Jim Cramer Says Sell Delta Stock As It Nears $57
Don’t expect to find yourself on a Delta flight anytime soon, at least on a Delta flight.
The airline announced Wednesday that it will extend social distancing measures, which include blocking off middle seats and capping the total amount of people on flights, through September 30.
In order to reduce the number of people on board, Delta will cap seating at 50% in First Class, 60% in Main Cabin and 75% in Delta One. Delta also said it will look to upsize to a larger craft when it appears a flight is meeting or surpassing capacity.
In addition to blocking off middle seats, Delta will close off some aisle seats in planes with 2X2 seating.
“Reducing the overall number of customers on every aircraft across the fleet is one of the most important steps we can take to ensure a safe experience for our customers and people,”Chief Customer Experience Officer Bill Lentsch said in a press release. “Delta is offering the highest standards in safety and cleanliness so we’re ready for customers when they’re ready to fly again.”
While the move is certainly a huge step toward increasing safety on flights, what does it mean for the company’s bottom line?
Jim Cramer says the move certainly isn't the best news for the stock. Cramer said that when the stock nears $57, it's time to sell.