06.05.2020 Boeing Daily Analysis

06.05.2020 Boeing Daily Analysis

U.s airlines are losing more than $10 billion in cash a month due to the pandemic and averaging fewer than two dozen passengers per domestic flight, said the industry trade group Airlines for America in a testimony ahead of a U.S Senate hearing on Wednesday. Passengers booking online have fallen by 100% year-on-year, according to the testimony and the Senate Commerce Committee and the group warned if air carriers were to refund all tickets including those purchased as nonrefundable or those canceled by passengers that high chances it would have resulted in negative cash balances that could possibly lead to bankruptcy. Boeing Co (BA) trading at $125.40, down by $6.06, or by -4.61%. Boeing had already said last week they would be cutting 16,000 jobs by the end of the year.