As malls, restaurants and other beleaguered businesses hold out hope for economic revival, airlines continue to take a beating.Industry shares tumbled Monday after Warren Buffett said he sold his stakes in American Airlines Group Inc (NASDAQ: AAL), Delta Air Lines, Inc. (NYSE: DAL), Southwest Airlines Co (NYSE: LUV) and United Airlines Holdings Inc (NASDAQ: UAL). Buffett's Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) had been one of the largest investors in the airlines.Additional industry news revealed pain points outside of the capital markets.Airline Cost-Cutting Measures United Airlines announced Tuesday that it would cut 3,400 management positions in October after federal aid stipulations expire, and it sent a memo warning of the "displacement" of about 30% of pilots. In the meantime, it urged employees to take a voluntary separation."Travel demand is essentially zero for the foreseeable future and, even with federal assistance that covers a portion of our payroll expense through Sept....
The company's shares slumped about 20% as it also launched a $1.6 billion offering of shares and bonds in a scramble to raise money, and announced a $400 million investment in a subsidiary from a private equity firm. On Monday Carnival said it plans to resume some cruises beginning Aug. 1, pending continued efforts to coordinate with government officials....
NEW YORK (Reuters) - 3M Co won an injunction from a federal judge against a New Jersey company it accused of illegally using its trademarks to sell 3M-branded N95 respirator masks at inflated prices to exploit the coronavirus pandemic. U.S. District Judge Loretta Preska in Manhattan on Monday blocked Performance Supply LLC of Englishtown, New Jersey from using 3M's name and logo, or posing as an authorized 3M distributor, to help sell masks. 3M, based in St. Paul, Minnesota, is the world's largest maker of N95 masks, which are designed to filter 95% of airborne particles....
North American Class 8 orders took another plunge in April to an unprecedented level of 4,000 units, according to new reports from FTR and ACT Research. ...
