Soon after the US pharmaceutical giant Pfizer along with German biotech firm BioNTech announced positive results from their COVID-19 vaccine trial, US airlines experienced a surge in ticket booking igniting hopes of travel return after a pandemic pause.
United Airlines mentioned over 19% to end the day at $41.32 on the other hand Delta Air Lines experienced a sudden surge of 17% to $36.77. American Airlines also witnessed a sudden surge of 17%, and shares of other also increased suddenly after this news.
For the past few months, the airline stocks were particularly sensitive to the pandemic condition as the rise in virus infections restricted people from flying and the travel industry witnessed a sudden decrease in ticket booking.
This situation even forced a sudden drop in revenue generation. Though with this sudden news of vaccine the demands increased, yet it is far below the normal levels.
United’s CEO Scott Kirby has said he expects revenue to plateau at half of 2019 levels without a widely available vaccine.
Pfizer and BioNTech said Monday that their coronavirus vaccine was more than 90% effective in preventing COVID-19 among those without evidence of prior infection.