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9:29 a.m. Dec. 8, 2021 - By Tomi Kilgore
Carnival stock surges on NYSE leading volume, flirts briefly with bull-market bounceShares of Carnival Corp. shot up 5.8% to $19.57 in afternoon trading on heavy volume, as the cruise operator briefly flirted with a bull-market bounce off last week's 13-month low. Trading volume swelled to 57.1 million shares, enough to make the cruise operator's stock the most actively traded on the NYSE, and compared with the full-day average of about 39.4 million shares. The stock ran up as much as 8.3% to an intraday higher of $20.04 earlier in the session before paring gains. At that high, the stock had soared 22.3% since closing Dec. 1 at $16.38, which was the lowest closing price since Nov. 13, 2020. Many on Wall Street believe a bull market is defined by a rally of 20% or more on a closing basis off a bear-market low. The stock would have to close above $19.66 to make the bull market on those terms "official." Among other cruise operators, shares of Norwegian Cruise Line Holdings Ltd. jumped 8.2% to trade 22.4% above its Dec. 1 13-month low of $17.79 and Royal Caribbean Corp. hiked up 4.9% to trade 16.9% above its Dec. 1 13-month closing low of $64.27. Meanwhile, the S&P 500 has gained 4.0% off its Dec. 1, seven-week closing low.
1:52 a.m. Dec. 8, 2021 - By Tomi Kilgore
Southwest Airlines stock rallies after revenue outlook raised, fuel cost estimate cutShares of Southwest Airlines Co. surged 1.3% in premarket trading Wednesday, after the air carrier raised its outlook for fourth-quarter revenue and cut its estimate for fuel costs. The company now expects revenue for the current quarter to be down 10% to 15% from the same period in pre-pandemic 2019, compared with previous guidance for a decline of 15% to 25%. Guidance for fuel costs per gallon was lowered $2.15 to $2.25 from $2.25 to $2.35. The company kept its outlook for load factor unchanged at 80% to 85% and for capacity to be down about 8% from 2019. "Leisure travel demand was strong for the Thanksgiving holiday," the company said in an investor presentation. "Based on current trends, leisure bookings continue to come in above expectations for December travel, and managed business revenues are expected to recover to down 55% to down 60% in December versus 2019 levels." The stock, which has bounced 6.3% since closing at a 13-month low on Dec. 1 through Tuesday, has shed 6.1% over the past three months while the U.S. Global Jets ETF has lost 5.9% and the S&P 500 has gained 3.8%.
4:50 a.m. Dec. 7, 2021 - By Tomi Kilgore
Boeing's stock extends bounce after receiving additional order for 30 737 MAX jets from 777 PartnersShares of Boeing Co. rose 1.4% in morning trading Tuesday, after the aerospace and defense giant said investment firm 777 Partners has ordered 30 additional 737 MAX jets, to nearly double its original order. The additional order brings 777's aircraft portfolio to 68 737 MAX aircraft, which are valued at a total of $3.7 billion at list prices. "We have long been confident in the economics of the 737 MAX family but we are especially excited about the 737-8-200 variant which represents the bulk of our additional orders," said Josh Wander, managing partner at 777. "As travel demand returns, 777 has accelerated our quest for efficiencies in both operating cost and carbon footprint at our operating carriers." Boeing's stock has now bounced 10.9% since closing at a 13-month low of $188.19 on Dec. 1. It has still lost 2.6% over the past three months, while the Dow Jones Industrial Average has gained 1.6%.
7:28 a.m. Dec. 6, 2021 - By Tomi Kilgore
Airline stocks enjoy big, broad bounce after Fauci's encouraging comments on omicron variantAirline stocks took flight Monday, as some regarding the omicron variant's severity helped calm investor fears regarding potential future travel restrictions. The U.S. Global Jets ETF jumped 7.2% in midday trading, toward its biggest one-day gain in 13 months, with 43 of 50 equity components gaining ground. The ETF has now gained 11.3% since closing at a 13-month low on Dec. 1. Among the best performing and most-active U.S.-listed components, shares of United Airlines Holdings Inc. climbed 11.1% in midday trading, was the S&P 500's and was on track for the best day since Nov. 9, 2020. Among other more-active U.S. air carriers, shares of American Airlines Group Inc. rallied 10.2%, Delta Air Lines Inc. ran up 8.6%, Southwest Airlines Co. rose 5.3% and JetBlue Airways Corp. jumped 7.6%. The stocks' gains come amid , with the S&P 500 up 1.2%.
7:11 a.m. Dec. 6, 2021 - By Tomi Kilgore
Cruise stocks help lead S&P 500 gainers, with biggest gains this yearShares of cruise operators shot up on Monday toward their best gains in months, as regarding the severity of the omicron variant assuaged investor fears over possible new COVID restrictions. Norwegian Cruise Line Holdings Ltd.'s stock ran up 11.0%, enough to make it the biggest gainer among S&P 500 components, and putting it on track for the biggest one-day gain Nov. 9, 2020, when it rocketed 26.8%. Elsewhere, Carnival Corp. shares were the S&P 500's third-best performers, hiking up 9.7% toward the best day since Nov. 16. And Royal Caribbean Corp.'s stock rallied 9.6%, and was the fourth biggest S&P 500 gainer; it was headed for the biggest gain since Feb. 16. The stocks' rallies come after they all closed at 13-month lows on Dec. 1. In comparison, the S&P 500 was rising 1.0%.
