|Bid||30.20 x 1100|
|Ask||37.33 x 1100|
|Day's Range||32.24 - 32.65|
|52 Week Range||18.45 - 37.94|
|Beta (5Y Monthly)||1.60|
|PE Ratio (TTM)||14.42|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Jun 28, 2019|
|1y Target Est||N/A|
(Bloomberg) -- For all the optimism about travel restarting as vaccines are rolled out, airline stocks still have a way to go to make up the ground they lost in the pandemic. It may take signs of a recovery in long-haul flights for the sector to make further gains.The Bloomberg World Airlines Index soared 15% this month but is 17% below its 2020 peak, set in January before the coronavirus outbreak hit the world with full force. Leisure travel looks set to rebound sharply in coming months, if bookings are any guide, though a revival of business trips and intercontinental flights seems a bit further off.“Globally, countries still need to reopen their borders, as well as reopen tourist attractions and the like before people travel internationally,” said Helane Becker, an analyst at Cowen Inc. in New York. “Airlines need for things to reopen and for borders to reopen and the revenue issue will resolve itself.”Among European airlines the big winners have been Ryanair Holdings Plc, the Irish low-cost carrier, and Wizz Air Holdings Plc, the Eastern European company that’s modeled itself after Ryanair. They’ve benefited from a focus on vacationers rather than business clients.British Airways parent IAG SA on Friday posted its first annual loss in almost 10 years, but said there’s reason for optimism about this summer.Still, work-related travel may be slower to return given that many businesses have grown more comfortable with remote working and video conferencing.“As travel restrictions in the U.K. and elsewhere ease, we believe demand will recover quickest at Ryanair, Wizz Air and other low-cost carriers,” Rob Barnett and Conroy Gaynor of Bloomberg Intelligence wrote in a report last week. “A slower pace is likely at full-service airlines such as IAG, as the rebound in long-haul travel may not be as quick.”Analysts are skeptical about the recovery. Among major European airlines, brokerages see only two providing investors with a positive share-price performance over the next year. For Deutsche Lufthansa AG and Air France-KLM, the average analyst price target implies declines of more than 40%.In Asia, where the pandemic hit first early last year, a Bloomberg Intelligence index of Asian carriers has surged 5.4% this week, beating the region’s benchmark by the most in more than a decade. The index recouped all the losses from last month, when a resurgence of infections in Asia rattled travel-related stocks. The sector is at the highest since January 2020, when Covid-19 started to force passengers to cancel trips.“I think the vaccine news has been priced in,” said Luya You, an analyst at Bocom International in Hong Kong. “For airline stocks to rise further, we really need to see what the vaccine take-up is like later this year.”If the vaccine is widely accepted, she said, the next thing to watch is whether Asia countries use so-called vaccine passports -- certificates to exempt travelers from quarantines or have shorter quarantine time. “This will be a huge catalyst for the sector,” she said.You has buy ratings on companies in China, where the coronavirus largely has been contained, including China Southern Airlines Co., Air China Ltd. and China Eastern Airlines Corp. The carriers have the potential to grab global market share once international travel resumes, You said.In the U.S., airline shares have soared since August amid the growing optimism about coronavirus vaccines. The biggest gainers include Hawaiian Holdings Inc., Alaska Air Group In., SkyWest Inc., JetBlue Airways Corp. and Delta Air Lines Inc.Stronger balance sheets are also supporting the sector’s recovery. Shareholders subsidized the industry’s sudden cash needs through at least 17 stock offerings during the pandemic, according to data compiled by Bloomberg. Carriers that used their equity lifelines are now trading 87% above their offering prices, on average.However, investor enthusiasm may be getting ahead of itself as Wall Street analysts strike a far more cautious note. While an S&P index of airline stocks is now only down about 14% since the beginning of 2020, the average 2021 earnings estimate for the carriers has stayed around the same level since May, after dropping precipitously in early March of last year.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
JetBlue (JBLU) is set to debut its revamped Mint cabins, featuring 24 private suites, on its London flights this summer.
