Why Delta Air Lines Stock Took Off in June
Delta Air Lines (NYSE: DAL) resumed paying a dividend in June, ending a pandemic-related suspension, and provided an upbeat forecast. Investors took it to heart, sending shares of Delta up 30.9% in June, according to data provided by S&P Global Market Intelligence.
The airline industry was hit hard by the pandemic, with COVID all but wiping out travel demand. The airlines responded by increasing borrowings, cutting costs, and -- in the case of Delta -- suspending its dividend to preserve cash.
A lot has gone right for the industry since, and ahead of its investor day in mid-June, Delta announced a significant milestone in its recovery. The airline declared a dividend of 10 cents per share, saying the resumption reflected progress on its three-year financial plan that has already seen about $10 billion in debt reduction.
Source Fool.com
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