stanley raises FY24 revenue estimate, upgrades rating
** Pangaea Logistics Solutions Ltd PANL.O: up 4.7%
BUZZ-Gains after raising stake in Nordic Bulk Holding
** Exxon Mobil Corp XOM.N: up 3.2%
BUZZ-Oil stocks gain tracking crude prices
** Chevron Corp CVX.N: up 3%
BUZZ-Oil stocks gain tracking crude prices
** Tessco Technologies Inc TESS.O: up 4%
BUZZ-Up after founder urges to remove directors
** Natera Inc NTRA.O: up 2.2%
BUZZ-Gains after Morgan Stanley starts coverage with 'overweight'
** Virgin Galactic Holdings Inc SPCE.N: up 19.8%
BUZZ-Soars as two more bulls board
** Abbott Laboratories ABT.N: up 1%
BUZZ-Up on EU approval for smallest version of glucose monitoring device
** Chesapeake Utilities Corp CPK.N: up 12%
BUZZ-Rises as set join S&P SmallCap 600
** OpGen Inc OPGN.O: up 6%
BUZZ-Rises on potential use of tool to detect COVID-19 co-infections
** Perceptron Inc PRCP.O: up 66.1%
BUZZ-Gains on takeover offer from Sweden's Atlas Copco
** United Parcel Service Inc UPS.N: up 2.6%
BUZZ-Eyes record high open after KeyBanc upgrade
** Hologic Inc HOLX.O: up 1.5%
BUZZ-Rises as FDA allows emergency use of asymptomatic COVID-19 test
** AbbVie Inc ABBV.N: up 1.5%
BUZZ-Gains on orphan drug, fast track tag for spinal cord injury treatment
** Staffing 360 Solutions Inc STAF.O: up 13.7%
BUZZ-Gains on sale of recruitment business unit
** Heron Therapeutics Inc HRTX.O: up 5.4%
BUZZ-Rises on European marketing approval for non-opioid painkiller
** Virgin Galactic Holdings Inc SPCE.N: up 19.0%
BUZZ-Soars after BofA says 'buy'
** American Airlines Group Inc AAL.O: up 4.8%
BUZZ-Rises after securing $5.5 bln Treasury loan
** CBL & Associates Properties Inc CBL.N: down 1.7%
BUZZ-Falls after restructuring petition extention
** Tesla Inc TSLA.O: up 2.7%
BUZZ-Set to rise for third straight session
** Pinterest Inc PINS.N: up 2.2%
BUZZ-Up as Guggenheim starts coverage with "buy" rating
** Quotient Ltd QTNT.O: up 3.3%
BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test
** WPX Energy Inc WPX.N: up 16.4%
BUZZ-Jumps after shale producers agree to merger deal
** Devon Energy Corp DVN.N: up 12.3%
BUZZ-Jumps after shale producers agree to merger deal
** Mallinckrodt PLC MNK.N: down 23.3%
BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy
** MobileIron Inc MOBL.O: up 5.6%
BUZZ-Rises on $872 mln deal to go private
** Snap Inc SNAP.N: up 3.6%
BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength
** Ford Motor Co F.N: up 2.9%
BUZZ-Taps into German coronavirus relief aid - Handelsblatt
** Xpeng Inc XPEV.N: up 5.3%
BUZZ-Surges on plans to open new car factory in China
** Aquestive Therapeutics Inc AQST.O: down 34.5%
BUZZ-Slumps after FDA declines co's treatment for seizures
** Uber Technologies Inc UBER.N: up 3.4%
BUZZ-Uber jumps as co wins legal bid to restart London operations
** Sina Corp SINA.O: up 6.1%
BUZZ-Rises on $2.6 bln deal to go private
** Expedia Group Inc EXPE.O: down 0.9%
BUZZ-RBC downgrades as survey suggests slow travel recovery
** Weibo Corp WB.O: up 6.7%
BUZZ-Rises on Q2 revenue beat
** Square Inc SQ.N: up 1.3%
BUZZ-Gains after Credit Suisse raises price target
** Cleveland-Cliffs Inc CLF.N: up 10.5%
BUZZ-Rises on purchase of ArcelorMittal's U.S. assets
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.73%
Consumer Discretionary
.SPLRCD
up 1.39%
Consumer Staples
.SPLRCS
up 1.33%
Energy
.SPNY
up 3.08%
Financial
.SPSY
up 2.86%
Health
.SPXHC
up 0.90%
Industrial
.SPLRCI
up 2.37%
Information Technology
.SPLRCT
up 0.97%
Materials
.SPLRCM
up 2.15%
Real Estate
.SPLRCR
up 1.69%
Utilities
.SPLRCU
up 1.01%
(Compiled by Niket Nishant in Bengaluru)
((Niket.Nishant@thomsonreuters.com))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Devon Energy Corp , up 12.4% ** Apache Corp , up 7.5% ** Boeing Co , up 6.7% The top three S&P 500 .PL.INX percentage losers: ** DexCom Inc , down 2.6% ** Westrock Co , down 2.5% ** Regeneron Pharmaceuticals Inc , down 2% The top three NYSE .PG.N percentage gainers: ** Ambow Education Holding Ltd , up 115.5% ** Ashford Hospitality Trust Inc , up 58.7% ** Amer Shared Hospital Services , up 30.4% The top three NYSE .PL.N percentage losers: ** Annovis Bio Inc ANVS.N, down 10% ** Great Ajax Corp AJX.N down 9.33% ** PG&E Corp PCG.N, down 7.5% The top three Nasdaq .PG.O percentage gainers: ** Piedmont Lithium Ltd , up 316.1% ** Oxbridge Re Holdings Ltd , up 245.8% ** Perceptron Inc , up 66.1% The top three Nasdaq .PL.O percentage losers: ** Aquestive Thrapeutics Inc , down 34.5% ** Inovio Pharmaceuticals Inc , down 26% ** Sky Solar Holdings Ltd , down 18.8% ** Boeing Co BA.N: up 6.7% BUZZ-Rises as Alembic Global upgrades on hopes of 737 MAX return ** Bank of America Corp BAC.N: up 3.2% BUZZ-Bank stocks lift Wall Street amid global recovery hopes ** Piedmont Lithium Ltd PLL.O: up 316.1% BUZZ-U.S.-listed shares hit record high on Tesla supply deal ** Masimo Corp MASI.O: up 2.1% BUZZ-Gains after FDA clears its pulse oximeter ** Eiger BioPharmaceuticals Inc EIGR.O: down 13.0% BUZZ-Slips after Lambda fails as possible COVID-19 treatment ** Sorrento Therapeutics Inc SRNE.O: up 4.8% BUZZ-Rises on positive early data from knee pain therapy study ** Plug Power Inc PLUG.O: up 11.9% BUZZ-Gains as Morgan Stanley raises FY24 revenue estimate, upgrades rating ** Pangaea Logistics Solutions Ltd PANL.O: up 4.7% BUZZ-Gains after raising stake in Nordic Bulk Holding ** Exxon Mobil Corp XOM.N: up 3.2% BUZZ-Oil stocks gain tracking crude prices ** Chevron Corp CVX.N: up 3% BUZZ-Oil stocks gain tracking crude prices ** Tessco Technologies Inc TESS.O: up 4% BUZZ-Up after founder urges to remove directors ** Natera Inc NTRA.O: up 2.2% BUZZ-Gains after Morgan Stanley starts coverage with 'overweight' ** Virgin Galactic Holdings Inc SPCE.N: up 19.8% BUZZ-Soars as two more bulls board ** Abbott Laboratories ABT.N: up 1% BUZZ-Up on EU approval for smallest version of glucose monitoring device ** Chesapeake Utilities Corp CPK.N: up 12% BUZZ-Rises as set join S&P SmallCap 600 ** OpGen Inc OPGN.O: up 6% BUZZ-Rises on potential use of tool to detect COVID-19 co-infections ** Perceptron Inc PRCP.O: up 66.1% BUZZ-Gains on takeover offer from Sweden's Atlas Copco ** United Parcel Service Inc UPS.N: up 2.6% BUZZ-Eyes record high open after KeyBanc upgrade ** Hologic Inc HOLX.O: up 1.5% BUZZ-Rises as FDA allows emergency use of asymptomatic COVID-19 test ** AbbVie Inc ABBV.N: up 1.5% BUZZ-Gains on orphan drug, fast track tag for spinal cord injury treatment ** Staffing 360 Solutions Inc STAF.O: up 13.7% BUZZ-Gains on sale of recruitment business unit ** Heron Therapeutics Inc HRTX.O: up 5.4% BUZZ-Rises on European marketing approval for non-opioid painkiller ** Virgin Galactic Holdings Inc SPCE.N: up 19.0% BUZZ-Soars after BofA says 'buy' ** American Airlines Group Inc AAL.O: up 4.8% BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc CBL.N: down 1.7% BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 2.7% BUZZ-Set to rise for third straight session ** Pinterest Inc PINS.N: up 2.2% BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 3.3% BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 16.4% BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 12.3% BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 23.3% BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** MobileIron Inc MOBL.O: up 5.6% BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.6% BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Ford Motor Co F.N: up 2.9% BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.3% BUZZ-Surges on plans to open new car factory in China ** Aquestive Therapeutics Inc AQST.O: down 34.5% BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.4% BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.1% BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.9% BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 6.7% BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 1.3% BUZZ-Gains after Credit Suisse raises price target ** Cleveland-Cliffs Inc CLF.N: up 10.5% BUZZ-Rises on purchase of ArcelorMittal's U.S. assets The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance..N At 12:21 ET, the Dow Jones Industrial Average .DJI was up 1.72% at 27,642.62. up 1.01% (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Devon Energy Corp , up 12.4% ** Apache Corp , up 7.5% ** Boeing Co , up 6.7% The top three S&P 500 .PL.INX percentage losers: ** DexCom Inc , down 2.6% ** Westrock Co , down 2.5% ** Regeneron Pharmaceuticals Inc , down 2% The top three NYSE .PG.N percentage gainers: ** Ambow Education Holding Ltd , up 115.5% ** Ashford Hospitality Trust Inc , up 58.7% ** Amer Shared Hospital Services , up 30.4% The top three NYSE .PL.N percentage losers: ** Annovis Bio Inc ANVS.N, down 10% ** Great Ajax Corp AJX.N down 9.33% ** PG&E Corp PCG.N, down 7.5% The top three Nasdaq .PG.O percentage gainers: ** Piedmont Lithium Ltd , up 316.1% ** Oxbridge Re Holdings Ltd , up 245.8% ** Perceptron Inc , up 66.1% The top three Nasdaq .PL.O percentage losers: ** Aquestive Thrapeutics Inc , down 34.5% ** Inovio Pharmaceuticals Inc , down 26% ** Sky Solar Holdings Ltd , down 18.8% ** Boeing Co BA.N: up 6.7% BUZZ-Rises as Alembic Global upgrades on hopes of 737 MAX return ** Bank of America Corp BAC.N: up 3.2% BUZZ-Bank stocks lift Wall Street amid global recovery hopes ** Piedmont Lithium Ltd PLL.O: up 316.1% BUZZ-U.S.-listed shares hit record high on Tesla supply deal ** Masimo Corp MASI.O: up 2.1% BUZZ-Gains after FDA clears its pulse oximeter ** Eiger BioPharmaceuticals Inc EIGR.O: down 13.0% BUZZ-Slips after Lambda fails as possible COVID-19 treatment ** Sorrento Therapeutics Inc SRNE.O: up 4.8% BUZZ-Rises on positive early data from knee pain therapy study ** Plug Power Inc PLUG.O: up 11.9% BUZZ-Gains as Morgan Stanley raises FY24 revenue estimate, upgrades rating ** Pangaea Logistics Solutions Ltd PANL.O: up 4.7% BUZZ-Gains after raising stake in Nordic Bulk Holding ** Exxon Mobil Corp XOM.N: up 3.2% BUZZ-Oil stocks gain tracking crude prices ** Chevron Corp CVX.N: up 3% BUZZ-Oil stocks gain tracking crude prices ** Tessco Technologies Inc TESS.O: up 4% BUZZ-Up after founder urges to remove directors ** Natera Inc NTRA.O: up 2.2% BUZZ-Gains after Morgan Stanley starts coverage with 'overweight' ** Virgin Galactic Holdings Inc SPCE.N: up 19.8% BUZZ-Soars as two more bulls board ** Abbott Laboratories ABT.N: up 1% BUZZ-Up on EU approval for smallest version of glucose monitoring device ** Chesapeake Utilities Corp CPK.N: up 12% BUZZ-Rises as set join S&P SmallCap 600 ** OpGen Inc OPGN.O: up 6% BUZZ-Rises on potential use of tool to detect COVID-19 co-infections ** Perceptron Inc PRCP.O: up 66.1% BUZZ-Gains on takeover offer from Sweden's Atlas Copco ** United Parcel Service Inc UPS.N: up 2.6% BUZZ-Eyes record high open after KeyBanc upgrade ** Hologic Inc HOLX.O: up 1.5% BUZZ-Rises as FDA allows emergency use of asymptomatic COVID-19 test ** AbbVie Inc ABBV.N: up 1.5% BUZZ-Gains on orphan drug, fast track tag for spinal cord injury treatment ** Staffing 360 Solutions Inc STAF.O: up 13.7% BUZZ-Gains on sale of recruitment business unit ** Heron Therapeutics Inc HRTX.O: up 5.4% BUZZ-Rises on European marketing approval for non-opioid painkiller ** Virgin Galactic Holdings Inc SPCE.N: up 19.0% BUZZ-Soars after BofA says 'buy' ** American Airlines Group Inc AAL.O: up 4.8% BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc CBL.N: down 1.7% BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 2.7% BUZZ-Set to rise for third straight session ** Pinterest Inc PINS.N: up 2.2% BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 3.3% BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 16.4% BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 12.3% BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 23.3% BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** MobileIron Inc MOBL.O: up 5.6% BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.6% BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Ford Motor Co F.N: up 2.9% BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.3% BUZZ-Surges on plans to open new car factory in China ** Aquestive Therapeutics Inc AQST.O: down 34.5% BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.4% BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.1% BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.9% BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 6.7% BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 1.3% BUZZ-Gains after Credit Suisse raises price target ** Cleveland-Cliffs Inc CLF.N: up 10.5% BUZZ-Rises on purchase of ArcelorMittal's U.S. assets The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance..N At 12:21 ET, the Dow Jones Industrial Average .DJI was up 1.72% at 27,642.62. up 1.01% (Compiled by Niket Nishant in Bengaluru) ((Niket.Nishant@thomsonreuters.com)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The top three S&P 500 .PG.INX percentage gainers: ** Devon Energy Corp , up 12.4% ** Apache Corp , up 7.5% ** Boeing Co , up 6.7% The top three S&P 500 .PL.INX percentage losers: ** DexCom Inc , down 2.6% ** Westrock Co , down 2.5% ** Regeneron Pharmaceuticals Inc , down 2% The top three NYSE .PG.N percentage gainers: ** Ambow Education Holding Ltd , up 115.5% ** Ashford Hospitality Trust Inc , up 58.7% ** Amer Shared Hospital Services , up 30.4% The top three NYSE .PL.N percentage losers: ** Annovis Bio Inc ANVS.N, down 10% ** Great Ajax Corp AJX.N down 9.33% ** PG&E Corp PCG.N, down 7.5% The top three Nasdaq .PG.O percentage gainers: ** Piedmont Lithium Ltd , up 316.1% ** Oxbridge Re Holdings Ltd , up 245.8% ** Perceptron Inc , up 66.1% The top three Nasdaq .PL.O percentage losers: ** Aquestive Thrapeutics Inc , down 34.5% ** Inovio Pharmaceuticals Inc , down 26% ** Sky Solar Holdings Ltd , down 18.8% ** Boeing Co BA.N: up 6.7% BUZZ-Rises as Alembic Global upgrades on hopes of 737 MAX return ** Bank of America Corp BAC.N: up 3.2% BUZZ-Bank stocks lift Wall Street amid global recovery hopes ** Piedmont Lithium Ltd PLL.O: up 316.1% BUZZ-U.S.-listed shares hit record high on Tesla supply deal ** Masimo Corp MASI.O: up 2.1% BUZZ-Gains after FDA clears its pulse oximeter ** Eiger BioPharmaceuticals Inc EIGR.O: down 13.0% BUZZ-Slips after Lambda fails as possible COVID-19 treatment ** Sorrento Therapeutics Inc SRNE.O: up 4.8% BUZZ-Rises on positive early data from knee pain therapy study ** Plug Power Inc PLUG.O: up 11.9% BUZZ-Gains as Morgan Stanley raises FY24 revenue estimate, upgrades rating ** Pangaea Logistics Solutions Ltd PANL.O: up 4.7% BUZZ-Gains after raising stake in Nordic Bulk Holding ** Exxon Mobil Corp XOM.N: up 3.2% BUZZ-Oil stocks gain tracking crude prices ** Chevron Corp CVX.N: up 3% BUZZ-Oil stocks gain tracking crude prices ** Tessco Technologies Inc TESS.O: up 4% BUZZ-Up after founder urges to remove directors ** Natera Inc NTRA.O: up 2.2% BUZZ-Gains after Morgan Stanley starts coverage with 'overweight' ** Virgin Galactic Holdings Inc SPCE.N: up 19.8% BUZZ-Soars as two more bulls board ** Abbott Laboratories ABT.N: up 1% BUZZ-Up on EU approval for smallest version of glucose monitoring device ** Chesapeake Utilities Corp CPK.N: up 12% BUZZ-Rises as set join S&P SmallCap 600 ** OpGen Inc OPGN.O: up 6% BUZZ-Rises on potential use of tool to detect COVID-19 co-infections ** Perceptron Inc PRCP.O: up 66.1% BUZZ-Gains on takeover offer from Sweden's Atlas Copco ** United Parcel Service Inc UPS.N: up 2.6% BUZZ-Eyes record high open after KeyBanc upgrade ** Hologic Inc HOLX.O: up 1.5% BUZZ-Rises as FDA allows emergency use of asymptomatic COVID-19 test ** AbbVie Inc ABBV.N: up 1.5% BUZZ-Gains on orphan drug, fast track tag for spinal cord injury treatment ** Staffing 360 Solutions Inc STAF.O: up 13.7% BUZZ-Gains on sale of recruitment business unit ** Heron Therapeutics Inc HRTX.O: up 5.4% BUZZ-Rises on European marketing approval for non-opioid painkiller ** Virgin Galactic Holdings Inc SPCE.N: up 19.0% BUZZ-Soars after BofA says 'buy' ** American Airlines Group Inc AAL.O: up 4.8% BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc CBL.N: down 1.7% BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 2.7% BUZZ-Set to rise for third straight session ** Pinterest Inc PINS.N: up 2.2% BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 3.3% BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 16.4% BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 12.3% BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 23.3% BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** MobileIron Inc MOBL.O: up 5.6% BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.6% BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Ford Motor Co F.N: up 2.9% BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.3% BUZZ-Surges on plans to open new car factory in China ** Aquestive Therapeutics Inc AQST.O: down 34.5% BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.4% BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.1% BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.9% BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 6.7% BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 1.3% BUZZ-Gains after Credit Suisse raises price target ** Cleveland-Cliffs Inc CLF.N: up 10.5% BUZZ-Rises on purchase of ArcelorMittal's U.S. assets The 11 major S&P 500 sectors: Communication Services up 0.73% Consumer Discretionary up 1.39% Consumer Staples
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The top three S&P 500 .PG.INX percentage gainers: ** Devon Energy Corp , up 12.4% ** Apache Corp , up 7.5% ** Boeing Co , up 6.7% The top three S&P 500 .PL.INX percentage losers: ** DexCom Inc , down 2.6% ** Westrock Co , down 2.5% ** Regeneron Pharmaceuticals Inc , down 2% The top three NYSE .PG.N percentage gainers: ** Ambow Education Holding Ltd , up 115.5% ** Ashford Hospitality Trust Inc , up 58.7% ** Amer Shared Hospital Services , up 30.4% The top three NYSE .PL.N percentage losers: ** Annovis Bio Inc ANVS.N, down 10% ** Great Ajax Corp AJX.N down 9.33% ** PG&E Corp PCG.N, down 7.5% The top three Nasdaq .PG.O percentage gainers: ** Piedmont Lithium Ltd , up 316.1% ** Oxbridge Re Holdings Ltd , up 245.8% ** Perceptron Inc , up 66.1% The top three Nasdaq .PL.O percentage losers: ** Aquestive Thrapeutics Inc , down 34.5% ** Inovio Pharmaceuticals Inc , down 26% ** Sky Solar Holdings Ltd , down 18.8% ** Boeing Co BA.N: up 6.7% BUZZ-Rises as Alembic Global upgrades on hopes of 737 MAX return ** Bank of America Corp BAC.N: up 3.2% BUZZ-Bank stocks lift Wall Street amid global recovery hopes ** Piedmont Lithium Ltd PLL.O: up 316.1% BUZZ-U.S.-listed shares hit record high on Tesla supply deal ** Masimo Corp MASI.O: up 2.1% BUZZ-Gains after FDA clears its pulse oximeter ** Eiger BioPharmaceuticals Inc EIGR.O: down 13.0% BUZZ-Slips after Lambda fails as possible COVID-19 treatment ** Sorrento Therapeutics Inc SRNE.O: up 4.8% BUZZ-Rises on positive early data from knee pain therapy study ** Plug Power Inc PLUG.O: up 11.9% BUZZ-Gains as Morgan Stanley raises FY24 revenue estimate, upgrades rating ** Pangaea Logistics Solutions Ltd PANL.O: up 4.7% BUZZ-Gains after raising stake in Nordic Bulk Holding ** Exxon Mobil Corp XOM.N: up 3.2% BUZZ-Oil stocks gain tracking crude prices ** Chevron Corp CVX.N: up 3% BUZZ-Oil stocks gain tracking crude prices ** Tessco Technologies Inc TESS.O: up 4% BUZZ-Up after founder urges to remove directors ** Natera Inc NTRA.O: up 2.2% BUZZ-Gains after Morgan Stanley starts coverage with 'overweight' ** Virgin Galactic Holdings Inc SPCE.N: up 19.8% BUZZ-Soars as two more bulls board ** Abbott Laboratories ABT.N: up 1% BUZZ-Up on EU approval for smallest version of glucose monitoring device ** Chesapeake Utilities Corp CPK.N: up 12% BUZZ-Rises as set join S&P SmallCap 600 ** OpGen Inc OPGN.O: up 6% BUZZ-Rises on potential use of tool to detect COVID-19 co-infections ** Perceptron Inc PRCP.O: up 66.1% BUZZ-Gains on takeover offer from Sweden's Atlas Copco ** United Parcel Service Inc UPS.N: up 2.6% BUZZ-Eyes record high open after KeyBanc upgrade ** Hologic Inc HOLX.O: up 1.5% BUZZ-Rises as FDA allows emergency use of asymptomatic COVID-19 test ** AbbVie Inc ABBV.N: up 1.5% BUZZ-Gains on orphan drug, fast track tag for spinal cord injury treatment ** Staffing 360 Solutions Inc STAF.O: up 13.7% BUZZ-Gains on sale of recruitment business unit ** Heron Therapeutics Inc HRTX.O: up 5.4% BUZZ-Rises on European marketing approval for non-opioid painkiller ** Virgin Galactic Holdings Inc SPCE.N: up 19.0% BUZZ-Soars after BofA says 'buy' ** American Airlines Group Inc AAL.O: up 4.8% BUZZ-Rises after securing $5.5 bln Treasury loan ** CBL & Associates Properties Inc CBL.N: down 1.7% BUZZ-Falls after restructuring petition extention ** Tesla Inc TSLA.O: up 2.7% BUZZ-Set to rise for third straight session ** Pinterest Inc PINS.N: up 2.2% BUZZ-Up as Guggenheim starts coverage with "buy" rating ** Quotient Ltd QTNT.O: up 3.3% BUZZ-Rises as FDA approves emergency use of its COVID-19 antibody test ** WPX Energy Inc WPX.N: up 16.4% BUZZ-Jumps after shale producers agree to merger deal ** Devon Energy Corp DVN.N: up 12.3% BUZZ-Jumps after shale producers agree to merger deal ** Mallinckrodt PLC MNK.N: down 23.3% BUZZ-Falls after report says drugmaker weeks away from filing for bankruptcy ** MobileIron Inc MOBL.O: up 5.6% BUZZ-Rises on $872 mln deal to go private ** Snap Inc SNAP.N: up 3.6% BUZZ-U.S. tech stocks: Guggenheim hikes PTs on 'sustainable' strength ** Ford Motor Co F.N: up 2.9% BUZZ-Taps into German coronavirus relief aid - Handelsblatt ** Xpeng Inc XPEV.N: up 5.3% BUZZ-Surges on plans to open new car factory in China ** Aquestive Therapeutics Inc AQST.O: down 34.5% BUZZ-Slumps after FDA declines co's treatment for seizures ** Uber Technologies Inc UBER.N: up 3.4% BUZZ-Uber jumps as co wins legal bid to restart London operations ** Sina Corp SINA.O: up 6.1% BUZZ-Rises on $2.6 bln deal to go private ** Expedia Group Inc EXPE.O: down 0.9% BUZZ-RBC downgrades as survey suggests slow travel recovery ** Weibo Corp WB.O: up 6.7% BUZZ-Rises on Q2 revenue beat ** Square Inc SQ.N: up 1.3% BUZZ-Gains after Credit Suisse raises price target ** Cleveland-Cliffs Inc CLF.N: up 10.5% BUZZ-Rises on purchase of ArcelorMittal's U.S. assets The 11 major S&P 500 sectors: Communication Services Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh U.S. stocks jumped on Monday, bouncing back from the longest weekly losing streak in a year for the S&P 500 and the Dow, with technology, banks and travel shares leading the advance..N At 12:21 ET, the Dow Jones Industrial Average .DJI was up 1.72% at 27,642.62. The S&P 500 .SPX was up 1.44% at 3,345.95 and the Nasdaq Composite .IXIC was up 1.07% at 11,030.094.
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5255.0
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2020-09-27 00:00:00 UTC
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As CARES Act Funds Run Out, Airlines Plead for More Aid
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AAL
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https://www.nasdaq.com/articles/as-cares-act-funds-run-out-airlines-plead-for-more-aid-2020-09-27
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nan
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nan
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In March, U.S. air travel demand crashed from near 2019 levels to down more than 90% year over year. Refunds started to outpace cash ticket sales for many airlines, putting severe stress on their balance sheets. Only one thing enabled the industry to avoid desperate moves like mass furloughs and wholesale service cuts in small cities: a generous payroll support program included in the CARES Act.
That aid runs out in just a few days, but U.S. air travel has only recovered to about a third of pre-pandemic levels. As a result, airlines -- led by American Airlines (NASDAQ: AAL), Delta Air Lines (NYSE: DAL), and United Airlines (NASDAQ: UAL) -- and airline unions have been lobbying aggressively for a six-month extension of the payroll support program. Yet despite broad bipartisan support for such an extension, Washington gridlock seems increasingly likely to prevent it from becoming a reality.
More payroll support needed
The CARES Act payroll support program has covered the majority of U.S. airlines' payroll costs since the beginning of April. In exchange, the airlines had to agree not to implement any involuntary layoffs or furloughs before October. (They were also required to keep flying to all cities they served before the pandemic unless they received a government waiver, among other conditions.)
The basic goal of the payroll support program was to help airlines survive the lean period during the peak of the pandemic without resorting to mass layoffs and furloughs. Unfortunately, six months later, it appears unlikely that a meaningful air traffic recovery will materialize before next spring or summer (at best).
Airlines have aggressively pursued voluntary measures to adjust staffing levels, such as buyouts, early retirement packages, temporary leaves, and reduced work schedules. That has allowed airlines including Southwest Airlines and Delta to avoid -- or at least delay -- furloughs and layoffs.
Image source: American Airlines.
Nevertheless, without additional payroll support funding, tens of thousands of airline workers will likely lose their jobs this week. American Airlines alone plans to furlough 19,000 employees without a payroll support extension. United Airlines would also furlough more than 10,000 people. (The CEO of airline trade association Airlines for America recently put the total number of jobs at risk at 100,000, although that appears unduly alarmist based on the plans airlines have publicized.)
Bipartisan support, but no deal so far
Last month, it seemed quite likely that the government would extend the payroll support program by six months. While the program has its detractors, there is strong bipartisan support within Congress and the White House for six more months of airline payroll support. Indeed, between the prospect of lost jobs in major hub markets and the risk of small communities across the U.S. losing air service, most members of Congress have a strong incentive to maintain the status quo.
The problem is that the proposed payroll support extension has been caught up in broader fights about coronavirus relief funding. Democrats are pushing another multitrillion-dollar relief bill that is too pricey for many Republicans' taste. Republicans would prefer a piecemeal approach, but Democrats have been unwilling to go that route because it would likely doom their chances of getting funding for their policy priorities.
Airline executives, especially American Airlines CEO Doug Parker, have been vocal about the unfairness of forcing airlines to furlough tens of thousands of workers simply because of Washington gridlock. However, the system is what it is. The brewing fight over the newly vacant Supreme Court seat will only exacerbate the difficulty of passing even innocuous coronavirus relief measures.
Is late better than never?
The House of Representatives is currently scheduled to adjourn on Oct. 2 so that members can go home for a final month of campaigning before the election. The Senate is supposed to adjourn a week later. There is plenty of other business to attend to in this short period of time, including a continuing resolution to avert a government shutdown.Â
Of course, these schedules aren't set in stone. Still, if there's no deal in the next few days, it's unlikely that there would be any chance of a payroll support extension until after the election.
By that point, the rationale for six more months of payroll support will be much weaker. The largest and most vulnerable airlines (including American and United) will probably have implemented their furloughs by then, as they can't really afford to wait. Airlines wouldn't be able to seamlessly recall employees who lose certifications upon being furloughed.
If Congress offers additional payroll support aid, the airlines will presumably take it, no matter when it comes. However, a payroll support extension passed before the end of September will be far more useful than one passed two or three months from now.
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Â
Adam Levine-Weinberg owns shares of Delta Air Lines and Southwest Airlines. The Motley Fool recommends Delta Air Lines and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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As a result, airlines -- led by American Airlines (NASDAQ: AAL), Delta Air Lines (NYSE: DAL), and United Airlines (NASDAQ: UAL) -- and airline unions have been lobbying aggressively for a six-month extension of the payroll support program. Only one thing enabled the industry to avoid desperate moves like mass furloughs and wholesale service cuts in small cities: a generous payroll support program included in the CARES Act. Airlines have aggressively pursued voluntary measures to adjust staffing levels, such as buyouts, early retirement packages, temporary leaves, and reduced work schedules.
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As a result, airlines -- led by American Airlines (NASDAQ: AAL), Delta Air Lines (NYSE: DAL), and United Airlines (NASDAQ: UAL) -- and airline unions have been lobbying aggressively for a six-month extension of the payroll support program. Only one thing enabled the industry to avoid desperate moves like mass furloughs and wholesale service cuts in small cities: a generous payroll support program included in the CARES Act. Nevertheless, without additional payroll support funding, tens of thousands of airline workers will likely lose their jobs this week.
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As a result, airlines -- led by American Airlines (NASDAQ: AAL), Delta Air Lines (NYSE: DAL), and United Airlines (NASDAQ: UAL) -- and airline unions have been lobbying aggressively for a six-month extension of the payroll support program. More payroll support needed The CARES Act payroll support program has covered the majority of U.S. airlines' payroll costs since the beginning of April. Airline executives, especially American Airlines CEO Doug Parker, have been vocal about the unfairness of forcing airlines to furlough tens of thousands of workers simply because of Washington gridlock.
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As a result, airlines -- led by American Airlines (NASDAQ: AAL), Delta Air Lines (NYSE: DAL), and United Airlines (NASDAQ: UAL) -- and airline unions have been lobbying aggressively for a six-month extension of the payroll support program. Nevertheless, without additional payroll support funding, tens of thousands of airline workers will likely lose their jobs this week. American Airlines alone plans to furlough 19,000 employees without a payroll support extension.
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5256.0
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2020-09-26 00:00:00 UTC
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Forget Airline Stocks, This High-Growth Infrastructure Stock Is a Better Buy Right Now
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AAL
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https://www.nasdaq.com/articles/forget-airline-stocks-this-high-growth-infrastructure-stock-is-a-better-buy-right-now-2020
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nan
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nan
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The coronavirus pandemic continues to weigh on the global economy, and maybe no industry has been hit harder than commercial transportation. Airlines in particular face a tough path forward; even as the economy has recovered somewhat, and air travel has improved from the lows in April, airports are still only screening about one-third as many passengers as they were a year ago.Â
As a result, the biggest airline stocks are still down more than from their pre-pandemic highs. Shares of Delta Air Lines (NYSE: DAL) are down 53%, while both American Airlines (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) are down more than 60% as of this writing. Of the largest U.S. carriers, Southwest Airlines (NYSE: LUV) has been the "best" investment, down 37% from pre-pandemic highs.Â
Yet investors have continued to come back to airline stocks on the prospects of the post-coronavirus recovery. While a recovery will eventually happen, climbing global COVID-19 cases and travel limits around the world are likely to weigh on the industry -- and result in continued massive losses -- for an extended period of time. That creates substantial risk of losses for investors.Â
Airlines are going to keep burning cash for the foreseeable future. Image source: Getty Images.
At the same time, NV5 Global (NASDAQ: NVEE) continues to be overlooked. It's growing revenues at a high double-digit clip, and the infrastructure industry it works in is primed for multiple decades of global growth. Yet despite its position, performance, and wonderful growth prospects, NV5 shares are down 32% from their 12-month highs, and represent an incredible value for this high-growth -- and not struggling -- business.Â
Risks to the "quick recovery" thesis for airlines
Airline investors are pinning their hopes on a combination of rapid vaccine development and high-speed testing, which would open the floodgates on commercial air travel. United recently announced that it would start offering COVID-19 tests for passengers flying from San Francisco to Hawaii starting in mid-October, so we are starting to see a step toward testing for air travel.
