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(Reuters) - Shares in American Airlines Group Inc AAL.O surged more than 20% in opening trading after the carrier was mentioned on Reddit s WallStreetBets forum and it posted a slimmer-than-expected quarterly loss on Thursday.
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American joined rival Delta Air Lines in calling 2021 a year of recovery for an industry that has been ravaged by the coronavirus pandemic, but airlines continue to burn through millions of dollars every day and the strength of the rebound will depend on the pace of vaccine rollouts and the easing of travel restrictions.
“As we look to the year ahead, 2021 will be a year of recovery. While we don’t know exactly when passenger demand will return, as vaccine distribution takes hold and travel restrictions are lifted, we will be ready,” American Airlines Chief Executive Doug Parker said.
Updates on CCP Virus: Chinese Citizens Decry New Anal Swab Testing for COVID-19
Beijing and other Chinese regions have recently begun conducting anal swab tests on people, claiming that they can more accurately detect COVID-19 than the more commonly used nasal swabs.
Chinese people expressed concerns about the new testing method sometimes done in front of others at quarantine centers saying it is an invasion of privacy and also extremely uncomfortable.
Novavax Says Vaccine 89.3 Percent Effective in UK Trial, Less in South Africa
Novavax announced that its vaccine against the CCP (Chinese Communist Party) virus was shown to be 89.3 percent effective in preventing the COVID-19 disease in a trial in the United Kingdom, but less effective in South Africa where a different virus variant is more prevalent.
JETS exchange-traded fund surges to best day in nearly 3 months
The U.S. Global JETS ETF roared nearly 6% higher in morning trade Thursday, boosted by a big post-earnings pop from American Airlines Group Inc. and an all-around good day for the industry. United Airlines Holdings Inc. shares were up 3.6%, and shares of Allegiant Travel Company gained more than 3.3%. JETS has a concentrated portfolio, and those three positions account for more than 22% of all the fund’s holdings. The fund was on track for its strongest day since Nov. 9. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Lawmakers demand action on GameStop saga, Robinhood ban MarketWatch 1/29/2021
CAPITOL REPORT
Lawmakers and market observers are increasingly calling for congressional inquiries and regulatory actions against those responsible for growing bubbles in individual securities, including GameStop Corp. and brokers that have halted purchases of such stocks, which posted sharp declines Thursday.
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“The rollercoaster is a very enjoyable ride on the way up, but there’s always a ride down,” said Tom Cook, professor of business law at Georgetown’s McDonough School of Business. “The saddest thing we’re going to find is that young, unsophisticated investors will jump on this bandwagon based on the volatility and the upside, and they will in many cases come out as losers in a very big way.”
U.S. Stocks Advance as Day-Trader Frenzy Eases: Markets Wrap
Bloomberg 1/28/2021 Vildana Hajric and Lu Wang
(Bloomberg) U.S. equities mounted a comeback from their worst loss since October as moves to limit retail traders’ speculation in some companies opened the door for hedge funds to load up on stocks they had been ditching.
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The S&P 500 Index rose 1% after trading platforms restricted activity in stocks whipsawed by internet chatter, from GameStop Corp. to AMC Entertainment Holdings Inc. and American Airlines Group Inc. Hedge funds that had shorted the stocks were burned in recent days, forcing them to reduce holdings in shares they loved in order to cut risk.