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☆ Factbox: Pilots, airlines seek to strike new contracts ahead of peak travel season
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +3 min

SOUTHWEST AIRLINES CO (LUV.N):The Southwest Airlines Pilots Association (SWAPA) in May said its members at the company approved a strike mandate. It added that 98% of its members participated in the vote and 99% voted in favor of authorizing a strike. UNITED AIRLINES HOLDINGS INC (UAL.O):Last year, ALPA said 94% of the nearly 10,000 United Airlines pilots voted to reject a contract offer. SPIRIT AIRLINES INC (SAVE.N):In January, ALPA said pilots at Spirit Airlines voted to ratify a new contract. More than 97% of the union members took part in the vote and 99% of them authorized union leaders to call a strike, if needed.

[1/2] A woman checks the arrivals and departures board at Chicago Midway International Airport in Chicago, Illinois, U.S. April 18, 2023. REUTERS/Jim Vondruska/File PhotoNEW YORK, May 10 (Reuters) - A gloomy forecast from vacation rental firm Airbnb (ABNB.O) weighed on travel-related stocks on Wednesday as an expected slowdown in bookings signaled an impending slump in travel demand with consumers seeking cheaper accommodation amid inflation and recession fears. Airbnb's forecast will heighten caution in the travel sector, which encompasses hotels, airlines, and vacation rental firms, according to an investor note by JPMorgan analysts, led by Doug Anmuth. "We also believe Airbnb's commentary will result in increased caution in the travel space, but more specifically around vacation and the U.S.," the analysts said. Reporting by Chibuike Oguh in New York; Editing by Lance Tupper and Aurora EllisOur Standards: The Thomson Reuters Trust Principles.

The struggle for a clearer direction comes after a rally on Friday, when U.S. jobs data pointed to a resilient labor market. Producer prices, weekly jobless claims and consumer sentiment data are all lined up for the week. A rally in regional banks' shares proved short-lived, with PacWest Bancorp (PACW.O) rising 5.6% after gaining as much as about 30% earlier in the session after the lender sharply cut its quarterly dividend to boost capital. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 0.9% after posting a $35.5 billion first-quarter profit, boosted by gains from stocks such as Apple.

Producer prices, weekly jobless claims and consumer sentiment data are all lined up through the week. "The bigger picture is inflation will remain higher for longer and that we are heading into a recession. The KBW Regional Banking index (.KRX) fell 2.2% after posting its best single-day performance in seven weeks on Friday. Shares of regional banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. The S&P index recorded 10 new 52-week highs and four new lows, while the Nasdaq recorded 47 new highs and 53 new lows.

On the other end, regional banks' shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 19.9% after the lender sharply cut its quarterly dividend to boost capital. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. "We're in an information vacuum right now, waiting for the next inflation data. Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.2% after posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple. The S&P index recorded seven new 52-week highs and two new lows, while the Nasdaq recorded 31 new highs and 23 new lows.

Regional bank shares stretched gains from a rebound on Friday, with PacWest Bancorp (PACW.O) jumping 33% premarket after the company announced quarterly dividend. Shares of such banks tumbled for much of last week on worries tied to the collapse of First Republic Bank. ET, Dow e-minis were up 67 points, or 0.2%, S&P 500 e-minis were up 6 points, or 0.14%, and Nasdaq 100 e-minis were down 4.25 points, or 0.03%. Data on producer prices, weekly jobless claims and on consumer sentiment are all lined up through the week. On earnings, Warren Buffett's Berkshire Hathaway Inc's Class B shares rose 1.5% after the company posting a $35.5 billion first-quarter profit, reflecting gains from stocks such as Apple.

☆ American Airlines Pilots Vote to Authorize Potential Strike
▼ + stars: | 2023-05-01 | by ( Alison Sider | ) www.wsj.com time to read: 1 min

American Airlines said it believes an agreement with the union could come together quickly. Photo: daniel slim/Agence France-Presse/Getty ImagesPilots at American Airlines Group Inc. voted overwhelmingly in favor of a measure authorizing union leaders to call for a strike, though the airline said negotiations are still progressing. The vote results announced Monday don’t mean a walk off is imminent or inevitable. Federal law makes it difficult for airline unions to go on strike.

