Airline stocks are flying higher – and worth buying at the moment.
All on hopes the worst of the shutdowns may now be over.
Already, we’re seeing a pickup in spending on hotels, restaurants, airlines, and other industries that took a hit on “stay at home” orders. “I think we’re very, very close to an inflection point in terms of business activity, and probably about a month away in terms of employment,” said White House economic adviser, Kevin Hassett.
In addition, according to MarketWatch, “The number of airline passengers screened per day has risen to around 200,000 from lows of 87,000 in mid-April. This offers ‘flickers of hope’ for the group, says Raymond James airline analyst Savanthi Syth.”
That’s great news for grounded airlines, many of which are also seeing solid insider buying.
At Delta (DAL) for example, insiders bought $640,000 worth of stock between $22 and $22.70 a share in late April and early May. At SkyWest Airlines (SKYW), insiders bought $1.67 million worth of stock between $25.50 and $37.90.
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