How are the airlines looking?
Jim Cramer said that he's not too keen on the sector in his morning Real Money column.
"That's how I feel these days by the decision of some fast traders gunning the airlines and the cruise ships every morning well before the market opens. The concentration is in American Airlines (AAL) , Southwest (LUV) , United (UAL) , and Delta (DAL) , JetBlue (JBLU) on the airline side of things and Royal Caribbean (RCL) , Carnival (CCL) and Norwegian (NCLH) on the cruise side," wrote Cramer.
"It is relentless and it defies all reasoning about how stocks used to trade. In fact it is almost like the old schemes of the 80s when I would watch stocks be bagged, gunned and liquidated; they called it BGL for the bagged, gunned and the process and I never lived it, railed against it and tried to stop it with writings here, but it was futile. The big difference this time? There is no liquidation," he continued.
And Cramer's thoughts on the airlines come after American Airlines has reportedly detailed severance packages for the layouts it has planned for the fall.
The details are for high-level employees if they are laid off when the terms of federal aid expire in the fall, people familiar with the matter said.
The severance packages for upper management include around nine months of pay and a little more than two years of healthcare coverage for at least some of the employees at the director level and above, CNBC reported, citing one of the people.
So, what does Jim Cramer think?