From Breakingviews: Travelers and airline investors are showing signs of optimism, but there’s still a long way to go. Empty seats and dwindling cash piles are in store for the summer
American airlines jets made by Embraer and other manufacturers sit at gates at Washington's Reagan National airport as the novel coronavirus pandemic continues to keep airline travel at minimal levels and the U.S. economy contracts in the first quarter at its sharpest pace since the Great Recession, in Washington, U.S. April 29, 2020. REUTERS/Kevin LamarqueRECESSION COMPRESSION. The U.S.
The ride-hailing service and Grubhub are haggling over the exchange ratio for an all-stock deal and the reverse break fee. Because of overlap, watchdogs will likely take a critical view. But market similarities are also crucial: UBS reckons a merger could result in more than $500 million in cost savings.
Stock prices of major U.S. carriers are above their mid-March levels. But that says more about government support than imminent recovery. Over 40% of UBS respondents still don’t plan to travel for six months or more. That suggests a long summer of empty seats and dwindling cash piles. So does this change the story? Not really, because the same caveat applied in April: The 15% rate for that month would have increased by almost 5 percentage points. The numbers are slippery but the direction still holds.
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