(Bloomberg) -- For two years, few outside the inner circle of Meng Wanzhou have known how one of China’s most powerful tech executives has whiled away her days in Vancouver while battling a U.S. extradition request.That was until a court hearing Tuesday provided some stunning insights into the Huawei Technologies Co. chief financial officer’s life of affluence while on bail. Meng spent Christmas Day at a restaurant that catered exclusively to her party of 14. When one court decision last year presented her with her first shot at release, a China Southern Airlines jetliner was chartered, ready to whisk her back to China (the decision went against her). She goes on shopping sprees at high-end Vancouver boutiques that set aside space so that she can browse in private.The revelations emerged in testimony as the court considered a request by Meng to further relax her bail terms. She’s currently allowed to roam a roughly 100-square-mile patch around Vancouver in the company of court-appointed security guards during the day and is confined to house arrest at night. She’s asking the court if she can move around outside her curfew hours without the guard accompaniment.The plight of Meng, the eldest daughter of Huawei’s billionaire founder Ren Zhengfei, has become a national cause for Beijing. Her December 2018 arrest set off an unprecedented diplomatic uproar. Just days after it, two Canadians -- Michael Spavor and Michael Kovrig -- were detained in China, billions of dollars in Canadian exports to China were disrupted and bilateral relations deteriorated. In the U.S., her case cast a spotlight on a broader Trump administration effort to contain China and its largest technology company. U.S. officials have charged Meng with fraud for having allegedly tricked HSBC Holdings Plc. into processing Iran-linked transactions, putting the bank at risk of violating American sanctions. She denies any wrongdoing.Under her C$10 million ($7.9 million) bail terms, the 48-year-old executive wears a GPS monitor on her ankle, pays for 24-hour surveillance by a court-appointed private security firm and faces an 11 p.m to 6 a.m. curfew. During Tuesday’s hearing, her husband Liu Xiaozong testified to the court that Meng is usually guarded by a team of three on her outings, with the guards changing from day to day and traveling in the same vehicle as her. Liu fears that puts his wife at greater risk of contracting Covid-19, which is a particular concern because she is a survivor of thyroid cancer and suffers from hypertension, he said.Liu recounted that the family used to go grocery shopping and to malls and coffee shops together, but that has become “more challenging” in part because their children feared being publicly identified due to the presence of the security guards.The head of the security firm, Doug Maynard, later testified that his security personnel, too, had concerns about virus transmission -- caused by Meng’s behavior, as she dined in large groups that violated provincial Covid guidelines. On one occasion, the diners all sipped from the same coffee cup, he told the court.Canadian prosecutors argue that the conditions of Meng’s bail terms are “necessary and appropriate.” “There is no reason to vary the conditions at this time,” Canada’s Department of Justice said in an email prior to the hearings.The two Canadians jailed in China, Spavor and Kovrig, face a very different set of challenges. Indicted on national security charges, the two men were initially held at secret jails and questioned multiple times a day in cells where the lights couldn’t be turned off. Kovrig described his life as a “gray, grinding monotony” in a letter written to his wife from his windowless concrete cell. That was before Chinese officials cut off consular visits, letters and other communication amid the pandemic last year. It’s not clear if either has had access to a lawyer during the two years they’ve been incarcerated.China has disputed allegations of “hostage diplomacy” as “totally groundless,” saying that no one who follows the country’s laws should fear arrest. In turn, it has accused Canada of arbitrarily detaining Meng. Foreign Ministry spokeswoman Hua Chunying last month said Meng’s case was “100% a political incident.”Final hearings in Meng’s extradition proceedings are scheduled for mid-May, though appeals could lengthen the process significantly. Some Canadian extradition cases have lasted as long as a decade.The U.S. case is U.S. v. Huawei Technologies Co., 18-cr-457, U.S. District Court, Eastern District of New York (Brooklyn).For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.