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April 1, 2020, 8:28 a.m. EDT

Airline stocks drop as 'near worst case' playing out, analyst says; American Airlines downgraded

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By Tomi Kilgore

Airline stocks were taking a dive in premarket trading Wednesday, as part of a broad stock market selloff in the wake of the White House's grim warning on the coronavirus pandemic. Analyst Joseph DeNardi at Stifel Nicolaus said the "near worst-case scenario" is playing out for airlines, with more stringent travel restrictions and quarantines being implemented are resulting in further demand weakness, and with concerns that COVID-19 will re-emerger later in the year. DeNardi expects airlines to suspend flying for a period this summer. He downgraded American Airlines Group Inc. /zigman2/quotes/209207041/composite AAL +4.42% , JetBlue Airways Corp. /zigman2/quotes/207639051/composite JBLU +2.04% and Mesa Air Group Inc. /zigman2/quotes/201991362/composite MESA +1.37% to hold from buy, while upgrading Hawaiian Airlines parent Hawaiian Holdings Inc. /zigman2/quotes/203188135/composite HA +3.23% to hold from sell on valuation. Among the more-active airlines ahead of the open, shares of American sank 5.4%, JetBlue dropped 6.2%, Delta Air Lines Inc. /zigman2/quotes/200327741/composite DAL +2.65% shed 5.2% and Southwest Airlines Co. /zigman2/quotes/201071949/composite LUV +0.65% lost 5.4%. The U.S. Global Jets ETF /zigman2/quotes/207744796/composite JETS +1.21% declined 6.0% ahead of the open, while futures /zigman2/quotes/210407078/delayed YM00 -0.04% for the Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA +1.34% slid 847 points, or 3.8%.

/zigman2/quotes/209207041/composite
US : U.S.: Nasdaq
$ 12.29
+0.52 +4.42%
Volume: 43.76M
Sept. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$6.25 billion
Rev. per Employee
$345,547
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/zigman2/quotes/207639051/composite
US : U.S.: Nasdaq
$ 11.53
+0.23 +2.04%
Volume: 9.35M
Sept. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.14 billion
Rev. per Employee
N/A
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/zigman2/quotes/201991362/composite
US : U.S.: Nasdaq
$ 2.96
+0.04 +1.37%
Volume: 360,834
Sept. 25, 2020 4:00p
P/E Ratio
3.67
Dividend Yield
N/A
Market Cap
$104.83 million
Rev. per Employee
$203,712
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/zigman2/quotes/203188135/composite
US : U.S.: Nasdaq
$ 12.80
+0.40 +3.23%
Volume: 923,389
Sept. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$588.76 million
Rev. per Employee
$391,501
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/zigman2/quotes/200327741/composite
US : U.S.: NYSE
$ 29.78
+0.77 +2.65%
Volume: 21.83M
Sept. 25, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$19.00 billion
Rev. per Employee
$499,337
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/zigman2/quotes/201071949/composite
US : U.S.: NYSE
$ 37.10
+0.24 +0.65%
Volume: 9.30M
Sept. 25, 2020 4:00p
P/E Ratio
92.36
Dividend Yield
0.00%
Market Cap
$21.88 billion
Rev. per Employee
$373,554
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/zigman2/quotes/207744796/composite
US : U.S.: NYSE Arca
$ 16.76
+0.20 +1.21%
Volume: 2.85M
Sept. 25, 2020 4:00p
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/zigman2/quotes/210407078/delayed
US : U.S.: CBOT
$ 27,032.00
-11.00 -0.04%
Volume: 212,444
Sept. 25, 2020 3:59p
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/zigman2/quotes/210598065/realtime
US : Dow Jones Global
27,173.96
+358.52 +1.34%
Volume: 391.73M
Sept. 25, 2020 5:06p
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