Airline stocks are slipping on Thursday as companies continue to cut flights for a variety of reasons.
First off, American Airlines’ (NASDAQ:AAL) shares are falling 2.8% as of Thursday afternoon. This comes after the airline announced it would no longer be sending flights to Toledo, Ohio, Islip and Ithaca, New York and Dubuque, Iowa starting in September.
What’s behind this decision by American Airlines? The company is dealing with a shortage of pilots to man its airplanes. This has been an ongoing problem for the aviation industry over the last few months, CNBC reports.
United Airlines (NASDAQ:UAL) stock is also dropping 4.6% this afternoon. This follows an announcement that it will reduce flights at Newark Liberty International Airport by about 12%.
United Airlines says that this is expected to reduce delays that have been plaguing flights at the airport. The company blames these delays on construction at the location, as well as capacity issues.
Finally, Delta Air Lines (NYSE:DAL) closes out the list of airline stocks today with shares decreasing 3.5% as of this writing. Yet again, canceled flights and delays have been an ongoing problem for the airline. It has been reducing flights in an effort to curb these issues as summer travel increases.
All told, the airline industry isn’t recovering from the pandemic as well as investors may have hoped. Pilot shortages, canceled flights and other factors are likely to continue affecting the market in the coming months.
Investors looking for more of the latest stock market news will want to stick around!
We’ve got all the most recent stock market news traders need to know about for Thursday! That includes what has shares of AMC (NYSE:AMC), Weber (NYSE:WEBR) and Novavax (NASDAQ:NVAX) on the move today. You can read all that news at the following links!
More Thursday Stock Market News
- Top Hedge Fund AQR Is Betting Against AMC Stock. Here’s Why.
- Short Squeeze Hopes Take Weber (WEBR) Stock 13% Higher
- Novavax (NVAX) Stock Gains 7% on EMA Recommendations
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.