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)

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