Alaska Air sees Q3 capacity down about 55% as coronavirus pandemic continues to weigh

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Alaska Air Group Inc. shares fell 1% in premarket trade Wednesday, after the regional carrier said it expects third-quarter capacity to be down about 55% from the year-earlier period as the coronavirus pandemic continues to weigh. The airline said it expects September revenue to be down 70% to 75%, after a 72% decline in August. It expects its passenger load factor to come to 40% to 45%, after 46% in August. It expects available seat miles to be down about 50% after being down 51% in September. The company’s cash burn is expected to total about $150 million in September, after $80 million in August. The carrier had about $3.6 billion in cash as of Sept. 8. Shares have fallen 36% in the year to date, while the U.S. Global JETS ETF has fallen 42% and the S&P 500 has gained 3%.
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