3:20 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express Global Business Travel confirms $5.3 billion merger deal with SPAC Apollo Strategic GrowthShares of American Express Co. rose 0.8% in premarket trading Friday, after American Express Global Business Travel (GBT), which is 50% owned by AmEx, confirmed that it will go public through a merger with special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital in a deal that values the combined company at $5.3 billion. The Wall Street Journal had . The merger will provide $1.2 billion in gross proceeds, including $335 million in private investment in public equity (PIPE) from investors including Zoom Video Communications Inc. , Sabre Corp. and Apollo Global Management Inc. . After the deal closes, which is expected to occur in the first half of 2022, the combined company will be named Global Business Travel Group Inc. and is expected to be the world's largest publicly traded business-to-business travel platform. The company is expected to list on the NYSE under the ticker symbol "GBTG." "We expect that becoming a listed company will give us the additional investment capacity to strengthen our commitment to providing unrivaled value, choice and experiences to our customers and partners," said GBT Chief Executive Paul Abbott. American Express' stock has slipped 1.6% over the past three months, while the Dow Jones Industrial Average has lost 2.1%.
2:12 a.m. Dec. 3, 2021 - By Tomi Kilgore
American Express' Global Business Travel business close to $5.3 billion merger with SPAC--WSJShares of American Express Co. rose 0.8% in premarket trading Friday, after that the credit card company's Global Business Travel business is close to a deal to be taken public by special-purpose acquisition company (SPAC) Apollo Strategic Growth Capital . Citing people familiar with the matter, the WSJ report said a merger with the SPAC, which is backed by Apollo Global Management Inc. , would value AmEx's travel-booking services provider for corporate customers at about $5.3 billion. The WSJ report said the merger could be announced as soon as Friday. AmEx's stock has rallied 29.7% year to date through Thursday, while the Dow Jones Industrial Average has gained 13.2%.
9:19 a.m. Dec. 1, 2021 - By Tomi Kilgore
Dow transports turns lower, led by sharp reversal in airline stocksThe Dow Jones Transportation Average has swung into negative territory Wednesday, with the pullback driven by a sharp reversal in its airline components. After tumbling 3.2% to a five-week low on Tuesday, the Dow transports were up as much as 2.5% earlier in Wednesday's session, but were last down 0.5%, with 12 of 20 components losing ground, in afternoon trading. The biggest decliner was American Airlines Group Inc.'s stock , which erased an intraday gain of as much as 3.1% to drop 6.8% toward the lowest close since Jan. 26. Among the Dow transports' other biggest losers, United Airlines Holdings Inc. shares slid 5.9% after being up 3.1% at its intraday high, Delta Air Lines Inc.'s stock slumped 5.8% after being up as much as 3.1% earlier and Avis Budget Group Inc.'s stock declined 4.4% after being up as much as 4.8%. Meanwhile, the Dow Jones Industrial Average was up 29 points, or 0.8%, , or 1.5%, at its intraday high.
2:51 a.m. Nov. 30, 2021 - By Tomi Kilgore
Airline stocks suffer broad selloff as fear of omicron variant's impact on travel spreadsShares of airline companies took a broad beating Tuesday, as part of a selloff in the broader stock market, as will negatively impact the travel industry. The U.S. Global Jets ETF sank 1.7% toward a one-year low in premarket trading. The sector tracker had tumbled 17.1% over the past three weeks through Monday. Among the more-active airline stocks in Tuesday's premarket, American Airlines Group Inc. shed 2.1%, Delta Air Lines Inc. dropped 2.2%, United Airlines Holdings Inc. slid 2.1%, JetBlue Airways Corp. lost 1.8% and Southwest Airlines Co. gave up 1.5%. The selloff comes while futures for the S&P 500 slumped 0.9%.
1:26 a.m. Nov. 30, 2021 - By Ciara Linnane
Tests suggest Regeneron antibody treatment for COVID loses effectiveness against omicron variant: WSJEarly tests suggest that the COVID-19 antibody treatment developed by Regeneron Pharmaceuticals Inc. loses effectiveness against the omicron variant of the coronavirus that causes COVID, but the full impact will only be known in the coming weeks after further testing, the company's president and chief scientific officer George Yancopoulos Evercore analysts had raised that issue Omicron is the variant from South Africa that was classified a 'variant of concern' by the World Health Organization on Friday, that has led several countries to impose restrictions on travel from there and neighboring countries. Separate testing of the antibody developed by Eli Lilly & Co. suggests it too is less effective against omicron. Researchers say that some antibody therapies are likely to be vulnerable to omicron because it contains mutations to the spike protein that the Regeneron and Lilly drugs target, while other drugs should hold up well because they attack elements of the virus unchanged in the variant. Yancopoulos said the company is already working on alternative antibodies that should hold up well against the variant. "What we have to admit is, in the course of the past six days, our urgency has increased," Dr. Yancopoulos said in an interview. "What started out as a backup plan has now been made a lot more urgent." Regeneron shares were down 2.7% premarket, but have gained 35% in the year to date, while the S&P 500 has gained 24%.