However, the reality is, the pharmaceutical industry's capacity to manufacture the volume of tests is limited, and it will take a lot of time to built out that capacity; moreover it's a near-certainty that most of the initial rapid-test capacity that gets brought to market isn't going to go to airlines. It's far more likely that workers in healthcare, child care, education, essential retail like supermarkets, and other critical industries will be first in line.Â
As to the progress on a COVID-19 vaccine, we're still many months away from full regulatory approval. Pfizer and its joint venture partner BioNTech, leaders in the race to develop a vaccine, just announced expanded enrollment in their phase 2/3 trial, and expect to have initial data in October. Meanwhile, Johnson & Johnson is just beginning its phase 3 trial for its single-shot vaccine candidate. But at this stage, most of the candidates are still finishing up enrollment in their trials, so even the initial data we see from the frontrunners is likely to be limited.Â
And at best, that limited data, if positive, will result in very limited emergency use authorizations for specific groups, not full regulatory approval. That's simply not going to happen before 2021.Â
In the meantime, airlines continue burning through their reserves
Looking at the "good" news for airlines over the past month serves to remind us how important perspective is. Here are some of the notable headlines this month for airline stocks:Â
Southwest Cash Burn Improves Again
Delta Air Lines Says No Furloughs Coming Except for Pilots: Here's Why
Airlines Report More Progress on Cash Burn
Delta Raises Bond Sale to $9 Billion, Largest Debt Offering in Airline History
So, we have, "we're still burning cash," "we're laying off pilots and everyone else is getting their hours cut," "we're still burning cash, too," and "we just took out record debt because we're burning cash." This industry isn't in recovery.Â
As a group, airlines have added massive amounts of debt this year to cover their mounting losses:
LUV Total Long Term Debt (Quarterly) data by YCharts
And that's even with the industry getting significant financial support from the federal government. Only Southwest finished the second quarter with more cash than debt, and all have increased their debt by double-digit amounts this year.Â
The case for NV5 Global
While the airline industry remains a huge mess, NV5 is growing and profitable. In its second quarter ended June 29, revenue increased 29%, while adjusted earnings were $0.93 per share and operating cash flows came in at $50.7 million. Management immediately started using that cash to strengthen the balance sheet, paying off $17 million in debt soon after the quarter's end. This story runs entirely counter to what's going on with the cash-burning, recovery-uncertain airlines.
Enough about what's happening right now. Let's talk about the opportunity.
NV5 is a small, but fast-growing services provider across a wide group of vertical markets in the infrastructure, construction, utility, and geospatial markets. It is estimated that global infrastructure spending from 2007 to 2040 will be between $80 trillion and $94 trillion; a lot of that money will pay for concrete and steel, but the engineering, project management, compliance, and other services provided by NV5 and its competitors will generate trillions of dollars in revenues. With trailing-12-month revenue of $591 million, NV5 is a tiny player in this massive global industry.Â
It's also incredibly cheap. Due to some accounting quirks, its GAAP -- generally accepted accounting principles -- net income fell last quarter, resulting in a higher P/E ratio than investors have been willing to pay in recent years, even with the stock price still down over 20%. But on a cash flow basis, NV5 trades at by far its cheapest valuation ever:
NVEE P/E Ratio data by YCharts
The obvious winner
Eventually the airline industry will recover, and top airlines like Delta and Southwest (which I own) will make for compelling investments. But in the meantime, their financial situation worsens with each passing day, and that will result in a harder path forward as they burn through cash they won't have in order to pay down their growing debt loads. At the same time, NV5 is growing quickly, pumping out cash, and trading for a single-digit cash flow valuation that makes the stock cheaper than it's ever been.Â
It's not even close as to which is the better investment right now. NV5 is a great business trading for cheap, while airlines are still burning cash and loaded with risk. Invest accordingly.Â
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*Stock Advisor returns as of August 1, 2020
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Jason Hall owns shares of NV5 Global and Southwest Airlines. The Motley Fool owns shares of and recommends NV5 Global. The Motley Fool recommends Delta Air Lines, Johnson & Johnson, and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of Delta Air Lines (NYSE: DAL) are down 53%, while both American Airlines (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) are down more than 60% as of this writing. While a recovery will eventually happen, climbing global COVID-19 cases and travel limits around the world are likely to weigh on the industry -- and result in continued massive losses -- for an extended period of time. Pfizer and its joint venture partner BioNTech, leaders in the race to develop a vaccine, just announced expanded enrollment in their phase 2/3 trial, and expect to have initial data in October.
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Shares of Delta Air Lines (NYSE: DAL) are down 53%, while both American Airlines (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) are down more than 60% as of this writing. Here are some of the notable headlines this month for airline stocks: Southwest Cash Burn Improves Again Delta Air Lines Says No Furloughs Coming Except for Pilots: Here's Why Airlines Report More Progress on Cash Burn Delta Raises Bond Sale to $9 Billion, Largest Debt Offering in Airline History So, we have, "we're still burning cash," "we're laying off pilots and everyone else is getting their hours cut," "we're still burning cash, too," and "we just took out record debt because we're burning cash." But on a cash flow basis, NV5 trades at by far its cheapest valuation ever: NVEE P/E Ratio data by YCharts The obvious winner Eventually the airline industry will recover, and top airlines like Delta and Southwest (which I own) will make for compelling investments.
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Shares of Delta Air Lines (NYSE: DAL) are down 53%, while both American Airlines (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) are down more than 60% as of this writing. Yet despite its position, performance, and wonderful growth prospects, NV5 shares are down 32% from their 12-month highs, and represent an incredible value for this high-growth -- and not struggling -- business. Risks to the "quick recovery" thesis for airlines Airline investors are pinning their hopes on a combination of rapid vaccine development and high-speed testing, which would open the floodgates on commercial air travel. Here are some of the notable headlines this month for airline stocks: Southwest Cash Burn Improves Again Delta Air Lines Says No Furloughs Coming Except for Pilots: Here's Why Airlines Report More Progress on Cash Burn Delta Raises Bond Sale to $9 Billion, Largest Debt Offering in Airline History So, we have, "we're still burning cash," "we're laying off pilots and everyone else is getting their hours cut," "we're still burning cash, too," and "we just took out record debt because we're burning cash."
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Shares of Delta Air Lines (NYSE: DAL) are down 53%, while both American Airlines (NASDAQ: AAL) and United Airlines Holdings (NASDAQ: UAL) are down more than 60% as of this writing. While a recovery will eventually happen, climbing global COVID-19 cases and travel limits around the world are likely to weigh on the industry -- and result in continued massive losses -- for an extended period of time. Here are some of the notable headlines this month for airline stocks: Southwest Cash Burn Improves Again Delta Air Lines Says No Furloughs Coming Except for Pilots: Here's Why Airlines Report More Progress on Cash Burn Delta Raises Bond Sale to $9 Billion, Largest Debt Offering in Airline History So, we have, "we're still burning cash," "we're laying off pilots and everyone else is getting their hours cut," "we're still burning cash, too," and "we just took out record debt because we're burning cash."
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5257.0
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2020-09-25 00:00:00 UTC
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American Airlines Taps the Treasury for $5.5 Billion Loan and Could Seek More
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AAL
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https://www.nasdaq.com/articles/american-airlines-taps-the-treasury-for-%245.5-billion-loan-and-could-seek-more-2020-09-25
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nan
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nan
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American Airlines Group (NASDAQ: AAL) said late Friday that it has finalized a $5.5 billion loan from the U.S. Treasury and could borrow up to $2 billion more next month depending on how many other airlines look to the government for assistance.
American was originally allocated $4.75 billion of a $25 billion package of loans under the CARES Act stimulus plan, but rivals including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL) have said they do not intend to use the funds earmarked for them under the plan.
United Airlines Holdings (NASDAQ: UAL) is also expected to borrow under the Treasury plan.
Image source: American Airlines.
American said in a regulatory filing that it has been advised that the government will allocate additional funds in October, and that the airline could take up to $7.5 billion in total borrowings from the Treasury Department.
Airlines have been hit hard by the coronavirus pandemic, which has sapped demand for travel and cut into revenue. The industry received $50 billion in federal assistance as part of the CARES Act, including $25 billion in payroll support and the $25 billion loan package.
American said it will use its frequent flyer program as collateral on the loan, which also requires participants to issue warrants and limit executive compensation and buybacks while the loans are outstanding.
The added funds will help American ride out the pandemic, but the company's balance sheet will need years to recover. American came into the pandemic with the industry's highest debt total and now has total debt of more than $40 billion. It could cut upward of 40,000 jobs in the weeks to come absent a second round of government payroll support.
10 stocks we like better than American Airlines Group
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Lou Whiteman owns shares of Delta Air Lines. The Motley Fool recommends Delta Air Lines and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines Group (NASDAQ: AAL) said late Friday that it has finalized a $5.5 billion loan from the U.S. Treasury and could borrow up to $2 billion more next month depending on how many other airlines look to the government for assistance. American was originally allocated $4.75 billion of a $25 billion package of loans under the CARES Act stimulus plan, but rivals including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL) have said they do not intend to use the funds earmarked for them under the plan. American said in a regulatory filing that it has been advised that the government will allocate additional funds in October, and that the airline could take up to $7.5 billion in total borrowings from the Treasury Department.
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American Airlines Group (NASDAQ: AAL) said late Friday that it has finalized a $5.5 billion loan from the U.S. Treasury and could borrow up to $2 billion more next month depending on how many other airlines look to the government for assistance. American was originally allocated $4.75 billion of a $25 billion package of loans under the CARES Act stimulus plan, but rivals including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL) have said they do not intend to use the funds earmarked for them under the plan. The industry received $50 billion in federal assistance as part of the CARES Act, including $25 billion in payroll support and the $25 billion loan package.
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American Airlines Group (NASDAQ: AAL) said late Friday that it has finalized a $5.5 billion loan from the U.S. Treasury and could borrow up to $2 billion more next month depending on how many other airlines look to the government for assistance. American was originally allocated $4.75 billion of a $25 billion package of loans under the CARES Act stimulus plan, but rivals including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL) have said they do not intend to use the funds earmarked for them under the plan. 10 stocks we like better than American Airlines Group When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen.
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American Airlines Group (NASDAQ: AAL) said late Friday that it has finalized a $5.5 billion loan from the U.S. Treasury and could borrow up to $2 billion more next month depending on how many other airlines look to the government for assistance. American was originally allocated $4.75 billion of a $25 billion package of loans under the CARES Act stimulus plan, but rivals including Southwest Airlines (NYSE: LUV) and Delta Air Lines (NYSE: DAL) have said they do not intend to use the funds earmarked for them under the plan. The industry received $50 billion in federal assistance as part of the CARES Act, including $25 billion in payroll support and the $25 billion loan package.
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5258.0
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2020-09-25 00:00:00 UTC
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American Airlines – Wait Or Buy?
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AAL
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https://www.nasdaq.com/articles/american-airlines-wait-or-buy-2020-09-25
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nan
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nan
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With the resurgence of Covid-19 infections in Europe and the U.S. governmentâs aid to Airlines about to expire, investors are pessimistic about Airlines stocks. This is why American Airlinesâ (NASDAQ:AAL) has dropped nearly -10.6% in the last 5 trading days. So what does it mean for investors? We believe that the near term downside risk to the stock remains meaningful, but the current prices also mean an attractive entry point for a long-term investment. We arrive at our conclusion by assessing American Airlinesâ recent market movement from three perspectives:
Relative positioning in the market
Underlying financial trends, and
The output of the Trefis machine learning engine which looks at past patterns to predict near term behavior.
Our dashboard Big Movers: American Airlines Moved -10.6% â What Next? lays this out
What relative positioning suggests:Â Are you a value investor who identifies and invests in under-priced securities based on market comparisons? Then this might be important to you.
American Airlinesâ stock price decreased -51% this year, from $28.57 to $13.80, before moving -10.6% last week, and ending at $12.34. At the beginning of this year, American Airlinesâ trailing 12 month P/S ratio was 0.28. This figure decreased -24% to 0.21, before ending at 0.19. This is a sharper decline than its peer Delta Airlines. Compared to American Airlinesâ P/S multiple of 0.19, the figure for its peers Alaska Airlines, United Airlines, Jetblue, Southwest Airlines, and Delta Airlines stands at 1.05, 0.31, 0.54, 1.35, and 0.31 respectively. This implies that American Airlines is priced at the cheapest end of the spectrum, suggesting room for meaningful upside.
What fundamentals suggest: Want to consider long term investment? Then pay attention here.
American Airlinesâ stock price decreased -10.6% last week. In comparison, the stock has decreased -43% between 2017 and 2019, and has decreased -75% between 2017 and now. So this move seems to be in line with the long-term trend. But do the underlying financials justify the stock movement? American Airlinesâ revenue has increased 7.4% from $42,622 Mil in 2017 to $45,768 Mil in 2019. For the last 12 months, this figure stood at $33,361 Mil, implying a decrease of -27% over 2019 numbers. In addition, its net margins have increased from 3% in 2017 to 3.7% in 2019. For the last 12 months, this figure stood at -10.4%. Thus, except for the impact of Covid-19, American Airlines was consistently growing its top line while maintaining the same margins. So why has the stock declined consistently? One of the reasons could be lower margins compared to competitors. For instance, Delta Airlines had net margin of 10.1% in 2019 compared to 3.7% for American Airlines. Lower margins make airlines more susceptible to external shocks such as oil price fluctuations and a pandemic. But considering current levels, American Airlines could be a reasonable long-term bet. The stock is likely to rebound as demand comes back.
What machine learning algorithm suggests: More interested in short term returns? Then you might want to give this perspective more weight.
Our AI engine analyzes past patterns in stock movements to predict near term behavior for a given level of movement in the recent period and suggests about a 34% probability of American Airlines rebounding 10% over the next 21 trading days. Compared to this, the probability of dropping further by -10% is 37%, suggesting a greater likelihood of downside. Our detailed dashboard highlights the chances of American Airlinesâ stock rising after a fall and should help you understand near-term return probabilities for different levels of movements.
Taking all 3 perspectives together, we believe that risk of downside remains high in the near term. But there is no doubt that there could be good returns in store for investors willing to wait out the lean demand period. But, what if youâre looking for a more balanced portfolio instead? Hereâs a high quality portfolio to beat the market, with over 100% return since 2016, versus 55% for the S&P 500. Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
See all Trefis Price Estimates and Download Trefis Data here
Whatâs behind Trefis? See How Itâs Powering New Collaboration and What-Ifs For CFOs and Finance Teams | Product, R&D, and Marketing Teams
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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This is why American Airlinesâ (NASDAQ:AAL) has dropped nearly -10.6% in the last 5 trading days. We believe that the near term downside risk to the stock remains meaningful, but the current prices also mean an attractive entry point for a long-term investment. lays this out What relative positioning suggests:Â Are you a value investor who identifies and invests in under-priced securities based on market comparisons?
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This is why American Airlinesâ (NASDAQ:AAL) has dropped nearly -10.6% in the last 5 trading days. We believe that the near term downside risk to the stock remains meaningful, but the current prices also mean an attractive entry point for a long-term investment. We arrive at our conclusion by assessing American Airlinesâ recent market movement from three perspectives: Relative positioning in the market Underlying financial trends, and The output of the Trefis machine learning engine which looks at past patterns to predict near term behavior.
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This is why American Airlinesâ (NASDAQ:AAL) has dropped nearly -10.6% in the last 5 trading days. We arrive at our conclusion by assessing American Airlinesâ recent market movement from three perspectives: Relative positioning in the market Underlying financial trends, and The output of the Trefis machine learning engine which looks at past patterns to predict near term behavior. Compared to American Airlinesâ P/S multiple of 0.19, the figure for its peers Alaska Airlines, United Airlines, Jetblue, Southwest Airlines, and Delta Airlines stands at 1.05, 0.31, 0.54, 1.35, and 0.31 respectively.
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This is why American Airlinesâ (NASDAQ:AAL) has dropped nearly -10.6% in the last 5 trading days. We arrive at our conclusion by assessing American Airlinesâ recent market movement from three perspectives: Relative positioning in the market Underlying financial trends, and The output of the Trefis machine learning engine which looks at past patterns to predict near term behavior. For instance, Delta Airlines had net margin of 10.1% in 2019 compared to 3.7% for American Airlines.
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5259.0
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2020-09-25 00:00:00 UTC
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American Airlines secures $5.5 billion Treasury loan, could tap more
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AAL
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https://www.nasdaq.com/articles/american-airlines-secures-%245.5-billion-treasury-loan-could-tap-more-2020-09-25
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nan
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nan
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By Tracy Rucinski and David Shepardson
CHICAGO/WASHINGTON, Sept 25 (Reuters) - American Airlines AAL.O said on Friday it has secured a $5.5 billion government loan and could tap up to $2 billion more in October depending on how the U.S. Treasury allocates extra funds under a $25 billion loan package for airlines.
Airlines have until Sept. 30 to decide whether to take the U.S. Treasury loans, which were authorized under the CARES Act coronavirus relief bill passed by Congress in March.
American Airlines was originally allocated $4.75 billion, but carriers including Delta Air Lines DAL.N and Southwest Airlines LUV.N have already said they do not intend to take their share of the package, opening the door for the funds to be used by other airlines.
Fort Worth, Texas-based American said it has already drawn down $550 million of the Treasury loan, which is backed by its loyalty program. The loans also require airlines to issue warrants and carry restrictions on executive compensation and buybacks.
Among other carriers, United Airline UAL.O said this week it will tap the Treasury loans, but it was not clear whether the airline would only seek its $4.5 billion share or more.
U.S. airlines received a separate $25 billion in March under the CARES Act primarily in the form of grants to keep employees on payroll through the end of this month and avoid furloughs while the industry battles a deep downturn from the coronavirus pandemic.
The have also tapped capital markets to bolster liquidity, but with passenger traffic still down about 70% from pre-pandemic levels, the industry is urging Washington to extend another $25 billion in payroll support through March, 2021.
American said it has also closed a $1.2 billion debt offering with Goldman Sachs, backed by some intellectual property and airport slots.
(Reporting by Tracy Rucinski and David Shepardson; Editing by Tom Brown)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 25 (Reuters) - American Airlines AAL.O said on Friday it has secured a $5.5 billion government loan and could tap up to $2 billion more in October depending on how the U.S. Treasury allocates extra funds under a $25 billion loan package for airlines. Airlines have until Sept. 30 to decide whether to take the U.S. Treasury loans, which were authorized under the CARES Act coronavirus relief bill passed by Congress in March. U.S. airlines received a separate $25 billion in March under the CARES Act primarily in the form of grants to keep employees on payroll through the end of this month and avoid furloughs while the industry battles a deep downturn from the coronavirus pandemic.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 25 (Reuters) - American Airlines AAL.O said on Friday it has secured a $5.5 billion government loan and could tap up to $2 billion more in October depending on how the U.S. Treasury allocates extra funds under a $25 billion loan package for airlines. Airlines have until Sept. 30 to decide whether to take the U.S. Treasury loans, which were authorized under the CARES Act coronavirus relief bill passed by Congress in March. (Reporting by Tracy Rucinski and David Shepardson; Editing by Tom Brown) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 25 (Reuters) - American Airlines AAL.O said on Friday it has secured a $5.5 billion government loan and could tap up to $2 billion more in October depending on how the U.S. Treasury allocates extra funds under a $25 billion loan package for airlines. American Airlines was originally allocated $4.75 billion, but carriers including Delta Air Lines DAL.N and Southwest Airlines LUV.N have already said they do not intend to take their share of the package, opening the door for the funds to be used by other airlines. Among other carriers, United Airline UAL.O said this week it will tap the Treasury loans, but it was not clear whether the airline would only seek its $4.5 billion share or more.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 25 (Reuters) - American Airlines AAL.O said on Friday it has secured a $5.5 billion government loan and could tap up to $2 billion more in October depending on how the U.S. Treasury allocates extra funds under a $25 billion loan package for airlines. Airlines have until Sept. 30 to decide whether to take the U.S. Treasury loans, which were authorized under the CARES Act coronavirus relief bill passed by Congress in March. Fort Worth, Texas-based American said it has already drawn down $550 million of the Treasury loan, which is backed by its loyalty program.
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5260.0
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2020-09-25 00:00:00 UTC
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Delta Air Lines Dropping – What Comes Next?
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AAL
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https://www.nasdaq.com/articles/delta-air-lines-dropping-what-comes-next-2020-09-25
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nan
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nan
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Airlines are dropping again? Delta Air Lines (NYSE:DAL) fell nearly -12.6% in the last 5 trading days, which is significantly more than the broad market decline of -2.8% (S&P 500). Whatâs going wrong? The government aid to protect airline workers is set to expire at the end of this month. That was expected, but what makes it worrisome is that with the resurgence of infection in many European countries â there is the fear of renewed lockdown. So what does it mean for investors? Is the recent drop an indication to sell, or does it make the stock price even more attractive? Near term downside risk remains meaningful, but the current price is an attractive entry point from a long-term perspective.
We arrive at our conclusion by assessing Deltaâs recent market movement from three perspectives:
Relative positioning in the market
Underlying financial trends, and
The output of the Trefis machine learning engine which looks at past patterns to predict near term behavior.
Our dashboard Big Movers: Delta Air Lines Moved -12.6% â What Next? lays this out.
What relative positioning suggests:Â Are you a value investor who identifies and invests in under-priced securities based on market comparisons? Then this might be important to you.
Delta Air Linesâ stock price decreased -40% this year, from $58.08 to $34.57, before moving -12.6% last week, and ending at $30.22. At the beginning of this year, Delta Air Linesâ trailing 12 month P/S ratio was 0.8. This figure decreased -19.5% to 0.65, before ending at 0.57. So the stock is certainly cheaper now, but the picture is incomplete without peer comparison. Compared to Delta Air Linesâ P/S multiple of 0.57, the figure for its peers United Airlines, Southwest Airlines, and American Airlines stands at 0.31, 1.35, and 0.19 respectively. So while Delta is doing better than United and American, it is being rewarded much less than Southwest. Overall, peer comparison suggests that there may not be much room to rebound in the near term.
What fundamentals suggest: Want to consider long term investment? Then pay attention here.
Delta Air Linesâ stock price decreased -12.6% last week. In comparison, the stock has increased 10% between 2017 and 2019, and has decreased -42.8% between 2017 and now. So not much return for investors even before the pandemic hit. Interestingly, this looks at odds with how the underlying financials have performed. Delta Air Linesâ revenue increased 14.3% from $41,138 Mil in 2017 to $47,007 Mil in 2019. For the last 12 months, this figure stood at $34,059 Mil, implying a decrease of -27.5% over 2019 numbers â but thatâs due to the halt in operations driven by the pandemic. In addition, Delta Air Linesâ net margins increased 30.2% from 7.8% in 2017 to 10.1% in 2019. For the last 12 months, this figure stood at -10.7%. The crux is that Covid-19 disruption apart, Delta was growing its revenues consistently and improving its margins alongside, yet the market did not reward it much. But that story may change as the demand rebounds because the current price level, which is at half of what it was at the end of 2019, could be an attractive entry point.
What machine learning algorithm suggests: More interested in short term returns? Then you might want to give this perspective more weight.
Our AI engine analyzes past patterns in stock movements to predict near term behavior for a given level of movement in the recent period and suggests about a 27% probability of Delta Air Lines rebounding 10% over the next 21 trading days. Compared to this, the probability of dropping further by -10% is 30%, suggesting a greater likelihood of downside. Our detailed dashboard highlights the chances of Deltaâs stock rising after a fall and should help you understand near-term return probabilities for different levels of movements.
Taking all 3 perspectives together, we believe that risk of downside remains high in the near term. But there is no doubt that there could be good returns in store for investors willing to wait out the lean demand period. But, what if youâre looking for a more balanced portfolio instead? Hereâs a high quality portfolio to beat the market, with over 100% return since 2016, versus 55% for the S&P 500. Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
See all Trefis Price Estimates and Download Trefis Data here
Whatâs behind Trefis? See How Itâs Powering New Collaboration and What-Ifs For CFOs and Finance Teams | Product, R&D, and Marketing Teams
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Near term downside risk remains meaningful, but the current price is an attractive entry point from a long-term perspective. What relative positioning suggests:Â Are you a value investor who identifies and invests in under-priced securities based on market comparisons? Our detailed dashboard highlights the chances of Deltaâs stock rising after a fall and should help you understand near-term return probabilities for different levels of movements.
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We arrive at our conclusion by assessing Deltaâs recent market movement from three perspectives: Relative positioning in the market Underlying financial trends, and The output of the Trefis machine learning engine which looks at past patterns to predict near term behavior. Compared to Delta Air Linesâ P/S multiple of 0.57, the figure for its peers United Airlines, Southwest Airlines, and American Airlines stands at 0.31, 1.35, and 0.19 respectively. Our AI engine analyzes past patterns in stock movements to predict near term behavior for a given level of movement in the recent period and suggests about a 27% probability of Delta Air Lines rebounding 10% over the next 21 trading days.
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We arrive at our conclusion by assessing Deltaâs recent market movement from three perspectives: Relative positioning in the market Underlying financial trends, and The output of the Trefis machine learning engine which looks at past patterns to predict near term behavior. Delta Air Linesâ stock price decreased -40% this year, from $58.08 to $34.57, before moving -12.6% last week, and ending at $30.22. Our AI engine analyzes past patterns in stock movements to predict near term behavior for a given level of movement in the recent period and suggests about a 27% probability of Delta Air Lines rebounding 10% over the next 21 trading days.
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Is the recent drop an indication to sell, or does it make the stock price even more attractive? So not much return for investors even before the pandemic hit. Our AI engine analyzes past patterns in stock movements to predict near term behavior for a given level of movement in the recent period and suggests about a 27% probability of Delta Air Lines rebounding 10% over the next 21 trading days.
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5261.0
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2020-09-24 00:00:00 UTC
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U.S. airlines turn eyes to expected new House coronavirus relief proposal
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AAL
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https://www.nasdaq.com/articles/u.s.-airlines-turn-eyes-to-expected-new-house-coronavirus-relief-proposal-2020-09-24
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nan
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nan
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. airline unions expressed hope on Thursday that Congress could strike a deal in the coming days that would provide $25 billion to prevent tens of thousands of furloughs on Oct. 1 after the U.S. Treasury chief said he could not act unilaterally to save airline jobs.
A new Democratic-proposed House bill is expected to provide$2.4 trillion in coronavirus relief that would include funds for airlines and restaurants, a congressional aide said, down from $3.4 trillion approved in May. That figure is still far above the $300 billion Senate Republicans backed earlier this month.
While the White House has repeatedly said it would seek executive action to help airlines if Congress failed to pass a deal, Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to airlines.
"Is there anything that you have under existing authorities, either the CARES act authorities, or prior law, that could help the airlines avoid these coming layoffs?" Republican Senator Tom Cotton asked Mnuchin.
"Unfortunately there is not," Mnuchin said. He added the funding from Congress approved in March "literally saved the entire industry."
Many congressional aides and some airlines are pessimistic about the prospects of a new bailout.
Some lawmakers are pushing for a deal before Oct. 1, when airlines are set to furlough tens of thousands of workers if they do not secure additional payroll support.
International President of Flight Attendants-CWA President Sara Nelson said labor's pressure on lawmakers was having an impact.
"We are seeing that this is moving us to a full relief bill," Nelson said over Facebook Live.
An initial $25 billion in payroll assistance under the CARES Act approved in March required no layoffs by airlines through Sept. 30, but with industry continuing to struggle, airlines are pleading with Congress for more money.
U.S. Senator Roger Wicker, a Republican, sought to fast-track legislation for a fresh $25.5 billion in airline bailout funds to avoid layoffs for another six months, but it failed to move forward after some senators raised objections.
American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports.
United Airlines UAL.O and Delta Air Lines DAL.N are delaying the furlough date for their pilots by a month as they try to strike new agreements and await developments in Washington.
Treasury has a separate $25 billion loan fund for passenger airlines, but not all airlines are tapping it.
(Reporting by David Shepardson and Tracy Rucinski, editing by Timothy Gardner)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. airline unions expressed hope on Thursday that Congress could strike a deal in the coming days that would provide $25 billion to prevent tens of thousands of furloughs on Oct. 1 after the U.S. Treasury chief said he could not act unilaterally to save airline jobs. Some lawmakers are pushing for a deal before Oct. 1, when airlines are set to furlough tens of thousands of workers if they do not secure additional payroll support.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. airline unions expressed hope on Thursday that Congress could strike a deal in the coming days that would provide $25 billion to prevent tens of thousands of furloughs on Oct. 1 after the U.S. Treasury chief said he could not act unilaterally to save airline jobs. A new Democratic-proposed House bill is expected to provide$2.4 trillion in coronavirus relief that would include funds for airlines and restaurants, a congressional aide said, down from $3.4 trillion approved in May.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. airline unions expressed hope on Thursday that Congress could strike a deal in the coming days that would provide $25 billion to prevent tens of thousands of furloughs on Oct. 1 after the U.S. Treasury chief said he could not act unilaterally to save airline jobs. While the White House has repeatedly said it would seek executive action to help airlines if Congress failed to pass a deal, Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to airlines.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. airline unions expressed hope on Thursday that Congress could strike a deal in the coming days that would provide $25 billion to prevent tens of thousands of furloughs on Oct. 1 after the U.S. Treasury chief said he could not act unilaterally to save airline jobs. A new Democratic-proposed House bill is expected to provide$2.4 trillion in coronavirus relief that would include funds for airlines and restaurants, a congressional aide said, down from $3.4 trillion approved in May.
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5262.0
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2020-09-24 00:00:00 UTC
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Why Airline Shares Are Falling Today
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AAL
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https://www.nasdaq.com/articles/why-airline-shares-are-falling-today-2020-09-24
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nan
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nan
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What happened
It's been a risk-off week on Wall Street, and airline shares have been caught up in the downdraft. The industry has been hit hard by the COVID-19 pandemic, and without a lot of good news about the economy or the pandemic, investors are having a hard time getting excited about airline stocks.
Shares of Spirit Airlines (NYSE: SAVE) led the decline on Thursday morning, down as much as 6.3%, while shares of American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and Delta Air Lines (NYSE: DAL) were each down more than 5% and Southwest Airlines (NYSE: LUV) was off by 4.6%.
The stocks all had recovered somewhat by midday, rising with the broader markets, but although the S&P 500 is in the green as of noon EDT the airlines are all down between 2% and 4%.
So what
The airline industry is one of the big losers from the pandemic. Second-quarter revenue fell 80% year over year at most companies, and with traffic unlikely to fully recover until 2022 the carriers are cutting costs and preparing for a long downturn.
The stocks have recovered from March and April lows, but in recent months have been range-bound and trading more on news about the timetable for a vaccine and insight about how quickly the economy might rebound once the crisis is over.
Image source: Getty Images.
There hasn't been much optimism on Wall Street this week, and it is taking its toll on airline stocks.
Airlines so far have avoided layoffs thanks to government assistance provided as part of the CARES Act, but prohibitions on involuntary cuts included in the stimulus bill expire on Sept. 30. So far, despite some support on Capitol Hill, additional stimulus appears to be a long shot.
Delta has pledged to hold off on furloughs to give legislators time to act, and United, Spirit, and Southwest all have deals with at least some of their work groups to cut costs without furloughs. But it is possible we'll soon be reading headlines about massive worker cuts from at least some airlines.
United on Thursday offered a glimpse at how complicated it could be to resume normal operations. The airline will offer COVID-19 tests to passengers traveling to Hawaii to help customers comply with the state's post-quarantine guidelines. When airlines eventually begin to rebuild their international schedules, similar measures will likely be necessary to make sure travelers comply with each nation's pandemic rules.
Now what
For all the drama surrounding the industry this year, these airline stocks have largely been stuck in a holding pattern over the past three months. Filter out all the day-to-day noise and that makes sense: We know the recovery will be slow and painful, but we also know the airlines have ample cash to weather this crisis for an extended period of time.
Airline data by YCharts
Despite the doom and gloom I'm optimistic the airline industry can survive without bankruptcies, though given the risks I'd advise investors to limit airline stocks to a small part of a well-diversified portfolio. And be choosy about what you buy. Delta and Southwest are best-of-breed airlines that should be able to handle whatever comes their way, while Spirit is a high-risk, high-potential-reward stock for those who can handle the turbulence.
10 stocks we like better than Southwest Airlines
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Lou Whiteman owns shares of Delta Air Lines and Spirit Airlines. The Motley Fool owns shares of Spirit Airlines. The Motley Fool recommends Delta Air Lines and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Shares of Spirit Airlines (NYSE: SAVE) led the decline on Thursday morning, down as much as 6.3%, while shares of American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and Delta Air Lines (NYSE: DAL) were each down more than 5% and Southwest Airlines (NYSE: LUV) was off by 4.6%. The stocks have recovered from March and April lows, but in recent months have been range-bound and trading more on news about the timetable for a vaccine and insight about how quickly the economy might rebound once the crisis is over. Airlines so far have avoided layoffs thanks to government assistance provided as part of the CARES Act, but prohibitions on involuntary cuts included in the stimulus bill expire on Sept. 30.
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Shares of Spirit Airlines (NYSE: SAVE) led the decline on Thursday morning, down as much as 6.3%, while shares of American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and Delta Air Lines (NYSE: DAL) were each down more than 5% and Southwest Airlines (NYSE: LUV) was off by 4.6%. Lou Whiteman owns shares of Delta Air Lines and Spirit Airlines. The Motley Fool recommends Delta Air Lines and Southwest Airlines.
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Shares of Spirit Airlines (NYSE: SAVE) led the decline on Thursday morning, down as much as 6.3%, while shares of American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and Delta Air Lines (NYSE: DAL) were each down more than 5% and Southwest Airlines (NYSE: LUV) was off by 4.6%. Airline data by YCharts Despite the doom and gloom I'm optimistic the airline industry can survive without bankruptcies, though given the risks I'd advise investors to limit airline stocks to a small part of a well-diversified portfolio. 10 stocks we like better than Southwest Airlines When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen.
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Shares of Spirit Airlines (NYSE: SAVE) led the decline on Thursday morning, down as much as 6.3%, while shares of American Airlines Group (NASDAQ: AAL), United Airlines Holdings (NASDAQ: UAL), and Delta Air Lines (NYSE: DAL) were each down more than 5% and Southwest Airlines (NYSE: LUV) was off by 4.6%. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market. * David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Southwest Airlines wasn't one of them!
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5263.0
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2020-09-24 00:00:00 UTC
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Mnuchin says U.S. Treasury cannot act on own to avert airline layoffs
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AAL
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https://www.nasdaq.com/articles/mnuchin-says-u.s.-treasury-cannot-act-on-own-to-avert-airline-layoffs-2020-09-24
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nan
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to help U.S. passenger airlines avoid thousands of layoffs.
