Delta's Stock Falls After-Hours After Berkshire Sells 13 Million Shares
April 03 2020 - 6:58PM
Dow Jones News
By Maria Armental
Delta Air Lines Inc.'s stock fell 10% to $20.14 in after-hours
trading after a one-two punch of negative news, including that
Berkshire Hathaway Inc. had sold nearly 13 million shares this
week.
Warren Buffett's Berkshire Hathaway, Delta's largest shareholder
according to FactSet, on Friday said it had trimmed its stake to
about 59 million shares through a series of sales over a two-day
period on Wednesday and Thursday.
The stock sales were disclosed in a securities filing after the
market close Friday and after Delta released a note from Chief
Executive Ed Bastian to employees in which he laid out a dire
financial picture, with revenue projected to drop 90% in the second
quarter after a beginning of the year that Mr. Bastian said had
been "unlike any quarter in Delta's history."
The company, which Friday applied for government aid, has cut
capacity by more than 80%, but is still burning through more than
$60 million a day and "we know we still haven't seen the bottom,"
Mr. Bastian said.
Delta's stock, which this month set a 52-week low, closed Friday
at $22.48, having lost nearly two-thirds of its value so far this
year.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
April 03, 2020 18:43 ET (22:43 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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