8:29 a.m. Nov. 29, 2021 - By Tomi Kilgore
Cruise stocks bounce, but only slightly after omicron-related drubbing on FridayCruise stocks rose Monday, as part of a broad-market bounce following the on fears over potential impact of omicron variant of coronavirus that causes COVID-19. The stocks' gains were relatively slight, however, considering the deep declines suffered in recent weeks amid worries that the would lead to travel bans. Royal Caribbean Group's stock rose 3.3% in afternoon trading, after tumbling 11.4% on Friday to a nine-month closing low. The cruise operator's stock had plunged 30.6% as it lost ground in 12 of the 14 trading days since it closed at a five-month high on Nov. 5 through Friday. Carnival Corp. shares tacked on 1.1% on Monday, after dropping 11.0% on Friday to close at a one-year low. The shares had been pummeled for a 27.6% loss as they dropped in 13 of 14 sessions from the Nov. 5 close through Friday. Norwegian Cruise Line Holdings Ltd.'s stock gained 0.8% on Monday, after diving 11.4% on Friday to close at a one-year low. The stock had plummeted 30.6% as it fell in 12 of 14 sessions from Nov. 5 through Friday. Meanwhile, the S&P 500 gained 1.6% after ; it had slipped 2.2% from Nov. 5 through Friday.
3:30 a.m. Nov. 29, 2021 - By Tomi Kilgore
Hertz stock surges after new $2 billion repurchase program launched, effective immediatelyShares of Hertz Global Holdings Inc. surged 6.8% in premarket trading Monday, after the car rental company announced a new stock repurchase program of up to $2.0 billion. The company said the new program, which is effective immediately and has not time limit, includes the $200 million remaining in the previous program. The program represents nearly 18% of the company's market capitalization of $11.30 billion as of Friday's close. "The repurchase program allows for ongoing and profitable investment in the business while utilizing moderate balance sheet leverage and facilitating opportunistic share repurchases," the company said in a statement. Hertz's stock , after trading over the counter since the company emerged from bankruptcy. Hertz's stock has dropped 23.1% over the past month while shares of rival Avis Budget Group Inc. have soared 66.7% and the S&P 500 has inched 0.2% lower.
2:51 a.m. Nov. 29, 2021 - By Tomi Kilgore
Hyatt Hotels stock jumps after J.P. Morgan turns bullish, saying discount to Marriott, Hilton is too wideShares of Hyatt Hotels Corp. bounced 2.5% in premarket trading Monday, after the hotel operator was upgraded at J.P. Morgan, citing improved valuation after the recent selloff. The stock dropped 5.7% on Friday, amid fears that the omicron variant of the COVID-19 virus would lead to reduced leisure travel, and has tumbled 14.6% since closing at a 21-month high of $91.50 on Nov. 5. Analyst Joseph Greff raised his rating to overweight after being at neutral for at least nearly three years, while raising his stock price target to $101 from $90. Greff said Hyatt's stock has underperformed its peers over the past year, but he thinks "this can turn around" as Hyatt migrates to "a less capital-intensive, more fee-generative and a more leisure-focused business" following the company's . "We think the current environment is ripe for [Hyatt] to optimize the value of its owned hotels, particularly leisure focused ones, and we don't see this changing in the near to medium term," Greff wrote in a note to clients. "Lastly, we look at [Hyatt's] relative valuation as attractive versus [Hilton] and [Marriott], and while we believe it should trade at some discount, we'd argue the discount is too wide." Hyatt's stock has gained 5.2% year to date through Friday, while shares of Marriott International Inc. have rallied 22.4% and Hilton Worldwide Holdings Inc. have advanced 11.8%. The S&P 500 has climbed 22.3% this year.
10:56 a.m. Nov. 26, 2021 - By Claudia Assis
Moderna to 'rapidly advance' omicron-specific COVID-19 booster candidateModerna Inc. said Friday it will "rapidly advance" an omicron-specific COVID-19 booster vaccine candidate and continue to work on booster candidates designed to anticipate mutations of the coronavirus and to study and test higher booster doses also meant to boost immunity. The World Health Organization's technical advisory group earlier on Friday The US, the U.K. and the European Union have implemented travel bans on South Africa and neighboring countries on Friday, amid concerns the variant may be more transmissible. Shares of Moderna ended the abbreviated Friday session up nearly 21%, while shares of Pfizer Inc. rose more than 6%.
9:00 a.m. Nov. 26, 2021 - By Robert Schroeder
White House announces restrictions on travel from South Africa, 7 other countries The White House on Friday announced the U.S. will restrict travel from South Africa and seven other African nations starting Monday. Senior administration officials said the policy is being put in place "out of an abundance of caution in light of a new COVID-19 variant circulating in Southern Africa." The Dow Jones Industrial Average fell about 900 points on Friday on concerns over the new variant, which the World Health Organization . The seven other countries are Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi. Administration officials said the new policy doesn't apply to U.S. citizens or permanent residents. A White House official said President Joe Biden has been briefed on the new COVID variant.