Airlines have been pushing Congress for months to back a new $25 billion bailout and extend payroll assistance to prevent passenger airline layoffs for another six months. The $25 billion payroll assistance in the "CARES" act approved in March required no layoffs by airlines through Sept. 30.
"Is there anything that you have under existing authorities, either the CARES act authorities, or prior law, that could help the airlines avoid these coming layoffs?" Republican Senator Tom Cotton asked Mnuchin.
"Unfortunately there is not," Mnuchin said. He added the funding from Congress approved in March "literally saved the entire industry."
Cotton said he had been asked by numerous airline workers about the status of the talks - and even got a hug from a flight attendant who recognized him on a recent flight.
Mnuchin said the Trump administration supports legislation introduced by Senator Roger Wicker, a Republican, that would provide $25.5 billion in airline payroll support to avoid layoffs for the another six months.
Wicker on Wednesday sought to fast-track the airline support bill but was unsuccessful after some senators raised objections.
American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports.
There could still a last-minute agreement between Mnuchin and House Speaker Nancy Pelosi, a Democrat, over a broader coronavirus relief package.
Treasury has a separate $25 billion loan fund for passenger airlines. Both American Airlines and United Airlines UAL.O plan to accept those loans, but many including Delta Air Lines DAL.N and Southwest Airlines LUV.N will not. Mnuchin said a "lot of money" in the passenger airline loan fund will not be used and could be reallocated.
(Reporting by David Shepardson and Tracy Rucinski, editing by Timothy Gardner)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to help U.S. passenger airlines avoid thousands of layoffs. Wicker on Wednesday sought to fast-track the airline support bill but was unsuccessful after some senators raised objections.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. The $25 billion payroll assistance in the "CARES" act approved in March required no layoffs by airlines through Sept. 30. Republican Senator Tom Cotton asked Mnuchin.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 24 (Reuters) - U.S. Treasury Secretary Steven Mnuchin told Congress on Thursday he cannot tap unused coronavirus lending authority to provide cash grants to help U.S. passenger airlines avoid thousands of layoffs. Airlines have been pushing Congress for months to back a new $25 billion bailout and extend payroll assistance to prevent passenger airline layoffs for another six months.
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American Airlines AAL.O said it would furlough some 19,000 workers on Oct. 1 without fresh aid and halt service to 15 smaller airports. The $25 billion payroll assistance in the "CARES" act approved in March required no layoffs by airlines through Sept. 30. "Unfortunately there is not," Mnuchin said.
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5264.0
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2020-09-23 00:00:00 UTC
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U.S. airline industry steps up aid push despite Washington impasse
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AAL
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https://www.nasdaq.com/articles/u.s.-airline-industry-steps-up-aid-push-despite-washington-impasse-2020-09-23
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Recasts with push for aid by airlines and unions, adds details throughout
CHICAGO, Sept 23 (Reuters) - U.S. airlines and unions were redoubling efforts on Wednesday to convince lawmakers to come together over another $25 billion in aid, though hopes for a deal this month were dwindling as lawmakers shifted focus to a political battle over a Supreme Court vacancy.
The industry has been hoping Congress would approve a $1.5 trillion coronavirus relief package with another round of airline payroll support before tens of thousands of airline employee furloughs set to take place on Oct. 1 when a current package expires.
But a fight over the Supreme Court seat left open by the death of Ruth Bader Ginsburg on Friday has derailed those prospects, said Loren Thompson, chief operating officer of the Lexington Institute, a Virginia-based think tank.
"The airline bailout matters relatively little to the Congress compared with the current debate over a Ginsburg successor. Before the SCOTUS (U.S. Supreme Court) fight, there might have been some common ground. But when the system is super-polarized, compromise is impossible."
Thompson said prospects for both a broader bill with an airline component and a standalone bill introduced by two key Republican senators on Monday were dim.
Speaking on CNBC on Wednesday, Southwest Airlines LUV.N Chief Executive Gary Kelly said he is "hopeful" that Washington lawmakers can reach an agreement on more aid for airlines, despite a deadlock over coronavirus relief.
"There's an impasse and we're just obviously hoping that a larger COVID bill will move with a payroll support aspect continuing for the airlines," Kelly said.
(Reporting by Tracy Rucinski in Chicago and Andrea Shalal and David Shepardson in Washington Editing by Chizu Nomiyama and Matthew Lewis)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Recasts with push for aid by airlines and unions, adds details throughout CHICAGO, Sept 23 (Reuters) - U.S. airlines and unions were redoubling efforts on Wednesday to convince lawmakers to come together over another $25 billion in aid, though hopes for a deal this month were dwindling as lawmakers shifted focus to a political battle over a Supreme Court vacancy. But a fight over the Supreme Court seat left open by the death of Ruth Bader Ginsburg on Friday has derailed those prospects, said Loren Thompson, chief operating officer of the Lexington Institute, a Virginia-based think tank. "There's an impasse and we're just obviously hoping that a larger COVID bill will move with a payroll support aspect continuing for the airlines," Kelly said.
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The industry has been hoping Congress would approve a $1.5 trillion coronavirus relief package with another round of airline payroll support before tens of thousands of airline employee furloughs set to take place on Oct. 1 when a current package expires. Before the SCOTUS (U.S. Supreme Court) fight, there might have been some common ground. Speaking on CNBC on Wednesday, Southwest Airlines LUV.N Chief Executive Gary Kelly said he is "hopeful" that Washington lawmakers can reach an agreement on more aid for airlines, despite a deadlock over coronavirus relief.
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Recasts with push for aid by airlines and unions, adds details throughout CHICAGO, Sept 23 (Reuters) - U.S. airlines and unions were redoubling efforts on Wednesday to convince lawmakers to come together over another $25 billion in aid, though hopes for a deal this month were dwindling as lawmakers shifted focus to a political battle over a Supreme Court vacancy. The industry has been hoping Congress would approve a $1.5 trillion coronavirus relief package with another round of airline payroll support before tens of thousands of airline employee furloughs set to take place on Oct. 1 when a current package expires. Speaking on CNBC on Wednesday, Southwest Airlines LUV.N Chief Executive Gary Kelly said he is "hopeful" that Washington lawmakers can reach an agreement on more aid for airlines, despite a deadlock over coronavirus relief.
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Recasts with push for aid by airlines and unions, adds details throughout CHICAGO, Sept 23 (Reuters) - U.S. airlines and unions were redoubling efforts on Wednesday to convince lawmakers to come together over another $25 billion in aid, though hopes for a deal this month were dwindling as lawmakers shifted focus to a political battle over a Supreme Court vacancy. The industry has been hoping Congress would approve a $1.5 trillion coronavirus relief package with another round of airline payroll support before tens of thousands of airline employee furloughs set to take place on Oct. 1 when a current package expires. "There's an impasse and we're just obviously hoping that a larger COVID bill will move with a payroll support aspect continuing for the airlines," Kelly said.
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5265.0
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2020-09-23 00:00:00 UTC
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Air Travel Will Rebound, so Buy the U.S. Global JETS ETF
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AAL
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https://www.nasdaq.com/articles/air-travel-will-rebound-so-buy-the-u.s.-global-jets-etf-2020-09-23
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
The U.S. Global Jets ETF (NYSEARCA:JETS) – whose top holdings include Delta (NYSE:DAL), Southwest (NYSE:LUV), American Airlines (NYSE:AAL) and United Airlines (NYSE:UAL) – has tumbled in 2020 as the novel coronavirus pandemic has left airports globally looking like ghost towns.
Source: GagliardiPhotography / Shutterstock.com
But the absence of air travel is temporary. In time, it will rebound.
Sure, it will never rebound to pre Covid-19 levels, mostly because business travel will be permanently reduced going forward as more and more companies adopt work-from-home and hybrid work strategies. That’s a big hit for U.S. airlines – and the JETS ETF – because business travelers account for 75% of airline profits.
But, consumer travel will rebound, and even after you factor in a permanent hit to business travel, many of the stocks which comprise the JETS ETF – like DAL stock, AAL stock and UAL stock – are terribly undervalued today.
So my two cents is simple.
7 Cheap Stocks to Buy Under $10
Buy the JETS ETF. Weather the turbulence. And hold for the next two to three years, because of that stretch, I think this ETF could almost double.
Consumer Air Travel Will Rebound
There’s no doubt about it. Consumer air travel will rebound back to and above pre-Covid-19 levels, and it will likely happen sooner than most expect.
The appetite to travel and see the world is large. Last summer, more than 70% of Americans were planning to take a big summer vacation. That’s why this year – amid the pandemic which kept people off planes – consumers didn’t just sit at home and twiddle their thumbs. They traveled in “safe” ways.
The number of road trips Americans went on this summer increased more than 70% year-over-year, while RV sales have been soaring, with July sales up 54% year-over-year.
So, consumers are still traveling. They just aren’t doing so by plane because it has been deemed “unsafe” by the general public.
This won’t last. We will get the virus under control, most likely through mass vaccinations at some point in 2021. As soon as we do, public fear of flying will disappear. And this enormous consumer appetite to travel will flow from cars and road trips today, back to planes and flights by 2022/23.
Less Business Air Travel
There’s also no doubt that business air travel will be permanently reduced going forward.
That’s because a big chunk of companies and employees have permanently shifted to work-from-home or hybrid work strategies. Business surveys put the percent of businesses and employees who have shifted to permanent work-from-home models at anywhere between 20% and 67%.
Big range. I know. But the bigger point is that a lot of businesses are adopting hybrid work models, and in those hybrid work models, business air travel gets reduced, because you just do Zoom (NASDAQ:ZM) or RingCentral (NYSE:RNG) meetings.
This, of course, is an awful thing for airline stocks and the JETS ETF because while business travelers only comprise 31% of air travel volume, they account for 75% of airline profits.
How much will business air travel get knocked?
That’s the million-dollar question. I don’t have a million-dollar answer. But based on the rate of companies shifting to work-from-home models, current air travel trends and the increasing ubiquity of Zoom, I have a feeling that business air travel will be permanently reduced by somewhere around 50% in the early 2020s.
Airline Stocks Are Undervalued
If you do the math here, even a 50% decline in business air travel implies pretty big upside for the JETS ETF over the next few years.
Let’s assume consumer air travel volume, revenue and profits rebound to pre-Covid levels by 2022/23 for most major airlines. Let’s also assume that by 2022/23, business air travel volume, revenue and profits also rebound, but to 50% of their pre-Covid levels.
If you assume the 75/25 business/consumer net profit mix for airlines, then that math implies a 38% drop in airline net profits from pre-Covid levels to 2022/23. Factor in some growth on the consumer side – because of things like global urbanization and rising purchasing power of young consumers (who like to travel more) – and it’s quite likely that for most major airlines, 2022/23 earnings per share come in around 30% below 2019 levels.
United Airlines did $12.05 in 2019 earnings per share. American Airlines did $4.90. Delta did $7.30.
By my math, then, United Airlines will do around $8.40 in 2022/23 earnings per share. American will do ~$3.40 and Delta will do ~$5.10. Based on an airline sector average 8-times forward earnings multiple, that implies 2022/23 price targets of roughly:
$67 for UAL stock, up about 100% from the UAL stock price today.
$27 for AAL stock, up about 130% from the AAL stock price today.
$41 for DAL stock, up about 35% from the DAL stock price today.
The JETS ETF is just a composition of all those stocks. If all of those stocks have huge upside potential over the next few years, then so does the JETS ETF.
Bottom Line on the JETS ETF
Consumer air travel will rebound in big way over the next few years. Business air travel won’t.
Under that simple and very reasonable assumption, the math says airline stocks have big upside potential between now and 2022/23.
So, if you time is on your side and your can stomach near-term turbulence, buy the JETS ETF.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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The post Air Travel Will Rebound, so Buy the U.S. Global JETS ETF appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Global Jets ETF (NYSEARCA:JETS) – whose top holdings include Delta (NYSE:DAL), Southwest (NYSE:LUV), American Airlines (NYSE:AAL) and United Airlines (NYSE:UAL) – has tumbled in 2020 as the novel coronavirus pandemic has left airports globally looking like ghost towns. But, consumer travel will rebound, and even after you factor in a permanent hit to business travel, many of the stocks which comprise the JETS ETF – like DAL stock, AAL stock and UAL stock – are terribly undervalued today. $27 for AAL stock, up about 130% from the AAL stock price today.
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Global Jets ETF (NYSEARCA:JETS) – whose top holdings include Delta (NYSE:DAL), Southwest (NYSE:LUV), American Airlines (NYSE:AAL) and United Airlines (NYSE:UAL) – has tumbled in 2020 as the novel coronavirus pandemic has left airports globally looking like ghost towns. But, consumer travel will rebound, and even after you factor in a permanent hit to business travel, many of the stocks which comprise the JETS ETF – like DAL stock, AAL stock and UAL stock – are terribly undervalued today. $27 for AAL stock, up about 130% from the AAL stock price today.
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But, consumer travel will rebound, and even after you factor in a permanent hit to business travel, many of the stocks which comprise the JETS ETF – like DAL stock, AAL stock and UAL stock – are terribly undervalued today. Global Jets ETF (NYSEARCA:JETS) – whose top holdings include Delta (NYSE:DAL), Southwest (NYSE:LUV), American Airlines (NYSE:AAL) and United Airlines (NYSE:UAL) – has tumbled in 2020 as the novel coronavirus pandemic has left airports globally looking like ghost towns. $27 for AAL stock, up about 130% from the AAL stock price today.
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But, consumer travel will rebound, and even after you factor in a permanent hit to business travel, many of the stocks which comprise the JETS ETF – like DAL stock, AAL stock and UAL stock – are terribly undervalued today. Global Jets ETF (NYSEARCA:JETS) – whose top holdings include Delta (NYSE:DAL), Southwest (NYSE:LUV), American Airlines (NYSE:AAL) and United Airlines (NYSE:UAL) – has tumbled in 2020 as the novel coronavirus pandemic has left airports globally looking like ghost towns. $27 for AAL stock, up about 130% from the AAL stock price today.
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5266.0
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2020-09-23 00:00:00 UTC
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Nike set to lift S&P 500, Dow ahead of business activity data
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AAL
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https://www.nasdaq.com/articles/nike-set-to-lift-sp-500-dow-ahead-of-business-activity-data-2020-09-23
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nan
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nan
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For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window.
Nike set for record open after stellar quarter
Travel-related stocks rebound
Tesla tumbles as "Battery Day" disappoints
All eyes on flash PMI readings later in the day
Futures: Dow up 0.71%, S&P adds 0.30%, Nasdaq off 0.13%
Adds comments; updates prices
By Sagarika Jaisinghani and Devik Jain
Sept 23 (Reuters) - The S&P 500 and the Dow were set for a higher open on Wednesday ahead of data that would throw light on the pace of an economic recovery from a coronavirus-driven recession, while Nike was set for a record open after a stunning quarterly earnings report.
Shares of the world's largest athletic shoe maker NKE.N surged 12.4% in premarket trading as its digital sales, especially in North America, helped offset a fall in sales at traditional brick-and-mortar stores.
The Dow constituent was set to drive the blue-chip index .DJI higher for a second straight day, clawing back more of the sharp declines from Monday that were driven by fears of another round of lockdowns to contain a global surge in COVID-19 cases.
Doubts about more U.S. fiscal stimulus and growing political uncertainty in the run-up to the Nov. 3 presidential elections have also kept investors from making big stock market bets.
"It's just this constant push-and-pull in the face of uncertainty where we're waiting on information about the election, earnings and stimulus," said Thomas Hayes, managing member at Great Hill Capital LLC in New York.
The three main U.S. stock indexes slumped earlier this month as investors sold off heavyweight technology-related shares that had dominated a rally since March.
Wall Street favorites including Facebook Inc FB.O, Apple Inc AAPL.O, Amazon.com Inc AMZN.O, Netflix Inc NFLX.O and Google-parent Alphabet Inc GOOGL.O slipped again in premarket trading on Wednesday.
Tesla Inc TSLA.O, another Wall Street darling this year, tumbled 5.4% after Chief Executive Officer Elon Musk failed to impress with his promise to cut electric vehicle costs at the much awaited "Battery Day" event on Tuesday.
At 8:18 a.m. ET, Dow e-minis 1YMcv1 were up 193 points, or 0.71%, while S&P 500 e-minis EScv1 were up 9.75 points, or 0.3%. Nasdaq 100 e-minis NQcv1, on the other hand, were down 14.5 points, or 0.13%.
"When the Dow outperforms the Nasdaq, it's telling you that the market believes the reopening (and) vaccines are on track, and that's going to help the type of large industrial stocks," Hayes said.
After data in Europe showed euro zone business growth ground to a halt this month, all eyes will be on flash readings of a survey on U.S. business activity due later in the day.
Oracle Corp ORCL.N headed lower after a report by a state-backed Chinese newspaper said Beijing was unlikely to approve a proposed deal by the software maker and Walmart WMT.N for ByteDance's TikTok.
Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose between 1.2% and 2% after being hammered earlier this week.
(Reporting by Sagarika Jaisinghani and Devik Jain in Bengaluru; Editing by Anil D'Silva)
((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose between 1.2% and 2% after being hammered earlier this week. The Dow constituent was set to drive the blue-chip index .DJI higher for a second straight day, clawing back more of the sharp declines from Monday that were driven by fears of another round of lockdowns to contain a global surge in COVID-19 cases. "It's just this constant push-and-pull in the face of uncertainty where we're waiting on information about the election, earnings and stimulus," said Thomas Hayes, managing member at Great Hill Capital LLC in New York.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose between 1.2% and 2% after being hammered earlier this week. Nike set for record open after stellar quarter Travel-related stocks rebound Tesla tumbles as "Battery Day" disappoints All eyes on flash PMI readings later in the day Futures: Dow up 0.71%, S&P adds 0.30%, Nasdaq off 0.13% Adds comments; updates prices By Sagarika Jaisinghani and Devik Jain Sept 23 (Reuters) - The S&P 500 and the Dow were set for a higher open on Wednesday ahead of data that would throw light on the pace of an economic recovery from a coronavirus-driven recession, while Nike was set for a record open after a stunning quarterly earnings report. The three main U.S. stock indexes slumped earlier this month as investors sold off heavyweight technology-related shares that had dominated a rally since March.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose between 1.2% and 2% after being hammered earlier this week. Nike set for record open after stellar quarter Travel-related stocks rebound Tesla tumbles as "Battery Day" disappoints All eyes on flash PMI readings later in the day Futures: Dow up 0.71%, S&P adds 0.30%, Nasdaq off 0.13% Adds comments; updates prices By Sagarika Jaisinghani and Devik Jain Sept 23 (Reuters) - The S&P 500 and the Dow were set for a higher open on Wednesday ahead of data that would throw light on the pace of an economic recovery from a coronavirus-driven recession, while Nike was set for a record open after a stunning quarterly earnings report. Doubts about more U.S. fiscal stimulus and growing political uncertainty in the run-up to the Nov. 3 presidential elections have also kept investors from making big stock market bets.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose between 1.2% and 2% after being hammered earlier this week. For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in a news window. Nike set for record open after stellar quarter Travel-related stocks rebound Tesla tumbles as "Battery Day" disappoints All eyes on flash PMI readings later in the day Futures: Dow up 0.71%, S&P adds 0.30%, Nasdaq off 0.13% Adds comments; updates prices By Sagarika Jaisinghani and Devik Jain Sept 23 (Reuters) - The S&P 500 and the Dow were set for a higher open on Wednesday ahead of data that would throw light on the pace of an economic recovery from a coronavirus-driven recession, while Nike was set for a record open after a stunning quarterly earnings report.
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5267.0
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2020-09-23 00:00:00 UTC
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S&P 500, Nasdaq retreat as business activity dips
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https://www.nasdaq.com/articles/sp-500-nasdaq-retreat-as-business-activity-dips-2020-09-23
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nan
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By Sagarika Jaisinghani and Devik Jain
Sept 23 (Reuters) - The S&P 500 and the Nasdaq retreated on Wednesday as data showed domestic business activity nudged down in September, while a record high for Nike following a strong quarterly earnings report boosted the blue-chip Dow.
Data from IHS Markit showed gains at factories were offset by a retreat at services industries in September, suggesting a loss of momentum in the economy as the third quarter draws to a close.
Bets of a stable economic rebound from a pandemic-driven recession, combined with historic fiscal and monetary stimulus, had driven a rally in the three main U.S. stock indexes since March.
However, doubts over the next coronavirus relief bill as well as a selloff in heavyweight technology-related stocks have weighed on investor sentiment this month, with Wall Street favorites including Facebook Inc FB.O, Apple Inc AAPL.O and Amazon.com Inc AMZN.O bearing the brunt of the losses.
"It's just this constant push-and-pull in the face of uncertainty where we're waiting on information about the election, earnings and stimulus," said Thomas Hayes, managing member at Great Hill Capital LLC in New York.
Seven of the 11 major S&P indexes were down in morning trading, with energy .SPNY leading declines. Industrial stocks .SPLRCI were among the biggest gainers.
At 10:03 a.m. ET, the Dow Jones Industrial Average .DJI was up 70.47 points, or 0.26%, at 27,358.65. The S&P 500 .SPX, however, was down 2.26 points, or 0.07%, at 3,313.31, while the Nasdaq Composite .IXIC was down 46.23 points, or 0.42%, at 10,917.41.
"When the Dow outperforms the Nasdaq, it's telling you that the market believes the reopening (and) vaccines are on track, and that's going to help the type of large industrial stocks," Hayes said.
Nike Inc NKE.N surged 9.7% to a record high as its digital sales, especially in North America, helped offset a fall in sales at traditional brick-and-mortar stores.
Tesla Inc TSLA.O, another Wall Street darling this year, tumbled 5.4% after Chief Executive Officer Elon Musk failed to impress with his promise to cut electric vehicle costs at the much awaited "Battery Day" event on Tuesday.
Oracle Corp ORCL.N fell 1% after a report by a state-backed Chinese newspaper said Beijing was unlikely to approve a proposed deal by the software maker and Walmart WMT.N for ByteDance's TikTok.
Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose more than 1% after being hammered earlier this week.
Johnson & Johnson JNJ.N gained 1.3% after kicking off a final 60,000-person trial of a single-shot COVID-19 vaccine that potentially would simplify distribution of millions of doses, compared with leading rivals using two doses.
Advancing issues nearly matched decliners on the NYSE and the Nasdaq.
The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 23 new highs and 10 new lows.
(Reporting by Sagarika Jaisinghani and Devik Jain in Bengaluru; Editing by Anil D'Silva)
((Sagarika.Jaisinghani@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6182 2256;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose more than 1% after being hammered earlier this week. By Sagarika Jaisinghani and Devik Jain Sept 23 (Reuters) - The S&P 500 and the Nasdaq retreated on Wednesday as data showed domestic business activity nudged down in September, while a record high for Nike following a strong quarterly earnings report boosted the blue-chip Dow. However, doubts over the next coronavirus relief bill as well as a selloff in heavyweight technology-related stocks have weighed on investor sentiment this month, with Wall Street favorites including Facebook Inc FB.O, Apple Inc AAPL.O and Amazon.com Inc AMZN.O bearing the brunt of the losses.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose more than 1% after being hammered earlier this week. By Sagarika Jaisinghani and Devik Jain Sept 23 (Reuters) - The S&P 500 and the Nasdaq retreated on Wednesday as data showed domestic business activity nudged down in September, while a record high for Nike following a strong quarterly earnings report boosted the blue-chip Dow. The S&P index recorded three new 52-week highs and no new low, while the Nasdaq recorded 23 new highs and 10 new lows.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose more than 1% after being hammered earlier this week. By Sagarika Jaisinghani and Devik Jain Sept 23 (Reuters) - The S&P 500 and the Nasdaq retreated on Wednesday as data showed domestic business activity nudged down in September, while a record high for Nike following a strong quarterly earnings report boosted the blue-chip Dow. "When the Dow outperforms the Nasdaq, it's telling you that the market believes the reopening (and) vaccines are on track, and that's going to help the type of large industrial stocks," Hayes said.
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Travel-related stocks including Delta Air Lines DAL.N, American Airlines AAL.O, Carnival Corp CCL.N and Royal Caribbean Cruises RCL.N rose more than 1% after being hammered earlier this week. By Sagarika Jaisinghani and Devik Jain Sept 23 (Reuters) - The S&P 500 and the Nasdaq retreated on Wednesday as data showed domestic business activity nudged down in September, while a record high for Nike following a strong quarterly earnings report boosted the blue-chip Dow. ET, the Dow Jones Industrial Average .DJI was up 70.47 points, or 0.26%, at 27,358.65.
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5268.0
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2020-09-22 00:00:00 UTC
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U.S. airlines make urgent call for new bailout ahead of Oct. 1 job cuts
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AAL
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https://www.nasdaq.com/articles/u.s.-airlines-make-urgent-call-for-new-bailout-ahead-of-oct.-1-job-cuts-2020-09-22
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nan
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nan
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Sept 22 (Reuters) - Major U.S. airlines launched a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert tens of thousands of employee furloughs set to begin Oct. 1.
The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions held a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll.
"We're not going to give up," American Airlines CEO Doug Parker said, affirming that the airline would furlough some 19,000 on Oct. 1 without fresh aid.
He reiterated, however, that the company itself is not at risk without assistance. "American Airlines is going to be fine," Parker said.
On Monday, two key Republican senators introduced legislation that would authorize another $25.5 billion in payroll assistance for passenger airlines, but congressional aides said it was unlikely to win passage given aid requests from many other struggling industries.
And with lawmakers shifting their focus to a looming battle over the vacant Supreme Court seat following the death of Justice Ruth Bader Ginsburg, the likelihood of Congress passing a broad coronavirus relief package before Oct. 1 is slim.
However, the White House could find a way to provide some assistance to airlines without congressional action.
The first $25 billion in payroll assistance to airlines was included under the $2.3 trillion CARES Act aid package in March, which also set aside another $25 billion in government loans for airlines.
American was the first U.S. airline to say it would tap its portion of the loans, something United Airlines CEO Scott Kirby said on Tuesday his company would also do.
American plans to halt flights to 15 smaller airports starting Oct. 1 without new assistance, while Kirby said United does not plan any immediate flight cuts.
The loans carry restrictions on share buybacks and executive compensation.
Delta Air Lines DAL.N and Southwest Airlines LUV.N, which have stronger balance sheets than their peers, have said they will not use the loans, while JetBlue Airways CEO Robin Hayes said on Tuesday a decision will be made in the near future.
International President of Flight Attendants-CWA President Sara Nelson said the funding was critical. "This is a jobs program," Nelson said, recounting how numerous airline workers are on the brink of losing their jobs.
Representative Jim Himes, a Democrat, proposed at a hearing Tuesday that taxpayers should be fairly compensated for the use of government funds to support private business.
On a call with airline and union leaders, Himes said the industry message feels like a "hostage situation" for workers, describing the sentiment as "Give me the money for free or we (won't) take it and we will fire people.’”
(Reporting by David Shepardson and Tracy Rucinski; Editing by Cynthia Osterman and Aurora Ellis)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions held a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 22 (Reuters) - Major U.S. airlines launched a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert tens of thousands of employee furloughs set to begin Oct. 1. And with lawmakers shifting their focus to a looming battle over the vacant Supreme Court seat following the death of Justice Ruth Bader Ginsburg, the likelihood of Congress passing a broad coronavirus relief package before Oct. 1 is slim.
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The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions held a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. On Monday, two key Republican senators introduced legislation that would authorize another $25.5 billion in payroll assistance for passenger airlines, but congressional aides said it was unlikely to win passage given aid requests from many other struggling industries. American was the first U.S. airline to say it would tap its portion of the loans, something United Airlines CEO Scott Kirby said on Tuesday his company would also do.
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The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions held a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. The first $25 billion in payroll assistance to airlines was included under the $2.3 trillion CARES Act aid package in March, which also set aside another $25 billion in government loans for airlines. American was the first U.S. airline to say it would tap its portion of the loans, something United Airlines CEO Scott Kirby said on Tuesday his company would also do.
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The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions held a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 22 (Reuters) - Major U.S. airlines launched a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert tens of thousands of employee furloughs set to begin Oct. 1. The first $25 billion in payroll assistance to airlines was included under the $2.3 trillion CARES Act aid package in March, which also set aside another $25 billion in government loans for airlines.
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5269.0
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2020-09-22 00:00:00 UTC
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U.S. airlines to make urgent call for new bailout ahead of Oct. 1 job cuts
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AAL
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https://www.nasdaq.com/articles/u.s.-airlines-to-make-urgent-call-for-new-bailout-ahead-of-oct.-1-job-cuts-2020-09-22
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nan
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nan
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Sept 22 (Reuters) - Major U.S. airlines plan to make a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert thousands of employee furloughs set to begin Oct. 1, even as a separate $25 billion in government loans for the sector sits untapped.
The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions were scheduled to hold a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll.
On Monday, two key Republican senators introduced legislation that would authorize another $25.5 billion in payroll assistance for passenger airlines, but congressional aides said it was unlikely to win passage given aid requests from many other struggling industries.
The first $25 billion in payroll assistance to airlines was included under the $2.3 trillion CARES Act aid package in March, which also set aside another $25 billion in government loans for airlines.
The Treasury Department signed letters of intent in July with 10 major airlines for the loans, which they can tap by Sept. 30. According to Treasury, none of those loans have been funded.
Only American Airlines has said it intends to take the loans, which carry restrictions on share buybacks and executive compensation.
Airlines for America, a trade representing major U.S. airlines, said passenger volumes remain down approximately 70%, a third of the U.S. fleet is idled and the industry continues to lose $5 billion in cash per month.
"We are running out of time to protect the jobs and livelihoods of these men and women. We urgently need for Congress to act now," the group said.
Representative Jim Himes, a Democrat, said at a hearing Tuesday that taxpayers should be fairly compensated for the use of government funds to support private businesses. He said that on a call with lawmakers, he proposed requiring more taxpayer compensation for airline support and that faced opposition from labor unions and airlines.
The industry message, Himes said, was, "If you make the money cost anything, they won't take it and they will fire us. That feels to me like a hostage situation. 'Give me the money for free or we not take it and we will fire people.'"
Treasury Secretary Steven Mnuchin said the government "got proper compensation for taxpayers" in the airline assistance packages, which required major airlines to repay 30% of the grants and issue warrants.
Democrats have insisted that additional funds for airlines should be part of a broader bill that helps other struggling sectors like public transit and restaurants.
The American Bus Association, for example, asked Congress on Tuesday to help sectors like the motorcoach industry "that received no direct assistance through the CARES Act before it provides a second round of direct assistance to other transportation sectors, such as the airlines."
(Reporting by David Shepardson and Tracy Rucinski; Editing by Cynthia Osterman)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions were scheduled to hold a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. Representative Jim Himes, a Democrat, said at a hearing Tuesday that taxpayers should be fairly compensated for the use of government funds to support private businesses. Democrats have insisted that additional funds for airlines should be part of a broader bill that helps other struggling sectors like public transit and restaurants.
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The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions were scheduled to hold a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 22 (Reuters) - Major U.S. airlines plan to make a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert thousands of employee furloughs set to begin Oct. 1, even as a separate $25 billion in government loans for the sector sits untapped. On Monday, two key Republican senators introduced legislation that would authorize another $25.5 billion in payroll assistance for passenger airlines, but congressional aides said it was unlikely to win passage given aid requests from many other struggling industries.
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The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions were scheduled to hold a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 22 (Reuters) - Major U.S. airlines plan to make a last-ditch bid to persuade Congress to grant them a new $25 billion bailout to help avert thousands of employee furloughs set to begin Oct. 1, even as a separate $25 billion in government loans for the sector sits untapped. The first $25 billion in payroll assistance to airlines was included under the $2.3 trillion CARES Act aid package in March, which also set aside another $25 billion in government loans for airlines.
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The chief executives of American Airlines AAL.O, United Airlines UAL.O and JetBlue Airways JBLU.O and major aviation unions were scheduled to hold a news conference on Capitol Hill on Tuesday afternoon calling for a six-month extension of a payroll support program that consisted primarily of grants in exchange for keeping workers on the payroll. The first $25 billion in payroll assistance to airlines was included under the $2.3 trillion CARES Act aid package in March, which also set aside another $25 billion in government loans for airlines. According to Treasury, none of those loans have been funded.
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5270.0
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2020-09-22 00:00:00 UTC
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Two Senate Democrats want FAA to release data on Boeing 737 MAX review
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AAL
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https://www.nasdaq.com/articles/two-senate-democrats-want-faa-to-release-data-on-boeing-737-max-review-2020-09-22-0
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nan
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nan
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By David Shepardson
WASHINGTON, Sept 22 (Reuters) - Democratic Senators Richard Blumenthal and Ed Markey called on the Federal Aviation Administration (FAA) to make public all data and information used to justify the Boeing BA.N737 MAX’s return to service and disclose any internal objections raised by FAA employees.
The FAA has proposed requiring a series of software upgrades and other changes to be made before the return of the 737 MAX to service. The airplane has been grounded since March 2019 after two fatal crashes in five months killed 346 people.
"Robust transparency is needed to ensure that independent experts and the public can review whether this aircraft is truly safe before it takes to the skies again," the senators wrote. Boeing declined to comment. The FAA said it would respond directly to the senators.
The senators cited reports that suggested the FAA had often yielded to Boeing. "The FAA has demonstrated a disturbing pattern of deferral to Boeing in the past, and we feel strongly that the agency must fully disclose of all information related to its determinations moving forward," the senators wrote.
Separately, major pilots unions said the FAA should require new cockpit procedures for the 737 MAX to help pilots disable an erroneous stall alert that could be a serious distraction during
midflight emergencies.
The proposal about an erroneous "stick shaker" alert is
among recommendations submitted during a 45-day public
comment period for the FAA's proposed 737 MAX design and operating changes.
Boeing filed comments proposing changing in wording to various sections of the proposed FAA directive.
The 737 MAX changes could pave the way for the FAA to lift a
ban on the jet, potentially before year-end.
Separately, the Allied Pilots Association, which represents American Airlines' pilots AAL.O, also asked for a checklist to disable erroneous stick shaker activation as well as an overspeed warning.