☆ American Airlines pilots vote to authorize strike
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

May 1 (Reuters) - A union representing American Airlines Group Inc (AAL.O) pilots said on Monday its members had approved a strike mandate ahead of the busy summer travel season, although the chances of an actual labor disruption remain slim. The Allied Pilots Association (APA), which represents 15,000 American Airlines pilots, held a strike authorization vote in April to put pressure on the Texas-based carrier for higher salary and better working conditions, even as the two sides closed in on an agreement in principle. More than 96% of the APA membership participated in the vote and over 99% voted in favor of authorizing a strike, the union said in a statement. The finish line is in sight," American Airlines said in a statement. The airline's pilots received their last pay increase in 2019.

☆ Drop in Transportation Stocks Foreshadows Weakening Economy
▼ + stars: | 2023-04-20 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Delta posted a quarterly loss and said consumers’ behavior is shifting in ways that can be hard to predict. Photo: ed jones/Agence France-Presse/Getty ImagesEconomically sensitive stocks, like those of transportation and small-cap companies, are trailing the broader market, reflecting growing investor concern about a potential recession. The Dow Jones Transportation Average, which tracks 20 large U.S. companies ranging from airlines to railroads to truckers, has underperformed the Dow Jones Industrial Average by about 8.3 percentage points since early February. Shares of Norfolk Southern Corp., American Airlines Group Inc. and J.B. Hunt Transport Services Inc. have dropped at least 10% over the same period.

☆ Alaska Air posts bigger-than-expected loss as costs mount
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

April 20 (Reuters) - Alaska Air Group (ALK.N) on Thursday reported a bigger-than-expected quarterly loss as higher expenses related to labor and fuel dented the carrier's margins. Earlier this month, American Airlines Group Inc (AAL.O) forecast first-quarter profit below market expectations, joining rival United Airlines Holdings Inc (UAL.O) in signaling a hit from increasing costs. In January, Alaska Air warned that it would face pressures from higher labor costs and expenses related to pilot training as it phases out Airbus SE (AIR.PA) jets in favor of Boeing Co (BA.N) planes. Shares of Alaska Air fell 1.49% in premarket trading on Thursday after the company forecast second-quarter cost per available seat mile (CASM), excluding fuel, to rise between 1% and 3%. Reporting by Aishwarya Nair in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Retail traders are dumping tech stocks, but loading up on this one big bank
▼ + stars: | 2023-04-20 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Retail traders may be selling tech stocks en masse, but they're spying opportunity in one major financial institution — Bank of America. Beneath the hood, however, retail traders are increasingly pivoting away from big tech names in favor of financials – suggesting a rotation between the biggest gainers and laggards in markets this year. Given this, here are 10 of the biggest stocks retail traders bought into this past week: Retail traders snapped up Bank of America shares, resulting in $82 million in net inflows, according to JPMorgan. American Airlines Group saw a big surge in retail trader interest, which saw a net $68 million in inflows. On the other hand, retail traders dumped some notable tech names such as Apple , with saw net selling of $190 million this past week.

☆ Pilots at Canada's WestJet Airlines approve possible strike action
▼ + stars: | 2023-04-18 | by ( Allison Lampert | ) www.reuters.com time to read: +2 min

April 18 (Reuters) - WestJet Airlines pilots on Tuesday voted for possible strike action as early as May 16, underscoring broader efforts by North American pilots to make gains on salary and working conditions as traffic rises. Pilots at Onex Corp's (ONEX.TO) WestJet Group, Canada's second-largest carrier, could strike or be locked out if notice is given on May 13, union representative Bernard Lewall said. Participating pilots voted 93% in favor of strike authorization, said Lewall, chair of the local union with the Air Line Pilots Association (ALPA). Calgary-based WestJet said the carrier wants an agreement that is competitive within Canada's airline industry. Their union, the Allied Pilots Association, is also holding a strike authorization vote that concludes on April 30.

☆ Wall Street closes lower after Fed minutes, inflation data
▼ + stars: | 2023-04-12 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

The minutes followed a cooler-than-expected inflation report which belied stickier underlying data and cemented the likelihood of another policy rate hike when the Fed convenes next month. REUTERS/Brendan McDermid"(Economic) data has been very mixed so investors are overacting to any positive or negative hint of Fed rate hike policy. Analysts now expect aggregate first-quarter S&P 500 earnings down 5.2% year-on-year, a stark reversal from the 1.4% annual growth seen at the beginning of the quarter. Among the 11 major sectors of the S&P 500, seven ended in negative territory, with consumer discretionary (.SPLRCD) suffering the largest percentage loss. The S&P 500 posted 12 new 52-week highs and two new lows; the Nasdaq Composite recorded 64 new highs and 187 new lows.

