Under a delivery schedule set on May 7, JetBlue said it now plans to receive a total of 40 Airbus SE jets through 2022, down from 61 that filings show it had contracted over that time period as of last year. JetBlue shares rose 4.9 percent. Since cases of the novel coronavirus began accelerating in March, U.S air travel demand has sunk by about 95%, forcing airlines to shift their focus from growth plans to parking planes and minimizing their daily cash burn....
Since cases of the novel coronavirus began accelerating in March, U.S air travel demand has sunk by about 95%, forcing airlines to shift their focus from growth plans to parking planes and minimizing their daily cash burn. While the overall number of bookings was "extremely limited," New York-based JetBlue said it believed demand had reached a floor around mid-April and it expected to have a better sense of the third and fourth quarters by early summer. Following measures to boost its liquidity, JetBlue expects its daily cash burn to fall to just below $10 million in May from an average of $18 million in the second half of March, excluding government assistance under the CARES Act....
Stock futures rose Thursday morning as investors continued to monitor a slew of corporate earnings results and economic data for evidence of the extent of the coronavirus’s impact....
(Bloomberg) -- Anheuser-Busch InBev NV warned that its biggest three beer brands -- Budweiser, Stella Artois and Corona -- are bearing the brunt of a collapse in sales caused by the coronavirus.Revenue from those brands dropped 11% in the first quarter, about twice the rate of decline for the company’s overall portfolio of more than 500 labels. Shipments plunged the most in China, where the effect of Covid-19 lockdowns hit hardest because they started earlier than in the U.S. and Europe.As demand evaporates amid a global shutdown of bars and restaurants, AB InBev and rivals Heineken NV and Carlsberg A/S are racing to find ways to cut costs to reduce the effect on profit. So far AB InBev’s more expensive products are suffering less, but longer-term, as the pain from a pandemic-induced recession spreads from blue-collar to white-collar workers, that could also harm the collection of niche premium labels that AB...
