Airline Stocks Tumble Despite TSA's Record-Setting Holiday Travel Expectations
Airline company shares are trading lower Tuesday despite the Transportation Security Administration's (TSA) optimism for a record-breaking U.S. Thanksgiving travel season.
$Hawaiian Holdings(HA.US$ witnessed the most significant decline with a substantial 8.42% drop shortly shortly after 2:30 p.m. ET, followed by $Spirit Airlines(SAVE.US$ with a 5.73% loss.
$JetBlue Airways(JBLU.US$ shares were off 3.9%, $Southwest Airlines(LUV.US$ dropped 2.2% drop and $Frontier Group(ULCC.US$ shares were down by 4.4%. Meanwhile, $American Airlines(AAL.US$ experienced a 2.2% decrease, $United Airlines(UAL.US$ was off 1.7% and $Delta Air Lines(DAL.US$ dipped nearly 2%.
The TSA has been screening an unprecedented number of passengers this year, with expectations of even busier airport security checkpoints during the upcoming Thanksgiving travel period.Starting from Friday, Nov. 17, and running through Tuesday, Nov. 28, the TSA foresees screening approximately 30 million passengers over the 12-day period. Historically, the Tuesday and Wednesday preceding Thanksgiving, along with the Sunday afterward, have been the holiday's busiest travel days.
The TSA projects to screen 2.6 million passengers on Tuesday, November 21, 2.7 million on Wednesday, November 22, and a whopping 2.9 million on Sunday, November 26, likely becoming the busiest travel day, according to the data provided by the TSA.
We expect this holiday season to be our busiest ever. In 2023, we have already seen seven of the top 10 busiest travel days in TSA's history," TSA Administrator David Pekoske earlier this month in releasing the agency's Thanksgiving travel forecast. "We are ready for the anticipated volumes and are working closely with our airline and airport partners to make sure we are prepared for this busy holiday travel season."
Source: TSA website
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