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United Airlines, American Airlines to begin furloughs, cruise ship sail ban extended

Yahoo Finance's Adam Shapiro team breaks down the latest travel woes as the airlines await more stimulus and cruise lines are stuck in port for another month.

Video Transcript

ADAM SHAPIRO: Welcome back to "On the Move." Want you to take a look at some of the airline stocks right now-- we learned that American Airlines and United have laid off a combined 32,000 employees. That's effective today, because the Payroll Support Program, which was part of the original CARES Act, expired yesterday. United actually put out a memo, a statement, for everybody saying, quote, "in a continuing effort to get the federal government every opportunity to act, we have made clear to leadership in the Trump administration, Congress, and among our union partners we can and will reverse the furlough process if the CARES Act Payroll Support Program is extended in the next few days." Pressure, obviously, on Nancy Pelosi and the Trump administration to get something through.

We heard from Delta. They did not do any layoffs. And they said that, fortunately, thanks to the hard work, shared sacrifices, innovative thinking of our people, that people Delta will avoid involuntary furloughs. Southwest did not do furloughs either. They did, however, take an additional $94 million from Treasury, and which Treasury will get some shares.

Also I want to talk about cruise lines right now. Carnival Cruise was down-- or is trading right now about 2%. CDC director Robert Redfield allegedly had wanted to extend the no ships, no sale order until February. CDC put out a statement today saying that the extension of the no sale order for cruise ships will go through October 31. They did say in their statement, though, there's this back and forth contradiction, right-- "cruise ship travel continues to transmit and amplify the spread of SARS-CoV-2, the virus that causes COVID-19, even when ships sail at reduced passenger capacities, and would likely spread the infection into US communities if passenger operations were to resume prematurely in the United States." So the CDC, maybe they know something the rest of us don't come October 31.