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Sept. 20, 2022, 10:23 a.m. EDT

Stocks to watch as corporate travel picks up

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Sep 20, 2022 (PressReach.com via COMTEX) -- Airlines see increased business and investors add them in stocks to watch lists.

In the United States, the revival of corporate travel is starting to show indications of an uptick.

According to statistics from Bank of America, corporate booking volume hit the greatest amount since the start of the epidemic in the week ending September 1, compared to the same week in 2019. Since April, corporate reservations have been growing at a rate of about 25% less than they did before the outbreak.

In the past week, according to BofA analyst Andrew Didora, Delta /zigman2/quotes/200327741/composite DAL -4.40% and Southwest (LUV) both claimed a spike in business travel after Labor Day, and September managed corporate travel was expected to be 8% to 10% better than August. The company has also underlined that the business travel rebound is taking place right away, as mid-week hotel occupancy is currently greater than weekend occupancy for the first time since the epidemic.

The company believes the post-Labor Day booking pattern is favorable and could support Q4 expectations in the industry as a whole. BofA anticipates further sequential revenue growth of 100 to 200 basis points for all of the U.S. airlines it covers.

Bookings for international airlines are still returning to levels from 2019.

“The increase in business reservations and the ongoing need for leisure even during off-peak hours, in our opinion, are what are driving the demand trends.” Bookings made through OTA channels (our proxy for leisure travel) had tracked at 85-90% recovered over the summer and were now back to pre-pandemic levels. “

The increase in business travel aligns with domestic reservations remaining steady so far during the off-peak season and foreign trends remaining steady at 95% of their pre-pandemic levels.

For Marriott International /zigman2/quotes/200170042/composite MAR -1.99% , Hilton Worldwide /zigman2/quotes/202780307/composite HLT -2.36% , and Hyatt Hotels, the reading on business airplane bookings bodes positively (H).

As the S&P 500 breached a crucial support level on Monday, airline stocks had minor losses during the premarket session, tracking the general market.

Top airline stocks to watch are Delta Airlines /zigman2/quotes/200327741/composite DAL -4.40% , United Airlines /zigman2/quotes/205037281/composite UAL -4.05% , Hawaiian Holdings /zigman2/quotes/203188135/composite HA -4.19% , Spirit Airlines /zigman2/quotes/205782179/composite SAVE -1.73% , Frontier Group /zigman2/quotes/211317788/composite ULCC -5.04% , SkyWest /zigman2/quotes/205631497/composite SKYW -2.54% , American Airlines /zigman2/quotes/209207041/composite AAL -5.44% , Alaska Air Group /zigman2/quotes/200972303/composite ALK -4.36% , Southwest Airlines (LUV), Mesa Airlines (MESA), Allegiant Travel (ALGT), JetBlue (JBLU), and Sun Country Airlines (SNCY).

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Author: Jowi Kwasu
Market Jar Media Inc.
info@marketjar.com
#170 - 422 Richards Street
Vancouver, BC, Canada
V6B 2Z4
1.800.340.9767

COMTEX_414877415/2810/2022-09-20T10:22:55

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$ 34.33
-1.58 -4.40%
Volume: 11.00M
Dec. 7, 2022 4:00p
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Market Cap
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P/E Ratio
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-1.58 -4.40%
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P/E Ratio
299.30
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US : U.S.: Nasdaq
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P/E Ratio
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Market Cap
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Rev. per Employee
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$ 13.55
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Volume: 28.16M
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0.00%
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Dividend Yield
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