Why Airline Shares Are Down Again Today

Airline shares tumbled again on Wednesday amid a growing number of flight cancellations and the release of dire financials. The government has pledged to help, but there is no concrete plan in place.

Shares of Hawaiian Holdings (NASDAQ: HA), Alaska Air Group (NYSE: ALK), Delta Air Lines (NYSE: DAL), and United Airlines Holdings (NASDAQ: UAL) were all down more than 30% for the day in early afternoon trading, and shares of JetBlue Airways (NASDAQ: JBLU) and Southwest Airlines (NYSE: LUV) were both off more than 15%.

By now it is well established that the airline sector has been hit hard by the COVID-19 coronavirus pandemic, with global travel demand all but evaporating as the outbreak has spread. Airlines are scrambling to cut spending by freezing hiring and trimming schedules, with JetBlue on Wednesday the latest to announce cuts and Delta saying it would ground half its fleet.

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Source Fool.com