- General Electric (NYSE:GE) tumbled to a 29-year low in very active trading today, amid continued downbeat sentiment toward the airline industry with the impact on travel from COVID-19 expected to linger for years to come.
- GE fell as much as 8.7% to an intraday low of $5.48 around midday before recovering to close -3.5% at $5.79, its lowest closing price since Dec. 23, 1991, with 234.6M shares changing hands, making the stock the most actively traded on the major exchanges.
- A new forecast from the International Air Transport Association said global air travel could lag previous expectations for another five years.
- Air traffic next year will fall 33%-40% from projections made prior to the pandemic, according to the IATA forecast, which does not see travel recovering to last year's levels until 2023 at the earliest.