Days after Warren Buffett announced that he had ditched his holding in airline stocks, Alaska Air Group (NYSE: ALK) reported it’s first-quarter financial results.
ALK stock rose 6% immediately after the announcement as the company posted narrower losses than expected. The stock has plunged 53% in the trailing 12 months.
“The impacts of COVID-19 on our business have been unprecedented. Demand deterioration began in February, and in March cancellations overwhelmed new bookings. Today demand remains over 90% below normal levels,” the company said in a statement.
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