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MarketScreener Homepage  >  Equities  >  Nasdaq  >  United Continental Holdings, Inc.    UAL

UNITED CONTINENTAL HOLDINGS, INC.

(UAL)
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United Continental : U.S. House COVID-19 aid proposal gives airlines bailout hope, but chances slim

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09/28/2020 | 10:02pm EDT
FILE PHOTO: American Airlines jets sit at gates at Washington's Reagan National airport in Washington

A $2.2 trillion draft bill for coronavirus aid unveiled by Democrats in the U.S. House of Representatives late on Monday gave airlines some hope for a second bailout before tens of thousands of layoffs occur on Thursday, although tough hurdles remained.

"I'm hopeful. I'm not necessarily optimistic," Chief Executive Nicholas Calio of trade group Airlines for America told "PBS NewsHour" in an interview.

Washington insiders said passage by Thursday, when an initial $25 billion that protected airline jobs through September expires, was unlikely, and the airline group did not detail the congressional action it hoped to see.

An option would be a quick standalone bill for the airlines, although senior Democratic congressional aides said that was also difficult given that many industries are seeking help.

International President of Flight Attendants-CWA Sara Nelson called the proposal, which includes $25 billion for airlines to keep workers on the payroll for another six months, "a significant and serious move in negotiations."

"It makes agreement on a full relief bill very possible in time to save our jobs," she said.

Between United Airlines and American Airlines alone, more than 30,000 employees will be furloughed on Thursday, and tens of thousands more at those airlines and others have agreed to voluntary leave as the sector battles a deep downturn in demand because of the pandemic.

Julie Hedrick, president of the union representing American Airlines' flight attendants, called on Senate Majority Leader Mitch McConnell and House Speaker Nancy Pelosi to schedule a vote.

"If we are going to save the airline industry, we have to do it now," she said.

The House bill would provide $28.3 billion for the aviation sector, including $25 billion for passenger airlines and $3 billion for cargo carriers, under the same terms as the first package in March.

The measure would provide $13.5 billion to airports as well as aid for other sectors, including $120 billion to restaurants.

It would also direct $75 million to ensure scheduled passenger air service to small communities.

By Tracy Rucinski and David Shepardson


Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN AIRLINES GROUP INC. 0.80% 12.56 Delayed Quote.-56.21%
UNITED CONTINENTAL HOLDINGS, INC. 3.92% 35.5 Delayed Quote.-59.70%
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Financials (USD)
Sales 2020 15 531 M - -
Net income 2020 -6 754 M - -
Net Debt 2020 15 183 M - -
P/E ratio 2020 -1,47x
Yield 2020 0,04%
Capitalization 10 330 M 10 330 M -
EV / Sales 2020 1,64x
EV / Sales 2021 1,05x
Nbr of Employees 87 887
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 41,88 $
Last Close Price 35,50 $
Spread / Highest target 69,0%
Spread / Average Target 18,0%
Spread / Lowest Target -9,86%
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Managers
NameTitle
J. Scott Kirby Chief Executive Officer
Brett J. Hart President
Oscar Munoz Executive Chairman
Jonathan Roitman Chief Operations Officer & Executive VP
Gerald Laderman Chief Financial Officer & Executive Vice President
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