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Delta (DAL) Extends Ban on U.S- China Flights by a Month
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Meeting the same fate as its fellow airline players, Delta Air Lines (DAL - Free Report) has been hit hard by the rapid spread of the deadly coronavirus (COVID-19), which was declared a pandemic by the World Health Organization on Mar 11. Fears surrounding this highly contagious disease are primarily responsible for the stock shedding 28.2% of its value in the past month. In comparison, the S&P 500 Index has depreciated 14.7%.
In a bid to fight coronavirus-led low demand for air travel, Delta has been taking various steps like reducing 10-15% of domestic capacity. Additionally, this Zacks Rank #3 (Hold) company aims to trim international capacity by 20-25%. The latest measure announced in this respect was the extended suspension of its flights connecting the United States with China through May 31, 2020. Previously, this Atlanta-GA- based carrier had cancelled flights on the route until Apr 30.
Moreover, Delta, which aims to reduce trans-pacific capacity by 65%, announced suspension of some flights to South Korea and Japan through May 31. The flight cancellations to Japan include suspension of a service between Portland and Tokyo apart from the one connecting Detroit and Nagoya. Moreover, flights between Detroit and Tokyo, which operated daily will now be available six times a week through May 31. Similarly, a daily service between Honolulu and Tokyo is now slashed to six times a week through May-end. Also, flights connecting Minneapolis with Tokyo and operating five times a week can now be accessed thrice until May 31.
Regarding South Korea, Delta announced actions like calling off flights between Atlanta and Incheon through the above-mentioned date. Also, the airline deferred the launch date of its service between Seoul-Incheon and Manila from May 1 to May 31. Further, the airline announced several changes to its trans-Atlantic flying schedule as part of its decision to cut 15-20% capacity in the region.
Delta apart, carriers like American Airlines (AAL - Free Report) , United Airlines (UAL - Free Report) and Spirit Airlines (SAVE - Free Report) declared capacity reductions in an attempt to combat the coronavirus-led dwindling demand.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Delta (DAL) Extends Ban on U.S- China Flights by a Month
Meeting the same fate as its fellow airline players, Delta Air Lines (DAL - Free Report) has been hit hard by the rapid spread of the deadly coronavirus (COVID-19), which was declared a pandemic by the World Health Organization on Mar 11. Fears surrounding this highly contagious disease are primarily responsible for the stock shedding 28.2% of its value in the past month. In comparison, the S&P 500 Index has depreciated 14.7%.
In a bid to fight coronavirus-led low demand for air travel, Delta has been taking various steps like reducing 10-15% of domestic capacity. Additionally, this Zacks Rank #3 (Hold) company aims to trim international capacity by 20-25%. The latest measure announced in this respect was the extended suspension of its flights connecting the United States with China through May 31, 2020. Previously, this Atlanta-GA- based carrier had cancelled flights on the route until Apr 30.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Moreover, Delta, which aims to reduce trans-pacific capacity by 65%, announced suspension of some flights to South Korea and Japan through May 31. The flight cancellations to Japan include suspension of a service between Portland and Tokyo apart from the one connecting Detroit and Nagoya. Moreover, flights between Detroit and Tokyo, which operated daily will now be available six times a week through May 31. Similarly, a daily service between Honolulu and Tokyo is now slashed to six times a week through May-end. Also, flights connecting Minneapolis with Tokyo and operating five times a week can now be accessed thrice until May 31.
Regarding South Korea, Delta announced actions like calling off flights between Atlanta and Incheon through the above-mentioned date. Also, the airline deferred the launch date of its service between Seoul-Incheon and Manila from May 1 to May 31. Further, the airline announced several changes to its trans-Atlantic flying schedule as part of its decision to cut 15-20% capacity in the region.
Delta apart, carriers like American Airlines (AAL - Free Report) , United Airlines (UAL - Free Report) and Spirit Airlines (SAVE - Free Report) declared capacity reductions in an attempt to combat the coronavirus-led dwindling demand.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>