Airline stocks surge as US eases travel restrictions
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Data: FactSet; Chart: Axios Visuals
For airlines, one of the biggest remaining pieces of the recovery puzzle just fell into place — the ban that had killed most international travel lifted on Monday.
State of play: Stocks backing the U.S. airlines that most actively serve international markets — American, Delta and United — have surged by 13%-16% since President Biden signed the order on Oct. 25.
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They're approaching the highs reached back in May and June, before the spread of the Delta variant chilled travel — and reopening trades.
What’s happening: American Airlines said that bookings for flights between Europe and the U.S. were 40% higher in the days after the October announcement than they had been the week before, the New York Times reports.
Delta Air Lines CEO Ed Bastian told CNBC last month that as soon as the White House signaled it would open up travel in November, “immediately we saw a tenfold increase in bookings, almost overnight,” for international flights.
On the flip side: Pandemic-era stay-at-home winners like Peloton and Zoom — and their stocks — are signaling the boom times may be behind them, as Axios' Courtenay Brown reports.
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