Delta's stock at last check rose 3.3% to $44.95.
The airline's shares were poised for a rebound after getting pummeled on Monday in the general market rout and after the Centers for Disease Control and Prevention warned that older adults should avoid long plane trips.
Delta said it will be cutting flight capacity by 15% overall in response to a drop in demand triggered by the coronavirus.
The biggest cuts will come in international flights, with Delta cutting capacity there 20% to 25%, while reducing domestic capacity by 10% to 15%.
Flights to the Pacific region are taking the biggest hit, with Delta reducing capacity by 65%. Transatlantic flights will see a more modest drop, 15% to 20%.
Flights to Latin America will be the least affected, with a 7% reduction in capacity, Delta said.
Along with a hiring freeze, Delta is also looking to trim its workforce with voluntary leave options. The airline also hopes to squeeze some savings out of its fleet of jets, parking some aircraft and "evaluating early retirements of some older aircraft."
Delta said it would also defer $500 million in planned capital expenditures, delay $500 million in voluntary pension funding, and suspend stock buybacks.
Still, the plunge in oil prices that triggered Monday's market decline may hold a silver lining for Delta and other airlines.
Delta said it expects to save $2 billion for the year due to the "recent fuel price decline." That drop was prompted by a Russia-Saudi Arabia price war.
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