8:08 a.m. Nov. 26, 2021 - By Ciara Linnane
WHO names coronavirus variant from South Africa 'omicron' and designates it a 'variant of concern'The World Health Organization's technical advisory group said Friday it has assigned the B.1.1.529 variant of the coronavirus that causes COVID-19 the Greek letter omicron and said it has been designated a "variant of concern." Earlier reports . The variant, which was first reported from South Africa, led the U.K. and European Union to implement travel bans on South Africa and neighboring countries on Friday, amid concerns it may be more transmissible than the original virus and more lethal. "This variant has a large number of mutations, some of which are concerning," the group said in a statement. "Preliminary evidence suggests an increased risk of reinfection with this variant, as compared to other VOCs. The number of cases of this variant appears to be increasing in almost all provinces in South Africa." For now, there are a number of studies underway, and the group will continue to monitor and track the variant. It called on countries to enhance surveillance and sequencing efforts, to submit complete genome sequences and associated metadata to a publicly available database and to report cases and clusters to the WHO. "Individuals are reminded to take measures to reduce their risk of COVID-19, including proven public health and social measures such as wearing well-fitting masks, hand hygiene, physical distancing, improving ventilation of indoor spaces, avoiding crowded spaces, and getting vaccinated," said the statement.
2:31 a.m. Nov. 26, 2021 - By Steve Gelsi
Drug maker stocks rise but travel stocks sink on new coronavirus variantShares of airlines fell and drug makers rose in premarket trades on Friday as investors reacted to fresh travel bans related to a new variant of the coronavirus that causes COVID-19 called B.1.1.529 identified in South Africa. Meanwhile, stocks relating to 'stay-at-home' activities gained. The British government has banned flights from South Africa and five other southern African countries. The World Health Organization's technical working group is meeting Friday to discuss the variant. Pfizer advanced by 5.8%, Moderna gained 8.7%, Southwest Airlines dropped 7%, American Airlines stock slumped 7%; Expedia fell 6.8% and United Airlines dropped 7.6%. Delta Air Lines lost 7.8%, Norwegian Cruise gave up 9.6% and Royal Caribbean shares slid 10%. Netflix rose 2%.Take-Two Interactive Software rose by 1%.
2:43 a.m. Nov. 18, 2021 - By Tomi Kilgore
Boeing's stock gets a boost after J.P. Morgan gets bullish againShares of Boeing Co. got a 1.6% boost in premarket trading Thursday, after the aerospace and defense contractor was upgraded at J.P. Morgan, with analyst Seth Seifman saying, "a deep breath and diving in." Seifman raised his rating to overweight, after downgrading it to neutral in March 2020. He raised his stock price target to $275 from $260. "With the market near a record, we like that BA has company-specific catalysts that should help, provided we avoid a recession or eternal COVID-19 waves," Seifman wrote in a note to clients. "[B]oeing's position at the center of global air travel offers confidence that it will recover financially over time and we believe risk-reward now skews favorably." He said China's certification of Boeing's 737 MAX planes is "critical," and recent reports suggest it is approaching. Another overhang is the 787 delivery halt, which Seifman said seems likely to persist in to the first quarter of 2022. Boeing's implied stock price gain would add about 24 points to the Dow Jones Industrial Average's price, while Dow futures gained 35 points, or 0.1%.
10:34 a.m. Nov. 12, 2021 - Barrons.com
Steering Royal Caribbean for 33 YearsFollowing the announcement of his retirement, outgoing chief executive Richard Fain discusses how he helped lead Royal Caribbean through rough waters during the pandemic.
7:20 a.m. Nov. 9, 2021 - By Tomi Kilgore
Hertz stock receives downbeat reception on Nasdaq, as it opens below the recent share-offering priceHertz Global Holdings Inc. received a rather downbeat reception on the Nasdaq, as the car rental company's stock opened 9.5% below where its share-offering just priced. The company said late Monday that an upsized offering by selling stockholders of priced at $29 a share, compared with previous expectations that the would price between $25 and $29 a share. The stock's first trade on the Nasdaq was at $26.25 at 12:14 p.m. Eastern for 2.82 million shares. It has since recovered slightly to trade down 6.3% at $27.19. The stock, which had traded over the counter under the ticker symbol "HTZZ" since the company emerged from bankruptcy through Monday, had closed Monday at $32.62. Before Hertz filed for bankruptcy in May 2020, the stock had traded on the NYSE under the ticker symbol "HTZ." Including it's time as an OTC stock, Hertz's stock has run up 62.2% over the past three months, while shares of rival Avis Budget Group Inc. have rocketed 242.4% and the S&P 500 has gained 5.6%.
2:40 a.m. Nov. 9, 2021 - By Tomi Kilgore
Hertz stock set to start trading on the Nasdaq, after upsized share offering priced at top of expected rangeHertz Global Holdings Inc.'s stock is set to begin trading on the Nasdaq Tuesday, after the car rental company, which emerged from bankruptcy in July, announced overnight that an upsized public offering of shares priced at the top of the expected range. The company said selling shareholders raised about $1.29 billion as 44.52 million shares were sold at a price of $29.00 a share, compared with of a 37.10 million-share offering that was expected to price between $25 and $29 a share. Hertz said it will not receive any proceeds from the share sale, but plans to repurchase from the underwriters of the offering 10.34 million shares for $300 million. Hertz's stock is expected to begin trading on the Nasdaq under the ticker symbol "HTZ," after previously trading over the counter under the ticker "HTZZ." The stock has soared 94.8% over the past three months through Monday, while the S&P 500 has tacked on 6.1%.
