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Shares of airlines active in South Florida show signs of life

Shares of American, Delta, Spirit, Southwest and JetBlue airlines were all up sharply on Wednesday amid expectations the $2 trillion federal bailout will offer some help.

The Senate bill, headed to the House for a vote on Thursday, would give airlines$25 billion in loans and loan guarantees and $25 billion to pay workers through September, Business Insider reported.

Stock analysts on Wednesday anticipated the move and upgraded many airline stocks. Many of them have hit 52-week lows after hitting 52-week highs a month or two ago before the crisis fully emerged.

The bailout and stock price increases are particularly a good sign for American, the largest carrier at Miami International Airport, and Spirit, which is headquartered in Fort Lauderdale. They have been among the most scrutinized airlines among analysts and the national financial press when it comes to financial strength to endure the COVID-19 outbreak.

Rescuing the airlines is especially crucial for South Florida since they employ thousands in the region and bring in millions of tourists a year.

An industry group called Airlines for America sent a letter to Congress on March 21 of dire consequences.

“Unless worker payroll protection grants are passed immediately, many of us will be forced to take draconian measures such as furloughs,” states the letter. “The breadth and immediacy of the need to act cannot be overstated. It is urgent and unprecedented.”

On Wednesday mornings, Deutsche Bank analysts quoted on MarketWatch said, “We are now of the view that the stimulus package will support the industry, at least through 2020, and that is even after assuming a draconian outlook for air travel demand for the remainder of the year.”

After rising Wednesday, stock prices were just up on Thursday just after 10 a.m.:

  • Delta (DAL) was up $1.62, or 5.21 percent to $32.72. Its 52-week range is $19.10 to $63.44.
  • American Airlines (AAL) was up 43 cents, or 2.79 percent to $15.82. The 52-week range is $10.01 to $35.24.
  • Spirit (SAVE) was up $1.03, or 6.45 percent, to $16.99. The 52-week range is $7.01 to $58.55.
  • Southwest (LUV) was up $1.59, or 4.04 percent, to $40.99. The 52-week range is $29.15 to $58.83.
  • JetBlue (JBLU) was up 56 cents, or 4.94 percent, to $11.90. Its 52-week range is $6.61 to $21.65.

 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.