(Reporting by David Shepardson Editing by Chizu Nomiyama and Steve Orlofsky)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
Separately, the Allied Pilots Association, which represents American Airlines' pilots AAL.O, also asked for a checklist to disable erroneous stick shaker activation as well as an overspeed warning. By David Shepardson WASHINGTON, Sept 22 (Reuters) - Democratic Senators Richard Blumenthal and Ed Markey called on the Federal Aviation Administration (FAA) to make public all data and information used to justify the Boeing BA.N737 MAX’s return to service and disclose any internal objections raised by FAA employees. "Robust transparency is needed to ensure that independent experts and the public can review whether this aircraft is truly safe before it takes to the skies again," the senators wrote.
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Separately, the Allied Pilots Association, which represents American Airlines' pilots AAL.O, also asked for a checklist to disable erroneous stick shaker activation as well as an overspeed warning. By David Shepardson WASHINGTON, Sept 22 (Reuters) - Democratic Senators Richard Blumenthal and Ed Markey called on the Federal Aviation Administration (FAA) to make public all data and information used to justify the Boeing BA.N737 MAX’s return to service and disclose any internal objections raised by FAA employees. The proposal about an erroneous "stick shaker" alert is among recommendations submitted during a 45-day public comment period for the FAA's proposed 737 MAX design and operating changes.
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Separately, the Allied Pilots Association, which represents American Airlines' pilots AAL.O, also asked for a checklist to disable erroneous stick shaker activation as well as an overspeed warning. By David Shepardson WASHINGTON, Sept 22 (Reuters) - Democratic Senators Richard Blumenthal and Ed Markey called on the Federal Aviation Administration (FAA) to make public all data and information used to justify the Boeing BA.N737 MAX’s return to service and disclose any internal objections raised by FAA employees. Separately, major pilots unions said the FAA should require new cockpit procedures for the 737 MAX to help pilots disable an erroneous stall alert that could be a serious distraction during midflight emergencies.
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Separately, the Allied Pilots Association, which represents American Airlines' pilots AAL.O, also asked for a checklist to disable erroneous stick shaker activation as well as an overspeed warning. The FAA has proposed requiring a series of software upgrades and other changes to be made before the return of the 737 MAX to service. The proposal about an erroneous "stick shaker" alert is among recommendations submitted during a 45-day public comment period for the FAA's proposed 737 MAX design and operating changes.
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5271.0
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2020-09-21 00:00:00 UTC
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Two key GOP senators propose $28.8 billion in airline assistance to avoid job cuts
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AAL
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https://www.nasdaq.com/articles/two-key-gop-senators-propose-%2428.8-billion-in-airline-assistance-to-avoid-job-cuts-2020-09
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nan
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nan
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By David Shepardson
WASHINGTON, Sept 21 (Reuters) - Two key Republican senators on Monday introduced legislation that would authorize $28.8 billion in payroll assistance to avoid thousands of airline industry layoffs set to begin on Oct. 1.
Senators Roger Wicker, who chairs the Commerce Committee, and Susan Collins, who chairs the appropriations subcommittee overseeing airline issues, introduced the measure that would grant airlines a new bailout days before existing payroll support runs out.
The bill would tap $11.2 billion in new funds and $17.4 billion in funding repurposed from other unspent funds from prior coronavirus relief measures.
Congress in March approved $25 billion in payroll assistance but required airlines not to cut jobs or flights through Sept. 30.
The White House said last week it is also open to a stand-alone measure to aid airlines, though congressional aides say that is unlikely to win passage given aid requests from so many other struggling industries
The Wicker-Collins bill would dedicate $25.5 billion for new passenger airlines and allow smaller airlines to qualify for 15% additional funds versus the initial round.
It would set aside $300 million for cargo carriers and $3 billion for airport contractors.
Airlines for America, a trade group representing American Airlines AAL.O, Delta Air Lines DAL.N, United Airlines UAL.O, Southwest Airlines LUV.N and others praised the bill.
"These are dire times for the U.S. airline industry. COVID-19 continues to spread and wreak havoc on the U.S. economy, lasting far longer than anyone envisioned," the group said. "We are running out of time to protect the jobs and livelihoods of these men and women. We urgently need for Congress to act now."
Major airlines that have shed thousands of employees through voluntary exit programs would be entitled to receive the same payroll support they did in the first round. In April, major airlines qualified for about 75% of payroll costs.
Large airlines were required to repay 30% of grants.
American Airlines said without new aid it plans to end service to 15 small communities and furlough about 19,000 workers.
Air travel has plummeted over the last six months as the coronavirus pandemic has claimed nearly 200,000 American lives and prompted many to avoid airports and planes, seriously depressing airline revenues.
Congress also set aside another $25 billion in government loans for airlines, but many have opted not to tap them.
(Reporting by David Shepardson Editing by Chris Reese and Jonathan Oatis)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Airlines for America, a trade group representing American Airlines AAL.O, Delta Air Lines DAL.N, United Airlines UAL.O, Southwest Airlines LUV.N and others praised the bill. By David Shepardson WASHINGTON, Sept 21 (Reuters) - Two key Republican senators on Monday introduced legislation that would authorize $28.8 billion in payroll assistance to avoid thousands of airline industry layoffs set to begin on Oct. 1. Major airlines that have shed thousands of employees through voluntary exit programs would be entitled to receive the same payroll support they did in the first round.
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Airlines for America, a trade group representing American Airlines AAL.O, Delta Air Lines DAL.N, United Airlines UAL.O, Southwest Airlines LUV.N and others praised the bill. By David Shepardson WASHINGTON, Sept 21 (Reuters) - Two key Republican senators on Monday introduced legislation that would authorize $28.8 billion in payroll assistance to avoid thousands of airline industry layoffs set to begin on Oct. 1. The bill would tap $11.2 billion in new funds and $17.4 billion in funding repurposed from other unspent funds from prior coronavirus relief measures.
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Airlines for America, a trade group representing American Airlines AAL.O, Delta Air Lines DAL.N, United Airlines UAL.O, Southwest Airlines LUV.N and others praised the bill. Senators Roger Wicker, who chairs the Commerce Committee, and Susan Collins, who chairs the appropriations subcommittee overseeing airline issues, introduced the measure that would grant airlines a new bailout days before existing payroll support runs out. The White House said last week it is also open to a stand-alone measure to aid airlines, though congressional aides say that is unlikely to win passage given aid requests from so many other struggling industries The Wicker-Collins bill would dedicate $25.5 billion for new passenger airlines and allow smaller airlines to qualify for 15% additional funds versus the initial round.
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Airlines for America, a trade group representing American Airlines AAL.O, Delta Air Lines DAL.N, United Airlines UAL.O, Southwest Airlines LUV.N and others praised the bill. Congress in March approved $25 billion in payroll assistance but required airlines not to cut jobs or flights through Sept. 30. The White House said last week it is also open to a stand-alone measure to aid airlines, though congressional aides say that is unlikely to win passage given aid requests from so many other struggling industries The Wicker-Collins bill would dedicate $25.5 billion for new passenger airlines and allow smaller airlines to qualify for 15% additional funds versus the initial round.
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5272.0
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2020-09-21 00:00:00 UTC
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Why Airline Shares Are Falling Today
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AAL
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https://www.nasdaq.com/articles/why-airline-shares-are-falling-today-2020-09-21
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nan
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nan
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What happened
Airline shares lost altitude on Monday morning after a weekend news cycle heavy on concerns about a new wave of COVID-19 cases and closings. The airlines were hit hard in the spring when the U.S. and international partners went on lockdown, and the industry can ill afford to see a repeat.
Shares of Hawaiian Holdings (NASDAQ: HA) led the industry lower, down 10.1% at one point Monday morning, while Delta Air Lines (NYSE: DAL) fell as much as 9.5% and United Airlines Holdings (NASDAQ: UAL), Spirit Airlines (NYSE: SAVE), and JetBlue Airways (NASDAQ: JBLU) all fell more than 8%.
Other airlines fared only slightly better, with Alaska Air Group (NYSE: ALK), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and Allegiant Travel (NASDAQ: ALGT) all down more than 5%.
So what
Travel demand was all but wiped out by pandemic-related lockdowns, and airlines have been slow to recover in the months since. Industry revenue was down 80% in the second quarter year over year, and the Transportation Security Administration is only screening about one-third of the passengers it was handling a year prior.
As bad as things are right now, they are better than they were in March and April. And airline shares are up from those spring lows.
Image source: Getty Images.
The stocks are under pressure on Monday because of some weekend discussion about a second wave of the virus and the potential for a new round of closures. New case reports are rising in some parts of the country, and former Food and Drug Administration commissioner Scott Gottlieb during an appearance on Face the Nation this weekend warned, "I think we have at least one more cycle with this virus heading into the fall and winter."
Add to that a worsening situation in Western Europe, where many countries are reimposing lockdown conditions. Shares of British Airways parent International Airlines Group fell more than 12% in London on the potential impact of a second round of closings on the U.K. economy, and airlines in the Western Hemisphere seem to be following European stocks downward.
Now what
Airline stocks are largely stuck in neutral right now. Every carrier has enough of a cash cushion to see them through an extended downturn, but no company can sustain the current level of losses indefinitely. The stocks tend to trade as a group, getting a boost from good pandemic-related news and falling on signs of new troubles.
For long-term investors, it is best to try to block out the day-to-day noise related to the pandemic and focus on businesses with the best chance of surviving whatever lies ahead. For me that means focusing attention on companies including Southwest and Delta, while avoiding some of the more indebted airlines including American.
I'm optimistic the airlines can fly through this crisis without bankruptcy, but until we know more about how the pandemic plays out it is impossible to say for sure. For those investors with the stomach for turbulence, I'd advise sticking with top airlines and making them only a small part of a well-diversified portfolio.
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Lou Whiteman owns shares of Delta Air Lines and Spirit Airlines. The Motley Fool owns shares of Spirit Airlines. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Other airlines fared only slightly better, with Alaska Air Group (NYSE: ALK), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and Allegiant Travel (NASDAQ: ALGT) all down more than 5%. What happened Airline shares lost altitude on Monday morning after a weekend news cycle heavy on concerns about a new wave of COVID-19 cases and closings. New case reports are rising in some parts of the country, and former Food and Drug Administration commissioner Scott Gottlieb during an appearance on Face the Nation this weekend warned, "I think we have at least one more cycle with this virus heading into the fall and winter."
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Other airlines fared only slightly better, with Alaska Air Group (NYSE: ALK), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and Allegiant Travel (NASDAQ: ALGT) all down more than 5%. Shares of Hawaiian Holdings (NASDAQ: HA) led the industry lower, down 10.1% at one point Monday morning, while Delta Air Lines (NYSE: DAL) fell as much as 9.5% and United Airlines Holdings (NASDAQ: UAL), Spirit Airlines (NYSE: SAVE), and JetBlue Airways (NASDAQ: JBLU) all fell more than 8%. The Motley Fool recommends Alaska Air Group, Delta Air Lines, Hawaiian Holdings, JetBlue Airways, and Southwest Airlines.
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Other airlines fared only slightly better, with Alaska Air Group (NYSE: ALK), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and Allegiant Travel (NASDAQ: ALGT) all down more than 5%. Shares of Hawaiian Holdings (NASDAQ: HA) led the industry lower, down 10.1% at one point Monday morning, while Delta Air Lines (NYSE: DAL) fell as much as 9.5% and United Airlines Holdings (NASDAQ: UAL), Spirit Airlines (NYSE: SAVE), and JetBlue Airways (NASDAQ: JBLU) all fell more than 8%. Shares of British Airways parent International Airlines Group fell more than 12% in London on the potential impact of a second round of closings on the U.K. economy, and airlines in the Western Hemisphere seem to be following European stocks downward.
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Other airlines fared only slightly better, with Alaska Air Group (NYSE: ALK), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and Allegiant Travel (NASDAQ: ALGT) all down more than 5%. The stocks are under pressure on Monday because of some weekend discussion about a second wave of the virus and the potential for a new round of closures. The Motley Fool owns shares of Spirit Airlines.
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5273.0
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2020-09-21 00:00:00 UTC
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American Airlines to begin Boeing 737 MAX pilot training in Nov, memo shows
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AAL
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https://www.nasdaq.com/articles/american-airlines-to-begin-boeing-737-max-pilot-training-in-nov-memo-shows-2020-09-21-0
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By Tracy Rucinski
CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing 737 MAX training for its pilots in November, according to a memo to pilots on Monday, a sign that it believes a return to service of the grounded jet is near.
Boeing Co BA.N is awaiting approval from the Federal Aviation Administration on proposed changes to the 737 MAX aircraft following two crashes that together killed 346 people and caused a worldwide grounding that has lasted for 18 months.
"With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters.
American Airlines did not immediately comment.
In addition to software updates, Boeing has also proposed new pilot training for the aircraft which is being reviewed by civil aviation authorities and airline flight crews from the United States, Canada, Brazil and the European Union.
Though no final training program has been approved, American told its pilots to plan for sessions that will begin in November and consist of a distance learning training module that will last around 1 hour 40 minutes, as well as a simulator session entailing a 1-hour brief and a 2-hour sim event.
The airline plans to release the distance learning module by Oct. 28 and train about 1,700 pilots in November. It expects to complete all of the training by the end of January 2021, the memo said.
(Reporting by Tracy Rucinski Editing by Nick Zieminski)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By Tracy Rucinski CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing 737 MAX training for its pilots in November, according to a memo to pilots on Monday, a sign that it believes a return to service of the grounded jet is near. Boeing Co BA.N is awaiting approval from the Federal Aviation Administration on proposed changes to the 737 MAX aircraft following two crashes that together killed 346 people and caused a worldwide grounding that has lasted for 18 months. In addition to software updates, Boeing has also proposed new pilot training for the aircraft which is being reviewed by civil aviation authorities and airline flight crews from the United States, Canada, Brazil and the European Union.
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By Tracy Rucinski CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing 737 MAX training for its pilots in November, according to a memo to pilots on Monday, a sign that it believes a return to service of the grounded jet is near. Though no final training program has been approved, American told its pilots to plan for sessions that will begin in November and consist of a distance learning training module that will last around 1 hour 40 minutes, as well as a simulator session entailing a 1-hour brief and a 2-hour sim event. The airline plans to release the distance learning module by Oct. 28 and train about 1,700 pilots in November.
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By Tracy Rucinski CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing 737 MAX training for its pilots in November, according to a memo to pilots on Monday, a sign that it believes a return to service of the grounded jet is near. "With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters. Though no final training program has been approved, American told its pilots to plan for sessions that will begin in November and consist of a distance learning training module that will last around 1 hour 40 minutes, as well as a simulator session entailing a 1-hour brief and a 2-hour sim event.
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By Tracy Rucinski CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing 737 MAX training for its pilots in November, according to a memo to pilots on Monday, a sign that it believes a return to service of the grounded jet is near. Boeing Co BA.N is awaiting approval from the Federal Aviation Administration on proposed changes to the 737 MAX aircraft following two crashes that together killed 346 people and caused a worldwide grounding that has lasted for 18 months. "With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters.
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5274.0
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2020-09-21 00:00:00 UTC
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American Airlines to begin Boeing 737 MAX pilot training in Nov, memo shows
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AAL
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https://www.nasdaq.com/articles/american-airlines-to-begin-boeing-737-max-pilot-training-in-nov-memo-shows-2020-09-21
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nan
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nan
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CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing Co BA.N 737 MAX training for its pilots in November, consisting of a distance learning module and a simulator session, according to a memo to pilots on Monday.
"With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters.
(Reporting by Tracy Rucinski)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing Co BA.N 737 MAX training for its pilots in November, consisting of a distance learning module and a simulator session, according to a memo to pilots on Monday. "With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing Co BA.N 737 MAX training for its pilots in November, consisting of a distance learning module and a simulator session, according to a memo to pilots on Monday. "With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing Co BA.N 737 MAX training for its pilots in November, consisting of a distance learning module and a simulator session, according to a memo to pilots on Monday. "With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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CHICAGO, Sept 21 (Reuters) - American Airlines AAL.O will begin Boeing Co BA.N 737 MAX training for its pilots in November, consisting of a distance learning module and a simulator session, according to a memo to pilots on Monday. "With the planned return to service for our B737 MAX aircraft in the near future, we will begin conducting B737 MAX Special Training for our B737 pilots," Ameya Kingaonkar, director of flight training planning and scheduling, said in the memo, which was seen by Reuters. (Reporting by Tracy Rucinski) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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5275.0
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2020-09-21 00:00:00 UTC
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Pre-Market Most Active for Sep 21, 2020 : NKLA, AAPL, SQQQ, TSLA, KODK, QQQ, AAL, NIO, PIC, BAC, CCL, GE
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AAL
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https://www.nasdaq.com/articles/pre-market-most-active-for-sep-21-2020-%3A-nkla-aapl-sqqq-tsla-kodk-qqq-aal-nio-pic-bac-ccl
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The NASDAQ 100 Pre-Market Indicator is down -182.29 to 10,754.69. The total Pre-Market volume is currently 25,356,536 shares traded.
The following are the most active stocks for the pre-market session:
Nikola Corporation (NKLA) is -9.54 at $24.65, with 5,190,903 shares traded. NKLA's current last sale is 50.31% of the target price of $49.
Apple Inc. (AAPL) is -2.87 at $103.97, with 3,864,463 shares traded. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020. The consensus EPS forecast is $0.69. As reported by Zacks, the current mean recommendation for AAPL is in the "buy range".
ProShares UltraPro Short QQQ (SQQQ) is +1.24 at $28.72, with 2,402,830 shares traded. This represents a 46.91% increase from its 52 Week Low.
Tesla, Inc. (TSLA) is +8.96 at $451.11, with 2,250,441 shares traded. Over the last four weeks they have had 4 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020. The consensus EPS forecast is $0.2. TSLA's current last sale is 152.92% of the target price of $295.
Eastman Kodak Company (KODK) is -1.71 at $10.40, with 1,589,730 shares traded.
Invesco QQQ Trust, Series 1 (QQQ) is -4.0818 at $262.40, with 1,360,978 shares traded. This represents a 59.1% increase from its 52 Week Low.
American Airlines Group, Inc. (AAL) is -0.39 at $12.80, with 1,257,968 shares traded. AAL's current last sale is 128% of the target price of $10.
NIO Inc. (NIO) is -0.4701 at $18.94, with 1,253,136 shares traded. NIO's current last sale is 135.29% of the target price of $14.
Pivotal Investment Corporation II (PIC) is +0.5 at $12.60, with 1,019,724 shares traded., following a 52-week high recorded in prior regular session.
Bank of America Corporation (BAC) is -0.94 at $24.27, with 921,670 shares traded. BAC's current last sale is 89.89% of the target price of $27.
Carnival Corporation (CCL) is -0.64 at $14.67, with 852,582 shares traded.CCL is scheduled to provide an earnings report on 9/24/2020, for the fiscal quarter ending Aug2020. The consensus earnings per share forecast is -2.22 per share, which represents a 263 percent increase over the EPS one Year Ago
General Electric Company (GE) is -0.19 at $6.69, with 749,967 shares traded. As reported by Zacks, the current mean recommendation for GE is in the "buy range".
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines Group, Inc. (AAL) is -0.39 at $12.80, with 1,257,968 shares traded. AAL's current last sale is 128% of the target price of $10. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020.
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American Airlines Group, Inc. (AAL) is -0.39 at $12.80, with 1,257,968 shares traded. AAL's current last sale is 128% of the target price of $10. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020.
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American Airlines Group, Inc. (AAL) is -0.39 at $12.80, with 1,257,968 shares traded. AAL's current last sale is 128% of the target price of $10. The total Pre-Market volume is currently 25,356,536 shares traded.
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American Airlines Group, Inc. (AAL) is -0.39 at $12.80, with 1,257,968 shares traded. AAL's current last sale is 128% of the target price of $10. Over the last four weeks they have had 3 up revisions for the earnings forecast, for the fiscal quarter ending Sep 2020.
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5276.0
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2020-09-21 00:00:00 UTC
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How Far Can Delta Stock Rally As It Begins to Break Higher?
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AAL
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https://www.nasdaq.com/articles/how-far-can-delta-stock-rally-as-it-begins-to-break-higher-2020-09-21
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Delta Air Lines (NYSE:DAL) has been among a group of stocks that has really struggled to gain upside traction. Largely speaking, investors have been bidding up tech stocks and leaving names like DAL stock to suffer. That is, until now.
Source: Markus Mainka / Shutterstock.com
Tech stocks have been the weakest of the bunch over the last few weeks, while Delta and its peers have begun to fetch a bid. Of course, not all airline stocks are created equal, but Delta is a high-quality company.
Admittedly it’s in a tough position thanks to the novel coronavirus, but if we continue to see a rotation out of tech and into other sectors, DAL stock may be a winner. The downside risk to this take is that we could simply see a correction in tech that spreads to the entire market.
7 Monthly Dividend Stocks To Buy Now For Safe Payouts
On the plus side, Delta has been doing well versus its peers. Over the past year, DAL stock is down 44%. Southwest Airlines (NYSE:LUV) is the only major carrier that has done better, down 28%.
The other three majors — American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) and Spirit Airlines (NYSE:SAVE) — are all down by more than 50%.
How Far Can DAL Stock Go?
Click to Enlarge
Source: Chart courtesy of StockCharts.com
In early to mid-August, DAL stock caught a lift, running about $7 or 26.5% from sub-$25 to almost $31 in just a few trading sessions.
Bulls thought this was the breakout they had been waiting for. After all, look at how long Delta stock has trickled lower after topping out near $37.50 in June. Unfortunately though, the stock fizzed out after its brief move above $30.
However, there was a major positive to take away from the action. Amid the move, shares reclaimed the 20- and 50-day moving averages, which then acted as support on the pullback. The stock also reclaimed then held the 23.6% retracement as support, too.
That led to a bullish setup and DAL stock has traded well as a result. Even in the face of a market decline on Sept. 16, Delta shares rallied over 3% on the day and climbed as high as $35 (well, $34.99).
Can it keep up its solid run? Perhaps. But if the market is about to start rolling over, bulls should have some concerns.
The stock is rallying into the 38.2% retracement as we speak. I believe shares can clear this area but I expect the June highs near $37 and the declining 200-day moving average should at least act as some resistance — should the stock get there at all.
Over $38 and the gap-fill up toward $42.50 is certainly in play.
What I would like from this point is a correction down to the $32.50 area or even the 20-day moving average. From there, bulls have a better risk/reward and can feel out the situation better in regard to the broader market.
A break of the 20-day is discouraging, but not the end of the world. However, a close below the 23.6% retracement will be deeply concerning, potentially putting the August low back in play at $24.38.
Breaking Down Delta Stock
Click to Enlarge
Source: Statista.com
Unfortunately, I don’t know how much momentum the airline space can get without some progress in airport traffic. Thanks to the daily release of the TSA checkpoint numbers, investors know how many (or how few) passengers flew in the U.S. in the prior day.
Those numbers continue to be low, down more than 70% year-over-year.
In order to see a sustainable rally in the airline stocks, we need that number make a sustainable move higher.
While we may be waiting awhile for a catalyst, at least Delta’s balance sheet can hold its own. The company will reportedly up its bond offering to $9 billion from $6.5 billion. $9 billion is no small sum, and in fact, it will likely be the largest debt raise in the aviation industry. It speaks to what management expects from the ongoing Covid-19 saga.
CEO Ed Bastian said it will likely take a few years for a sustainable recovery. That’s not what investors wanted to hear, but it’s likely true.
Is Delta the best stock to buy, period? No. But it’s not the worst in the airline space. For now, I want to see if DAL stock pulls back and if support comes into play. If so, it may be a worthwhile long. If not, we may have to wait to get a better value.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
The post How Far Can Delta Stock Rally As It Begins to Break Higher? appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The other three majors — American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) and Spirit Airlines (NYSE:SAVE) — are all down by more than 50%. Source: Markus Mainka / Shutterstock.com Tech stocks have been the weakest of the bunch over the last few weeks, while Delta and its peers have begun to fetch a bid. Click to Enlarge Source: Chart courtesy of StockCharts.com In early to mid-August, DAL stock caught a lift, running about $7 or 26.5% from sub-$25 to almost $31 in just a few trading sessions.
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The other three majors — American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) and Spirit Airlines (NYSE:SAVE) — are all down by more than 50%. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Delta Air Lines (NYSE:DAL) has been among a group of stocks that has really struggled to gain upside traction. Amid the move, shares reclaimed the 20- and 50-day moving averages, which then acted as support on the pullback.
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The other three majors — American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) and Spirit Airlines (NYSE:SAVE) — are all down by more than 50%. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Delta Air Lines (NYSE:DAL) has been among a group of stocks that has really struggled to gain upside traction. Largely speaking, investors have been bidding up tech stocks and leaving names like DAL stock to suffer.
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The other three majors — American Airlines (NASDAQ:AAL), United Airlines (NASDAQ:UAL) and Spirit Airlines (NYSE:SAVE) — are all down by more than 50%. How Far Can DAL Stock Go? Breaking Down Delta Stock
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5277.0
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2020-09-21 00:00:00 UTC
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FOCUS-Last in, first out: Female pilots bear brunt of airline job cuts
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AAL
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https://www.nasdaq.com/articles/focus-last-in-first-out%3A-female-pilots-bear-brunt-of-airline-job-cuts-2020-09-21
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By Tracy Rucinski, Jamie Freed and Allison Lampert
CHICAGO/SYDNEY/MONTREAL Sept 21 (Reuters) - When Megyn Thompson landed her dream job as a commercial pilot last year, she was one of thousands being recruited globally to boost the number of women in the cockpit and meet record pilot demand.
Now an industry-wide campaign to recruit more female aviators is under threat, dealing a blow to efforts to overhaul the male-dominated airline sector as the coronavirus crisis transforms a shortage into a pilot surplus. (reut.rs/2FM3iWc)
In the United States alone, the top two airlines are set to furlough more than 3,000 pilots when government stimulus expires this month, and a disproportionate number of those are women.
Under layoff agreements between airlines and unions, junior pilots lose their jobs before senior ones, regardless of gender, race or age.
These "Last In, First Out" labour deals at many Western airlines mean the most recent hires are the first to go.
And those new hires include a higher percentage of women than in the past, the International Society of Women Airline Pilots (ISWAP) said.
Thompson, who flies with a regional carrier owned by American Airlines AAL.O, is among at least 600 female pilots in the United States who will be furloughed on Oct. 1 unless there is more government payroll aid or last-minute union deals.
Thompson, 32, said her low seniority ranking puts her "smack-dab in the middle" of a furlough at American's PSA affiliate, which expects to cut about 35% of its pilots.
"If you go back 40 years ago it was a man's world through and through, so there are not a lot of women at the top who are protected from this furlough," said Thompson, who decided not to have biological children as she built flying hours for her license.
"PSA is not letting (me) Megyn go because they don't like her. It's zero to do with that and 100% to do with, if you're the last in, you're the first out."
Now the mother of three adopted children is applying for jobs at Amazon AMZN.O, Kellogg K.N and PepsiCo PEP.O.
CAMPAIGN ON HOLD
Before the crisis, global air travel was growing at a record 5% a year, generating a need for 804,000 pilots over the next 20 years, based on Boeing Co BA.N estimates. The need for more pilots had pushed female recruitment to the top of the agenda.
But a shattered post-COVID industry does not expect traffic to regain 2019 levels and start growing again before 2024.
"This year we were meant to launch a great big campaign which we have just put on hold because of what has happened," said Australian pilot Davida Forshaw, who heads education and outreach at ISWAP.
Despite the female recruitment campaign, just 5.3% of airline pilots globally were women before the coronavirus crisis, ISWAP data shows. That percentage is set to drop again as airlines carry out furlough plans, the group predicts.
At American and Delta Air Lines DAL.N, women make up around 5.2% of the combined pilot population of about 27,800 and 6.7% of the 3,645 pilots whom those airlines expect to furlough, according to numbers provided by their main pilot unions.
American Airlines declined to comment directly on the issue, but a spokesman said the union data implied that the proportion of female pilots would slip post-furloughs to 4.9% from 5.1%.
Delta said it was in discussions with unions on pilot departures but did not give a breakdown by gender.
INDUSTRY SETBACK
The shakeout is potentially damaging for an industry already struggling to improve its diversity credentials, with an even tinier fraction of top management jobs held by women.
Boosting female pilot employment has become a key goal after the industry was criticised last year by airline executives of paying "lip-service" to diversity. (reut.rs/3cizNaQ)
The drive has also been at the leading edge of social change in countries such as India, which has the highest proportion of female commercial pilots in the world at 12%, despite a society that typically frowns on women in such jobs. (reut.rs/3hXs5Vk)
Aside from female pilots being furloughed, many others have decided to take early retirement or lost jobs as airlines went bust.
Australia's first-ever female commercial pilot, Captain Deborah Lawrie, who broke through the glass ceiling at Ansett in 1980, was one of 220 pilots laid off in April when budget airline Tigerair Australia closed.
Only one-quarter of female pilots globally are captains, according to ISWAP data.
Tammie Jo Shults, hailed as a hero after she calmly landed a stricken Southwest Airlines LUV.N flight in 2018, is among the female captains taking early retirement.
The need to balance family and work in a profession with frequent absences from home has already made it a challenge to attract female pilots. Shults said the more uncertain career prospects because of COVID will make it more difficult.
Still, Shults, who served as one of the first female fighter pilots in the U.S. Navy, urged women to consider alternatives like becoming firefighting pilots before giving up on aviation.
"You can’t always follow your passion, but don’t leave it behind," she said.
(Reporting by Tracy Rucinski, Jamie Freed and Allison Lampert; additional reporting by Aditi Shah in New Delhi and Sarah Young in London; Editing by Tim Hepher and Jane Merriman)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Thompson, who flies with a regional carrier owned by American Airlines AAL.O, is among at least 600 female pilots in the United States who will be furloughed on Oct. 1 unless there is more government payroll aid or last-minute union deals. Now an industry-wide campaign to recruit more female aviators is under threat, dealing a blow to efforts to overhaul the male-dominated airline sector as the coronavirus crisis transforms a shortage into a pilot surplus. "If you go back 40 years ago it was a man's world through and through, so there are not a lot of women at the top who are protected from this furlough," said Thompson, who decided not to have biological children as she built flying hours for her license.
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Thompson, who flies with a regional carrier owned by American Airlines AAL.O, is among at least 600 female pilots in the United States who will be furloughed on Oct. 1 unless there is more government payroll aid or last-minute union deals. By Tracy Rucinski, Jamie Freed and Allison Lampert CHICAGO/SYDNEY/MONTREAL Sept 21 (Reuters) - When Megyn Thompson landed her dream job as a commercial pilot last year, she was one of thousands being recruited globally to boost the number of women in the cockpit and meet record pilot demand. Despite the female recruitment campaign, just 5.3% of airline pilots globally were women before the coronavirus crisis, ISWAP data shows.
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Thompson, who flies with a regional carrier owned by American Airlines AAL.O, is among at least 600 female pilots in the United States who will be furloughed on Oct. 1 unless there is more government payroll aid or last-minute union deals. By Tracy Rucinski, Jamie Freed and Allison Lampert CHICAGO/SYDNEY/MONTREAL Sept 21 (Reuters) - When Megyn Thompson landed her dream job as a commercial pilot last year, she was one of thousands being recruited globally to boost the number of women in the cockpit and meet record pilot demand. At American and Delta Air Lines DAL.N, women make up around 5.2% of the combined pilot population of about 27,800 and 6.7% of the 3,645 pilots whom those airlines expect to furlough, according to numbers provided by their main pilot unions.
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Thompson, who flies with a regional carrier owned by American Airlines AAL.O, is among at least 600 female pilots in the United States who will be furloughed on Oct. 1 unless there is more government payroll aid or last-minute union deals. And those new hires include a higher percentage of women than in the past, the International Society of Women Airline Pilots (ISWAP) said. Despite the female recruitment campaign, just 5.3% of airline pilots globally were women before the coronavirus crisis, ISWAP data shows.
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5278.0
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2020-09-18 00:00:00 UTC
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U.S. House Speaker Pelosi to meet with top U.S. airline CEOs
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AAL
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https://www.nasdaq.com/articles/u.s.-house-speaker-pelosi-to-meet-with-top-u.s.-airline-ceos-2020-09-18
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Sept 18 (Reuters) - House of Representatives Speaker Nancy Pelosi will speak on Friday afternoon with the chief executives of top U.S. airlines, who are urging Congress to approve another $25 billion in assistance to keep tens of thousands of U.S. workers on the payroll past Sept. 30, sources said.
Pelosi and House Transportation Committee Chairman Peter DeFazio are expected to hold a 2:45 p.m. EDT (1845 GMT) call with the chief executives of United Airlines UAL.O, American Airlines AAL.O, Delta Air Lines DAL.N, Southwest Airlines LUV.N, JetBlue Airways JBLU.O, Hawaiian Airlines HA.O, Alaska Airlines ALK.N and others, a Democratic aide told Reuters.
In an interview with NBC's "Today Show" on Friday, American Chief Executive Doug Parker urged lawmakers to "come together and get it done. ... We just need people to do what's right. I know we're better than this, and our people deserve better.”
At the end of this month, the $25 billion in federal payroll assistance airlines received when the coronavirus first began spreading around the world is set to expire.
Airlines and unions are now pleading for a six-month extension as part of a bipartisan proposal for another $1.5 trillion in coronavirus relief, while simultaneously negotiating with employees to minimize thousands of job cuts that are expected without another round of aid.
White House Chief of Staff Mark Meadows met with major airline chief executives on Thursday. He said President Donald Trump is also open to a stand-alone measure to aid airlines, though congressional aides say that is unlikely to win support given aid requests from so many other struggling industries.
American has said it plans to end service to 15 small communities without additional government assistance and furlough about 19,000 workers.
Air travel has plummeted over the last six months as the coronavirus pandemic has claimed nearly 196,000 American lives and prompted many to avoid airports and planes, seriously depressing airline revenues.
Congress also set aside another $25 billion in government loans for airlines, but many have opted not to tap that funding source.
