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United Airlines Decides to Delay Pilot Furloughs Till Oct 30
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Per a Reuters report, United Airlines Holdings (UAL - Free Report) has decided to delay the effective date for pilot furloughs until Oct 30, 2020. In the meantime, union members will vote on a broader deal that would protect approximately 2,850 jobs for some months.
However, according to a memorandum of understanding between United Airlines and the union representing its 13,000 pilots, in case the deal is not approved, the pilots will not be paid in October.
Per United Airlines’ spokesman Frank Benenati, “Our pilots are voting right now on a tentative agreement that, if approved, would avoid all pilot furloughs for at least nine months.”
With the approaching expiration of the federal aid on Sep 30, 2020, U.S. airlines have been warning of massive job cuts in October. United Airlines had earlier warned that it will have to furlough about 16,370 employees, including 2,850 pilots starting next month, given the persistent weakness in air-travel demand, thanks to coronavirus. Notably, U.S. airlines, including United Airlines, which have accepted financial assistance under the CARES Act to cover their payroll expenses, are prohibited from laying off employees until Sep 30.
To protect jobs for another six months, airlines have been seeking additional financial assistance. While there had been positive talks on this front previously, nothing has materialized yet even though the federal aid will soon expire.
As airlines seek clarity on whether additional financial help would come through, they are putting off furloughs for now. Apart from United Airlines, Delta Air Lines (DAL - Free Report) will delay its decision to furlough pilots until Nov 1.
Both United Airlines and Delta carry a Zacks Rank #4 (Sell).
Shares of JB Hunt and Knight-Swift have gained 11% and 14.6%, respectively so far this year.
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United Airlines Decides to Delay Pilot Furloughs Till Oct 30
Per a Reuters report, United Airlines Holdings (UAL - Free Report) has decided to delay the effective date for pilot furloughs until Oct 30, 2020. In the meantime, union members will vote on a broader deal that would protect approximately 2,850 jobs for some months.
However, according to a memorandum of understanding between United Airlines and the union representing its 13,000 pilots, in case the deal is not approved, the pilots will not be paid in October.
Per United Airlines’ spokesman Frank Benenati, “Our pilots are voting right now on a tentative agreement that, if approved, would avoid all pilot furloughs for at least nine months.”
United Airlines Holdings Inc Price
United Airlines Holdings Inc price | United Airlines Holdings Inc Quote
With the approaching expiration of the federal aid on Sep 30, 2020, U.S. airlines have been warning of massive job cuts in October. United Airlines had earlier warned that it will have to furlough about 16,370 employees, including 2,850 pilots starting next month, given the persistent weakness in air-travel demand, thanks to coronavirus. Notably, U.S. airlines, including United Airlines, which have accepted financial assistance under the CARES Act to cover their payroll expenses, are prohibited from laying off employees until Sep 30.
To protect jobs for another six months, airlines have been seeking additional financial assistance. While there had been positive talks on this front previously, nothing has materialized yet even though the federal aid will soon expire.
As airlines seek clarity on whether additional financial help would come through, they are putting off furloughs for now. Apart from United Airlines, Delta Air Lines (DAL - Free Report) will delay its decision to furlough pilots until Nov 1.
Both United Airlines and Delta carry a Zacks Rank #4 (Sell).
Key Picks
Some better-ranked stocks in the broader Transportation sector are JB Hunt Transport Services Inc (JBHT - Free Report) and Knight-Swift Transportation Holdings Inc (KNX - Free Report) , both carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of JB Hunt and Knight-Swift have gained 11% and 14.6%, respectively so far this year.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>