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United Airlines (UAL) to Recall Workers Banking on More Aid
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United Airlines Holdings (UAL - Free Report) is planning to call back its furloughed employees as a second round of coronavirus relief aid for airlines reaches the final stages of being signed into law.
The Congress passed a $900 billion coronavirus aid package on Monday, of which airlines are set to receive $15 billion as payroll support. The bill is expected to be signed into law by President Donald Trump in a few days.
In a message to employees, dated Dec 22, United Airlines’ chief executive officer J. Scott Kirby and president Brett Hart stated that they will call back their furloughed workers temporarily and keep them employed through March 2021, as per terms of the new relief bill.
Management, however, warned that they do not expect much change in passenger demand “between now and the end of the first quarter of 2021”. The company does not expect a “huge difference in bookings over the next few months” and hence will be calling employees on a temporary basis.
Airlines, ravaged by the coronavirus-led downturn in air-travel demand, received $25 billion in payroll support under the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. As a pre-condition to receiving the financial assistance, U.S. airlines were prohibited from laying off employees through Sep 30, 2020. With travel demand at an unprecedented low level, United Airlines and American Airlines (AAL - Free Report) furloughed approximately 32,000 employees once the federal aid expired on Sep 30. However, they had plans of calling back employees in case a second round of stimulus came through. Similar to United Airlines, American Airlines is also expected to put its furloughed workers back into employment.
Both United Airlines and American Airlines carry a Zacks Rank #3 (Hold).
Shares of Landstar and UPS have gained more than 21% and 56% in the last six months, respectively.
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A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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United Airlines (UAL) to Recall Workers Banking on More Aid
United Airlines Holdings (UAL - Free Report) is planning to call back its furloughed employees as a second round of coronavirus relief aid for airlines reaches the final stages of being signed into law.
The Congress passed a $900 billion coronavirus aid package on Monday, of which airlines are set to receive $15 billion as payroll support. The bill is expected to be signed into law by President Donald Trump in a few days.
In a message to employees, dated Dec 22, United Airlines’ chief executive officer J. Scott Kirby and president Brett Hart stated that they will call back their furloughed workers temporarily and keep them employed through March 2021, as per terms of the new relief bill.
United Airlines Holdings Inc Price
United Airlines Holdings Inc price | United Airlines Holdings Inc Quote
Management, however, warned that they do not expect much change in passenger demand “between now and the end of the first quarter of 2021”. The company does not expect a “huge difference in bookings over the next few months” and hence will be calling employees on a temporary basis.
Airlines, ravaged by the coronavirus-led downturn in air-travel demand, received $25 billion in payroll support under the Coronavirus Aid, Relief, and Economic Security (CARES) Act in March 2020. As a pre-condition to receiving the financial assistance, U.S. airlines were prohibited from laying off employees through Sep 30, 2020. With travel demand at an unprecedented low level, United Airlines and American Airlines (AAL - Free Report) furloughed approximately 32,000 employees once the federal aid expired on Sep 30. However, they had plans of calling back employees in case a second round of stimulus came through. Similar to United Airlines, American Airlines is also expected to put its furloughed workers back into employment.
Both United Airlines and American Airlines carry a Zacks Rank #3 (Hold).
Key Picks
Some better-ranked stocks in the broader Transportation sector are Landstar System, Inc. (LSTR - Free Report) and United Parcel Service, Inc. (UPS - 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 Landstar and UPS have gained more than 21% and 56% in the last six months, respectively.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>