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MarketScreener Homepage  >  Equities  >  Nasdaq  >  American Airlines Group Inc.    AAL

AMERICAN AIRLINES GROUP INC.

(AAL)
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U.S. backs minimum flights on airline routes in assistance review

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03/31/2020 | 06:23pm EDT
FILE PHOTO: Delta Airlines planes and a British Airways plane are pictured at Seattle-Tacoma International Airport in SeaTac, Washington

The U.S. Transportation Department on Tuesday proposed that passenger airlines should be required to maintain minimum numbers of flights as a condition for receiving aid from the government's $50 billion grant and loan fund.

The department said carriers that flew domestically between cities five days a week or more before the impact of the coronavirus pandemic would need to continue to provide at least one flight per day five times a week between the points.

Those routes with fewer flights would only need to be flown once per week. For cities where there are multiple airports, carriers could consolidate operations at a single airport.

The department said airlines could seek waivers for specific flights, saying that "even with these reduced service levels, it may not be practicable for covered carriers to serve all points previously served."

The department said it was not approving "any coordination among air carriers that would violate the antitrust laws."

The Association of Flight Attendants (AFA) praised the order and encouraged the government "to take additional steps to cut redundant service that puts airline workers at unnecessary risk."

U.S. air travel keeps plummeting. On Monday, just 154,000 people went through U.S. airport screening checkpoints, compared with 2.4 million on a normal day. Airlines are cutting tens of thousands of flights and millions of seats as travel restrictions, event cancellations and pandemic fears have led travellers to put off trips.

Southwest Airlines Co said it was cancelling 1,700 flights a day in May, while JetBlue Airways Corp said it plans to reduce daily flights in and out of the four New York City-area airports where it operates by as much as 80% in April as part of wider schedule cuts due to the coronavirus outbreak.

Treasury has urged airlines seeking funding from the $25 billion cash grant program to apply by Friday. Airlines must propose financial instruments as compensation in their applications for the funds aimed at helping with payroll costs.

Treasury Secretary Steven Mnuchin has said taxpayers will be compensated for the grants.

AFA President Sara Nelson said on Tuesday that requiring airlines to put up warrants "will put 2 million workers in the unemployment lines."

(Reporting by David Shepardson; Editing by Chizu Nomiyama and Rosalba O'Brien)

By David Shepardson

Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. -4.37% 10.5 Delayed Quote.-63.39%
JETBLUE AIRWAYS CORPORATION -0.98% 10.07 Delayed Quote.-46.21%
UNITED AIRLINES HOLDINGS, INC. -2.94% 28.04 Delayed Quote.-68.17%
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Financials (USD)
Sales 2020 21 168 M - -
Net income 2020 -7 262 M - -
Net Debt 2020 29 663 M - -
P/E ratio 2020 -0,63x
Yield 2020 1,48%
Capitalization 4 440 M 4 440 M -
EV / Sales 2019
EV / Sales 2020 1,61x
Nbr of Employees 131 500
Free-Float 98,8%
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Technical analysis trends AMERICAN AIRLINES GROUP IN
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Mean consensus HOLD
Number of Analysts 19
Average target price 11,23 $
Last Close Price 10,50 $
Spread / Highest target 157%
Spread / Average Target 6,96%
Spread / Lowest Target -90,5%
EPS Revisions
Managers
NameTitle
William Douglas Parker Chairman & Chief Executive Officer
Robert D. Isom President
David G. Seymour Senior Vice President-Operations
Derek J. Kerr Chief Financial & Accounting Officer, Executive VP
Maya Leibman Chief Information Officer & Executive VP
Sector and Competitors
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ALLEGIANT TRAVEL COMPANY-38.78%1 695
CHINA EXPRESS AIRLINES CO.,LTD8.78%1 115
PEGASUS HAVA TASIMACILIGI AS--.--%900