Airline stocks tumbled toward fresh lows in premarket trading Monday, after the U.S. expanded its travel ban (United Airlines Holdings Inc.'s stock (UAL) tumbled 17.7%, after the air carrier said late Sunday that it expects March revenue to be $1.5 billion lower ( ) than a year ago. Shares of American Airlines Group Inc. (AAL) plunged 20.5%, Delta Air Lines Inc. (DAL) dropped 15.1%, Southwest Airlines Co. (LUV) lost 12.8% and JetBlue Airways Corp. (JBLU) shed 13.4%. The U.S. Global Jets ETF (JETS) tumbled 12.1% ahead of the open. The ETF has declined 41.9% over the past month through Friday, while the S&P 500 has fallen 19.8%. J.P. Morgan analyst Jamie Baker cut price targets on airline stocks, saying he believes the collapse in air travel demand "has the potential to materially reshape global aviation, meaningfully more than the events of 9/11.") to the U.K. and Ireland and amid growing fears of a global recession ( ) as COVID-19 spreads.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
March 16, 2020 07:00 ET (11:00 GMT)
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