(Reporting by David Shepardson and Tracy Rucinski; editing by Jonathan Oatis)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Pelosi and House Transportation Committee Chairman Peter DeFazio are expected to hold a 2:45 p.m. EDT (1845 GMT) call with the chief executives of United Airlines UAL.O, American Airlines AAL.O, Delta Air Lines DAL.N, Southwest Airlines LUV.N, JetBlue Airways JBLU.O, Hawaiian Airlines HA.O, Alaska Airlines ALK.N and others, a Democratic aide told Reuters. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 18 (Reuters) - House of Representatives Speaker Nancy Pelosi will speak on Friday afternoon with the chief executives of top U.S. airlines, who are urging Congress to approve another $25 billion in assistance to keep tens of thousands of U.S. workers on the payroll past Sept. 30, sources said. I know we're better than this, and our people deserve better.” At the end of this month, the $25 billion in federal payroll assistance airlines received when the coronavirus first began spreading around the world is set to expire.
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Pelosi and House Transportation Committee Chairman Peter DeFazio are expected to hold a 2:45 p.m. EDT (1845 GMT) call with the chief executives of United Airlines UAL.O, American Airlines AAL.O, Delta Air Lines DAL.N, Southwest Airlines LUV.N, JetBlue Airways JBLU.O, Hawaiian Airlines HA.O, Alaska Airlines ALK.N and others, a Democratic aide told Reuters. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 18 (Reuters) - House of Representatives Speaker Nancy Pelosi will speak on Friday afternoon with the chief executives of top U.S. airlines, who are urging Congress to approve another $25 billion in assistance to keep tens of thousands of U.S. workers on the payroll past Sept. 30, sources said. In an interview with NBC's "Today Show" on Friday, American Chief Executive Doug Parker urged lawmakers to "come together and get it done.
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Pelosi and House Transportation Committee Chairman Peter DeFazio are expected to hold a 2:45 p.m. EDT (1845 GMT) call with the chief executives of United Airlines UAL.O, American Airlines AAL.O, Delta Air Lines DAL.N, Southwest Airlines LUV.N, JetBlue Airways JBLU.O, Hawaiian Airlines HA.O, Alaska Airlines ALK.N and others, a Democratic aide told Reuters. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 18 (Reuters) - House of Representatives Speaker Nancy Pelosi will speak on Friday afternoon with the chief executives of top U.S. airlines, who are urging Congress to approve another $25 billion in assistance to keep tens of thousands of U.S. workers on the payroll past Sept. 30, sources said. I know we're better than this, and our people deserve better.” At the end of this month, the $25 billion in federal payroll assistance airlines received when the coronavirus first began spreading around the world is set to expire.
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Pelosi and House Transportation Committee Chairman Peter DeFazio are expected to hold a 2:45 p.m. EDT (1845 GMT) call with the chief executives of United Airlines UAL.O, American Airlines AAL.O, Delta Air Lines DAL.N, Southwest Airlines LUV.N, JetBlue Airways JBLU.O, Hawaiian Airlines HA.O, Alaska Airlines ALK.N and others, a Democratic aide told Reuters. By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 18 (Reuters) - House of Representatives Speaker Nancy Pelosi will speak on Friday afternoon with the chief executives of top U.S. airlines, who are urging Congress to approve another $25 billion in assistance to keep tens of thousands of U.S. workers on the payroll past Sept. 30, sources said. I know we're better than this, and our people deserve better.” At the end of this month, the $25 billion in federal payroll assistance airlines received when the coronavirus first began spreading around the world is set to expire.
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5279.0
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2020-09-18 00:00:00 UTC
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Why You Want to Own United Airlines Stock Now
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AAL
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https://www.nasdaq.com/articles/why-you-want-to-own-united-airlines-stock-now-2020-09-18
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nan
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nan
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
It’s no secret that airline stocks are still suffering tremendously from the crowd-phobia that the novel coronavirus created. United Airlines (NASDAQ:UAL) is down more than 55% this year and lagging 10% behind American (NYSE:AAL) and Delta (NYSE:DAL), and 50% behind Southwest Airlines (NYSE:LUV). Interestingly when markets fell hard on Thursday, UAL stock was the only major U.S. airline in the green. Maybe it’s an omen of better things to come due to stronger investor conviction.
Source: NextNewMedia / Shutterstock.com
Today the message is upbeat. While I acknowledge the risks, the price action is bullish. If the UAL stock buyers can beat $41, they can trigger a bullish pattern with room to run. But first there are a few harsh realities to recognize.
I flew UAL this summer to my 11-day vacation in Cancun. Yes, I was one of the daredevils that refused to be beaten by a virus. But 75% of our vacation group opted to cancel their trips, and therein lies the problem for airline stocks.
According to the TSA, air travel is still down 75% to this time last year. However, this problem here is also the opportunity that lies ahead. Eventually, people will need to travel again.
Rinse and Repeat UAL Stock Trade Strategy
In the middle of May I suggested to not chase the upside. I suggested trading it via options. That yielded easy profits without much worry. Today the goal is to set up a similar trade that also does not need upside to profit. While the experts are still talking of potential bankruptcies, I think it’s unlikely. Until the elections are over and done with, politicians are not going to let that happen. But first let’s discuss the airline micro-economic situation.
10 Education Stocks to Buy for the Fall School Season
Also during my travels this summer the flights were overbooked. This is an indication that management is doing a great job with efficiency. In fact they canceled our original flight last minute to combine us with another. While this was a mad scramble for my family, it is a testament to bold moves.
With time the psyche will heal and the fear of crowds will abate. Demand will recover and the United Air staff would have picked up good frugal strategies they can carry forward. Good habits during duress may turn out to be the upside that keeps on giving thereafter.
Airlines Are Not Sitting Still
In fact, soon they will lay off thousands of workers if the handout doesn’t come from the government. They do have the option to borrow but they are holding out for the free money. They probably figure they have leverage going into an election. Between UAL and American Airlines there are 30,000 jobs in danger. Besides, they borrowed over $60 billion already this year, so it would be good if they can avoid more.
The fundamental metrics are still bruised so there is no sense of addressing their ratios. They are all out of whack and definitely expensive. However, UAL stocks have the backing of the U.S. government. They are committed to saving airlines from demise because they are far from breakeven.
Meanwhile managements have shored up their balance sheets and reduced the cash bleed as much as possible. Time is the missing ingredient or maybe a miracle vaccine headline could boost things in the right direction. I personally have no problems traveling. In fact my son left with his auto race team to Tulsa. And the rest of us will all be on a plane again in November. Maybe more people will get the courage to do the same if armed with a vaccine.
The Price Action in United Airlines Stock Is Healthy
Source: Charts by TradingView
Technically the UAL stock bulls are in charge. They are setting higher lows and attacking the $41 neckline. When they breach it they will have another 25% rally in sight. There will be resistance along the way, of course, but the path would be set.
My favorite way to take a directional position is to sell risk against the fears. This like last time would generate income without needing the rally to materialize. Investors can sell the January $28 put and collect over $2 for it. This trade wins as long as price stays above $28 this year. This is true even if the stock falls another 25% from here. The breakeven point would be under $26 per share.
Buying the United Airline shares for the long term also works. But it is hard to pick a perfect entry point and forecast an upside target. It is much easier to figure out where the price is not likely to go. If there is trouble ahead then selling puts will result in owning shares, but at a huge discount.
On the date of publication, Nicolas Chahine did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nicolas Chahine is the managing director of SellSpreads.com.
The post Why You Want to Own United Airlines Stock Now appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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United Airlines (NASDAQ:UAL) is down more than 55% this year and lagging 10% behind American (NYSE:AAL) and Delta (NYSE:DAL), and 50% behind Southwest Airlines (NYSE:LUV). Interestingly when markets fell hard on Thursday, UAL stock was the only major U.S. airline in the green. Demand will recover and the United Air staff would have picked up good frugal strategies they can carry forward.
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United Airlines (NASDAQ:UAL) is down more than 55% this year and lagging 10% behind American (NYSE:AAL) and Delta (NYSE:DAL), and 50% behind Southwest Airlines (NYSE:LUV). Rinse and Repeat UAL Stock Trade Strategy In the middle of May I suggested to not chase the upside. The Price Action in United Airlines Stock Is Healthy Source: Charts by TradingView Technically the UAL stock bulls are in charge.
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United Airlines (NASDAQ:UAL) is down more than 55% this year and lagging 10% behind American (NYSE:AAL) and Delta (NYSE:DAL), and 50% behind Southwest Airlines (NYSE:LUV). InvestorPlace - Stock Market News, Stock Advice & Trading Tips It’s no secret that airline stocks are still suffering tremendously from the crowd-phobia that the novel coronavirus created. The Price Action in United Airlines Stock Is Healthy Source: Charts by TradingView Technically the UAL stock bulls are in charge.
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United Airlines (NASDAQ:UAL) is down more than 55% this year and lagging 10% behind American (NYSE:AAL) and Delta (NYSE:DAL), and 50% behind Southwest Airlines (NYSE:LUV). According to the TSA, air travel is still down 75% to this time last year. Today the goal is to set up a similar trade that also does not need upside to profit.
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5280.0
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2020-09-18 00:00:00 UTC
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BUZZ-U.S. STOCKS ON THE MOVE-IsoRay Inc, Beyond Meat Inc, Dave & Buster's Entertainment, Snap Inc
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AAL
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https://www.nasdaq.com/articles/buzz-u.s.-stocks-on-the-move-isoray-inc-beyond-meat-inc-dave-busters-entertainment-snap
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nan
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nan
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Eikon search string for individual stock moves: STXBZ
The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi
The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh
The Nasdaq rose at the open on Friday, shaking off a two-day decline in heavyweight technology stocks, while worries about rising coronavirus cases and a patchy economic recovery weighed on the S&P 500 and Dow. .N
At 9:35 a.m. ET, the Dow Jones Industrial Average .DJI was down 0.05% at 27,886.77. The S&P 500 .SPX was up 0.10% at 3,360.34 and the Nasdaq Composite .IXIC was up 0.32% at 10,945.605. The top three S&P 500 .PG.INX percentage gainers: ** Aptiv PLC , up 5.2% ** Apache Corp , up 3.3% ** AES Corp , up 2.5% The top three S&P 500 .PL.INX percentage losers: ** American Airlines Group , down 2.3% ** Carnival Corp , down 1.9% ** Southwest Airlines Co , down 1.4% The top three NYSE .PG.N percentage gainers: ** Pivotal Investment Corporation II , up 15.3% ** ReneSola Ltd , up 11.7% ** Dr. Reddy's Laboratories Ltd , up 10.1% The top three NYSE .PL.N percentage losers: ** Gray Televsn Inc , down 5.6% ** Intercontinental Hotels Group PLC , down 4.2% ** Ibio Inc , down 3.9% The top three Nasdaq .PG.O percentage gainers: ** Westport Fuel Systems Inc , up 35.8% ** Cassava Sciences Inc , up 19.6% ** Dave & Buster's Entertainment Inc , up 15% The top three Nasdaq .PL.O percentage losers: ** Biovie Inc Ord A BIVI.O, down 13.4% ** Checkpoint Therapeutics Inc , down 11.3% ** OneWater Marine Inc , down 9.47% ** Adamis Pharmaceuticals Corp ADMP.O: down 16.4%
BUZZ-Slides on proposed stock offering ** Tesla Inc TSLA.O: up 5.8%
BUZZ-Wedbush, Piper Sandler raise PTs ahead of Battery Day ** Checkpoint Therapeutics Inc CKPT.O: down 10.0%
BUZZ-Drops on discounted stock deal ** Eastman Kodak Co KODK.N: up 5.2%
BUZZ-Set for best week since loan news after review clears CEO of insider trading ** Kinross Gold Corp KGC.N: up 6.2%
BUZZ-Rises on dividend, higher production outlook ** Pivotal Investment Corporation II PIC.N: up 15.2%
BUZZ-To take XL Fleet public through merger, hits record high ** Kezar Life Sciences KZR.O: up 3.5%
BUZZ-Jumps on positive data from lupus drug trial ** OneWater Marine Inc ONEW.O: down 9.3%
BUZZ-Drops as Goldman offloads in share offering ** Oasis Petroleum Inc OAS.O: down 12.4%
BUZZ-Slips on reports of missing debt payments ** Mirati Therapeutics Inc MRTX.O: down 1.9%
BUZZ-Citi downgrades on 'appropriate' market credit for co's cancer therapy ** Agenus Inc AGEN.O: up 2.9%
BUZZ-Rises after cervical cancer treatment studies show promise ** Essential Properties Realty Trust EPRT.N: down 1.1%
BUZZ-Falls on equity offering ** NIO Inc NIO.N: up 2.2%
BUZZ-Rises on $75 mln Chinese equity stake redemption ** Steel Dynamics Inc STLD.O: up 2.2%
BUZZ-Rises on upbeat Q3 profit forecast ** IsoRay Inc ISR.N: down 20.1%
BUZZ-Slumps on bigger Q4 loss ** Intuit Inc INTU.O: up 0.4%
BUZZ-Piper Sandler starts with 'overweight' rating ** Beyond Meat Inc BYND.O: down 3.1%
BUZZ-JPM downgrades on 'sluggish' fundamentals, shares fall ** Facebook Inc FB.O: up 1.3% ** Snap Inc SNAP.N: up 0.7%
BUZZ-Facebook, Snap rise after U.S. to ban downloads of TikTok, WeChat ** Dave & Buster's Entertainment Inc PLAY.O: up 15.0%
BUZZ-Jumps as brokerages upgrade to 'buy' following bankruptcy report
The 11 major S&P 500 sectors:
Communication Services
.SPLRCL
up 0.46%
Consumer Discretionary
.SPLRCD
up 0.17%
Consumer Staples
.SPLRCS
up 0.13%
Energy
.SPNY
down 0.23%
Financial
.SPSY
up 0.33%
Health
.SPXHC
up 0.08%
Industrial
.SPLRCI
up 0.05%
Information Technology
.SPLRCT
down 0.04%
Materials
.SPLRCM
down 0.05%
Real Estate
.SPLRCR
down 0.39%
Utilities
.SPLRCU
down 0.06%
(Compiled by Shivani Kumaresan in Bengaluru)
((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh The Nasdaq rose at the open on Friday, shaking off a two-day decline in heavyweight technology stocks, while worries about rising coronavirus cases and a patchy economic recovery weighed on the S&P 500 and Dow. The top three S&P 500 .PG.INX percentage gainers: ** Aptiv PLC , up 5.2% ** Apache Corp , up 3.3% ** AES Corp , up 2.5% The top three S&P 500 .PL.INX percentage losers: ** American Airlines Group , down 2.3% ** Carnival Corp , down 1.9% ** Southwest Airlines Co , down 1.4% The top three NYSE .PG.N percentage gainers: ** Pivotal Investment Corporation II , up 15.3% ** ReneSola Ltd , up 11.7% ** Dr. Reddy's Laboratories Ltd , up 10.1% The top three NYSE .PL.N percentage losers: ** Gray Televsn Inc , down 5.6% ** Intercontinental Hotels Group PLC , down 4.2% ** Ibio Inc , down 3.9% The top three Nasdaq .PG.O percentage gainers: ** Westport Fuel Systems Inc , up 35.8% ** Cassava Sciences Inc , up 19.6% ** Dave & Buster's Entertainment Inc , up 15% The top three Nasdaq .PL.O percentage losers: ** Biovie Inc Ord A BIVI.O, down 13.4% ** Checkpoint Therapeutics Inc , down 11.3% ** OneWater Marine Inc , down 9.47% ** Adamis Pharmaceuticals Corp ADMP.O: down 16.4% BUZZ-Slides on proposed stock offering ** Tesla Inc TSLA.O: up 5.8% BUZZ-Wedbush, Piper Sandler raise PTs ahead of Battery Day ** Checkpoint Therapeutics Inc CKPT.O: down 10.0% BUZZ-Drops on discounted stock deal ** Eastman Kodak Co KODK.N: up 5.2% BUZZ-Set for best week since loan news after review clears CEO of insider trading ** Kinross Gold Corp KGC.N: up 6.2% BUZZ-Rises on dividend, higher production outlook ** Pivotal Investment Corporation II PIC.N: up 15.2% BUZZ-To take XL Fleet public through merger, hits record high ** Kezar Life Sciences KZR.O: up 3.5% BUZZ-Jumps on positive data from lupus drug trial ** OneWater Marine Inc ONEW.O: down 9.3% BUZZ-Drops as Goldman offloads in share offering ** Oasis Petroleum Inc OAS.O: down 12.4% BUZZ-Slips on reports of missing debt payments ** Mirati Therapeutics Inc MRTX.O: down 1.9% BUZZ-Citi downgrades on 'appropriate' market credit for co's cancer therapy ** Agenus Inc AGEN.O: up 2.9% BUZZ-Rises after cervical cancer treatment studies show promise ** Essential Properties Realty Trust EPRT.N: down 1.1% BUZZ-Falls on equity offering ** NIO Inc NIO.N: up 2.2% BUZZ-Rises on $75 mln Chinese equity stake redemption ** Steel Dynamics Inc STLD.O: up 2.2% BUZZ-Rises on upbeat Q3 profit forecast ** IsoRay Inc ISR.N: down 20.1% BUZZ-Slumps on bigger Q4 loss ** Intuit Inc INTU.O: up 0.4% BUZZ-Piper Sandler starts with 'overweight' rating ** Beyond Meat Inc BYND.O: down 3.1% BUZZ-JPM downgrades on 'sluggish' fundamentals, shares fall ** Facebook Inc FB.O: up 1.3% ** Snap Inc SNAP.N: up 0.7% BUZZ-Facebook, Snap rise after U.S. to ban downloads of TikTok, WeChat ** Dave & Buster's Entertainment Inc PLAY.O: up 15.0% BUZZ-Jumps as brokerages upgrade to 'buy' following bankruptcy report The 11 major S&P 500 sectors: Communication Services down 0.06% (Compiled by Shivani Kumaresan in Bengaluru) ((Shivani.Kumaresan@thomsonreuters.com ; +1 646 223 8780)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh The Nasdaq rose at the open on Friday, shaking off a two-day decline in heavyweight technology stocks, while worries about rising coronavirus cases and a patchy economic recovery weighed on the S&P 500 and Dow. ET, the Dow Jones Industrial Average .DJI was down 0.05% at 27,886.77. The top three S&P 500 .PG.INX percentage gainers: ** Aptiv PLC , up 5.2% ** Apache Corp , up 3.3% ** AES Corp , up 2.5% The top three S&P 500 .PL.INX percentage losers: ** American Airlines Group , down 2.3% ** Carnival Corp , down 1.9% ** Southwest Airlines Co , down 1.4% The top three NYSE .PG.N percentage gainers: ** Pivotal Investment Corporation II , up 15.3% ** ReneSola Ltd , up 11.7% ** Dr. Reddy's Laboratories Ltd , up 10.1% The top three NYSE .PL.N percentage losers: ** Gray Televsn Inc , down 5.6% ** Intercontinental Hotels Group PLC , down 4.2% ** Ibio Inc , down 3.9% The top three Nasdaq .PG.O percentage gainers: ** Westport Fuel Systems Inc , up 35.8% ** Cassava Sciences Inc , up 19.6% ** Dave & Buster's Entertainment Inc , up 15% The top three Nasdaq .PL.O percentage losers: ** Biovie Inc Ord A BIVI.O, down 13.4% ** Checkpoint Therapeutics Inc , down 11.3% ** OneWater Marine Inc , down 9.47% ** Adamis Pharmaceuticals Corp ADMP.O: down 16.4% BUZZ-Slides on proposed stock offering ** Tesla Inc TSLA.O: up 5.8% BUZZ-Wedbush, Piper Sandler raise PTs ahead of Battery Day ** Checkpoint Therapeutics Inc CKPT.O: down 10.0% BUZZ-Drops on discounted stock deal ** Eastman Kodak Co KODK.N: up 5.2% BUZZ-Set for best week since loan news after review clears CEO of insider trading ** Kinross Gold Corp KGC.N: up 6.2% BUZZ-Rises on dividend, higher production outlook ** Pivotal Investment Corporation II PIC.N: up 15.2% BUZZ-To take XL Fleet public through merger, hits record high ** Kezar Life Sciences KZR.O: up 3.5% BUZZ-Jumps on positive data from lupus drug trial ** OneWater Marine Inc ONEW.O: down 9.3% BUZZ-Drops as Goldman offloads in share offering ** Oasis Petroleum Inc OAS.O: down 12.4% BUZZ-Slips on reports of missing debt payments ** Mirati Therapeutics Inc MRTX.O: down 1.9% BUZZ-Citi downgrades on 'appropriate' market credit for co's cancer therapy ** Agenus Inc AGEN.O: up 2.9% BUZZ-Rises after cervical cancer treatment studies show promise ** Essential Properties Realty Trust EPRT.N: down 1.1% BUZZ-Falls on equity offering ** NIO Inc NIO.N: up 2.2% BUZZ-Rises on $75 mln Chinese equity stake redemption ** Steel Dynamics Inc STLD.O: up 2.2% BUZZ-Rises on upbeat Q3 profit forecast ** IsoRay Inc ISR.N: down 20.1% BUZZ-Slumps on bigger Q4 loss ** Intuit Inc INTU.O: up 0.4% BUZZ-Piper Sandler starts with 'overweight' rating ** Beyond Meat Inc BYND.O: down 3.1% BUZZ-JPM downgrades on 'sluggish' fundamentals, shares fall ** Facebook Inc FB.O: up 1.3% ** Snap Inc SNAP.N: up 0.7% BUZZ-Facebook, Snap rise after U.S. to ban downloads of TikTok, WeChat ** Dave & Buster's Entertainment Inc PLAY.O: up 15.0% BUZZ-Jumps as brokerages upgrade to 'buy' following bankruptcy report The 11 major S&P 500 sectors: Communication Services
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh The Nasdaq rose at the open on Friday, shaking off a two-day decline in heavyweight technology stocks, while worries about rising coronavirus cases and a patchy economic recovery weighed on the S&P 500 and Dow. The top three S&P 500 .PG.INX percentage gainers: ** Aptiv PLC , up 5.2% ** Apache Corp , up 3.3% ** AES Corp , up 2.5% The top three S&P 500 .PL.INX percentage losers: ** American Airlines Group , down 2.3% ** Carnival Corp , down 1.9% ** Southwest Airlines Co , down 1.4% The top three NYSE .PG.N percentage gainers: ** Pivotal Investment Corporation II , up 15.3% ** ReneSola Ltd , up 11.7% ** Dr. Reddy's Laboratories Ltd , up 10.1% The top three NYSE .PL.N percentage losers: ** Gray Televsn Inc , down 5.6% ** Intercontinental Hotels Group PLC , down 4.2% ** Ibio Inc , down 3.9% The top three Nasdaq .PG.O percentage gainers: ** Westport Fuel Systems Inc , up 35.8% ** Cassava Sciences Inc , up 19.6% ** Dave & Buster's Entertainment Inc , up 15% The top three Nasdaq .PL.O percentage losers: ** Biovie Inc Ord A BIVI.O, down 13.4% ** Checkpoint Therapeutics Inc , down 11.3% ** OneWater Marine Inc , down 9.47% ** Adamis Pharmaceuticals Corp ADMP.O: down 16.4% BUZZ-Slides on proposed stock offering ** Tesla Inc TSLA.O: up 5.8% BUZZ-Wedbush, Piper Sandler raise PTs ahead of Battery Day ** Checkpoint Therapeutics Inc CKPT.O: down 10.0% BUZZ-Drops on discounted stock deal ** Eastman Kodak Co KODK.N: up 5.2% BUZZ-Set for best week since loan news after review clears CEO of insider trading ** Kinross Gold Corp KGC.N: up 6.2% BUZZ-Rises on dividend, higher production outlook ** Pivotal Investment Corporation II PIC.N: up 15.2% BUZZ-To take XL Fleet public through merger, hits record high ** Kezar Life Sciences KZR.O: up 3.5% BUZZ-Jumps on positive data from lupus drug trial ** OneWater Marine Inc ONEW.O: down 9.3% BUZZ-Drops as Goldman offloads in share offering ** Oasis Petroleum Inc OAS.O: down 12.4% BUZZ-Slips on reports of missing debt payments ** Mirati Therapeutics Inc MRTX.O: down 1.9% BUZZ-Citi downgrades on 'appropriate' market credit for co's cancer therapy ** Agenus Inc AGEN.O: up 2.9% BUZZ-Rises after cervical cancer treatment studies show promise ** Essential Properties Realty Trust EPRT.N: down 1.1% BUZZ-Falls on equity offering ** NIO Inc NIO.N: up 2.2% BUZZ-Rises on $75 mln Chinese equity stake redemption ** Steel Dynamics Inc STLD.O: up 2.2% BUZZ-Rises on upbeat Q3 profit forecast ** IsoRay Inc ISR.N: down 20.1% BUZZ-Slumps on bigger Q4 loss ** Intuit Inc INTU.O: up 0.4% BUZZ-Piper Sandler starts with 'overweight' rating ** Beyond Meat Inc BYND.O: down 3.1% BUZZ-JPM downgrades on 'sluggish' fundamentals, shares fall ** Facebook Inc FB.O: up 1.3% ** Snap Inc SNAP.N: up 0.7% BUZZ-Facebook, Snap rise after U.S. to ban downloads of TikTok, WeChat ** Dave & Buster's Entertainment Inc PLAY.O: up 15.0% BUZZ-Jumps as brokerages upgrade to 'buy' following bankruptcy report The 11 major S&P 500 sectors: Communication Services up 0.46% Consumer Discretionary
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Eikon search string for individual stock moves: STXBZ The Day Ahead newsletter: http://tmsnrt.rs/2ggOmBi The Morning News Call newsletter: http://tmsnrt.rs/2fwPLTh The Nasdaq rose at the open on Friday, shaking off a two-day decline in heavyweight technology stocks, while worries about rising coronavirus cases and a patchy economic recovery weighed on the S&P 500 and Dow. ET, the Dow Jones Industrial Average .DJI was down 0.05% at 27,886.77. The S&P 500 .SPX was up 0.10% at 3,360.34 and the Nasdaq Composite .IXIC was up 0.32% at 10,945.605.
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5281.0
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2020-09-18 00:00:00 UTC
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2 Bad Stocks Robinhood Investors Are Still Buying
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AAL
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https://www.nasdaq.com/articles/2-bad-stocks-robinhood-investors-are-still-buying-2020-09-18
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nan
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nan
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Robinhood investors are known to be a bit more risk-taking than an average investor. The platform appeals to millennials, and its commission-free trading service entices people to invest even small amounts of money easily. When there's less money at stake, it can be easier to take on risks. Some researchers also believe the app encourages frequent trading (for example, it displays confetti when trades are made).
Unfortunately, high-frequency trading doesn't leave much room for thoughtful analysis of stocks, and it can lead people to buy risky investments. Two of the riskiest among the top stocks on Robinhood today are Cronos Group (NASDAQ: CRON) and American Airlines (NASDAQ: AAL). These are stocks that were among the most popular even back in March, before the market crash, and they're still making the list today. Here's why they are bad investments that you should steer clear of.
Cronos Group
Cannabis company Cronos is a bad buy for numerous reasons. For one, it's just not worth its current $2 billion valuation. That's richer than Aphria ($1.4 billion) and considerably higher than Aurora Cannabis ($809 million). And yet, Cronos's total revenue for the past four quarters was just more than $31 million. By comparison, Aurora has generated sales of 305.7 million Canadian dollars in the trailing-12-month period ($232.4 million), and Aphria has brought in revenue of CA$369.2 million ($280.6 million) in the same time frame. Cronos is just not generating enough market share to make it a better buy than other Canadian pot stocks.
Image source: Getty Images.
In its second-quarter earnings for the period ending June 30, reported Aug. 6, net revenue of $9.9 million was up 29% year over year. However, in the Canadian market, its sales were up by just 1%. It was its new U.S. segment that contributed much of the growth, reporting $2.2 million in revenue that wasn't there in the same period last year. It was about a year ago, on Aug. 2, 2019, that Cronos announced the acquisition of Redwood Holding Group, LLC, for $300 million, which expanded its presence south of the Canadian border. The company makes hemp-derived cannabidiol products and owns the Lord Jones brand. But in a crowded hemp market in the U.S., it may not be a slam-dunk that this U.S. acquisition will continue to drive growth for Cronos in the future.
With a high valuation and little organic growth, there's just not a reason to buy Cronos today. The stock is down 28% year to date, well below even the Horizons Marijuana Life Sciences ETF (OTC: HMLSF), which has declined just 6% over the same time frame.
American Airlines
American Airlines isn't a risky buy because it's expensive; at a price-to-earnings multiple of less than 3, it could make for an attractive value buy. The problem is that there are serious long-term issues surrounding the airline industry. Even after the COVID-19 pandemic subsides, it'll be years before travel numbers get back to their previous levels. According to the International Air Transportation Association (IATA), a full recovery won't happen until 2024.
However, given the unpredictability of COVID-19 and how long it'll be around, there's certainly no guarantee that IATA won't push back that estimate. A possible second wave of COVID-19 this fall could throw any and all projections out the window.
That paints a bleak picture for any airline company, including American. The company needs help (funding) from the government, and if it doesn't get it, it'll need to lay off 19,000 workers by as early as October. American had more than 133,000 employees when the year began but is looking to shed a minimum of 40,000 people. Some workers agreed to leave voluntarily and take early retirement buyout packages, but that hasn't been enough to meet the company's goal.
In the meantime, the Texas-based company remains in survival mode to do what it can to keep operating. On July 23, American released its second-quarter results for the period ending June 30, and sales of $1.6 billion were down 86% from the $12 billion it generated in the same period last year. Its net loss of $2.1 billion was down drastically from a profit of $662 million in the prior-year period. The good news for American is that this was a particularly bad quarter for the economy -- nearly every business was hampered by shutdowns, especially during the months of April and May. The third quarter should be better, as cities started opening back up in June.
Management stated in the earnings release that they are trying to preserve cash. American's operating and capital expenses will decline by at least $15 billion in 2020, largely because of fewer flights this year. In 2019, the company spent $42.7 billion on operating expenses, and its capital expenditures totaled $4.3 billion.
Although American's keeping its head above water right now, this is an extremely risky stock to be holding. As long as COVID-19 is weighing down the economy, it puts the company at risk. Shares of American Airlines are down more than 51% this year, while the S&P 500 has climbed more than 5%. And there's little reason to be optimistic that the stock will recover anytime soon.
These stocks aren't worth gambling on
While Robinhood investors may see these underperforming stocks as opportunities to score some great returns if they recover, that's just not a likely outcome for the foreseeable future. Cronos may turn things around, and American may rally if all the stars align and there isn't a second wave of COVID-19, but a lot would need to go right for either of those things to happen. Investors -- at Robinhood and elsewhere -- are better off investing in other growth stocks that have brighter futures and that are more resilient to COVID-19.
10 stocks we like better than Cronos Group Inc.
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David Jagielski has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Two of the riskiest among the top stocks on Robinhood today are Cronos Group (NASDAQ: CRON) and American Airlines (NASDAQ: AAL). Unfortunately, high-frequency trading doesn't leave much room for thoughtful analysis of stocks, and it can lead people to buy risky investments. It was about a year ago, on Aug. 2, 2019, that Cronos announced the acquisition of Redwood Holding Group, LLC, for $300 million, which expanded its presence south of the Canadian border.
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Two of the riskiest among the top stocks on Robinhood today are Cronos Group (NASDAQ: CRON) and American Airlines (NASDAQ: AAL). By comparison, Aurora has generated sales of 305.7 million Canadian dollars in the trailing-12-month period ($232.4 million), and Aphria has brought in revenue of CA$369.2 million ($280.6 million) in the same time frame. In its second-quarter earnings for the period ending June 30, reported Aug. 6, net revenue of $9.9 million was up 29% year over year.
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Two of the riskiest among the top stocks on Robinhood today are Cronos Group (NASDAQ: CRON) and American Airlines (NASDAQ: AAL). American Airlines American Airlines isn't a risky buy because it's expensive; at a price-to-earnings multiple of less than 3, it could make for an attractive value buy. See the 10 stocks *Stock Advisor returns as of August 1, 2020 David Jagielski has no position in any of the stocks mentioned.
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Two of the riskiest among the top stocks on Robinhood today are Cronos Group (NASDAQ: CRON) and American Airlines (NASDAQ: AAL). With a high valuation and little organic growth, there's just not a reason to buy Cronos today. American Airlines American Airlines isn't a risky buy because it's expensive; at a price-to-earnings multiple of less than 3, it could make for an attractive value buy.
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2020-09-18 00:00:00 UTC
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United Airlines Stock: Buy Or Stay Clear?
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https://www.nasdaq.com/articles/united-airlines-stock%3A-buy-or-stay-clear-2020-09-18
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Can you imagine that in about a year Covid-19 will be largely behind us, and air travel will be back to pre-Covid levels? What about in two years? Is it reasonable to believe that post-vaccination, post-Covid, there is likely to be pent up demand for air travel thatâll benefit companies such as United Airlines? This seems likely, in our view. Considering this, is this a good time to enter United Airlines stock which has lost close to 60% of its value this year? It probably is, considering Unitedâs relatively strong performance versus peers prior to the pandemic and its relatively quick recovery post the 2008 crisis, although its weaker cash position remains a slight concern. Â Our dashboard United Airlines Is Trading Cheaply briefly summarizes why United could be a good buying opportunity.
Stock Price Movement & Comparing With 2008 Crisis
United Airlinesâ stock trades at about $37 currently and has lost 58% in value year-to-date, as demand for air travel fell sharply due to the Covid-19 pandemic. United traded at a pre-Covid high of about $88 in early January and is currently 58% below this peak level. In comparison, American Airlinesâ stock is down by about 55% year-to-date. The stock has recovered 40% from the low of a little over $26 seen in March 2020, driven by the governmentâs multi-billion-dollar bailout package for airlines and a gradual re-opening of the economy.
Looking at the airlineâs performance during the 2008 crisis should also give investors a perspective of how the stock has rebounded from major sell-offs in the past. The stock fell from about $45 in October 2007 to a low of about $5 in March 2009 â losing close to 90% of its value. However, the stock recovered considerably within a year â rising by over 160% from the March 2009 lows of $5 to about $13 in January 2010. See our dashboard How United Airlines Performance Over Covid-19 Compares With 2008 Crisis
Survival Prospects Compared To Rivals
Q2 2020 was a rough quarter for United Airlines, with Revenue down by 87% year-over-year to about $1.5 billion and net losses coming in at about $1.6 billion. While demand has been picking up in recent months (with air passenger traffic in early September almost doubling compared to levels seen in early June) investors need to gauge whether United Airlines has sufficient liquidity to survive a stronger second wave of Coronavirus infections or a prolonged pandemic.