☆ American Airlines profit forecast disappoints; shares tumble
▼ + stars: | 2023-04-12 | by ( Aishwarya Nair | ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining rival United Airlines (UAL.O) in signaling a hit from persistently high labor and fuel costs. "We had expected American to come in towards the better end in a similar manner as JetBlue's guidance update provided in mid-March," Syth added. Airlines' shares in 2023The airline industry has been able to survive the broader economic slowdown in the United States, thanks also to tight airline capacity due to shortages of aircraft and spare parts. On an adjusted basis, it forecast a quarterly per-share profit of between 1 cent and 5 cents, compared with its previous forecast of a near break-even. Southwest Airlines Co (LUV.N) closed down 1.4%, United was down 6.5% and Delta was down 2.4%.

However, the major benchmarks shed gains quickly, briefly turning lower, as investors focused on underlying inflation pressures which rose in line with economists' estimates. US inflation, Fed rates and MarketsRichmond Fed President Thomas Barkin also poured cold water on market optimism after flagging that there was still time before inflation falls back to the Fed's 2% goal. San Francisco Fed President Mary Daly said there was "more work to do" on Fed rate hikes. Among the 11 major S&P sectors, consumer discretionary (.SPLRCD) was the worst hit, while materials (.SPLRC) and healthcare (.SPXHC) were the top gainers. Reporting by Sruthi Shankar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ American Airlines signals profit hit from rising labor, fuel costs
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - American Airlines Group Inc (AAL.O) on Wednesday forecast first-quarter profit below market expectations, joining bigger rival United Airlines (UAL.O) to signal a hit from persistently high labor and fuel costs. The dull outlook pushed its shares more than 8% lower and weighed on other major U.S. airlines. Higher fares amid rising global travel have so far helped the airlines industry mitigate rising costs, but concerns over the sustainability of consumer demand have gained ground against the backdrop of high borrowing costs, inflation and job losses. American had in January said that its fuel price has increased by nearly 70%. However, on an adjusted basis, it forecast quarterly profit per share between 1 and 5 cents compared to analysts' expectation of 6 cents, according to Refinitiv data.

The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. "We are finally starting to see the cumulative effects of the relentless rate hikes," said Peter Andersen, founder at Andersen Capital Management. US inflation, Fed rates and marketsMinutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes. ET, Dow e-minis were up 220 points, or 0.65%, S&P 500 e-minis were up 33 points, or 0.80%, and Nasdaq 100 e-minis were up 130 points, or 0.99%.

The Labor Department data showed headline and core CPI in March rose 0.1% and 0.4%, respectively, on a month-on-month basis. Stubbornly high rents kept underlying inflation pressures simmering, likely ensuring that the U.S. central bank will raise interest rates again next month. US inflation, Fed rates and MarketsMajor technology and other growth stocks such as Microsoft Corp (MSFT.O), Tesla Inc (TSLA.O) and Apple Inc (AAPL.O) edged higher as Treasury yields slipped. Minutes from the U.S. central bank's policy meeting in March will also be watched closely by investors later in the day for further clues on the trajectory of interest rates. The Fed raised rates by 25 bps last month and signaled it was on the verge of pausing further rate hikes.

This comes just days after cooling inflation raised hopes that the Fed could soon end its aggressive monetary tightening. Shares of other energy firms such as Exxon Mobil Corp (XOM.N) and Occidental Petroleum Corp (OXY.N) were also up 4.9% and 6.0%, respectively, helping drive a 5.2% jump in the energy sector. The tech-heavy Nasdaq recorded its strongest first-quarter jump of 17% since mid-2020. Among other stocks, shares of American Airlines Group Inc (AAL.O) and Delta Air Lines Inc (DAL.N) edged 0.6% and 1.3% lower on rising crude prices. The S&P index recorded seven new 52-week highs and no new low, while the Nasdaq recorded 40 new highs and 28 new lows.

