Trump: 'We'll be helping the airlines' as furloughs loom
US airlines may get a lifeline from Trump
As the major U.S. airlines, still dealing with the fallout of the coronavirus, prepare to furlough thousands of workers, President Trump is ready to throw the industry a lifeline.
“We’ll be helping the airlines, you have to help the airlines, it’s a tough business always is. Airlines are a tough business in good times and we are about ready to get back to good times” said Trump on his way to Kenosha, Wis. without elaborating on specifics.
His comments follow similar remarks last week from White House Chief of Staff Mark Meadows, who hinted that an executive order could be becoming.
WHITE HOUSE LOOKING AT EXECUTIVE ACTION TO HALT AIRLINE FURLOUGHS, LAYOFFS: MEADOWS
Already the industry received $25 billion from the federal government in March to prevent coronavirus-related layoffs or furloughs through September.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UAL | UNITED AIRLINES HOLDINGS INC. | 53.51 | +0.84 | +1.59% |
| LUV | SOUTHWEST AIRLINES CO. | 27.05 | -0.20 | -0.75% |
| JBLU | JETBLUE AIRWAYS CORP. | 5.72 | -0.19 | -3.21% |
Last week, American Airlines and Delta Airlines announced plans to furlough thousands of workers by October.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DAL | DELTA AIR LINES INC. | 49.88 | +1.94 | +4.05% |
| AAL | AMERICAN AIRLINES GROUP INC. | 14.13 | +0.21 | +1.51% |
Work-from-home polices continue to be extended at many companies through 2021, with some such as Twitter and Zillow floating the idea that working remotely could be forever.
AMERICAN AIRLINES TO FURLOUGH 19,000 WORKERS
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ZM | ZOOM VIDEO COMMUNICATIONS INC. | 61.73 | +0.69 | +1.13% |
| JETS | ETF SERIES SOLUTIONS US GLOBAL JETS ETF | 20.32 | -0.16 | -0.78% |
Jim Bianco, of Bianco Research, points out the sharp rise in Zoom stock--which hit an all-time high today and is close to surpassing IBM in market value--against airline stocks, which have been pummeled.