United bolstered its cash position to about $7.5 billion in cash as of June-end, up from around $5 billion at the end of the March quarter, driven by recent debt offerings, and other transactions. The companyâs daily cash burn stood at about $40 million in June, giving it just over 6 months before it runs out of cash. In comparison, Delta, the best-capitalized large airline can survive close to 19 months with its cash holding of about $16 billion and daily cash burn rate of $27 million as of June. American Airlines can survive about 10 months, based on its $10 billion in cash as of June 2020 and a cash burn of about $35 million a day in June.
While Unitedâs cash position as of Q2 appears worse than its rivals, itâs probably not difficult for the company to raise funding in the current environment. United indicated that it had $9 billion of assets that could be used as collateral for future debt raises. Moreover, the company expects cash burn to decline, targeting break-even cash flow during the fourth quarter.
Looking Beyond The Coronavirus
Now, air travel is an essential service that is quite likely to rebound fully as the pandemic subsides, and itâs possible that United should gain considerably. Prior to the pandemic, United posted consistent revenue growth of about 18% between 2016 and 2019, versus about 14% for American Airlines. Its profitability has also been higher compared to some peers, with Operating Margins standing at 8.8% in 2019 compared to just 6.7% for American Airlines. Considering the companyâs better fundamentals and the fact that its stock has been hit harder, itâs possible that the stock could see a stronger recovery. Specifically, the stock stands to gain over 120% if it were to recover to pre-Covid levels.
So, United Airlines might give good returns from current levels. But what if instead you are looking for a more balanced portfolio? Hereâs a top-quality portfolio to outperform the market, with over 100% return since 2016, versus 55% for the S&P 500, Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
See all Trefis Price Estimates and Download Trefis Data here
Whatâs behind Trefis? See How Itâs Powering New Collaboration and What-Ifs For CFOs and Finance Teams | Product, R&D, and Marketing Team
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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It probably is, considering Unitedâs relatively strong performance versus peers prior to the pandemic and its relatively quick recovery post the 2008 crisis, although its weaker cash position remains a slight concern. The stock has recovered 40% from the low of a little over $26 seen in March 2020, driven by the governmentâs multi-billion-dollar bailout package for airlines and a gradual re-opening of the economy. Looking Beyond The Coronavirus Now, air travel is an essential service that is quite likely to rebound fully as the pandemic subsides, and itâs possible that United should gain considerably.
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Stock Price Movement & Comparing With 2008 Crisis United Airlinesâ stock trades at about $37 currently and has lost 58% in value year-to-date, as demand for air travel fell sharply due to the Covid-19 pandemic. See our dashboard How United Airlines Performance Over Covid-19 Compares With 2008 Crisis Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for United Airlines, with Revenue down by 87% year-over-year to about $1.5 billion and net losses coming in at about $1.6 billion. Hereâs a top-quality portfolio to outperform the market, with over 100% return since 2016, versus 55% for the S&P 500, Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
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Stock Price Movement & Comparing With 2008 Crisis United Airlinesâ stock trades at about $37 currently and has lost 58% in value year-to-date, as demand for air travel fell sharply due to the Covid-19 pandemic. See our dashboard How United Airlines Performance Over Covid-19 Compares With 2008 Crisis Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for United Airlines, with Revenue down by 87% year-over-year to about $1.5 billion and net losses coming in at about $1.6 billion. United bolstered its cash position to about $7.5 billion in cash as of June-end, up from around $5 billion at the end of the March quarter, driven by recent debt offerings, and other transactions. The companyâs daily cash burn stood at about $40 million in June, giving it just over 6 months before it runs out of cash.
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Stock Price Movement & Comparing With 2008 Crisis United Airlinesâ stock trades at about $37 currently and has lost 58% in value year-to-date, as demand for air travel fell sharply due to the Covid-19 pandemic. However, the stock recovered considerably within a year â rising by over 160% from the March 2009 lows of $5 to about $13 in January 2010. See our dashboard How United Airlines Performance Over Covid-19 Compares With 2008 Crisis Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for United Airlines, with Revenue down by 87% year-over-year to about $1.5 billion and net losses coming in at about $1.6 billion.
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2020-09-17 00:00:00 UTC
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White House's Meadows meeting with airline CEOs as job cuts loom
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AAL
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https://www.nasdaq.com/articles/white-houses-meadows-meeting-with-airline-ceos-as-job-cuts-loom-2020-09-17
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By Lisa Lambert and David Shepardson
WASHINGTON, Sept 17 (Reuters) - White House Chief of Staff Mark Meadows will meet with major airline chief executives on Thursday as the industry braces for thousands of layoffs in two weeks, and he urged lawmakers to embrace a $1.5 trillion coronavirus aid package proposed by a bipartisan congressional group and embraced by President Donald Trump.
"I'm meeting with airline CEOs today. We've got tens of thousands of people that are about to be laid off," he said in an interview with Fox News. "So if nothing more, let's go ahead and put that package on the floor and pass that. Because hopefully all of us can agree that laying off airline workers at this particular time is not something we should do."
The meeting, set for Thursday morning, was organized by the airlines' main lobbying group, Airlines for America, which includes American Airlines AAL.O, United Airlines UAL.O and Southwest Airlines LUV.N, two airline officials briefed on the matter said.
Airlines do not plan to offer a new proposal but will again be making the case that helping to avert airline job cuts is one good reason to pass a broad coronavirus relief bill.
White House economic adviser Larry Kudlow later told reporters that airlines have already received "quite a bit" of federal funds.
"We have indicated down through the months airline problems would get that," Kudlow said when asked about targeted relief for the companies.
At the end of this month the $25 billion in federal payroll assistance airlines received when the deadly COVID-19 first began spreading across the country and around the world is set to expire.
Congress also set aside another $25 billion in government loans for airlines, but many have opted not to tap that funding source.
Companies such as American are now pleading for a six-month extension while they simultaneously negotiate with employees to minimize thousands of job cuts that are expected without another round of aid.
Air travel has plummeted over the last six months as the coronavirus pandemic has claimed nearly 196,000 American lives and prompted many to avoid airports and planes. With a major revenue plunge, airlines have had to turn to the federal government for help in saving jobs.
(Reporting by Lisa Lambert, David Shepardson and Doina Chiacu; Editing by Steve Orlofsky)
((doina.chiacu@thomsonreuters.com; 202-898-8322;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The meeting, set for Thursday morning, was organized by the airlines' main lobbying group, Airlines for America, which includes American Airlines AAL.O, United Airlines UAL.O and Southwest Airlines LUV.N, two airline officials briefed on the matter said. By Lisa Lambert and David Shepardson WASHINGTON, Sept 17 (Reuters) - White House Chief of Staff Mark Meadows will meet with major airline chief executives on Thursday as the industry braces for thousands of layoffs in two weeks, and he urged lawmakers to embrace a $1.5 trillion coronavirus aid package proposed by a bipartisan congressional group and embraced by President Donald Trump. At the end of this month the $25 billion in federal payroll assistance airlines received when the deadly COVID-19 first began spreading across the country and around the world is set to expire.
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The meeting, set for Thursday morning, was organized by the airlines' main lobbying group, Airlines for America, which includes American Airlines AAL.O, United Airlines UAL.O and Southwest Airlines LUV.N, two airline officials briefed on the matter said. By Lisa Lambert and David Shepardson WASHINGTON, Sept 17 (Reuters) - White House Chief of Staff Mark Meadows will meet with major airline chief executives on Thursday as the industry braces for thousands of layoffs in two weeks, and he urged lawmakers to embrace a $1.5 trillion coronavirus aid package proposed by a bipartisan congressional group and embraced by President Donald Trump. Airlines do not plan to offer a new proposal but will again be making the case that helping to avert airline job cuts is one good reason to pass a broad coronavirus relief bill.
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The meeting, set for Thursday morning, was organized by the airlines' main lobbying group, Airlines for America, which includes American Airlines AAL.O, United Airlines UAL.O and Southwest Airlines LUV.N, two airline officials briefed on the matter said. By Lisa Lambert and David Shepardson WASHINGTON, Sept 17 (Reuters) - White House Chief of Staff Mark Meadows will meet with major airline chief executives on Thursday as the industry braces for thousands of layoffs in two weeks, and he urged lawmakers to embrace a $1.5 trillion coronavirus aid package proposed by a bipartisan congressional group and embraced by President Donald Trump. Airlines do not plan to offer a new proposal but will again be making the case that helping to avert airline job cuts is one good reason to pass a broad coronavirus relief bill.
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The meeting, set for Thursday morning, was organized by the airlines' main lobbying group, Airlines for America, which includes American Airlines AAL.O, United Airlines UAL.O and Southwest Airlines LUV.N, two airline officials briefed on the matter said. By Lisa Lambert and David Shepardson WASHINGTON, Sept 17 (Reuters) - White House Chief of Staff Mark Meadows will meet with major airline chief executives on Thursday as the industry braces for thousands of layoffs in two weeks, and he urged lawmakers to embrace a $1.5 trillion coronavirus aid package proposed by a bipartisan congressional group and embraced by President Donald Trump. "I'm meeting with airline CEOs today.
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5284.0
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2020-09-17 00:00:00 UTC
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American Airlines Will Survive, But Can It Thrive?
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https://www.nasdaq.com/articles/american-airlines-will-survive-but-can-it-thrive-2020-09-17
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With air traffic gradually picking up and the Federal government firmly supporting airline companies, does American Airlines (NASDAQ:AAL) stock â which remains down by over 55% this year â look attractively valued? Not really, in our view. We think American Airlines could underperform its peers, on account of its weaker balance sheet and operating performance and also considering the stockâs slower recovery post the 2008 crisis.
Stock Price Movement & Comparing With 2008 Crisis
American Airlinesâ stock trades at about $13 currently and has lost about 55% in value year-to-date, as demand for air travel declined sharply due to the Covid-19 outbreak. American traded at a pre-Covid high of about $28.50 in February and is currently 54% below this peak level. The stock has recovered 26% from the low of a little over $10 seen in March 2020, driven by the governmentâs multi-billion-dollar bailout package for airlines and a gradual re-opening of the economy.
Looking at the airlineâs performance during the 2008 crisis should also give investors a perspective of how the stock has rebounded from major sell-offs in the past. The stock fell from about $26 in October 2007 to a low of about $2.70 in March 2009 â losing about 90% of its value. While the stock recovered considerably within a year â rising by over 70% from the March 2009 lows of $2.70 to about $4.60 in January 2010, it only returned to its pre-crisis levels of over $28 in 2014, following the merger with the U.S. Airways group. See our dashboard How American Airlines Performance Over Covid-19 Compares With 2008 Crisis
Survival Prospects Compared To Rivals
Q2 2020 was a rough quarter for American Airlines, with Revenue down by 86% year-over-year to about $1.6 billion and net losses coming in at about $2 billion. While demand has been picking up in recent months (with air passenger traffic in early September almost doubling compared to levels seen in early June) investors need to gauge whether American Airlines has adequate liquidity to survive a prolonged pandemic or perhaps even a stronger second wave of Coronavirus infections.
The company bolstered its cash position to about $10 billion in cash as of June-end, up from around $3.5 billion at the end of the March quarter. Cash burn is also being contained, with the average daily cash burn declining to just under $35 million a day in June, from an average of about $55 million in Q2. This means that the company can support cash burn at June levels for about 10 months.
This is stronger than United Airlines, which reported cash and short-term investments of about $7.5 billion as of the June quarter â giving it just over 6 months before it runs out of cash at the burn rate of about $40 million per day. However, Delta remains the best-capitalized large airline, with total cash and short-term investments about $16 billion at the end of the June 2020 quarter. Delta can survive close to 19 months even if the cash burn continues at the June rate of about $27 million.
Looking Beyond The Coronavirus: Weaker Margin, High Debt Remain A Concern
Overall, Americanâs reasonably high liquidity position mitigates concerns of survival through the current crisis. Moreover, air travel is an essential service that is likely to rebound fully as the pandemic subsides, helping demand. However, the companyâs long-term prospects are mixed, in our view. Operating margins stood at about 6.7% in 2019, compared to about 13.4% for Delta and 8.8% for United Airlines. Moreover, liabilities are also piling up, with long-term debt standing at about $29 billion as of Q2 and the number will only rise further in Q3, as it finalizes a $4.75 billion from the U.S. Department of the Treasury under the CARES Act. Interest expenses have been sizable at about $1 billion in 2019 and the interest burden is only likely to grow further, potentially hurting Net Margins and delaying shareholder returns.
So, American Airlines might give good returns from current levels. But what if you are looking for a more balanced portfolio instead? Hereâs a top-quality portfolio to outperform the market, with over 100% return since 2016, versus 55% for the S&P 500, Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
See all Trefis Price Estimates and Download Trefis Data here
Whatâs behind Trefis? See How Itâs Powering New Collaboration and What-Ifs For CFOs and Finance Teams | Product, R&D, and Marketing Team
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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With air traffic gradually picking up and the Federal government firmly supporting airline companies, does American Airlines (NASDAQ:AAL) stock â which remains down by over 55% this year â look attractively valued? Not really, in our view. We think American Airlines could underperform its peers, on account of its weaker balance sheet and operating performance and also considering the stockâs slower recovery post the 2008 crisis. While the stock recovered considerably within a year â rising by over 70% from the March 2009 lows of $2.70 to about $4.60 in January 2010, it only returned to its pre-crisis levels of over $28 in 2014, following the merger with the U.S. Airways group.
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With air traffic gradually picking up and the Federal government firmly supporting airline companies, does American Airlines (NASDAQ:AAL) stock â which remains down by over 55% this year â look attractively valued? See our dashboard How American Airlines Performance Over Covid-19 Compares With 2008 Crisis Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for American Airlines, with Revenue down by 86% year-over-year to about $1.6 billion and net losses coming in at about $2 billion. Looking Beyond The Coronavirus: Weaker Margin, High Debt Remain A Concern Overall, Americanâs reasonably high liquidity position mitigates concerns of survival through the current crisis.
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With air traffic gradually picking up and the Federal government firmly supporting airline companies, does American Airlines (NASDAQ:AAL) stock â which remains down by over 55% this year â look attractively valued? See our dashboard How American Airlines Performance Over Covid-19 Compares With 2008 Crisis Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for American Airlines, with Revenue down by 86% year-over-year to about $1.6 billion and net losses coming in at about $2 billion. While demand has been picking up in recent months (with air passenger traffic in early September almost doubling compared to levels seen in early June) investors need to gauge whether American Airlines has adequate liquidity to survive a prolonged pandemic or perhaps even a stronger second wave of Coronavirus infections.
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With air traffic gradually picking up and the Federal government firmly supporting airline companies, does American Airlines (NASDAQ:AAL) stock â which remains down by over 55% this year â look attractively valued? While the stock recovered considerably within a year â rising by over 70% from the March 2009 lows of $2.70 to about $4.60 in January 2010, it only returned to its pre-crisis levels of over $28 in 2014, following the merger with the U.S. Airways group. See our dashboard How American Airlines Performance Over Covid-19 Compares With 2008 Crisis Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for American Airlines, with Revenue down by 86% year-over-year to about $1.6 billion and net losses coming in at about $2 billion.
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2020-09-16 00:00:00 UTC
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Delta Raises Bond Sale to $9 Billion, Largest Debt Offering in Airline History
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https://www.nasdaq.com/articles/delta-raises-bond-sale-to-%249-billion-largest-debt-offering-in-airline-history-2020-09-16
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Delta Air Lines (NYSE: DAL) has increased the size of a planned debt offering to $9 billion, up from $6.5 billion, due to strong demand for the new debt, Bloomberg reported today. That would be the industry's largest debt deal on record, a clear sign that markets remain open to airlines in need of additional funds to survive the coronavirus crisis.
Delta said Monday it intends to sell bonds and enter into a new credit facility backed by its SkyMiles frequent flyer program, seeking to raise $6.5 billion in private funds instead of going to the U.S. Treasury for loans authorized under the CARES Act. The industry is scrambling to raise cash to ride out a slowdown in demand due to the pandemic.
Image source: Delta Air Lines.
In a filing related to the bond sale, Delta said it expects third-quarter total available seats to be down 60% versus the third quarter of last year, with international capacity down 80% and domestic down 50%. As a result of operating fewer flights, Delta said it has parked about 40% of its mainline fleet.
The tough business climate has not dampened interest in the bonds. According to Bloomberg, Delta will raise $9 billion at yields of up to 4.875%. The report said that the airline decided to boost the amount it was borrowing after investors placed $16 billion worth of orders for the bonds and about $10 billion for the loans.
Delta's rivals United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would use frequent flyer programs to raise cash.
The $9 billion offering would surpass the $6.8 billion United raised in June after pledging its frequent flyer program as collateral.
10 stocks we like better than Delta Air Lines
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Delta Air Lines wasn't one of them! That's right -- they think these 10 stocks are even better buys.
See the 10 stocks
*Stock Advisor returns as of August 1, 2020
Lou Whiteman owns shares of Delta Air Lines. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Delta's rivals United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would use frequent flyer programs to raise cash. That would be the industry's largest debt deal on record, a clear sign that markets remain open to airlines in need of additional funds to survive the coronavirus crisis. Delta said Monday it intends to sell bonds and enter into a new credit facility backed by its SkyMiles frequent flyer program, seeking to raise $6.5 billion in private funds instead of going to the U.S. Treasury for loans authorized under the CARES Act.
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Delta's rivals United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would use frequent flyer programs to raise cash. Delta Air Lines (NYSE: DAL) has increased the size of a planned debt offering to $9 billion, up from $6.5 billion, due to strong demand for the new debt, Bloomberg reported today. The Motley Fool recommends Delta Air Lines.
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Delta's rivals United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would use frequent flyer programs to raise cash. Delta Air Lines (NYSE: DAL) has increased the size of a planned debt offering to $9 billion, up from $6.5 billion, due to strong demand for the new debt, Bloomberg reported today. Delta said Monday it intends to sell bonds and enter into a new credit facility backed by its SkyMiles frequent flyer program, seeking to raise $6.5 billion in private funds instead of going to the U.S. Treasury for loans authorized under the CARES Act.
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Delta's rivals United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would use frequent flyer programs to raise cash. Delta Air Lines (NYSE: DAL) has increased the size of a planned debt offering to $9 billion, up from $6.5 billion, due to strong demand for the new debt, Bloomberg reported today. The $9 billion offering would surpass the $6.8 billion United raised in June after pledging its frequent flyer program as collateral.
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5286.0
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2020-09-16 00:00:00 UTC
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American Airlines, unions make new push to win government payroll assistance
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https://www.nasdaq.com/articles/american-airlines-unions-make-new-push-to-win-government-payroll-assistance-2020-09-16-0
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1.
In a letter to congressional leaders, the White House and Treasury, Parker and the unions warned "nearly 20,000 American Airlines team members are facing furloughs in just two short weeks, and several markets in our domestic network are at risk of significant reductions in air service."
The letter implored the leaders "to find a way to work together to reach agreement on a COVID-19 relief bill that includes a clean extension" of payroll support.
White House press secretary Kayleigh McEnany did not offer details on what actions the administration might take to help airlines.
"The president has mentioned previously that he wanted to take a good look at airlines and help where he can. Of course, we need Congress in a lot of this," she said.
The letter added: "Our conversations with each of you suggest a deal is within reach, and there is no time to waste."
Last month, American said it planned to suspend flights to 15 smaller U.S. airports in October as travel demand remains low due to the coronavirus pandemic.
Congress has been weighing for weeks whether to grant U.S. airlines another $25 billion in payroll assistance that would keep tens of thousands of airline workers on the job for another six months and extend minimum service requirements.
American said it will cancel just over 700 flights in October to and from those 15 airports.
Major U.S. airlines that received portions of $25 billion in payroll assistance were required to maintain minimum flights through Sept. 30, but the government could opt to extend those requirements. American received $5.8 billion in payroll assistance.
(Reporting by David Shepardson and Tracy Rucinski; additional reporting by Alexandra Alper; Editing by Aurora Ellis and Richard Chang)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. In a letter to congressional leaders, the White House and Treasury, Parker and the unions warned "nearly 20,000 American Airlines team members are facing furloughs in just two short weeks, and several markets in our domestic network are at risk of significant reductions in air service." The letter implored the leaders "to find a way to work together to reach agreement on a COVID-19 relief bill that includes a clean extension" of payroll support.
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By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. Major U.S. airlines that received portions of $25 billion in payroll assistance were required to maintain minimum flights through Sept. 30, but the government could opt to extend those requirements. (Reporting by David Shepardson and Tracy Rucinski; additional reporting by Alexandra Alper; Editing by Aurora Ellis and Richard Chang) ((David.Shepardson@thomsonreuters.com; 2028988324;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. Congress has been weighing for weeks whether to grant U.S. airlines another $25 billion in payroll assistance that would keep tens of thousands of airline workers on the job for another six months and extend minimum service requirements. Major U.S. airlines that received portions of $25 billion in payroll assistance were required to maintain minimum flights through Sept. 30, but the government could opt to extend those requirements.
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By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O Chief Executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. In a letter to congressional leaders, the White House and Treasury, Parker and the unions warned "nearly 20,000 American Airlines team members are facing furloughs in just two short weeks, and several markets in our domestic network are at risk of significant reductions in air service." Congress has been weighing for weeks whether to grant U.S. airlines another $25 billion in payroll assistance that would keep tens of thousands of airline workers on the job for another six months and extend minimum service requirements.
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5287.0
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2020-09-16 00:00:00 UTC
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United Airlines moves closer to saving pilot jobs, American pleads for more gov't aid
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AAL
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https://www.nasdaq.com/articles/united-airlines-moves-closer-to-saving-pilot-jobs-american-pleads-for-more-govt-aid-2020
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By Tracy Rucinski and David Shepardson
CHICAGO/WASHINGTON, Sept 16 (Reuters) - United Airlines UAL.O said on Wednesday it was "one step closer" to saving thousands of jobs after pilot union leaders voted to approve a tentative deal with the company, while American Airlines AAL.O launched a fresh plea to Washington for more industry aid.
U.S. airlines, battling a severe crisis due to the COVID-19 pandemic, are in a final sprint before $25 billion in federal assistance for airlines' payroll expires this month.
They have asked for a six-month extension to protect jobs through March, even as they try to strike deals with employees to minimize thousands of job cuts on Oct. 1 without fresh aid.
The leaders of the Air Line Pilots Association that represents United's 13,000 pilots voted in favor of a deal that would protect some 2,850 jobs until June 2021, paving the path for a full vote by union members that will begin on Sept. 21.
United has warned that some 16,000 jobs total are at risk without more aid.
The chief executive of American Airlines, which has said nearly 20,000 of its jobs are in jeopardy, and leaders of seven employee unions implored congressional leaders in a letter on Wednesday "to find a way to work together to reach agreement on a COVID-19 relief bill that includes a clean extension" of payroll support. L1N2GD1DA
Airlines have also been trying to minimize the number of jobs cuts through voluntary packages like early retirement or temporary leaves.
United's proposed agreement with its pilots offers a second round of early separation options for all pilots age 50 and over with 10 years of experience.
It also adds restrictions on the amount of flying by regional carriers and would provide certain triggers for a pay raise and other contract modifications that would improve pilots' work conditions, the union leaders said in a statement.
(Reporting by Tracy Rucinski and David Shepardson Editing by Chris Reese and Aurora Ellis)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 16 (Reuters) - United Airlines UAL.O said on Wednesday it was "one step closer" to saving thousands of jobs after pilot union leaders voted to approve a tentative deal with the company, while American Airlines AAL.O launched a fresh plea to Washington for more industry aid. L1N2GD1DA Airlines have also been trying to minimize the number of jobs cuts through voluntary packages like early retirement or temporary leaves. It also adds restrictions on the amount of flying by regional carriers and would provide certain triggers for a pay raise and other contract modifications that would improve pilots' work conditions, the union leaders said in a statement.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 16 (Reuters) - United Airlines UAL.O said on Wednesday it was "one step closer" to saving thousands of jobs after pilot union leaders voted to approve a tentative deal with the company, while American Airlines AAL.O launched a fresh plea to Washington for more industry aid. They have asked for a six-month extension to protect jobs through March, even as they try to strike deals with employees to minimize thousands of job cuts on Oct. 1 without fresh aid. (Reporting by Tracy Rucinski and David Shepardson Editing by Chris Reese and Aurora Ellis) ((tracy.rucinski@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 16 (Reuters) - United Airlines UAL.O said on Wednesday it was "one step closer" to saving thousands of jobs after pilot union leaders voted to approve a tentative deal with the company, while American Airlines AAL.O launched a fresh plea to Washington for more industry aid. The leaders of the Air Line Pilots Association that represents United's 13,000 pilots voted in favor of a deal that would protect some 2,850 jobs until June 2021, paving the path for a full vote by union members that will begin on Sept. 21. The chief executive of American Airlines, which has said nearly 20,000 of its jobs are in jeopardy, and leaders of seven employee unions implored congressional leaders in a letter on Wednesday "to find a way to work together to reach agreement on a COVID-19 relief bill that includes a clean extension" of payroll support.
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By Tracy Rucinski and David Shepardson CHICAGO/WASHINGTON, Sept 16 (Reuters) - United Airlines UAL.O said on Wednesday it was "one step closer" to saving thousands of jobs after pilot union leaders voted to approve a tentative deal with the company, while American Airlines AAL.O launched a fresh plea to Washington for more industry aid. U.S. airlines, battling a severe crisis due to the COVID-19 pandemic, are in a final sprint before $25 billion in federal assistance for airlines' payroll expires this month. They have asked for a six-month extension to protect jobs through March, even as they try to strike deals with employees to minimize thousands of job cuts on Oct. 1 without fresh aid.
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5288.0
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2020-09-16 00:00:00 UTC
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American Airlines, unions make new push to win government payroll assistance
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AAL
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https://www.nasdaq.com/articles/american-airlines-unions-make-new-push-to-win-government-payroll-assistance-2020-09-16
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By David Shepardson and Tracy Rucinski
WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O chief executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1.
In a letter to congressional leaders, the White House and Treasury, Parker and the unions warned "nearly 20,000 American Airlines team members are facing furloughs in just two short weeks, and several markets in our domestic network are at risk of significant reductions in air service."
The letter implored the leaders "to find a way to work together to reach agreement on a COVID-19 relief bill that includes a clean extension" of payroll support.
The letter added: "Our conversations with each of you suggest a deal is within reach, and there is no time to waste."
Last month, American said it planned to suspend flights to 15 smaller U.S. airports in October as travel demand remains low due to the coronavirus pandemic.
Congress has been weighing for weeks whether to grant U.S. airlines another $25 billion in payroll assistance that would keep tens of thousands of airline workers on the job for another six months and extend minimum service requirements.
American said it will cancel just over 700 flights in October to and from those 15 airports but added it could reconsider cuts if Congress provides more assistance.
Major U.S. airlines that received portions of $25 billion in payroll assistance were required by the U.S. Transportation Department to maintain minimum flights through Sept. 30, but the government could opt to extend those requirements. American received $5.8 billion in payroll assistance.
(Reporting by David Shepardson and Tracy Rucinski; Editing by Aurora Ellis)
((David.Shepardson@thomsonreuters.com; 2028988324;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
|
By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O chief executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. In a letter to congressional leaders, the White House and Treasury, Parker and the unions warned "nearly 20,000 American Airlines team members are facing furloughs in just two short weeks, and several markets in our domestic network are at risk of significant reductions in air service." The letter implored the leaders "to find a way to work together to reach agreement on a COVID-19 relief bill that includes a clean extension" of payroll support.
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By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O chief executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. Congress has been weighing for weeks whether to grant U.S. airlines another $25 billion in payroll assistance that would keep tens of thousands of airline workers on the job for another six months and extend minimum service requirements. American received $5.8 billion in payroll assistance.
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By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O chief executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. Congress has been weighing for weeks whether to grant U.S. airlines another $25 billion in payroll assistance that would keep tens of thousands of airline workers on the job for another six months and extend minimum service requirements. Major U.S. airlines that received portions of $25 billion in payroll assistance were required by the U.S. Transportation Department to maintain minimum flights through Sept. 30, but the government could opt to extend those requirements.
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By David Shepardson and Tracy Rucinski WASHINGTON/CHICAGO, Sept 16 (Reuters) - American Airlines AAL.O chief executive Doug Parker and seven major airline unions on Wednesday made a new push to win additional government assistance to keep nearly 20,000 workers on the payroll past Oct. 1. Congress has been weighing for weeks whether to grant U.S. airlines another $25 billion in payroll assistance that would keep tens of thousands of airline workers on the job for another six months and extend minimum service requirements. Major U.S. airlines that received portions of $25 billion in payroll assistance were required by the U.S. Transportation Department to maintain minimum flights through Sept. 30, but the government could opt to extend those requirements.
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5289.0
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2020-09-16 00:00:00 UTC
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Why I Wouldn’t Buy United Airlines Stock Right Now
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AAL
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https://www.nasdaq.com/articles/why-i-wouldnt-buy-united-airlines-stock-right-now-2020-09-16
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Like its peers, United Airlines (NASDAQ:UAL) stock hasn’t performed well this year. However, UAL stock and the shares of the other major airlines have bounced off their lows and continue to trade sideways.
Source: travelview / Shutterstock.com
It’s like the group is just waiting for some bit of good news to jolt the stocks higher. Just based on their price action, it looks like this sector will advance when the time is right.
In order to play that move, there are various stocks and ETFs investors can buy. United Airlines isn’t a terrible company, but it’s not the name I would purchase to participate in the sector’s gains.
Underperformance
After looking closely at five of the largest U.S. airlines, I have determined that UAL stock is the worst performer in the sector over the past 12 months. Southwest Airlines (NYSE:LUV) is down “just” 27% in the past year. Delta Air Lines (NYSE:DAL) is the next best performer, down 44%. Then come Spirit Airlines (NYSE:SAVE) and American Airlines (NASDAQ:AAL), down 53% and 55%, respectively.
United has tumbled 59% in the last year. It’s also the worst performer in the sector so far in 2020.
20 Election Stocks to Buy if Donald Trump Wins in 2020
While United has had a decent rebound from its lows, I am inclined to go with names that are strong, not weak. In other words, I would rather buy Southwest or Delta versus UAL stock.
As far as catch-up trades, I would rather be long Spirit Airlines. The company is cutting its cash burn and may be the first to turn profitable once demand returns. For those looking to avoid company-specific exposure, I would be open to owning the U.S. Global Jets ETF (NYSEARCA:JETS).
It’s not that United is a horrendous company; it’s just not as attractive as other options.
Breaking Down United Airlines
Click to Enlarge
At the end of the day, it doesn’t really matter which airline stock one owns; they will likely all struggle until demand rises meaningfully. The exceptions to this statement, to a degree, may be Delta and Southwest. Those two stocks have been inching higher even as travel numbers remain disappointing.
The daily TSA checkpoint numbers are shown on the chart above. While there are some spikes higher and the numbers have improved since July, there has yet to be a sustainable climb in airport traffic.
On the plus side, there hasn’t been a big dip in airplane travel, even though the number of novel coronavirus cases has remained elevated.
Will flu season change that? Will the holidays override consumers’ fear?
We don’t know the answers to those questions. All we know is that, if airline traffic jumps to, for example, 1,000,000 daily passengers, the airline stocks could catch some momentum. Without significant jumps in traffic, though, it’s hard to be extremely bullish on the sector in the short-term.
United recently began to add back a bit more capacity to its flights for September and October. That’s a good sign that demand is picking up, although it’s still well below last year’s figures.
Last quarter — when airlines bottomed — United burned about $40 million of cash per day. But management expects its cash burn to fall to $25 million per day in the third quarter.
While a liquidity issue seems to be off the table for now, thanks to airlines’ increased debt and the federal government, airlines’ balance sheets will now be an issue for investors. While some, like Southwest, have stronger balance sheets than others, this general concern extends beyond United and is really affecting most of the airline space.
Trading UAL Stock
Click to Enlarge
Source: Chart courtesy of StockCharts.com
While I still prefer other plays in the airline industry, the charts do not look all that bad for UAL stock. In essence, it looks like most of its peers, as the shares continue to bubble higher, awaiting a catalyst.
That catalyst is likely a return of airline traffic, as I explained earlier. But it could also be positive data on a vaccine. Either way, look at the way the shares continue to put in a series of higher lows.
The 20-day and 50-day moving averages are guiding UAL stock higher, as uptrend support ( depicted by the blue line) lifts shares toward their resistance. For now, $40 has been the roadblock. If United can exceed that level, it puts the 38.2% retracement of $42.60 in play.
Beyond that, the $48 to $50 zone will be of interest to bulls. In that range lie the 200-day moving average, the June highs at $48.95 and the 50% retracement at $50.26. That retracement is between the March low and the February high.
On the downside, any close below the 50-day moving average would make me cautious and cause me to look at last month’s low of $30.32.
On the date of publication, Bret Kenwell did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.
Bret Kenwell is the manager and author of Future Blue Chips and is on Twitter @BretKenwell.
The post Why I Wouldn’t Buy United Airlines Stock Right Now appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Then come Spirit Airlines (NYSE:SAVE) and American Airlines (NASDAQ:AAL), down 53% and 55%, respectively. 20 Election Stocks to Buy if Donald Trump Wins in 2020 While United has had a decent rebound from its lows, I am inclined to go with names that are strong, not weak. Click to Enlarge At the end of the day, it doesn’t really matter which airline stock one owns; they will likely all struggle until demand rises meaningfully.
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Then come Spirit Airlines (NYSE:SAVE) and American Airlines (NASDAQ:AAL), down 53% and 55%, respectively. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Like its peers, United Airlines (NASDAQ:UAL) stock hasn’t performed well this year. Last quarter — when airlines bottomed — United burned about $40 million of cash per day.
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Then come Spirit Airlines (NYSE:SAVE) and American Airlines (NASDAQ:AAL), down 53% and 55%, respectively. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Like its peers, United Airlines (NASDAQ:UAL) stock hasn’t performed well this year. Underperformance After looking closely at five of the largest U.S. airlines, I have determined that UAL stock is the worst performer in the sector over the past 12 months.
