Shares of airline companies gained ground in premarket trading Tuesday, even Boeing Co. (BA)Chief Executive David Calhoun ( ) said on NBC's "Today" show that a major carrier will "most likely" go out of business as a result of the COVID-19 pandemic. The U.S. Global Jets ETF (JETS) rose 0.4%, with the stocks of the major carriers call gaining ground. Calhoun also said in an interview with "Today" host Savannah Guthrie that it could take three to five years for the airline industry to recover to pre-COVID-19 levels. Among the major U.S. carriers, as identified as components of the Dow Jones Transportation Average , shares of American Airlines Group Inc. (AAL) rose 0.5%, United Airlines Holdings Inc. (UAL) gained 1.6%, Delta Air Lines Inc. (DAL) climbed 2.0%, Southwest Airlines Co. (LUV) rallied 1.4%, JetBlue Airways Corp. (JBLU) advanced 2.0% and Alaska Air Group Inc. (ALK) hiked up 2.2%. The Jets ETF has tumbled 58.5% over the past three months through Monday, while the Dow transports has dropped 25.2% and the Dow Jones Industrial Average has lost 18.0%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 12, 2020 08:34 ET (12:34 GMT)
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