On Sunday, the TSA released information about plane travel that has airline stocks soaring. For the first time since March 17, the TSA said it screened more than 800,000 people at U.S. airport checkpoints in a single day. On Monday, it screened 761,861 travelers.
While down about 70% from the prior year, surpassing 800,000 on August 9 marks a meaningful recovery. In the full month of April, only 3 million passengers flew, according to the TSA.
On Tuesday morning, airline stocks are up. Delta (DAL) - Get Report is up 2.15%, United (UAL) - Get Report is up 1%, JetBlue (JBLU) - Get Report is up 1.75%, American Airlines (AAL) - Get Report is up 1.7%, and Southwest Airlines (LUV) - Get Report is up 2.66%.
Airlines have been hit hard by the pandemic, with travel down drastically, and airline executives have indicated that it will take years to recover from the economic downfall from the coronavirus. Berkshire Hathaway, the conglomerate run by billionaire investor Warren Buffett, sold its entire position in the U.S. airline industry in May, a $4 billion stake.
“It turned out I was wrong about that business because of something that was not in any way the fault of four excellent CEOs. Believe me. No joy of being a CEO of an airline," said Buffett.
TheStreet’s Jim Cramer says he won't be flying until masks are federally mandated.
"I will not go on an airplane with the Russian roulette knowledge that someone next to me might have COVID. But if you want to cut the risk, you go on a plane that has a middle seat separation and you wear a mask."
Latest Videos From TheStreet and Jim Cramer:
- Coronavirus Update: Russia Approves World's First COVID-19 Vaccine
- What Investors Are Optimistic About Tuesday
- Why a Twitter-TikTok Deal Is Highly Unlikely
- Jim Cramer Says Only Vaccine Can Help Marriott Stock
- Here's What's In Trump's Executive Orders on Coronavirus Relief
- Should You Give Financial Support to Family Amid the Pandemic?