1:59 a.m. Nov. 8, 2021 - By Ciara Linnane
Coronavirus tally: Global cases of COVID-19 near 250 million and U.S. reopens to vaccinated travelersThe global tally for the coronavirus-borne illness climbed above 249.9 million on Monday, while the death toll edged above 5.05 million, according to . The U.S. continues to lead the world with a total of 46.5 million cases and 754,431 deaths. The U.S. is still averaging about 1,200 deaths a day, although cases and hospitalizations are declining, outside of hot spots that include California and Colorado. More than a year and a half after COVID-19 concerns prompted the U.S. to close its borders to international travelers from countries including Brazil, China, India, South Africa, the United Kingdom and much of Europe, restrictions are shifting to focus on vaccine status, Beginning Monday, bans on travel from specific countries are over. The U.S. will allow in international travelers, but they must be vaccinated - with a few exceptions. The U.S. is also reopening the land borders with Canada and Mexico for vaccinated people. Most trips from Canada and Mexico to the U.S. are by land rather than air. India is second by cases after the U.S. at 34.4 million and has suffered 461,057 deaths. Brazil has second highest death toll at 609,447 and 21.9 million cases. In Europe, Russia has the most fatalities at 243,405 deaths, followed by the U.K. at 142,236.
1:24 a.m. Nov. 8, 2021 - By Tomi Kilgore
Marriott Vacations swings to Q3 profit that beats expectations, says current quarter 'has started well'Marriott Vacations Worldwide Corp. reported Monday that it swung to a third-quarter profit that beat expectations, while revenue rose in line with forecasts, as contract sales nearly tripled to reach within 3% of pre-pandemic 2019 levels. The vacation ownership company's stock was still inactive in premarket trading. Net income was $10 million, or 23 cents a share, after a loss of $62 million, or $1.51 a share, in the year-ago period. Excluding nonrecurring items, the company swung to adjusted earnings per share of $1.60 from a per-share loss of 81 cents, while the FactSet consensus was for EPS of $1.41. Total revenue grew 62.1% from a year ago to $1.05 billion, matching the FactSet consensus, while contract sales jumped 171.4% to $380 million, with first-time buyers representing 30% of contract sales. Average revenue per member increased 16.8% to $42.95. "The fourth quarter has started well with October contract sales above 2019 levels and reservations on the books for the first half of next year are already strong," said Chief Executive Stephen Weisz. The stock has rallied 18.3% over the past three months through Friday while the S&P 500 has gained 5.9%.
1:14 a.m. Nov. 8, 2021 - By Tomi Kilgore
CorePoint's stock tumbles after $1.5 billion buyout deal represents near 12% discount to Friday's closing priceShares of CorePoint Lodging Inc. tumbled 13.8% in premarket trading Monday, after the U.S. lodging real estate investment trust announced an agreement to be acquired in a cash deal valued at $1.5 billion by a joint venture between affiliates of Highgate and Cerberus Capital Management. Under terms of the deal, the per-share price paid is $15.65 a share, or 11.9% below Friday's stock closing price of $17.76 but 42% above the July 13 closing price, which was the last trading day before CorePoint announced its strategic alternatives process. The deal is expected to close in the first quarter of 2022. Separately, Wyndham Hotels & Resorts announced an agreement with CorePoint regarding the termination of all hotel management agreements once the CorpPoint merger is closed. CorePoint's stock has soared 158.1% year to date through Friday, while the SPDR Real Estate Select Sector ETF has rallied 31.9% and the S&P 500 has gained 25.1%.
3:21 a.m. Oct. 29, 2021 - By Tomi Kilgore
Royal Caribbean reports wider-than-expected loss and revenue miss, but bookings show significant improvementShares of Royal Caribbean Group slipped 0.6% in premarket trading Friday, after the cruise operator reported a wider-than-expected loss and revenue that came up short of forecasts, but said booking volumes have improved "significantly" since the delta-variant induced slowdown over the summer. The net loss for the quarter to Sept. 30 was $1.42 billion, or $5.59 a share, after a loss of $1.35 billion, or $6.29 a share, in the year-ago period, as the weighted average number of shares outstanding increased 18.9%. Excluding nonrecurring items, adjusted losses per share narrowed to $4.91 from $5.62 and but missed the FactSet loss consensus of $4.39. The company swung to revenue of $456.96 million, after negative revenue of $33.69 million last year, but was below the FactSet consensus of $567.0 million, as passenger ticket revenue grew 87-fold to $280.15 million but missed expectations of $487.8 million. The company said as of Friday, 40 ships from the company's five brands, or 65% of its capacity, have resume sailing. Bookings were above second-quarter levels with particular strength in September, as new bookings for 2022 sailings for the month more than 60% higher than the monthly average for the second quarter. The stock has gained 5.3% over the past three months through Thursday, while the S&P 500 tacked on 4.0%.
