Why Shares of Air Lease Traded Down Today
Shares of Air Lease (NYSE: AL) fell 8.1% on Thursday on increasing evidence that the COVID-19 coronavirus outbreak will severely affect the airline industry. Air Lease is a major supplier of planes to airlines, and could take a hit if the industry cuts capacity.
Air Lease owns a portfolio of more than 290 planes, mostly Boeing and Airbus models, that it leases to 106 airlines in 59 counties. Airlines in recent years have started to lean heavily on leased aircraft instead of buying planes outright, in part because it gives the companies greater flexibility when times get difficult.
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Source Fool.com
