U.S. airlines face lack of corporate demand in September

• Bank of America notes domestic leisure bookings continue for airlines continue to improve with a 52.3% drop Y/Y last week vs. -55.0% for the prior week.
• The level of bookings is almost back to the level of late June before COVID-19 cases and related hospitalizations began to reaccelerate in the U.S. "However, we are only a few weeks away from moving out of the peak leisure travel season and into the more business heavy fall, and domestic corporate bookings have shown no improvement since mid-June (still down -88%)," warns the firm.
• BofA says with corporate demand virtually non-existent and no clear signs of an inflection, there is risk to domestic volumes as the calendar turns to September.
• Sector watch: American Airlines (NASDAQ:AAL), Delta Airlines (NYSE:DAL), Southwest Airlines (NYSE:LUV), United Airlines (NASDAQ:UAL), JetBlue (NASDAQ:JBLU), Hawaiian Holdings (NASDAQ:HA), Alaska Air Group (NYSE:ALK), Allegiant Travel (NASDAQ:ALGT), Spirit Airlines (NYSE:SAVE), Mesa Airlines (NASDAQ:MESA), SkyWest (NASDAQ:SKYW).
• Compare Quant Ratings on airline stocks.