Yahoo Finance’s Ines Ferre joins Yahoo Finance’s Alexis Christoforous and Brian Sozzi on The First Trade to break down the latest movement in shares of AstraZeneca.
BRIAN SOZZI: Interesting from Taiwan Semiconductor, but let's start with American Airlines here. The furloughs could be coming soon.
INES FERRE: That's right. American Airlines stock right now down more than 5% along with all the other travel stocks. American Airline recently warned about 29,000 employees that they could be furloughed this fall. The company is urging these employees to take early retirement or extended leaves that can last about two years with executives saying with infection rates increasing, demand for air travel is slowing again.
Also I want to mention that American Airlines and JetBlue announced a strategic partnership to allow passengers to book on either carrier and earn miles. Taking a look at Facebook right now, that stock is under pressure along with all the other FANG stocks, down about 1%.
Facebook will reportedly launch Instagram Reels, a competitor to TikTok, in the US and 50 other countries. This is according to an NBC report which says that the launch will come in a matter of weeks.
And then just taking a look at Taiwan Semiconductor, the company raised its outlook for 2020, predicting global 5G smartphones and high end computing demand will be strong despite COVID-19. Also the company is expecting to spend more on technology upgrades and expansions this year, anywhere between $16 and $17 billion.