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Airline Stocks Report Earnings While McAfee Declines in Trading Debut

American Airlines stock plunged 3.2% as it lost $2.4 billion in the recent quarter. The first U.S. airline has unveiled a third consecutive quarterly loss as travel restrictions related to the coronavirus pandemic continue. The Texan carrier, which saw revenue plunge 73% in the three months to the end of September to $3.2 billion, posted an adjusted loss per share of $5.54 compared to EPS of $1.42 a year earlier. The group, which still burned $44 million in cash per day over the period, estimates that its daily cash consumption is expected to be between $25 million and $30 million over the last three months of the year. It plans to raise an additional $1 billion to strengthen its balance sheet and is expected to end the year with more than $13 billion in cash.

On the other hand, Southwest Airlines rallied 5.2% despite posting a record quarterly loss of more than $1 billion as it was a victim of the pandemic. The Dallas-based airline reported a net deficit of $1.2 billion, or $1.96 per share, compared with a profit of $659 million a year earlier. Adjusted loss was also $1.2 billion. Consensus, however, was even lower at a loss of $2.35 per share. Quarterly operating revenues fell 68% to $1.8 billion. The group ended the quarter with $15.6 billion in cash.

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McAfee gave up 6.5% to $18.70 in its return to Wall Street. The cybersecurity solutions designer announced Wednesday that its IPO had raised $740 million. The company and some investors sold 37 million shares at $20 each. McAfee sold 31 million shares and investors in question 6 million. The valuation for this IPO is approximately $8.6 billion at an IPO of $20. The San Jose group was acquired by Intel in 2010, before the processor giant transferred a 51% stake to investment firm TPG for $1.1 billion in 2016. Current shareholders include TPG, Intel, Singapore’s GIC Pte and private equity firm Thoma Bravo.

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