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Then come Spirit Airlines (NYSE:SAVE) and American Airlines (NASDAQ:AAL), down 53% and 55%, respectively. InvestorPlace - Stock Market News, Stock Advice & Trading Tips Like its peers, United Airlines (NASDAQ:UAL) stock hasn’t performed well this year. In order to play that move, there are various stocks and ETFs investors can buy.
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5290.0
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2020-09-15 00:00:00 UTC
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Why Boeing Is in the News Again
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AAL
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https://www.nasdaq.com/articles/why-boeing-is-in-the-news-again-2020-09-15
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In this episode of Industry Focus: Energy, Nick Sciple chats with Motley Fool contributor Lou Whiteman about the latest headlines from Wall Street. They discuss the latest offering from a leading car manufacturer, and tell you all you need to know about the latest troubles at Boeing (NYSE: BA). And as their Sept. 30 deadline for payroll support ends, find out how the airlines are faring in the coronavirus recovery and much more.
To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center. To get started investing, check out our quick-start guide to investing in stocks. A full transcript follows the video.
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This video was recorded on Sept. 10, 2020.
Nick Sciple: Welcome to Industry Focus. I'm Nick Sciple. On today's show, we'll be taking a look at the latest bad news for Boeing, and how airlines are faring in the coronavirus recovery. Here to help me break it all down is Motley Fool contributor Lou Whiteman. Lou, welcome back on the podcast.
Lou Whiteman: Thank you, happy to be here.
Sciple: It's great to have you on the show, Lou. As I said, it's Thursday, but we're on this short week with Labor Day, so I'm still kind of out of whack a little bit. Did you do anything fun for the long weekend?
Whiteman: You know, I'm in Atlanta and we finally got that chamber of commerce weekend where the humidity disappeared. So, yeah, we were outside three straight days, went paddleboarding on the Chattahoochee, found out paddleboarding on rivers with rapids is a ton of fun. So, whenever you're all around Atlanta, come on out, I'll show you.
Sciple: Yeah. So, we kind of did the same thing, we went over to Harpers Ferry, West Virginia, and hiked around the historic town and all that kind of stuff, right around the intersection of the Potomac and some other rivers right there. So, it's very beautiful, great to get outside. And I did a fantasy football draft, maybe we'll talk a little bit about the NFL here at the end of the show.
As I said off the top, we're going to talk about Boeing and aerospace, but first, before we get into that main topic, I'd be remiss if we didn't talk at least a little bit about Tesla (NASDAQ: TSLA). It's been a wild a couple of weeks for the company. Last Monday, Aug. 31, completed a 5-for-1 stock split. Over the course of the week on Friday, completing a $5 billion issuance of stock. And then over the weekend, we got news that the company had not been added to the S&P 500 and that SoftBank had been building bullish options bets on Tesla as well as a number of other tech companies, that then sent the stock down over 20% on Tuesday when trading resumed, but it's since rallied back the past couple of days.
Lou, I mean, so much news all in one week. I know Tesla usually grabs headlines, but this has been a crazy couple of weeks even for Tesla.
Whiteman: Yeah. So, it's so hard to pick what to talk about here, because, yeah, you can do a show on any of those things, right? But if I could, let's focus on that $5 billion offering, because that's the thing that really stands out to me, both the size of it at just $5 billion, and the way it was done at the market. You know, whatever you think of Tesla, if you're a bull or a bear, it's up 300% for the year. This is a company with $15 billion in debt, $7 billion or $8 billion without the leases. They have a ton of projects they're working on, a lot of capex, why they only raised $5 billion, and the way they did it, I wonder -- that could really haunt them. They had a chance to really shut up the haters and get down to work, it seems like. And it just surprised me it was a pretty wimpy offering.
Sciple: It's one of those things, you expected them to issue some stock, just given how much the stock has run up. And you mentioned all of these projects, having access to capital certainly a big advantage for the company. We'll see where things go, but I'm sure Tesla will keep grabbing the headlines.
It's worth noting, they had that big sell-off on Tuesday. The stock is still up over 30% in the past month, and it's way back to where it was in the middle of August. And so, grabbing a lot of headlines where the stock is moving, but put in context with where it's gone over the past year, kind of, an insignificant move. Which is funny to say when the stock sells off 20%, right?
Whiteman: Oh, yeah. But I mean, the point was made, I forget who it was, maybe it was someone on the weekend show, that, you know, I mean this stock could lose half its value and still be up for the year. It's just, there's nothing like, you know... [laughs]
Sciple: Yeah, the volatility I think is pretty incredible for something of that market cap. A really exciting stock, I'll keep following it. But you know, there's not much more to say there than it's new news every day with this company.
Moving on to Boeing, kind of our main topic for today. We've discussed on the podcast in the past the issues that Boeing has faced with the 737 MAX and the grounding of that plane. In the past week, we've had new issues come out with regard to the Boeing 787 Dreamliner that's led to some of those airplanes being grounded.
Lou, what do investors need to know about the 787 Dreamliner story?
Whiteman: So, the 787 is Boeing's first carbon plane. It's a new way of making planes. And it was very controversial when it was first proposed, but it's been a good performer. This is the first time we've had issues with the way it's manufactured where it's actually threatening to ground planes. In this case, it's two separate issues, both in the rear part of the plane. Either one of them isn't considered to be dangerous, but combined, the two issues in the same part of the plane could lead to questions about the structural integrity of the plane under flying conditions.
As far as we know, it's less than 12 planes that are affected. It's kind of scary to think that a much larger number of planes have one of the two issues. But right now, we're still in the, I guess, fact-finding. We knew all this about a couple weeks ago, the news in the last week or so is the FAA has gotten involved, as we knew they would, and so now we're trying to figure out exactly what to do about this and to figure out how deep it runs.
Sciple: So, when you put this in context with how significant the 737 MAX story has been for Boeing, what's the relative importance to the business and the investment case for Boeing, the Dreamliner?
Whiteman: Well, just to give some perspective. You know, Boeing's backlog throughout this has remained more than 4,000 planes. Variants of the 737, largely the MAX, but also older generations, make up nearly 80% of that backlog. The 787 is another 10%. So, now we're talking about potential issues or reputational damage to 90% of that backlog. I don't think this is a repeat of the 737 MAX, it seems like it's not going to be that big. The real frightening thing for me as someone looking at Boeing stock is, you know, this is a little dated, but back in, I think it was December, Bank of America put out a survey where they, I think, found it was almost 75% of respondents would try and rebook if they found out they were on a 737 MAX.
Boeing really needs to make sure that this remains a 737 MAX issue and not a Boeing issue, because if it becomes a word association with Boeing, then you have real problems. So, I think it's more a reputational risk right now than it is a financial hit. The 737 MAX has been just devastating financially. It doesn't look like, as far as the numbers go, this is going to be a repeat of that, but this is a company that can ill-afford to take a reputation hit, and this doesn't look good.
Sciple: Yeah, I think in the past on the podcast, I maybe compared it to Wells Fargo, in that, you get this first bad news [that] comes out, you think it's clear, and if they can get this figured out, well, everything will be back to normal. And then the hits keep on coming and you find out that maybe it's more systemic. Or at least that perception is out there, and if even that perception is out there, it can affect sales.
I remember, I was looking at, you wrote an article about the effects of this 787 Dreamliner; you can go read it on Fool.com, it's 787 Dreamliner Grounding Raises New Headwinds for Boeing Stock. In there, you mention, when it comes to the backlog of Boeing, Boeing's net orders are down significantly this year. But if you look at Airbus, they may actually be taking share, because they've had an increase in net orders. Can you talk about how this maybe is changing the nature of the duopoly between Boeing and Airbus?
Whiteman: Yeah. So, I believe that was on 737 versus the 320, which is the comparable plane from Airbus. Yeah, neither of them are having a great year. It's about a negative 400, I think, for 737s for cancellations outweighing orders. Airbus has, it's about plus 200. I think, for me, the real danger here, if you're looking at Boeing stock is, people, bulls love to talk about the duopoly, and the fact that you really only have two choices. There's a lot of demand. So, whether you want to go with Boeing or not, you have to; Boeing will sell planes. And I agree with that. But this is an industry with a lot of fixed costs. This is an industry where it is the later prints of the plane that are really the most profitable, because all of the ... you know, so much R&D, so much tooling, so much to get into the initial batch, that those extra sales, these sales that take the model from a decent seller to a great seller, those are the ones driving profit. So even if Boeing continues to be able to sell airplanes, just a marginal few sales, just a few big customers saying, you know, we're going to go the other way, that can make a huge difference on profitability, which in turn can make a huge difference on future R&D spending, which can really set the business back for a long time.
And that I think -- it's much more subtle than "no one is going to buy a Boeing airplane." You know, Boeing is going to get sales, but it's those incremental sales that just a couple of people changing their mind because of all of this, it can have a profound lingering effect, and it's much harder to get out. We got to see it play out, but that, to me, is the fear right now.
Sciple: Yeah, so we'll continue watching how developments in Boeing affect their reputation and affect their sales to see how they perform.
Whiteman: Which is one more thing too, I want to say too, because I've gotten a lot of feedback on Twitter, people talking about how the cancellation numbers aren't that bad, we still have this backlog. And I'm going to borrow this from the Teal Group, this isn't my work, but in our last downturn from 2001 to 2003, Boeing saw a reduction in its backlog of only about 500 planes. And much of that can be accounted for by deliveries. So, in fact, there weren't a lot of cancellations, yet Boeing was forced to cut production by 30%. So looking at cancellations, with the way airlines have a real ability to defer orders, saying instead of taking them in 2021, we're going to take in 2023, 2024. That isn't a cancellation, it stays on the books, but it has a real effect on the manufacturing, the near-term profitability, cash flows. So, just be careful if you're looking at the order book and saying they're fine, because it's a lot harder to get at what's going on.
Sciple: Right. And so, we talked about this on the first part of the show, the Dreamliner, how that could affect reputational issues at the company as well as the 737 MAX, you got to get that plane approved before you can resume sales. But another important factor is just, what is the demand for air travel? Are passenger airplanes going to be in demand? Are airlines going to be adding to their fleets? That's been really up in the air this year with the global coronavirus pandemic.
When you look at the data so far this year, Lou, what is that telling us about the current demand situation for air travel and the extent to which that is recovering?
Whiteman: Well, is the glass half full or is the glass half empty? I think it's how you want to look at it. Now, the good news is that, if you use the TSA numbers, so these are the number of people being screened at an airport daily, which is a pretty good way of getting real-time information, we are up 9X over our April lows, which is a great improvement. However, we're also barely half of the daily volumes where we were last year. Almost all of what we've seen is leisure travel and not business. That can be an issue because, for one thing, it's seasonal. Now that Labor Day has come and gone, we're likely going to see that fall off considerably. It's also less lucrative. In fact, usually in a recession, the leisure traffic comes back first, because it's easier to stimulate with low fares. And in fact, that's what we've seen, you know, it's people traveling because it's really cheap.
So, we're both in a position where things are slowly coming off the bottom and the real panic is over, but we are a long way back from normal. And I don't see any reason to think... it's going to be 2022 at the earliest before we really see pre-pandemic levels.
Sciple: You said we're up 9X, kind of, from the bottom. So, do you think the bottom is in when it comes to air travel, is that fair to say? And then it's a question of the speed of recovery at this point?
Whiteman: I think so. I mean, we're talking about a pandemic here, so it's really hard to say what the future holds. You know, once your SEC football gets going and we have [laughs] you know, and everyone is back in the stadiums, who knows? But barring the unforeseen, it does seem like we're off our lows. You know, we have some semblance of normality coming back. However, absent a vaccine -- and I think even if you're an optimist, a widely distributed vaccine, we're talking maybe, hopefully, in time for the summer travel season next year. But we're definitely talking six months away before it is widely distributed. And there's just no way we're going to see a recovery. Business travel, it's likely going to be 2023 even before we see that coming back.
Sciple: And so, when you look at these companies, what we saw following the pandemic and travel being shut down, airlines really tapped into massive amounts of capital. I pulled a number from one of your articles, Lou, $50 billion in debt and equity financing coupled with a similar amount from the federal government. When it comes to needing to tap equity and debt markets, needing to continue to raise cash to keep the company afloat, any thoughts there as to whether the companies are out of the woods?
Whiteman: One of the really unappreciated points coming into this was, and this is an industry that every time there's been a downturn, we've seen bankruptcies. In some cases, multiple times, companies have gone bankrupt. I mean, think of the names just in my lifetime: Eastern Airways, TWA, [Trans World Airlines] Pan Am. There are so many historic names that just ceased to exist, because every time there's a downturn they get in trouble. People really, kind of, assumed that going into this, when in fact, the industry has never been more healthy coming into that.
And relatively speaking, they've held up really well. Yes, they've taken on a ton of debt and that's going to haunt the balance sheet for years, but the fact was, they were able to take it on. We're in a weird position now where most of the big airlines are burning through $25 million a day, yet United Airlines just gave an update, they're going to have $18 billion in liquidity at the end of the quarter. So, we're both in a really bad situation, but a situation they can handle. And I think that's the status quo.
It's been interesting, if you look at the stocks since April or May, it's almost been just a macro bet on what's going on with the vaccine and the economy. Regardless of what's going on with an individual company, on days when there's good news about a potential vaccine, the airlines all trade up in lockstep. On days where there's an economic indicator that indicates things aren't going well, the airlines have been trading down. And I think that's how it's going to continue for some time, because they can survive this, but they can't thrive in this, so it's kind of just chugging along till it's over.
Sciple: So, Lou, one question I had for you, and maybe this is maybe a little bit of a tangent from our core topic, but it's something I've thought about as I've been reading about some of the financing these airline companies have been able to do. So, both, American and United, over the summer, pledged their frequent flyer programs as collateral against about $5 billion in loans they each received from the government. So, you see these frequent flyer programs are an asset that airlines can tap into to get access to capital. You've seen some airlines in the past actually spin off their frequent flyer programs.
That raises a question for me, Lou. When I think about frequent flyer miles and what those programs are, I accumulate frequent flyer miles as a customer that those miles over time entitle me to exchange them for goods and services. And so, from my perspective, they kind of sound like a liability more so than an asset. So, I guess, why are these frequent flyer programs worth money that you can pledge them as collateral? What is the value for these programs, separate and apart from the value they hold for the airline companies themselves?
Whiteman: So, you have to separate out the miles from the programs. You're right, the miles on an individual basis are a liability, they are an IOU. The programs can be profitable because they allow the airlines to presell those miles to partners who are going to give them away, most notably the credit card companies that use them and give them to you when you use their credit card. So, the programs can be a generator of revenue even though you are selling something that becomes a liability on your balance sheet.
Airlines hate to talk about the details on this, but when Delta reached a new agreement with American Express, Delta said, by the end of that agreement, I believe it's the back end of this decade, it should be worth $7 billion a year for them in revenue. Now, in the case of AmEx, I think the Delta card is something like 10% of their total receivables. So, that is a very important relationship for AmEx too. But really what it is, it is a source of revenue for the miles, it's also a pretty good mailing list, it's a great loyalty program, because you know demographics. What the TSA requires you to [collect] -- the data you need on your customers, that is a marketer's dream. So in a way, it's just a very, very good affinity program or a loyalty program that has a lot of data that they can monetize, whether the customer wants it or not, I guess.
Sciple: Right. So, yeah, never underestimate the value of data, I guess. So, along that side, of the kind of relationship between airlines and customers, we've seen some other developments as well more recently. So, on Aug. 31, I believe, United announced that they were removing change fees on all domestic flights, which has resulted in other airlines, including American and Delta, quickly following suit. You see this eliminating change fees, how does that affect the aviation business moving forward?
Whiteman: So we've had a trend over the last decade or so of more a la carte pricing, where they're all competing on price, but especially these legacy airlines -- United, Delta, and American -- would claim, well, you know, we're giving you more with that ticket than some of these discounters are. That really wasn't, that wasn't an effective way to go in a world where people are just comparing prices online. So, the way the airlines made this work was they, both, lowered their ticket prices, but emphasized the fees or what they can charge you for after you have the ticket.
A big cog of that was these change fees, and that's one cog that's gone. I think it'll adjust, it's only one fee, but it's a great consumer thing. You know, everybody loves to talk about the way the airlines nickel-and-dime you. They're not wrong. And United -- you know, Scott Kirby just took over United, he has been with American and its predecessors all the way back to America West. He's about the smartest person in the industry, and frankly, he's the one thing I like about [laughs] United Airlines right now as a stock. And this is really smart. This is a way for them to get their name out and say "We did this." And marginally it's going to have an impact, but over the long haul, they need revenue right now. And you know, you can manage around this. This is a few hundred million dollars in fees total. And you know, they'll find a way around it. It's great news for the consumer.
Sciple: Right. So, I saw a number that United had brought in $600 million in fee income last year. So, clearly giving up some of that income in exchange for juicing demand in this time where air travel demand is much lower than it has been historically. So, one question I had is, prior to this end of change fees, Southwest had been, of the big four airlines, the only one that did not charge those fees. Does this affect Southwest in any meaningful way now that the rest of the market has matched Southwest's offering?
Whiteman: I'll answer this more as a consumer than anything else, but I think the one differentiating fee that Southwest still has is the bag fee, or the lack of a bag fee. I think that's the one that people really anchor to. And they still have that going for them. Southwest is a brand that's bigger than any one fee or any collection of fees. People like Southwest. So, I would be surprised if this really moves the needle for them.
Sciple: And I suppose Southwest has already built their business model around not having to have these fees, whereas the other airlines are going to have to absorb it in some way, as you mentioned earlier. So, the next thing we'll be watching coming up for airlines, and I believe it's the end of this month, restrictions expire on that federal loan that the major airlines received, and those restrictions prohibited the airlines from engaging in layoffs and that sort of thing before Sept. 31 (sic) [Sept. 30]. What do we know so far about what the airlines will do when those restrictions expire at the end of the month?
Whiteman: It's going to be ugly. And, yeah, as you say, so the CARES Act, the airlines got about $50 billion from the government, $25 billion of that was in payroll support, and it was conditioned on no involuntary separations through Sept. 30. And the idea at the time is, hopefully, this is a short-term blip, we'll buy the industry time before they make drastic decisions. We're coming up on Sept. 30, things aren't getting a lot better. These airlines are going to get smaller.
American, which is the largest employer, about 140,000 jobs, they've said they're going to lose 40,000 jobs total between involuntary and voluntary separation. United did reach a deal with its pilots, so they're going to avoid furloughs. We don't exactly know what that means yet, but it's probably some sort of givebacks elsewhere, fewer guaranteed hours, something like that. Southwest has a deal in place, a couple of the smaller ones do. But the onus is really now on, I'd say, Delta and American to work something out with their pilots, because otherwise there could be bad feelings. I mean, you don't want bad labor relations with your pilots.
Delta's only major union is their pilots. So, they have a little more flexibility here versus American. American has a lot of unions that are watching this. And you really worry, American is a company that was trying to get airborne anyway. This could get really ugly if they have to cut a third of their workforce and they aren't in harmony with their unions as they do it.
Sciple: Yeah, it's a difficult situation to be in. And, yeah, for our listeners, yeah, there aren't 31 days in September. So, yeah, Lou is right, Sept. 30 is the deadline. We'll be waiting a long time, if we're waiting for Sept. 31.
Whiteman: The airlines would probably be OK with that, if we could somehow make bills due then too, OK.
Sciple: [laughs] Right. So, kind of coming back to where we were earlier on the show. Back in March, the outcome for airlines was probably more uncertain than it's ever been, or at least it's been in a really long time. Now, we're six months removed from that. How much more clarity is there for investors or are we still really uncertain about the future for this industry?
Whiteman: So, I believe, and I don't think there is a lot of clarity as in, lock it in stone, but I believe there is significantly more clarity to the downside. The fear in March was that we were going to have a repeat of previous downturns and there were going to be multiple bankruptcies in the industry. We are through the worst of it, nobody has filed. I am optimistic. I don't know if I'd really bet on it, but I am optimistic that we can go without any U.S. airline filing for bankruptcy. Definitely there are a few names that I think have all but ensured they can make it through. So, we have a lot more clarity on the downside. We don't have a lot of clarity on when the upside will come.
I do believe, if you just look at the valuations, if you believe air traffic will return eventually, there is some real upside here. There's also an opportunity cost in maybe waiting years to see that. [laughs] But I do feel like, if it helps people sleep at night, I did not sell the airline stocks I own. I am down on them, but I do not worry that they are going to go to zero. And I was trying to figure that out desperately for my own portfolio back in March, I'll admit.
Sciple: Yes, it's a lot more certain than when Warren Buffett sold back in March. So, now we have a little more clarity and maybe a little more comfortable holding it today than maybe back then.
Whiteman: Uh-huh.
Sciple: So, it brings to the question of: Would you buy the stocks? What would you do? We talked about three different companies/industries today. We talked about Tesla, Boeing, and then the commercial airline industry. For those three categories, maybe pick your favorite airline stock for that first, third category, you have to buy one, sell one, hold one. Tell me which ones they are and why?
Whiteman: All right. I'm probably selling Boeing, just because I don't trust it. And I know it's a ways down. If you made me guess, I would probably think that absent some new disaster with the 737 MAX, that we're not going to retrace that bottom when they were down 70%. But even if you look at how long I just said it's going to take the airlines to come back, I think Boeing is going to take longer. They just have real issues and it's become a "show me" story. I want to see that they can do things right. I'm not going to take it for granted anymore.
Tesla, I don't have any desire to own, short, do anything with Tesla. Tesla, to me -- I mean, I'm an old industrial guy, they're trading at more than $1 million per vehicle delivered in the last year. Even if you ... I will concede the potential, [but] I can't get to that [laughs] number. That said, with the potential, I wouldn't bet on it going down either. So, I guess if I held Tesla today, I would probably keep holding it.
The airlines: I really do think Southwest is safe, I really think Delta is safe. But just for fun and be a little more speculative, I will buy Spirit Airlines, which is much smaller and much less likely to survive, I guess, if things go really bad. But Spirit has the lowest cost in the business. They have lower cost than Southwest. And if the next year goes the way I think it is, where we have mostly leisure travel and maybe it starts to come back for a big summer, we're going to see a lot of discounting, we're going to be seeing a lot of fare sales to try and get people to fly. Spirit is well set up for that battle. And it's got a lot of risk, but it's got a lot of upside. So, we'll go on a limb and say that.
Sciple: All right, folks, if you want to add Spirit to your watchlist, that ticker is SAVE. Really fun ticker, easy one to remember.
Before I let you go, Lou, sports are back, it's Thursday. We've got the defending champion, Kansas City Chiefs hosting the Houston Texans tonight, will you be watching the game?
Whiteman: You see, Nick, I had prepped for this. When you told me we were going to talk about the return of football, I assumed you meant my Watford playing Middlesboro tomorrow and the return of the League Championship, right?
Sciple: Well, tell me about that, I'd love to hear about it, yeah.
Whiteman: Oh, you know, it's going to be a big season. Watford was just relegated, and we need to get back, because -- you want to talk about dates, it's interesting. The one place where the Europeans have us on capitalism is sports. You know, you fall down, relegation is nasty. You see your revenue drop by 90%. So, yeah, that's a big deal. As for the NFL, all I really know is, to use the Gardner brothers' "winners win." So, I'm going to take Kansas City until they lose, and then I'll move on from there. [laughs]
Sciple: Yeah, I'm with you on Kansas City. I looked up what our friends out in the desert have for the lineout for the game. It's Chiefs -9.5. Maybe the Chiefs win. I think that 9.5 points is a lot, so maybe they don't cover, but we'll see. I'll be watching it, I'm excited to have the NFL back. And I'm always excited to have you on the podcast, as always, Lou.
Whiteman: Well, thank you. Sorry, for the audio issues, but hopefully it will all work out.
Sciple: Hey, we'll make it. Tim Sparks is a superstar, so we'll get it figured out.
As always, people on the program may own companies discussed on the show, and The Motley Fool may have formal recommendations for or against the stocks discussed, so don't buy or sell anything based solely on what you hear.
Thanks to Tim Sparks for mixing the show. For Lou Whiteman, I'm Nick Sciple, thanks for listening, and Fool on!
Lou Whiteman owns shares of Delta Air Lines and Spirit Airlines. Nick Sciple has the following options: long January 2021 $100 puts on Tesla and long January 2021 $50 puts on Tesla. The Motley Fool owns shares of and recommends Tesla and Twitter. The Motley Fool owns shares of Spirit Airlines. The Motley Fool recommends Delta Air Lines and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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In this episode of Industry Focus: Energy, Nick Sciple chats with Motley Fool contributor Lou Whiteman about the latest headlines from Wall Street. And so, we talked about this on the first part of the show, the Dreamliner, how that could affect reputational issues at the company as well as the 737 MAX, you got to get that plane approved before you can resume sales. So, on Aug. 31, I believe, United announced that they were removing change fees on all domestic flights, which has resulted in other airlines, including American and Delta, quickly following suit.
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In this episode of Industry Focus: Energy, Nick Sciple chats with Motley Fool contributor Lou Whiteman about the latest headlines from Wall Street. Lou Whiteman owns shares of Delta Air Lines and Spirit Airlines. Nick Sciple has the following options: long January 2021 $100 puts on Tesla and long January 2021 $50 puts on Tesla.
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Whiteman: Which is one more thing too, I want to say too, because I've gotten a lot of feedback on Twitter, people talking about how the cancellation numbers aren't that bad, we still have this backlog. Airlines hate to talk about the details on this, but when Delta reached a new agreement with American Express, Delta said, by the end of that agreement, I believe it's the back end of this decade, it should be worth $7 billion a year for them in revenue. So, the next thing we'll be watching coming up for airlines, and I believe it's the end of this month, restrictions expire on that federal loan that the major airlines received, and those restrictions prohibited the airlines from engaging in layoffs and that sort of thing before Sept. 31 (sic) [Sept. 30].
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Whiteman: Which is one more thing too, I want to say too, because I've gotten a lot of feedback on Twitter, people talking about how the cancellation numbers aren't that bad, we still have this backlog. We're coming up on Sept. 30, things aren't getting a lot better. Lou Whiteman owns shares of Delta Air Lines and Spirit Airlines.
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5291.0
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2020-09-15 00:00:00 UTC
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Delta CEO Expects Only Limited Furloughs as Talks With Pilots Continue
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AAL
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https://www.nasdaq.com/articles/delta-ceo-expects-only-limited-furloughs-as-talks-with-pilots-continue-2020-09-15
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Delta Air Lines (NYSE: DAL) said on Tuesday it expects to avoid furloughs for all worker groups except pilots, though it warned that employees will work reduced hours through the end of the year.
Airlines expect to cut back operations substantially in October after federal payroll subsidies that were included as part of the CARES Act expire. As part of the agreement to receive payroll support, the industry agreed to no involuntary separations through Sept. 30.
With travel demand still weak due to the coronavirus pandemic, the airlines are expected to shrink substantially in the months to come. American Airlines Group (NASDAQ: AAL) expects to cut up to 40,000 jobs, and Delta has said it could have to reduce its pilot ranks by nearly 2,000.
Image source: Delta Air Lines.
In a memo to employees on Tuesday, Delta CEO Ed Bastian said the airline is flying about 30% of the passengers it flew a year prior, and is currently burning through about $750 million per month. The industry, he said, is "still in a grim economic situation," and a recovery "will be long and choppy."
Bastian said 20% of workers have accepted voluntary proposals including early retirement packages, lessening the need for furloughs across the company. Delta also intends to reduce work hours by 25% through the rest of the year, and senior management salaries have been reduced by 50%.
Bastian is forgoing his salary through the end of 2020.
That leaves the pilots. In the memo, Bastian said "there still is time to mitigate this potential furlough, and discussions are ongoing with the pilots' union as we look for ways to cost-effectively reduce or eliminate" the need for job losses. But absent some sort of a compromise, the airline intends to make cuts.
United Airlines Holdings (NASDAQ: UAL) last week announced a tentative deal with its pilots to avoid furloughing nearly 3,000 of them. Southwest Airlines (NYSE: LUV) and a number of smaller carriers also have arrangements in place to avoid furloughs.
Delta is still lobbying Washington for an extension of the CARES Act, which would provide added payroll protections and at least delay potential furloughs. "While I'm hopeful that an arrangement on an extension can be reached, the deal on a broader stimulus plan ... looks uncertain," Bastian wrote.
The airline also continues to raise capital, announcing on Monday that it plans to borrow $6.5 billion backed by its frequent-flyer program.
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Lou Whiteman owns shares of Delta Air Lines. The Motley Fool recommends Delta Air Lines and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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American Airlines Group (NASDAQ: AAL) expects to cut up to 40,000 jobs, and Delta has said it could have to reduce its pilot ranks by nearly 2,000. Delta Air Lines (NYSE: DAL) said on Tuesday it expects to avoid furloughs for all worker groups except pilots, though it warned that employees will work reduced hours through the end of the year. In a memo to employees on Tuesday, Delta CEO Ed Bastian said the airline is flying about 30% of the passengers it flew a year prior, and is currently burning through about $750 million per month.
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American Airlines Group (NASDAQ: AAL) expects to cut up to 40,000 jobs, and Delta has said it could have to reduce its pilot ranks by nearly 2,000. Delta Air Lines (NYSE: DAL) said on Tuesday it expects to avoid furloughs for all worker groups except pilots, though it warned that employees will work reduced hours through the end of the year. The Motley Fool recommends Delta Air Lines and Southwest Airlines.
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American Airlines Group (NASDAQ: AAL) expects to cut up to 40,000 jobs, and Delta has said it could have to reduce its pilot ranks by nearly 2,000. Delta Air Lines (NYSE: DAL) said on Tuesday it expects to avoid furloughs for all worker groups except pilots, though it warned that employees will work reduced hours through the end of the year. The Motley Fool recommends Delta Air Lines and Southwest Airlines.
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American Airlines Group (NASDAQ: AAL) expects to cut up to 40,000 jobs, and Delta has said it could have to reduce its pilot ranks by nearly 2,000. Delta Air Lines (NYSE: DAL) said on Tuesday it expects to avoid furloughs for all worker groups except pilots, though it warned that employees will work reduced hours through the end of the year. Airlines expect to cut back operations substantially in October after federal payroll subsidies that were included as part of the CARES Act expire.
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5292.0
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2020-09-15 00:00:00 UTC
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Buy Or Fear Delta Airlines Stock?
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AAL
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https://www.nasdaq.com/articles/buy-or-fear-delta-airlines-stock-2020-09-15
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Can you imagine in about a year that Covid-19 will be largely behind us, and air travel will be back to pre-Covid levels? What about in two years? Is it reasonable to believe that post-vaccination, post-Covid, there is likely to be pent up demand for air travel thatâll benefit companies such as Delta Airlines (NYSE:DAL)? This seems likely, in our view. Considering this, is this a good time to enter Delta stock which is down by about 45% this year? It probably is, taking into account Deltaâs stronger balance sheet and operating performance compared to its rivals and also considering the stockâs quick rebound following the 2008 financial crisis. Our dashboard Delta Airlines Is Trading Cheaply briefly summarizes why Delta is a good buying opportunity.
Stock Price Movement & Comparing With 2008 Crisis
Deltaâs stock trades at about $32 currently and has lost about 45% in value year-to-date, as demand for air travel declined sharply due to the Covid-19 outbreak. Delta traded at a pre-Covid high of about $59 in February and is currently 46% below this peak level. The stock has recovered 43% from the low of $22 seen in March 2020, driven by the governmentâs multi-billion-dollar bailout package for airlines and a gradual re-opening of the economy.
Looking at Deltaâs performance during the 2008 crisis should also give investors a perspective of how the stock has rebounded from major sell-offs in the past. The stock fell from about $16 in October 2007 to a low of about $4.50 in March 2009 â losing about 70% of its value. However, the stock recovered considerably within a year â rising by over 120% from the March 2009 lows of $4.50 to about $10 in January 2010. See our dashboard How Deltaâs Performance Over Covid-19 Compares With 2008 Crisis
Stronger Liquidity, Survival Prospects Compared To Rivals
Q2 2020 was a rough quarter for Delta, with Revenue down by over 80% year-over-year to about $1.5 billion and net losses coming in at about $5.7 billion due to restructuring charges and impairments to the tune of $4.5 billion. While demand has been picking up in recent months (with air passenger traffic in early September almost doubling compared to levels seen in early June) investors need to gauge whether Delta has adequate liquidity to survive a prolonged pandemic or perhaps even a stronger second wave of Coronavirus infections.
Delta boosted its total cash and short-term investments to about $16 billion at the end of the June 2020 quarter. Cash burn has also been largely contained, with daily cash burn declining to $27 million for the month of June compared to an average of about $43 million for Q2. While Delta is targeting cash burn breakeven by the end of 2020, it has adequate liquidity to survive close to 19 months even if cash burn continues at the June rate.
In comparison, American Airlines reported an average daily cash burn rate of $55 million over Q2 with its rate standing at just under $35 million a day in June. The company had about $10 billion in cash as of June-end â implying that it can support cash burn at June levels for about 10 months. United Airlines, on the other hand, burned through about $40 million per day in the second quarter and reported cash and short-term investments of about $7.5 billion as of the June quarter â giving it just over 6 months before it runs out of cash at the current burn rate.
Looking Beyond The Coronavirus
Overall, Delta has a better liquidity position and a relatively longer cash runway compared to the other large airlines and this should largely mitigate concerns of survival. Moreover, the company had been performing well prior to the pandemic, with consistent revenue growth (about 19% in the last three years) and relatively higher operating margins (about 13.4% in 2019 versus 6.7% for American and 8.8% for United). Considering that air travel is an essential service that is likely to rebound fully as the pandemic subsides, the stock is likely to pick up considerably given Deltaâs better fundamentals. Even if things remain tough, we think Delta is more likely than others to be helped by the U.S. Federal government, if needed.
So, Delta Airlines might give good returns from current levels. But what if you are looking for a more balanced portfolio instead? Hereâs a top-quality portfolio to outperform the market, with over 100% return since 2016, versus 55% for the S&P 500, Comprised of companies with strong revenue growth, healthy profits, lots of cash, and low risk, it has outperformed the broader market year after year, consistently.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Is it reasonable to believe that post-vaccination, post-Covid, there is likely to be pent up demand for air travel thatâll benefit companies such as Delta Airlines (NYSE:DAL)? Considering this, is this a good time to enter Delta stock which is down by about 45% this year? It probably is, taking into account Deltaâs stronger balance sheet and operating performance compared to its rivals and also considering the stockâs quick rebound following the 2008 financial crisis. Moreover, the company had been performing well prior to the pandemic, with consistent revenue growth (about 19% in the last three years) and relatively higher operating margins (about 13.4% in 2019 versus 6.7% for American and 8.8% for United).