2:15 a.m. Oct. 26, 2021 - By Tomi Kilgore
JetBlue stock gains after a narrower-than-expected loss, revenue that rose 4-fold to beat forecastsShares of JetBlue Airways Corp. rose 0.5% in premarket trading Tuesday, after the air carrier reported a narrower-than-expected third-quarter loss, revenue that rose four-fold to top forecasts and provided an upbeat outlook. The company swung to net income of $130 million, or 40 cents a share, from a loss of $393 million, or $1.44 a share, in the year-ago period. Excluding nonrecurring items, which would include government payroll assistance, the adjusted per-share loss was 12 cents, compared with the FactSet loss consensus of 18 cents. Revenue rose 300.8% to $1.97 billion, topping the FactSet consensus of $1.93 billion, as revenue passengers rose 321.8% to 9.08 million. Load factor increased to 79.9% from 42.6% but came up short of expectations of 82.3%, as capacity rose 134.1% to 16.17 million available seat miles. Departures increased 139.4% to 76,918. "September took the brunt of the bookings softness associated with rising case counts tied to the Delta variant," said Chief Operating Officer Joanna Geraghty. "That said, trends have stabilized and are improving. We expect robust revenue acceleration throughout the quarter as the holidays approach and demand continues to meaningfully improve." The stock has lost 8.3% over the past three months through Monday, while the U.S. Global Jets ETF has slipped 4.3% and the S&P 500 has gained 3.3%.
2:17 a.m. Oct. 21, 2021 - By Tomi Kilgore
American Airlines stock rises after a narrower-than-expected loss, as revenue nearly tripledShares of American Airlines Group Inc. rose 0.8% in premarket trading Thursday, after the air carrier reported a narrower-than-expected third-quarter loss on revenue that nearly tripled, while load factor came up short. The air carrier swung to net income of $169 million, or 25 cents a share, from a loss of $2.40 billion, or $4.71 a share, in the year-ago period. Excluding nonrecurring items, which would include benefits from government payroll support programs, the adjusted per-share loss came to 99 cents, beating the FactSet loss consensus of $1.04. Total revenue grew 182.7% to $8.97 billion, above the FactSet consensus of $8.92 billion, as passenger revenue jumped 213.3% to $7.96 billion. Load factor improved to 78.7% from 58.9% but missed the FactSet consensus of 80.9%. The company said it ended the quarter with about $18 billion of available liquidity. The company said it expects fourth-quarter revenue to be down about 20% from the same period in 2019, while the current FactSet revenue consensus of $9.30 billion implies a 17.8% decline. The stock has dropped 8.8% over the past three months through Wednesday, while the U.S. Global Jets ETF has slipped 1.8% and the S&P 500 has gained 4.1%.
1:57 a.m. Oct. 21, 2021 - By Tomi Kilgore
Southwest results beat expectations, sees 'operational challenges' in October costing $75 million in revenueSouthwest Airlines Co. reported Thursday a narrower-than-expected third-quarter loss as passenger revenue nearly tripled, as overall demand remained "quite strong" despite a deceleration in traffic in August and September as a result of surging COVID-19 cases. The air carrier's stock was little changed in premarket trading. The company swung to net income of $446 million, or 73 cents a share, from a loss of $1.16 billion, or $1.96 a share, in the year-ago period. Excluding non-recurring items, such as $763 million in benefits related to the Payroll Support Program, adjusted per-share losses came to 23 cents, compared with the FactSet loss consensus of 27 cents. Total revenue rose 161.0% to $4.68 billion, above the FactSet consensus of $4.58 billion, as passenger revenue grew 190.7% to $4.23 billion. Load factor improved to 80.7% from 44.9% but came up shy of expectations of 82.1%. For October, revenue and booking trends continue to improve, but the company sees negative impacts of $40 million from the delta variant and of $75 million as a result of flight cancellations from operational challenges. The stock has lost 6.9% over the past three months, while the U.S. Global Jets ETF has slipped 1.8% and the S&P 500 has gained 4.1%.
10:25 a.m. Oct. 19, 2021 - By Robert Schroeder
Homeland Security Secretary Mayorkas tests positive for COVID-19Homeland Security Secretary Alejandro Mayorkas has tested positive for COVID-19, reports said Tuesday. Mayorkas, who is fully vaccinated, tested positive Tuesday morning and is experiencing mild congestion, a department spokesperson . Mayorkas had been scheduled to travel to Colombia with Secretary of State Antony Blinken but is now working from home.
