Been in stay at home mode lately the airlines have slashed a reported 75 percent of capacity parking 2 thirds of the fleet delta which is retiring its entire boeing triple 7 fleet has offered employee buyouts says our southwest and American Airlines Credit Suisse analysts surmise that we have moved well past the point of no return with respect to covert 19 and its potential to have an enduring multiyear impact on the commercial Aviation Industry kristie this pandemic reminds us how much we have taken for granted we used to just be able to go to a baseball game or to get on a flight. American airlines and all the others were vying for our business with fare wars can we get back to air travel business as usual its definitely going to take some time because if we look back at history the other several times where the airline suffered shocks the one most clearly was 911 and after 911 happened it took approximately 3 to 4 years before demand and capacity and people felt safe to travel again
Protesters have created an opening for looters and police sometimes cant tell the difference between the two even from a purely business perspective, youd think people smashing up major retail destinations like the flagship macys would be bad for the stock market, right . Every time the market looks like its about to get clocked we get a stay of execution. Dow gained 268 points. Nasdaq advanced. 59 last night after president trumps fire and brim stone law and order speech, our futures plummet. Declaration of war replete with threatened deployment of the u. S. Army. Thats not the job, theyre war fighters makes you want to sell stocks for certain. Those futures looked ugly. All those images of looting didnt help. The futures stayed soft. I got up at 3 15 a. M. , expecting precarnage. Futures rallied again. An hour and a half later, the futures were up nicely you know what counteracted the pain a 4 rally in the german stock market with several of their borses not far behind. Yes, we actua
Talking with andrew about what exactly got washed out yesterday. Hard to say a lot when hertz is up 50 premarket. I mean, look, it is kind of a comedy of errors, no insult to the board. Really there is a Bankruptcy Code and maybe hertz management got permission in the old days when you went bankrupt there would be a little bit of a stump of stock so that you could go and sell it and show the irs that you had taken the full loss carl icahn sold a ton of the stock in the 70s, he sold 38 . I think if he had known that there would suddenly be a new stock he would have hit that bid. If i were him id sue. Id sue right now. I would just hire a lawyer and sue because he sold at what the company was advertising as a bankrupt price where the common stock was and he has i think a right to be able to claim 38 of this money and i urge him to do so, to hire a lawyer and get the money because this is just ludicrous. Well see what the court says i think theyve got to get to 4, right, to get to a billi
Ken frazier earlier on squawk on the street, take a listen to this when theres unrest, people put out statements, they put out platitudes they say this is terrible. We decry racism. We believe we ought to build a just society i think business has to go beyond what is required here before the pandemic there was 12 milliontilunfilled jobs in this country and 5 million inner city kids who want access to the economy. They want to be participants, citizens and consumers what they lack is the education, they lack the training there are opportunities for programs ken is so right well talk a lot about how American Business, how the corporate sector tries to heal this country thats obviously broken youre correct. It is the corporate sector and some of us would say other than the Atlanta Mayor who gave such a tremendous speech, were looking for leadership maybe we find it more in corporate or im reminded gina rometty created low income and low opportunity neighborhoods where she built schools, p
A round table discussion with industry executives so thats happening or about to happen at the white house, well bring you any comments that come from the white house this hour. The major averages are up for the second week in a row. You see the numbers the dow up well over 3 almost 4 in what was a holiday shortened week, the month the dow and the s p 500 up more than 4 a piece and look at the nasdac up nearly 7 , 6. 75 all up for the second month in a row so thats how we close out the month of may at least for trading. Lots of talk about today fox Business Team coverage we have blake burman at the white house, Jackie Deangelis at our news room in new york, Edward Lawrence reporting from washington, blake . We start with you on the north lawn. Reporter hi there, connell and melissa. President trump announcing at the white house several measures against china on the one hand, for chinas handling of covid19 , on the other hand, as well, for chinas crackdown on hong kong; however, as the