Airline stocks surge as US eases travel restrictions
For airlines, one of the biggest remaining pieces of the recovery puzzle just fell into place — the ban that had killed most international travel lifted on Monday.
State of play: Stocks backing the U.S. airlines that most actively serve international markets — American, Delta and United — have surged by 13%-16% since President Biden signed the order on Oct. 25.
- They're approaching the highs reached back in May and June, before the spread of the Delta variant chilled travel — and reopening trades.
What’s happening: American Airlines said that bookings for flights between Europe and the U.S. were 40% higher in the days after the October announcement than they had been the week before, the New York Times reports.
- Delta Air Lines CEO Ed Bastian told CNBC last month that as soon as the White House signaled it would open up travel in November, “immediately we saw a tenfold increase in bookings, almost overnight,” for international flights.
On the flip side: Pandemic-era stay-at-home winners like Peloton and Zoom — and their stocks — are signaling the boom times may be behind them, as Axios' Courtenay Brown reports.