{"id":30894,"date":"2023-07-03T14:33:09","date_gmt":"2023-07-03T18:33:09","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/air-travel-hits-a-july-4th-record-despite-airport-turmoil\/"},"modified":"2023-07-03T14:33:10","modified_gmt":"2023-07-03T18:33:10","slug":"air-travel-hits-a-july-4th-record-despite-airport-turmoil","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30894","title":{"rendered":"Air Travel Hits a July 4th Record Despite Airport Turmoil"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000684284\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Air travel hit record levels ahead of the holiday weekend but passengers were left with the familiar feeling of frustration as delays and cancellations hit the industry. <\/p>\n<p>But airline stocks, buoyed by<br \/>\n        Delta Air Lines<br \/>\n      \u2018 raised outlook, are shrugging off the latest bout of disruption.<\/p>\n<div class=\"paywall\">\n<p>Friday was the busiest air travel day on record as the Transportation Security Administration screened more than 2.88 million passengers, beating the previous record on the Sunday after Thanksgiving in 2019.<\/p>\n<p>The build up to the July 4th weekend was marred by weather-related disruption but operations have improved in recent days and into the start of the week. Cancellation rates have slowed from around 8% at the beginning of last week to below 2% Friday and Saturday, according to data from flight tracker FlightAware.\u00a0<\/p>\n<p>However, delays have remained a problem\u2014with around 30% of flights delayed for the past 10 consecutive days. Although the average delay time has improved from 80 minutes early last week to around 50 mins.<\/p>\n<p>Just 83 flights were canceled as of 8 a.m. Eastern Monday, compared with more than 600 Sunday, but Monday is expected to be a quieter day for air travel.<\/p>\n<p>The disruption has had a minimal impact on airline stocks, although TD Cowen analyst Helane Becker said carriers may provide second-quarter updates later this week in light of the delays and cancellations.<\/p>\n<p>\n        United Airlines<br \/>\n       (ticker: UAL), the worst-affected airline, canceled more than 3,000 flights last week, or around 17% of its schedule, according to FlightAware data. The stock fell 4.5% Thursday but was actually 4.2% up for the week after closing higher in the other four trading sessions.<\/p>\n<p>\n        Delta\u2019s<br \/>\n       (DAL) improved earnings guidance helped lift sentiment across the sector. The airline said it expects earnings per share of $6 in 2023\u2014at the top end of its $5 to $6 range\u2014at its investor day.<\/p>\n<p>The<br \/>\n        U.S. Global Jets<br \/>\n       exchange-traded fund rose 6.1% last week, underlining how investors shrugged off the disruption in favor of optimistic signs around profitability.<\/p>\n<p>\n        Southwest Airlines<br \/>\n       (LUV), which canceled close to 17,000 flights between Dec. 21 and Dec. 31 last year serves as a reminder that travel chaos can dent shares. The carrier\u2019s stock has risen 7.5% but has underperformed the other members of the so-called Big Four (United,<br \/>\n        American Airlines<br \/>\n       (AAL) and Delta), which have each climbed more than 40% in 2023.<\/p>\n<p>Those who successfully arrived at their destination may have still faced disruption to their vacation, however, as thousands of hotel workers went on strike in the Los Angeles area.<\/p>\n<p>Travelers visiting Europe this summer may also face problems after Eurocontrol, which oversees the continent\u2019s airspace, warned of a challenging summer ahead with air-traffic control becoming overloaded at locations including London, Barcelona, and Brussels.<\/p>\n<p>Travel is booming this summer but it\u2019s not without its challenges for those wanting to get away.<\/p>\n<p>Write to Callum Keown at callum.keown@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/flight-delays-record-holiday-travel-airline-stocks-9f03118e?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Air travel hit record levels ahead of the holiday weekend but passengers were left with the familiar feeling of frustration as delays and cancellations hit the industry. But airline stocks, buoyed by Delta Air Lines \u2018 raised outlook, are shrugging off the latest bout of disruption. Friday was the busiest air travel day on record [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29155,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-30894","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Air Travel Hits a July 4th Record Despite Airport Turmoil | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Air travel hit record levels ahead of the holiday weekend but passengers were left with the familiar feeling of frustration as delays and cancellations\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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