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See our dashboard How Deltaâs Performance Over Covid-19 Compares With 2008 Crisis Stronger Liquidity, Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for Delta, with Revenue down by over 80% year-over-year to about $1.5 billion and net losses coming in at about $5.7 billion due to restructuring charges and impairments to the tune of $4.5 billion. Cash burn has also been largely contained, with daily cash burn declining to $27 million for the month of June compared to an average of about $43 million for Q2. In comparison, American Airlines reported an average daily cash burn rate of $55 million over Q2 with its rate standing at just under $35 million a day in June.
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See our dashboard How Deltaâs Performance Over Covid-19 Compares With 2008 Crisis Stronger Liquidity, Survival Prospects Compared To Rivals Q2 2020 was a rough quarter for Delta, with Revenue down by over 80% year-over-year to about $1.5 billion and net losses coming in at about $5.7 billion due to restructuring charges and impairments to the tune of $4.5 billion. While Delta is targeting cash burn breakeven by the end of 2020, it has adequate liquidity to survive close to 19 months even if cash burn continues at the June rate. United Airlines, on the other hand, burned through about $40 million per day in the second quarter and reported cash and short-term investments of about $7.5 billion as of the June quarter â giving it just over 6 months before it runs out of cash at the current burn rate.
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Can you imagine in about a year that Covid-19 will be largely behind us, and air travel will be back to pre-Covid levels? Stock Price Movement & Comparing With 2008 Crisis Deltaâs stock trades at about $32 currently and has lost about 45% in value year-to-date, as demand for air travel declined sharply due to the Covid-19 outbreak. While Delta is targeting cash burn breakeven by the end of 2020, it has adequate liquidity to survive close to 19 months even if cash burn continues at the June rate.
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5293.0
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2020-09-14 00:00:00 UTC
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COLUMN-Rio, other miners, should adopt "10th man" to reform boards: Russell
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https://www.nasdaq.com/articles/column-rio-other-miners-should-adopt-10th-man-to-reform-boards%3A-russell-2020-09-14-0
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By Clyde Russell
LAUNCESTON, Australia, Sept 14 (Reuters) - Rio Tinto's board may have stemmed the bleeding of the mining giant's public image with the belated dumping of Chief Executive Jean-Sébastien Jacques after a widely-panned initial punishment for blowing up two significant Aboriginal rockshelters.
Jacques, along with iron ore boss Chris Salisbury and Simone Niven, head of corporate relations, the unit responsible for dealing with indigenous communities, will depart in the wake of the fallout over the destruction of the caves at an iron ore mine in Western Australia state.
But if Rio's RIO.AX board of directors thinks this is the end of the issue, they are likely to be mistaken -- and they are also likely to face increasing scrutiny of their own role in the saga.
The destruction of the caves at Juukan Gorge wasn't illegal, but it drew the ire of the local Aboriginal people, and the concern over Rio's actions didn't take long to spread to investors, politicians and the wider public.
The company's board initially responded by cutting the bonuses of Jacques and the other executives, apologising and promising new procedures to ensure something similar didn't happen again.
But these moves were condemned by investors and activists as a mere slap on the wrist, and a sign that Rio still didn't really understand the importance of community relations.
The question that should be asked is whether Rio's board has the right people to drive a process whereby environment, social and governance (ESG) issues are placed at the heart of the organisation.
This is a question that should also be extended to Rio's global peers, such as BHP Group BHP.AX, Glencore GLEN.L and Anglo American AAL.L.
Looking at the independent directors of these four global mining titans reveals that while they have made some progress on gender and racial diversity, most of the directors have similar backgrounds, raising the possibility of group thinking.
The independent directors of Rio include three people with investment banking backgrounds, four from oil and gas, one geologist, one former public servant/diplomat and one academic, with a background in public policy.
BHP's board has three directors with diverse manufacturing and industry backgrounds, three mining executives, a former oil and gas executive, two investment bankers and an executive with a technology background.
Glencore and Anglo American have a largely similar collection of independent directors, with industry, mining and banking backgrounds.
This doesn't suggest these directors don't have valuable skills, but they may lack the sort of experience that comes with handling complex ESG issues.
THE TENTH MAN
Imagine for a moment how the conversation may have gone when the Rio board discussed what action to take against Jacques and the other executives in the wake of Juukan Gorge cave blasts.
Was there any board member with the necessary experience to recognise that Rio would be flayed in the media, did anyone ask how would this be perceived by investors and the wider public?
It may well be the case that there was vigorous and heated discussion among Rio's directors, but the initial response showed they didn't understand the depth of the problem they were dealing with.
What the board probably needed was somebody akin to the Israeli "tenth man" theory, a so-called devil's advocate who is able to present a completely contrarian position to what the rest of the board may think.
But for such a director to function effectively, they would have to come from a background very different to the majority of Rio's current independent directors.
They could not be part of what may be termed the "directors club," where people sit on multiple boards of top-flight companies.
They could not be an executive from the same industry, or indeed from related industries, and they couldn't be an investment banker, lawyer or accountant.
One suggestion is to appoint a recently retired senior business journalist or editor, somebody whose first instinct is to ask: "How would I report this decision, what would I ask the chairman and the chief executive?"
Business leaders, by nature of the still largely hierarchal nature of their organisations, are more used to people telling them what they want to hear and having people agree with them.
Somebody who has spent a career questioning what they are being told, challenging corporate public relations-speak and focusing on the real importance of issues would be of extreme value to a board.
It's relatively easy, and comfortable for the existing board, to find like-minded people with extensive business experience to help steer and oversee a diverse business such as Rio.
Finding somebody to constantly challenge the board, the management and their decisions would be far harder, and less comfortable for the incumbents.
But until companies like Rio realise the game has changed, and ESG likely will become the main driver of their business success, they are likely to prove unwilling to make the dramatic changes the situation clearly justifies.
(Editing by Richard Pullin)
((clyde.russell@thomsonreuters.com)(+61 437 622 448)(Reuters Messaging: clyde.russell.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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This is a question that should also be extended to Rio's global peers, such as BHP Group BHP.AX, Glencore GLEN.L and Anglo American AAL.L. By Clyde Russell LAUNCESTON, Australia, Sept 14 (Reuters) - Rio Tinto's board may have stemmed the bleeding of the mining giant's public image with the belated dumping of Chief Executive Jean-Sébastien Jacques after a widely-panned initial punishment for blowing up two significant Aboriginal rockshelters. The company's board initially responded by cutting the bonuses of Jacques and the other executives, apologising and promising new procedures to ensure something similar didn't happen again.
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This is a question that should also be extended to Rio's global peers, such as BHP Group BHP.AX, Glencore GLEN.L and Anglo American AAL.L. The independent directors of Rio include three people with investment banking backgrounds, four from oil and gas, one geologist, one former public servant/diplomat and one academic, with a background in public policy. BHP's board has three directors with diverse manufacturing and industry backgrounds, three mining executives, a former oil and gas executive, two investment bankers and an executive with a technology background.
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This is a question that should also be extended to Rio's global peers, such as BHP Group BHP.AX, Glencore GLEN.L and Anglo American AAL.L. By Clyde Russell LAUNCESTON, Australia, Sept 14 (Reuters) - Rio Tinto's board may have stemmed the bleeding of the mining giant's public image with the belated dumping of Chief Executive Jean-Sébastien Jacques after a widely-panned initial punishment for blowing up two significant Aboriginal rockshelters. The independent directors of Rio include three people with investment banking backgrounds, four from oil and gas, one geologist, one former public servant/diplomat and one academic, with a background in public policy.
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This is a question that should also be extended to Rio's global peers, such as BHP Group BHP.AX, Glencore GLEN.L and Anglo American AAL.L. The question that should be asked is whether Rio's board has the right people to drive a process whereby environment, social and governance (ESG) issues are placed at the heart of the organisation. BHP's board has three directors with diverse manufacturing and industry backgrounds, three mining executives, a former oil and gas executive, two investment bankers and an executive with a technology background.
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2020-09-14 00:00:00 UTC
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Delta to Borrow $6.5 Billion Backed by Its Frequent Flyer Program
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AAL
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https://www.nasdaq.com/articles/delta-to-borrow-%246.5-billion-backed-by-its-frequent-flyer-program-2020-09-14
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Delta Air Lines (NYSE: DAL) said Monday that it intends to raise $6.5 billion in new debt backed by its SkyMiles frequent-flyer program, becoming the latest airline to tap its loyalty program for cash.
In a regulatory filing, Delta said it intends to sell senior secured notes and enter into a new credit facility backed by SkyMiles.
Airlines have been hit hard by the COVID-19 pandemic, which has squelched travel demand. The companies are burning through millions per day during the pandemic, and most in the industry believes traffic will not return to pre-pandemic levels until late 2021 at the earliest.
Image source: Delta Air Lines.
In its filing, Delta said it expects third-quarter total available seats to be down 60% versus the third quarter of last year, with international capacity down 80% and domestic down 50%. As a result of flying fewer flights, Delta said it has parked about 40% of its mainline fleet.
Many of Delta's rivals have already used frequent flyer programs to raise cash. United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would borrow on their loyalty programs to raise about $5 billion each.
Although issuing miles creates a liability, since the miles can be redeemed for future flights, airlines have turned the programs into a source of revenue by selling the miles to partners for affinity programs. Those programs have held up better than the core airline business through the pandemic. Delta said that while total miles redeemed fell by 78% year over year in the first half of 2020, revenue from the sale of miles to credit card partner American Express fell by just 5% to $1.9 billion.
Delta also said that it intends to forgo tapping $4.6 billion in loans from the U.S. Treasury authorized under the CARES Act, sticking to private sources of financing instead. Southwest Airlines (NYSE: LUV) has already said it would not pursue a Treasury loan, while American has said it will take funding from the government.
Delta had more than $15 billion in total liquidity as of the end of the second quarter.
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Lou Whiteman owns shares of Delta Air Lines. The Motley Fool recommends Delta Air Lines and Southwest Airlines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would borrow on their loyalty programs to raise about $5 billion each. In a regulatory filing, Delta said it intends to sell senior secured notes and enter into a new credit facility backed by SkyMiles. The companies are burning through millions per day during the pandemic, and most in the industry believes traffic will not return to pre-pandemic levels until late 2021 at the earliest.
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United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would borrow on their loyalty programs to raise about $5 billion each. Delta Air Lines (NYSE: DAL) said Monday that it intends to raise $6.5 billion in new debt backed by its SkyMiles frequent-flyer program, becoming the latest airline to tap its loyalty program for cash. Although issuing miles creates a liability, since the miles can be redeemed for future flights, airlines have turned the programs into a source of revenue by selling the miles to partners for affinity programs.
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United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would borrow on their loyalty programs to raise about $5 billion each. Delta Air Lines (NYSE: DAL) said Monday that it intends to raise $6.5 billion in new debt backed by its SkyMiles frequent-flyer program, becoming the latest airline to tap its loyalty program for cash. See the 10 stocks *Stock Advisor returns as of August 1, 2020 Lou Whiteman owns shares of Delta Air Lines.
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United Airlines Holdings (NASDAQ: UAL) and American Airlines Group (NASDAQ: AAL) earlier this summer said they would borrow on their loyalty programs to raise about $5 billion each. Delta Air Lines (NYSE: DAL) said Monday that it intends to raise $6.5 billion in new debt backed by its SkyMiles frequent-flyer program, becoming the latest airline to tap its loyalty program for cash. Delta said that while total miles redeemed fell by 78% year over year in the first half of 2020, revenue from the sale of miles to credit card partner American Express fell by just 5% to $1.9 billion.
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5295.0
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2020-09-14 00:00:00 UTC
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Delta pledges loyalty program to raise $6.5 billion
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AAL
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https://www.nasdaq.com/articles/delta-pledges-loyalty-program-to-raise-%246.5-billion-2020-09-14
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By Tracy Rucinski
CHICAGO, Sept 14 (Reuters) - Delta Air Lines DAL.N said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic.
Atlanta-based Delta said it has parked about 40% of its fleet and cut its capacity by about 60% in the September quarter from last year as it continues to burn through $27 million in cash each day.
U.S. airlines have cut costs and raised debt to survive what they call an unprecedented industry crisis. Travel demand is hovering around 30% of last year's levels and the situation is not expected to improve until there is a meaningful recovery in demand.
With its latest financing deal, Delta said it will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, although it continues to lobby for a second round of federal payroll grants.
Delta is among U.S. airlines to have tapped funds under a $25 billion made available primarily in grants under the CARES Act to cover employees' payroll through September, but not a separate $25 billion package in secured loans.
The loan program has attractive financing terms but restricts executive compensation and share buybacks.
The airline has said it could furlough nearly 2,000 pilots in October without more federal aid, but believes it can avoid any flight attendant furloughs through the winter thanks to strong demand for voluntary departures or leaves.
Delta had $15.7 billion in liquidity at the end of June, which it said equaled about 19 months of financial runway at a daily burn rate of $27 million.
It still has unencumbered assets worth $6 billion to $7 billion, primarily in the form of spare aircraft parts and engines, if needed, officials said.
Delta did not disclose the value of the loyalty program, or the terms of the new financing, which mirrors a debt deal by United Airlines UAL.O in June backed by its $20 billion MileagePlus program.
Delta's shares, which have lost about 46% this year, closed at $31.70 on Friday.
(Reporting by Tracy Rucinski; Editing by Ana Nicolaci da Costa and Nick Zieminski)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By Tracy Rucinski CHICAGO, Sept 14 (Reuters) - Delta Air Lines DAL.N said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic. Atlanta-based Delta said it has parked about 40% of its fleet and cut its capacity by about 60% in the September quarter from last year as it continues to burn through $27 million in cash each day. Delta had $15.7 billion in liquidity at the end of June, which it said equaled about 19 months of financial runway at a daily burn rate of $27 million.
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With its latest financing deal, Delta said it will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, although it continues to lobby for a second round of federal payroll grants. Delta is among U.S. airlines to have tapped funds under a $25 billion made available primarily in grants under the CARES Act to cover employees' payroll through September, but not a separate $25 billion package in secured loans. Delta did not disclose the value of the loyalty program, or the terms of the new financing, which mirrors a debt deal by United Airlines UAL.O in June backed by its $20 billion MileagePlus program.
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By Tracy Rucinski CHICAGO, Sept 14 (Reuters) - Delta Air Lines DAL.N said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic. With its latest financing deal, Delta said it will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, although it continues to lobby for a second round of federal payroll grants. Delta is among U.S. airlines to have tapped funds under a $25 billion made available primarily in grants under the CARES Act to cover employees' payroll through September, but not a separate $25 billion package in secured loans.
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By Tracy Rucinski CHICAGO, Sept 14 (Reuters) - Delta Air Lines DAL.N said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic. With its latest financing deal, Delta said it will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, although it continues to lobby for a second round of federal payroll grants. The loan program has attractive financing terms but restricts executive compensation and share buybacks.
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2020-09-14 00:00:00 UTC
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Delta launches $6.5 billion debt deal backed by frequent flyer program
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https://www.nasdaq.com/articles/delta-launches-%246.5-billion-debt-deal-backed-by-frequent-flyer-program-2020-09-14
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Sept 14 (Reuters) -
DELTA AIR DOES NOT INTEND TO TAKE $4.6 BILLION FEDERAL LOAN UNDER CARES ACT, OFFICIALS SAY
Further company coverage: DAL.N
((Reuters.Briefs@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Sept 14 (Reuters) - Further company coverage: DAL.N ((Reuters.Briefs@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Sept 14 (Reuters) - Further company coverage: DAL.N ((Reuters.Briefs@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Sept 14 (Reuters) - Further company coverage: DAL.N ((Reuters.Briefs@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Sept 14 (Reuters) - Further company coverage: DAL.N ((Reuters.Briefs@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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2020-09-14 00:00:00 UTC
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Don’t Bother With United Airlines When Low-Cost Carriers Are Better Buys
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https://www.nasdaq.com/articles/dont-bother-with-united-airlines-when-low-cost-carriers-are-better-buys-2020-09-14
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InvestorPlace - Stock Market News, Stock Advice & Trading Tips
What’s next for United Airlines (NASDAQ:UAL) stock? As with the other major airlines, the novel coronavirus continues to severely depress demand, and that has investors wary.
Source: travelview / Shutterstock.com
Sure, the carrier has announced plans to boost flights to 40% of capacity in October. But don’t expect any sort of swift rebound. Think of it as more of a slow crawl.
And slow crawl is exactly how Wall Street’s been pricing United shares in the past three months. Back in June, investors got ahead of themselves, bidding up shares more than 100% in a matter of weeks. However, as it became clear a “V-shaped” airline recovery wasn’t in the cards, shares cooled down, treading water between $30 and $40 per share.
So, what does that mean for investors looking to buy this, or other legacy airline stocks today? Although things remain tough, chances are shares won’t fall to lower prices from here. But upside? That remains a challenge.
7 Sin Stocks to Buy Now as America Reopens
As United CEO Scott Kirby said last month, air travel will “roar back” once there’s a vaccine. Yet, while there are several candidates that could be ready by the start of 2021, one front-runner just paused its late-stage studies. And, even if we have a vaccine by early 2021, it could be months before it gets widely distributed.
To top it all off, “getting back to normal” won’t guarantee a swift recovery for legacy names like United. With low-cost carriers looking like better rebound plays, there’s little reason to buy into this name today.
Vaccine Delays And Stimulus Uncertainty
Air demand may be slowly crawling back from its nadir. But to really jolt demand and put points into airline stocks like United, we need a viable vaccine. Sure, we have two top contenders in the midst of Phase 3 trials. Yet we may still be quite a ways from bringing one to market.
How so? Moderna’s (NASDAQ:MRNA) candidate may have Phase 3 results ready by year’s end. But the other front-runner, from AstraZeneca (NYSE:AZN), just paused its late stage studies, due to an adverse reaction from a participant.
Simply put, all bets are off as to when exactly we’ll have the “silver bullet” that gets us “back to normal.” And that’s a big problem for the airline space.
Until there’s a game-changer like a vaccine, United and its rivals must contend with continued cash burn. As InvestorPlace’s Divya Premkumar wrote September 1, the $25 billion CARES act stimulus package has managed to keep the industry afloat during the pandemic. But that financial support runs out in a matter of weeks.
Barring an executive order, Congressional gridlock could mean a second bailout doesn’t come out quickly enough. United, along with rival legacy carriers American Airlines (NASDAQ:AAL) and Delta Airlines (NYSE:DAL) anticipate this, and are preparing accordingly with massive furloughs.
Put it all together, and it’s clear that the airline space isn’t in “recovery mode” as much as investors may want to believe. And, if and when recovery starts to accelerate, it could be low-cost carriers, not “old school” airlines, that bounce back the fastest.
Why Low-Cost Carriers Are The Real Recovery Play
Investors may be interested in buying legacy airlines now, with the hope that shares skyrocket once the pandemic is over. But, even after the pandemic is firmly in the rearview mirror, “old school” airlines may continue to struggle.
As I’ve written previously, it’s low-cost carriers like Spirit Airlines (NYSE:SAVE) that are the best ways to play an airline recovery. That’s also the sentiment of airline analysts like Morgan Stanley’s Ravi Shanker, who recently rated low-cost airlines like Southwest (NYSE:LUV) the equivalent to “buy,” and legacy carriers like UAL stock the equivalent of “sell.”
Why are low-cost carriers better plays than “old school” airlines? Chalk it up to revenue mix. Low-cost carriers largely focus on the domestic leisure market. Legacy names are much more dependent on the harder-hit business and international markets.
And with every airline gunning for what’s left of commercial flight demand (domestic leisure), competition is going to be brutal. And with higher cost structures, “old school” carriers like United have little room to compete on price.
In short, why buy United, which faces a bumpier ride to recovery, when you can buy Spirit or Southwest, which face fewer hurdles?
There’s Little Reason to Buy United at Today’s Prices
So, what’s the verdict for this hard-hit legacy carrier? A vaccine remains months away (at the very least). Low-cost carriers appear to be stronger recovery plays than legacy names. Put it all together, and there’s little reason to dive into this stock today.
Sure, UAL stock may not tumble from here. But, the chances of shares rallying higher in the near-term remain slim. With better airline comeback stocks out there, it’s best to hold off on this name for now.
On the date of publication, Thomas Niel did not have (either directly or indirectly) any positions in any of the securities mentioned in this article.
Thomas Niel, contributor to InvestorPlace, has written single stock analysis since 2016.
The post Don’t Bother With United Airlines When Low-Cost Carriers Are Better Buys appeared first on InvestorPlace.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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United, along with rival legacy carriers American Airlines (NASDAQ:AAL) and Delta Airlines (NYSE:DAL) anticipate this, and are preparing accordingly with massive furloughs. 7 Sin Stocks to Buy Now as America Reopens As United CEO Scott Kirby said last month, air travel will “roar back” once there’s a vaccine. As InvestorPlace’s Divya Premkumar wrote September 1, the $25 billion CARES act stimulus package has managed to keep the industry afloat during the pandemic.
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United, along with rival legacy carriers American Airlines (NASDAQ:AAL) and Delta Airlines (NYSE:DAL) anticipate this, and are preparing accordingly with massive furloughs. InvestorPlace - Stock Market News, Stock Advice & Trading Tips What’s next for United Airlines (NASDAQ:UAL) stock? That’s also the sentiment of airline analysts like Morgan Stanley’s Ravi Shanker, who recently rated low-cost airlines like Southwest (NYSE:LUV) the equivalent to “buy,” and legacy carriers like UAL stock the equivalent of “sell.” Why are low-cost carriers better plays than “old school” airlines?
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United, along with rival legacy carriers American Airlines (NASDAQ:AAL) and Delta Airlines (NYSE:DAL) anticipate this, and are preparing accordingly with massive furloughs. InvestorPlace - Stock Market News, Stock Advice & Trading Tips What’s next for United Airlines (NASDAQ:UAL) stock? Why Low-Cost Carriers Are The Real Recovery Play Investors may be interested in buying legacy airlines now, with the hope that shares skyrocket once the pandemic is over.
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United, along with rival legacy carriers American Airlines (NASDAQ:AAL) and Delta Airlines (NYSE:DAL) anticipate this, and are preparing accordingly with massive furloughs. So, what does that mean for investors looking to buy this, or other legacy airline stocks today? But to really jolt demand and put points into airline stocks like United, we need a viable vaccine.
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5298.0
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2020-09-14 00:00:00 UTC
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Delta launches $6.5 billion debt deal backed by frequent flyer program
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AAL
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https://www.nasdaq.com/articles/delta-launches-%246.5-billion-debt-deal-backed-by-frequent-flyer-program-2020-09-14-0
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By Tracy Rucinski
CHICAGO, Sept 14 (Reuters) - Delta Air Lines DAL.N said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic.
The airline said it would use the loyalty program as collateral to secure the new loans and issuance, as it continues to burn through about $27 million in cash each day.
U.S. airlines have cut costs and raised debt to survive what they call an unprecedented industry crisis. The situation is not expected to improve until there is a meaningful recovery in demand.
With its latest financing deal, Delta will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, officials said, even as it continues to lobby for a second round of federal payroll grants.
Atlanta-based Delta is among U.S. airlines to have tapped funds under a $25 billion made available primarily in grants under the CARES Act to cover employees' payroll through September, but not a separate $25 billion package in secured loans.
The loan program has attractive financing terms but restricts executive compensation and share buybacks.
The airline has said it could furlough nearly 2,000 pilots in October without more federal aid, but believes it can avoid any flight attendant furloughs through the winter thanks to strong demand for voluntary departures or leaves.
Delta had $15.7 billion in liquidity at the end of June, which it said equaled about 19 months of financial runway at a daily burn rate of $27 million.
It still has unencumbered assets worth $6 billion to $7 billion, primarily in the form of spare aircraft parts and engines, if needed, officials said.
Delta did not disclose the value of the loyalty program or the terms of the new financing, which mirrors a debt deal by United Airlines UAL.O in June backed by its $20 billion MileagePlus program.
Delta's shares, which have lost about 46% this year, closed at $31.70 on Friday.
(Reporting by Tracy Rucinski; Editing by Ana Nicolaci da Costa)
((tracy.rucinski@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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By Tracy Rucinski CHICAGO, Sept 14 (Reuters) - Delta Air Lines DAL.N said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic. The airline said it would use the loyalty program as collateral to secure the new loans and issuance, as it continues to burn through about $27 million in cash each day. Delta had $15.7 billion in liquidity at the end of June, which it said equaled about 19 months of financial runway at a daily burn rate of $27 million.
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With its latest financing deal, Delta will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, officials said, even as it continues to lobby for a second round of federal payroll grants. The loan program has attractive financing terms but restricts executive compensation and share buybacks. Delta did not disclose the value of the loyalty program or the terms of the new financing, which mirrors a debt deal by United Airlines UAL.O in June backed by its $20 billion MileagePlus program.
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By Tracy Rucinski CHICAGO, Sept 14 (Reuters) - Delta Air Lines DAL.N said on Monday it is seeking to raise $6.5 billion through new bonds and loans backed by its SkyMiles loyalty program, further bolstering liquidity to weather a drastic downturn in travel demand due to the COVID-19 pandemic. Atlanta-based Delta is among U.S. airlines to have tapped funds under a $25 billion made available primarily in grants under the CARES Act to cover employees' payroll through September, but not a separate $25 billion package in secured loans. Delta did not disclose the value of the loyalty program or the terms of the new financing, which mirrors a debt deal by United Airlines UAL.O in June backed by its $20 billion MileagePlus program.
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The airline said it would use the loyalty program as collateral to secure the new loans and issuance, as it continues to burn through about $27 million in cash each day. With its latest financing deal, Delta will not pursue a $4.6 billion federal loan available under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, officials said, even as it continues to lobby for a second round of federal payroll grants. Delta did not disclose the value of the loyalty program or the terms of the new financing, which mirrors a debt deal by United Airlines UAL.O in June backed by its $20 billion MileagePlus program.
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2020-09-12 00:00:00 UTC
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The 5 Worst Stocks Robinhood Investors Love
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AAL
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https://www.nasdaq.com/articles/the-5-worst-stocks-robinhood-investors-love-2020-09-12
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Investing in 2020 should really come with a set of instructions. We've watched the benchmark S&P 500 get throttled to the tune of a 34% loss in less than five weeks, then subsequently regain everything back in under five months. In a six-month stretch, Wall Street has crammed in about a decade's worth of volatility.
For long-term investors, this volatility is actually welcome. That's because it's allowed patient investors to buy into high-quality stocks at a perceived bargain.
But these wild vacillations in the market have also encouraged short-term traders and get-rich-quick enthusiasts to come out of the woodwork. This trend has been especially noticeable with online investing app Robinhood. The average age of the platform's millions of members is only 31, and a significant number of its members appear to be new to investing.
These young and novice investors have filled Robinhood's leaderboard (i.e., the most widely held companies on the platform) with penny stocks and downright awful companies. Here are what I believe to be the five absolute worst stocks that Robinhood investors love.
Image source: Getty Images.
Aurora Cannabis
Millennials love marijuana as an investment, and there's no pot stock they pile into more than Aurora Cannabis (NYSE: ACB). There's just one problem: It's a terrible company.
Once the most-held stock on Robinhood, Aurora was expected to lead the world in legalized cannabis production and exports. But over the past year, Aurora has halted construction on two of its largest projects (Aurora Nordic 2 in Denmark and Aurora Sun in Alberta) to conserve cash, sold a 1-million-square-foot greenhouse (Exeter) that was never retrofit for pot production, and closed five of its smaller production facilities.
Today, the company is simply trying to backpedal its way toward positive adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA). If Aurora doesn't reach positive adjusted EBITDA by the September-ended quarter, it'll default on its already reworked debt covenants.
The icing on the cake here is the balance sheet, which is a nightmare. Aurora Cannabis continues to dilute its shareholders into oblivion by selling stock to raise cash, and slightly over half of its total assets are classified as goodwill -- that is, it overpaid for all of its acquisitions. I'm not entirely sure what Robinhood investors see in this stock.
Image source: Uber.
Uber Technologies
Another head-scratcher of a stock that Robinhood investors love is ride-hailing and food delivery company Uber Technologies (NYSE: UBER). While I get that it's a relatable service millennials probably frequently use, that doesn't make Uber worthy of your investment dollars.
With regard to ridesharing, Uber has seen Lyft and other competitors chip away at its once-dominant market share. In particular, Uber's share of first-time app downloads relative to Lyft has tightened considerably since the beginning of 2017. The coronavirus disease 2019 (COVID-19) pandemic certainly isn't helping, either, with revenue falling off a cliff in its most recent quarter. To make matters worse, Uber is in the fight of its life in certain markets that aim to reclassify its drivers as employees instead of independent contractors.
Then there's Uber Eats, which has been a cash-sucking segment since day one. Over the past two quarters, Uber Eats has generated EBITDA losses of $313 million and $232 million, and yet Uber is throwing $2.65 billion at Postmates in an all-stock deal to further entrench itself in this cash-draining venture.
At this point, I'm not sure if Uber has proven it's a viable entity that can reach recurring profitability.
Image source: American Airlines.
American Airlines
Why millennial investors buy airline stocks, I will never understand. Why they value American Airlines Group (NASDAQ: AAL) above all other airlines is the biggest question mark of them all.
Yes, the COVID-19 pandemic deserves a lot of the blame for American Airlines' recent struggles. But the pandemic doesn't account for all of its woes. You see, American Airlines chose to modernize its fleet a few years back, which meant retiring planes well before their useful period was up. The end result was the company taking on a boatload of debt just a few years before the pandemic hit. Now, American Airlines is lugging around more than $30 billion in net debt, and its hands will be tied with interest payments on that debt for many years to come.
It's also worth mentioning that it's unclear if or when we'll see air travel return to normal following COVID-19. These answers will depend on the efficacy rate of vaccines and passengers' willingness to travel. We may well have witnessed the future of air travel changed forever.
If this still isn't enough reason to stay away from American Airlines, consider that the company suspended its share buyback program and dividends as part of its coronavirus bailout from the federal government. Those might have been the only reasons to ever consider buying American Airlines stock in the first place.
Image source: Getty Images.
Cronos Group
Have I mentioned that millennials really love marijuana stocks? You might think Cronos Group's (NASDAQ: CRON) $1.32 billion in cash, cash equivalents, and marketable securities is a smart investment idea, but you'd be wrong.
Nearly all of this cash derives from a $1.8 billion equity investment Cronos received from tobacco giant Altria Group (NYSE: MO) in March 2019. The deal gave Altria a 45% stake in Cronos, and it was widely believed that Altria would help Cronos develop and market cannabis vape products. However, last year vape health concerns cropped up in the U.S., and the launch of high-margin cannabis derivatives -- a category that includes vapes -- was delayed by two months in Canada. In short, vape products haven't sold very well in Canada.
That's a pretty big problem for Cronos Group because it doesn't have much going on besides its derivatives focus. Whereas most licensed producers focused on producing 80,000 kilos or more of peak annual output, Cronos has just 40,000 kilos of peak potential from its flagship Peace Naturals cultivation farm. Currently, Cronos isn't even producing $10 million in net sales a quarter, and it's continuing to burn through its cash on hand.
A Tesla Model S plugged in for charging. Image source: Tesla.
Tesla
Last but not least, there's the mighty electric vehicle (EV) manufacturer Tesla (NASDAQ: TSLA). Admittedly, my definition of "worst stock" might differ from that of other investors, and Tesla has been one of Wall Street's hottest stocks over the trailing 12-month period. But a deeper dive into what's driving the company's stock finds a breakdown is merited.
Tesla CEO Elon Musk deserves credit for taking Tesla from a start-up to a mass-market automaker. However, Musk's company has historically relied on EV credits to drive adjusted profitability. When focusing solely on generally accepted accounting principles (GAAP), Tesla has yet to turn a full-year tangible profit that Wall Street can grasp.
While Musk might be a visionary, investing in Tesla also means putting up with his numerous faults. Musk has a history of overpromising when it comes to release dates, new technology, or production goals, and often fails to meet those timelines. Tesla's acquisition of solar panel lease company SolarCity has also been a complete dud.
Tesla may once have had a first-mover advantage in the EV space, but it won't moving forward with virtually every automaker investing in EVs and autonomous vehicles. With driving range advantages and amenities also narrowing, Tesla's competitive edge simply isn't worth its nosebleed valuation.
10 stocks we like better than Aurora Cannabis Inc.
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David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Aurora Cannabis Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys.
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Sean Williams has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool recommends Uber Technologies. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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Why they value American Airlines Group (NASDAQ: AAL) above all other airlines is the biggest question mark of them all. Aurora Cannabis continues to dilute its shareholders into oblivion by selling stock to raise cash, and slightly over half of its total assets are classified as goodwill -- that is, it overpaid for all of its acquisitions. If this still isn't enough reason to stay away from American Airlines, consider that the company suspended its share buyback program and dividends as part of its coronavirus bailout from the federal government.
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Why they value American Airlines Group (NASDAQ: AAL) above all other airlines is the biggest question mark of them all. Uber Technologies Another head-scratcher of a stock that Robinhood investors love is ride-hailing and food delivery company Uber Technologies (NYSE: UBER). Over the past two quarters, Uber Eats has generated EBITDA losses of $313 million and $232 million, and yet Uber is throwing $2.65 billion at Postmates in an all-stock deal to further entrench itself in this cash-draining venture.
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Why they value American Airlines Group (NASDAQ: AAL) above all other airlines is the biggest question mark of them all. Uber Technologies Another head-scratcher of a stock that Robinhood investors love is ride-hailing and food delivery company Uber Technologies (NYSE: UBER). Admittedly, my definition of "worst stock" might differ from that of other investors, and Tesla has been one of Wall Street's hottest stocks over the trailing 12-month period.
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Why they value American Airlines Group (NASDAQ: AAL) above all other airlines is the biggest question mark of them all. I'm not entirely sure what Robinhood investors see in this stock. American Airlines Why millennial investors buy airline stocks, I will never understand.
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