Your Weekly Blip 10/23/20

Your Weekly Blip 10/23/20

Stocks continue to trade in mixed fashion as stimulus talks, rising covid cases and election uncertainty all play into an aimless pattern of market action. At the close the Dow was off 28 points at 28,335 on low volume while NASDAQ and the S&P 500 were positive on light trading volume. For the week the Dow was down about 0.9%. I guess you could say that all is quiet on the western front.
American Airlines, Southwest Air and Alaska Air all reported earnings and the results show heavy losses but point toward slow and continual improvement in air travel. American Airlines beat estimates for revenue even though it was down 73% year over year and they company lost $5.54 per share. The company saw improvement in passenger demand and load factors. Southwest Airlines also did better than guru estimates with a 68% drop in revenue and lost $1.99 per share. Southwest is currently working with Boeing to rework its orderbook as it evaluates its fleet needs in light of current demand trends. Alaska Air posted 71% drop in revenue and lost money but has reduced cash flow burn to $4 million per day and has $5.5 billion in liquidity to carry it through this downturn.
This Saturday morning I will be participating in phase two of the Eagle Scout project that is cleaning out and putting down gravel in an area behind a local church. It should be fun as there will be big trucks with gravel, an excavator and scouts with shovels. The weather should be cold and wet. We will have hot chocolate on hand and might even get hamburgers from Dick’s Drive in.