10:01 a.m. Oct. 14, 2021 - By Tomi Kilgore
Avis stock falls after Morgan Stanley recommends selling, saying it's too early for the 'mega-fleet bull case'Shares of Avis Budget Group Inc. dropped 2.5% in afternoon trading Thursday, after Morgan Stanley analyst Billy Kovanis recommended investors sell, saying it's too early for investors to be betting on the "mega-fleet bull case." The stock has now lost 4.8% since it closed at a record $153.39 on Tuesday, but has still more than doubled (up 103.6%) over the past three months and rocketed 291.6% year to date, while the S&P 500 has advanced just 18.1% this year. Kovanis downgraded Avis to underweight, after cutting the rating to equal weight in March 2021. Although he raised his tock price target to $110 from $85, the new target still implied about 25% downside from current levels. He said he just doesn't buy that investor suddenly view car rental as a high return-on-invested-capital (ROIC) business in the long run, and that pricing, which has been boosted recently by increased travel and lack of supply, will be permanently higher. "Pricing may very well be higher for a year or two, but we don't see this as a 3-to-5 year phenomenon," Kovanis wrote in a note to clients. He added that rental car stocks are "notably cyclical," so that means, "what goes up, must come down."
1:14 a.m. Oct. 13, 2021 - By Ciara Linnane
Coronavirus tally: Global cases of COVID-19 edge toward 239 million and U.S. to reopen land borders in Nov.The global tally for the coronavirus-borne illness climbed above 238.7 million on Wednesday, while the death toll edged above 4.86 million, according to . The U.S. continues to lead the world with a total of 44.6 million cases and 716,479 deaths. The U.S. is averaging more than 1,900 deaths a day, , although new cases and hospitalizations are declining. The U.S. will reopen its land borders to nonessential travel next month, ending a 19-month freeze due to the COVID-19 pandemic as the country moves to require all international visitors to be vaccinated against the coronavirus, Vehicle, rail and ferry travel between the U.S. and Canada and Mexico has been largely restricted to essential travel, such as trade, since the earliest days of the pandemic. India is second by cases after the U.S. at 34 million and has suffered 451,189 deaths. Brazil has second highest death toll at 601,398 and 21.6 million cases. In Europe, Russia has most fatalities at 215,438, followed by the U.K. at 138,351.
3:37 a.m. Oct. 11, 2021 - By Tomi Kilgore
Southwest's stock slumps as analyst says canceled flights could add to cost pressures, hurt labor relationsShares of Southwest Airlines Co. slumped 2.9% in premarket trading Monday, to pace the declines among its air-carrier peers, after Southwest , which the company . Analyst Savanthi Syth said she expected only a "limited financial impact and no forward demand implications" given the setbacks happened during an off-peak period and weren't limited to Southwest, but she added that because the airline had already made capacity cuts to address operational reliability the recent setback "likely adds to the related unit cost pressure and may exacerbate strained labor union relations." Meanwhile, Syth reiterated the outperform rating she's had on the stock since November. Southwest's stock selloff comes as the U.S. Global Jets ETF slipped 0.6% in premarket trading, while futures for the S&P 500 gave up 0.3%. Among other air carriers, American Airlines Group Inc. shares eased 0.3%, Delta Air Lines Inc. declined 0.5% and United Airlines Holdings Inc. shed 0.4%.
5:39 a.m. Oct. 8, 2021 - By Tomi Kilgore
Avis Budget stock surges to another record, has nearly doubled over the past three monthsShares of Avis Budget Group Inc. shot up 7.3% in morning trading Friday, putting them on track for an eighth record close in the past month, and enough to pace the Dow Jones Transportation Average's gainers. The auto rental company's stock has been by far the best performer among the Dow transports components over the past three months (up 92.4%), year to date (up 263.8%) and for the past year (up 335.3%), while the Dow transports has gained 0.9%, 16.8% and 24.2% over the same periods, respectively, and the Dow Jones Industrial Average has gained 1.0%, 13.6% and 22.3%. On a bright note for Avis, the out earlier Friday showed "notable job gains" in the leisure and hospitality and transportation sectors. And analyst Michael Linenberg at Deutsche Bank said after a recent pullback, corporate airline bookings are "once again on the upswing" and are now approaching levels last seen in early July before the most recent surge in COVID-19 cases. Growth recreational and business travel can be a good sign for car rental companies.
3:13 a.m. Oct. 7, 2021 - By Tomi Kilgore
United Airlines adding flights for the holidays given signs of pent up demandShares of United Airlines Holdings Inc. rallied 1.4% in premarket trading Thursday, after the air carrier announced an increase in its domestic flight schedule for the holidays, following signs of pent-up travel demand. The company said holiday travel searches on its website and app are up 16% from 2019. For December, the company expects to offer more than 3,500 daily domestic flights, which is 91% of the capacity compared with 2019, and the most since the COVID pandemic started in March 2020. "We're seeing a lot of pent-up demand in our data and are offering a December schedule that centers on the two things people want most for the holidays: warm sunshine and fresh snow," said Ankit Gupta, vice president of network planning and scheduling. United's stock has slipped 0.2% over the past three months through Wednesday but has climbed 16.1% year to date. In comparison, the U.S. Global Jets ETF has gained 8.2% this year and the S&P 500 has advanced 16.2%.
