Investors are fleeing from airline and cruise-line stocks as fear grows that the new virus could spread dramatically beyond China
The stocks of American Airlines and several cruise lines were among the worst performers in the Standard & Poor’s 500 index Monday, as investors fret that the new coronavirus could take hold outside China and further disrupt international travel.
Shares of Norwegian Cruise Line Holdings Ltd., Carnival Corp. and Royal Caribbean Cruises Ltd. tumbled about 9%. American Airlines Group Inc. shed 8.5%, and Delta Air Lines Inc. and online travel agency Expedia Group Inc. fell more than 6%.
After the market closed, United Airlines said it was withdrawing its estimate issued just last month of its full-year 2020 earnings because of uncertainty around how long the virus outbreak will last. The airline stood by its first-quarter earnings estimates, saying that a drop in fuel prices and a new…
Source news reuters.com, click here to read the full news.