☆ American Airlines to Temporarily Suspend Route Due to Boeing Dreamliner Delays
▼ + stars: | 2023-03-24 | by ( Andrew Tangel | ) www.wsj.com time to read: 1 min

American Airlines said it was cutting flights now to ensure it could help customers arrange different travel plans. Boeing Co.’s delays in delivering 787 Dreamliners are again rippling into American Airlines Group Inc.’s flying schedule. The Fort Worth, Texas-based carrier said Friday it would suspend its Philadelphia-Madrid route for a few weeks in May and early June, citing delivery delays for the jets. American said it was cutting the flights now to ensure it could help customers arrange different travel plans.

☆ American Airlines to pause a route due to Boeing Dreamliner delays
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kamil KrzaczynskiMarch 24 (Reuters) - American Airlines Group (AAL.O) said on Friday it would suspend its Philadelphia-Madrid route for a few weeks in May and early June due to a delay in deliveries of Boeing Co's (BA.N) 787 Dreamliners. Boeing delivered a 787 to American earlier this month and the airline is slated to get three more this year. "We continue to work with our customers, including American Airlines, on delivery timing and deeply regret the impact to their operations. American Airlines said it was making schedule adjustments to re-accommodate passengers on affected flights. "We remain committed to our customers and team members and mitigating the impact of the 787 delivery delays while continuing to offer a robust international network this summer," American Airlines said in a statement.

JetBlue will face "an uphill battle" as it fights the government," said Diana Moss, president of the American Antitrust Institute. "If I'm JetBlue, that's where I focus right now, developing that divestiture offer and lining up a buyer to 'litigate the fix,'" said Dryden. Whatever arguments JetBlue uses, a court fight could last six to eight months and cost tens of millions of dollars in attorney fees, legal experts said. Bill Baer, head of the Justice Department's antitrust division under former President Barack Obama, said the government's complaint "shows that there is meaningful competition between Spirit and JetBlue." "JetBlue brags about the 'JetBlue effect,' where they enter a market and fares tend to go down," he said.

☆ Air Canada pilots decry 'embarrassing' pay gap with U.S. after Delta deal
▼ + stars: | 2023-03-03 | by ( Allison Lampert | ) www.reuters.com time to read: +2 min

MONTREAL, March 3 (Reuters) - Air Canada (AC.TO) pilots are pressing for higher pay in the run-up to fresh contract talks, following recent gains secured by pilots at U.S. carrier Delta Air Lines (DAL.N), union representatives told Reuters. Delta's latest hourly pay rates are up to 45% higher than current Air Canada hourly pay rates, the Air Canada Pilots Association (ACPA) said in an email. Air Canada pilots have received a 2% wage increase per year, since 2014, said ACPA, which represents about 4,500 pilots. ACPA is in talks to possibly join the Air Line Pilots Association (ALPA), the world's largest pilots' union, representing more than 60,000 pilots in the United States and Canada. Air Canada, which expects to return to 2019 levels of capacity next year, is also facing cost pressures.

☆ American Airlines Chairman Doug Parker Plans to Retire
▼ + stars: | 2023-02-23 | by ( Alison Sider | ) www.wsj.com time to read: 1 min

Doug Parker earlier gave up his role as the airline’s chief executive. Doug Parker , a deal maker who helped build American Airlines Group Inc. into the world’s largest airline, is retiring from the carrier’s board, closing a chapter in his decadeslong career in the industry. Mr. Parker stepped down as American’s chief executive last year, handing the reins to then-President Robert Isom . At the time, Mr. Parker said he would remain on as chairman for some period of time, but would have no executive duties.

☆ American Airlines Pilots to Appear for Interviews After Near-Collision at JFK
▼ + stars: | 2023-02-16 | by ( Alison Sider | ) www.wsj.com time to read: 1 min

An American Airlines plane taxied across the wrong runway last month at John F. Kennedy International Airport in New York City. American Airlines Group Inc. pilots involved in a near-collision on a runway in New York last month will appear for interviews with the National Transportation Safety Board, their union said Wednesday, complying with subpoenas the agency issued last week. The agency said it issued the subpoenas to three pilots after they declined repeated requests to participate in audio recorded interviews. The Allied Pilots Association union, which represents the pilots, said at the time that recordings were unnecessary, and could hinder investigations by leading to less candid responses from witnesses.

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