2:26 a.m. Oct. 7, 2021 - By Tomi Kilgore
Carnival to restart more cruises from U.S. ports in January and February, expects 100% capacity use in the springShares of Carnival Corp. rose 1.7% in premarket trading Thursday, after the cruise operator announced more cruise restarts that will increase the use of its U.S.-based capacity to 90% through February 2022. The company said late Wednesday that its Carnival Sunshine ship will restart operations from Charleston on Jan. 13 and its Carnival Liberty ship will restart from Port Canaveral on Feb. 11, adding to the 17 ships scheduled to be operating by the end of 2021. The restarts are part of the Carnival's plan to be using 100% of its cruise capacity from U.S. ports in the spring of 2022. Meanwhile, cruises on Carnival's three remaining U.S.-based ships, Carnival Ecstasy from Jacksonville, Carnival Paradise from Tampa and Carnival Sensation from Mobile, have been cancelled through February. "Our restart plan continues to excel across all metrics, and we are looking forward to completing the restart of the fleet in the new year," said Carnival Cruise Line President Christine Duffy. The stock has gained 3.4 over the past three months through Wednesday, while the S&P 500 has ticked up 0.1%.
9:38 a.m. Oct. 1, 2021 - By Victor Reklaitis
Biden to meet Friday with House Democrats on Capitol Hill following delay for infrastructure billPresident Joe Biden is slated to travel to Capitol Hill on Friday to meet with Democratic House lawmakers around 3:30 p.m. Eastern, the White House said. His visit comes after Speaker Nancy Pelosi late Thursday on a $1 trillion bipartisan infrastructure bill, a key part of Biden's agenda, as Democratic lawmakers remained unable to agree on their spending proposals.
4:56 a.m. Sept. 24, 2021 - By Tomi Kilgore
Carnival's stock rises after Q3 business updateShares of Carnival Corp. surged 1.3% in morning trading, after the cruise operator provided an update on its third quarter. The company reported a net loss of $2.8 billion, wider than the loss of $2.1 billion in the sequential second quarter, but narrower than the $2.9 billion loss seen in the year-ago quarter. In the pre-pandemic third quarter of 2019, Carnival had net income of $1.8 billion. The adjusted third-quarter loss was $2.0 billion, compared with an adjusted loss of $1.7 billion a year ago. The company did not provide per-share loss figures. The company said the cruises operating in the third quarter were cash flow positive, and the company expects this to continue. Monthly average cash burn during the quarter was $510 million, which is better than previous guidance. Booking volumes for all cruises during the third quarter were down from the second quarter but higher than the first quarter, as concerns over the spread of the delta variant weighed on booking volumes in August. Meanwhile, cumulative advanced bookings for the second half of 2022 are "ahead of a very strong 2019." The update comes a day after Carnival said it expected to have by the end of October. Carnival's stock has lost 8.9% over the past three months, while the S&P 500 has gained 4.2%.
4:13 a.m. Sept. 24, 2021 - By Tomi Kilgore
Delta Airlines stock is a 'catalyst call buy' at Deutsche Bank, as recent underperformance should flip to outperformanceDeutsche Bank analyst Michael Linenberg has launched a "short-term catalyst call buy" on Delta Air Lines Inc.'s stock Friday, saying he believes the underperformance so far this year will flip to outperformance in the coming months. The stock has edged up 5.9% year to date through Thursday, while the NYSE Arca Airline Index has climbed 16.9% and the S&P 500 has advanced 18.5%. Linenberg said this underperformance has come despite Delta being one of the most leveraged to corporate and long-haul international travel, which he believes will start seeing better demand. And with the last few months of the year being good time to own the airline sector -- the airline seasonal trade has worked in 16 out of the past 20 years -- Linenberg believes "Delta will be a favored name among 'new money' investors given that it is viewed as one of the highest quality names in the sector." The stock was down 0.8% in premarket trading.
4:21 a.m. Sept. 23, 2021 - By Tomi Kilgore
Carnival to have over half of its cruise ships sailing again by the end of OctoberShares of Carnival Corp. climbed 2.1% in premarket trading Thursday, after the cruise operator said it expects to have more than 50% of its cruise capacity operating by the end of October. The company said it also targets 65% of capacity returning to operation by the end of the year. The company said to date, eight of its nine cruise brands have resumed sailings, and those eight brands have announced that they will be operating 42 ships by the end of October, which is more than half of Carnival's global fleet capacity. "Based on our initial restart of guest cruise operations across eight brands, it is clear from our guests that there is tremendous confidence in our brands, our health and safety protocols, and the return of cruising as one of the world's most popular vacations," said Chief Communications Officer Roger Frizzell. Carnival's stock has dropped 16.1% over the past three months through Wednesday, while the S&P 500 has gained 3.6%.
5:06 a.m. Sept. 20, 2021 - By Tomi Kilgore
Airline stocks outperform, amid hopes U.S. will lift the EU travel ban 'soon'The airline sector fell, but outperformed amid , after reports that President Biden will soon lift the travel ban on Europeans, which was put in place early in the COVID-19 pandemic by former president Donald Trump. Stavros Lambrinidis, the European Union Ambassador to the U.S., , "Hope there'll be a positive announcement soon." The U.S. Global Jets ETF slipped 0.6%, while the S&P 500 shed 1.4%. Among the more-active U.S. air carriers, shares of American Airlines Group Inc. rose 0.9%, Delta Air Lines Inc. eased 0.5% and United Airlines Holdings Inc. slipped 0.5%. The Biden administration agreed with its European Union officials to lift travel restrictions for vaccinated citizens, , citing three senior EU officials.
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