Holding Pattern May Break as Stocks Buzz the Tower: Taking Stock
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We’re in a fitting holding pattern, if you will, in the S&P ahead of a slew of airlines earnings this morning that include AAL, LUV, JBLU (a mini hedge fund hotel with 12% ownership). These key economic harbingers also happen to have a window seat to the impacts of the Government shutdown and how that may be affecting the industry. Southwest, for its part, just said that they are seeing negative revenue impacts thus far in January, already estimated at up to $15 million.
This echoes comments from hotels like Marriott, for example, which cited double-digit declines in its business in the D.C. area, according to their global chief commercial officer in an interview with Yahoo finance earlier this week.