United Airlines Cuts Flights Due To Slowing Demand

CNBC reports:

United Airlines announced deep cuts to its schedule next month amid the global coronavirus outbreak and slowing demand. The airline will cut international flights by 20% and domestic flights by 10%. Some wide-body planes will be parked, the company said Wednesday.

United shares fell after its announcement but later recovered from the lows of the day, and were down 0.4% at $58.02 a share just before 3 p.m. ET. Shares of its large-airline competitors were up on the day.

Airlines around the world have cut back on itineraries as COVID-19 hamstrings travel. The viral outbreak, which originated in China, has spread to dozens of countries, prompting large companies to scale back on business travel.