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Snow storms and pandemic ground flights, delay holiday's end – CP24 Toronto's Breaking News

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Matt O’brien, The Associated Press


Published Sunday, January 2, 2022 3:08PM EST


Last Updated Sunday, January 2, 2022 11:22PM EST

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Wintry weather combined with the pandemic to frustrate air travelers whose return flights home from the holidays were canceled or delayed in the first days of the new year.

More than 2,600 U.S. flights and more than 4,400 worldwide were grounded Sunday, according to tracking service FlightAware.

That followed Saturday’s mass cancellations of more than 2,700 U.S. flights, and more than 4,700 worldwide.

“It was absolute mayhem,” said Natasha Enos, who spent a sleepless Saturday night and Sunday morning at Denver International Airport during what was supposed to be a short layover on a cross-country trip from Washington to San Francisco.

Saturday’s single-day U.S. toll of grounded flights was the highest since just before Christmas, when airlines began blaming staffing shortages on increasing COVID-19 infections among crews.

A winter storm that hit the Midwest on Saturday made Chicago the worst place in the country for travelers throughout the weekend. About a quarter of all flights at O’Hare Airport were canceled Sunday.

Denver’s airport also faced significant disruptions. Enos, who was flying on Frontier Airlines, didn’t learn that her connecting flight home to California was canceled until she had already landed in Denver. Then it was a rush to find alternative flights and navigate through baggage claims packed with stranded and confused travelers, amid concerns about the spread of the highly transmissible omicron variant of COVID-19.

“It was a lot of people in a very small space and not everybody was masking,” said the 28-year-old financial analyst. “There were a lot of exhausted kids and some families were so stressed out.”

In Michigan, the authority that runs Detroit International Airport said crews were working around the clock to remove snow and maintain the airfield. Atlanta’s airport authority advised travelers to arrive earlier than usual because of high passenger volume, potential weather issues and pandemic-fueled staffing shortages that could lengthen the time it takes to get through security gates.

And thousands of miles from the closest snow storms, Hawaiian Airlines said it had to cancel several flights between islands and across the Pacific due to staffing shortages.

Southwest Airlines said it was working to help customers affected by about 400 flights canceled around the country Sunday, about 11% of its schedule. The Dallas-based airline anticipates even more operational challenges to come as the storm system pushes into the Eastern seaboard.

Delta Air Lines said Sunday it was issuing a travel waiver for planned flights this week out of mid-Atlantic airports in Baltimore and Washington in preparation for forecasted winter weather.

American Airlines said most of Sunday’s canceled flights had been canceled ahead of time to avoid last-minute disruptions at the airport.

SkyWest, a regional carrier that operates flights under the names American Eagle, Delta Connection and United Express, grounded more than 500 flights Sunday, about 20% of its schedule, according to FlightAware.

Airlines have said they are taking steps to reduce cancellations caused by workers affected by the pandemic. United is offering to pay pilots triple or more of their usual wages for picking up open flights through most of January. Spirit Airlines reached a deal with the Association of Flight Attendants for double pay for cabin crews through Tuesday, a union spokesperson said.

Airlines hope that extra pay and reduced schedules get them through the holiday crush and into the heart of January, when travel demand usually drops off. The seasonal decline could be sharper than normal this year because most business travelers are still grounded.

AP Airlines Writer David Koenig contributed to this report.

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Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin's Fourth Halving Arrives – Investor's Business Daily

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[unable to retrieve full-text content]

  1. Dow Jones Rises But S&P, Nasdaq Fall; Nvidia, SMCI Flash Sell Signals As Bitcoin’s Fourth Halving Arrives  Investor’s Business Daily
  2. Iran fires at apparent Israeli attack drones: Mideast tensions  The Associated Press
  3. S&P 500 extends losing streak to sixth day, Dow up 210 points  Yahoo Canada Finance
  4. Stock Market Today: Dow, S&P Live Updates for April 19  Bloomberg
  5. Stock market today: Wall Street limps toward its longest weekly losing streak since September  CityNews Kitchener

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Netflix stock sinks on disappointing revenue forecast, move to scrap membership metrics – Yahoo Canada Finance

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Netflix (NFLX) stock slid as much as 9.6% Friday after the company gave a second quarter revenue forecast that missed estimates and announced it would stop reporting quarterly subscriber metrics closely watched by Wall Street.

On Thursday, Netflix guided to second quarter revenue of $9.49 billion, a miss compared to consensus estimates of $9.51 billion.

The company said it will stop reporting quarterly membership numbers starting next year, along with average revenue per member, or ARM.

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“As we’ve evolved our pricing and plans from a single to multiple tiers with different price points depending on the country, each incremental paid membership has a very different business impact,” the company said.

Netflix reported first quarter earnings that beat across the board on Thursday, with another 9 million-plus subscribers added in the quarter.

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Subscriber additions of 9.3 million beat expectations of 4.8 million and followed the 13 million net additions the streamer added in the fourth quarter. The company added 1.7 million paying users in Q1 2023.

Revenue beat Bloomberg consensus estimates of $9.27 billion to hit $9.37 billion in the quarter, an increase of 14.8% compared to the same period last year as the streamer leaned on revenue initiatives like its crackdown on password-sharing and ad-supported tier, in addition to the recent price hikes on certain subscription plans.

Netflix’s stock has been on a tear in recent months, with shares currently trading near the high end of its 52-week range. Wall Street analysts had warned that high expectations heading into the print could serve as an inherent risk to the stock price.

Earnings per share (EPS) beat estimates in the quarter, with the company reporting EPS of $5.28, well above consensus expectations of $4.52 and nearly double the $2.88 EPS figure it reported in the year-ago period. Netflix guided to second quarter EPS of $4.68, ahead of consensus calls for $4.54.

Profitability metrics also came in strong, with operating margins sitting at 28.1% for the first quarter compared to 21% in the same period last year.

The company previously guided to full-year 2024 operating margins of 24% after the metric grew to 21% from 18% in 2023. Netflix expects margins to tick down slightly in Q2 to 26.6%.

Free cash flow came in at $2.14 billion in the quarter, above consensus calls of $1.9 billion.

Meanwhile, ARM ticked up 1% year over year — matching the fourth quarter results. Wall Street analysts expect ARM to pick up later this year as both the ad-tier impact and price hike effects take hold.

On the ads front, ad-tier memberships increased 65% quarter over quarter after rising nearly 70% sequentially in Q3 2023 and Q4 2023. The ads plan now accounts for over 40% of all Netflix sign-ups in the markets it’s offered in.

FILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File PhotoFILE PHOTO: Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo

Netflix reported first quarter earnings after the bell on Thursday. REUTERS/Dado Ruvic/File Photo (REUTERS / Reuters)

Alexandra Canal is a Senior Reporter at Yahoo Finance. Follow her on X @allie_canal, LinkedIn, and email her at alexandra.canal@yahoofinance.com.

For the latest earnings reports and analysis, earnings whispers and expectations, and company earnings news, click here

Read the latest financial and business news from Yahoo Finance

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack – OilPrice.com

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Oil Prices Erase Gains as Iran Downplays Reports of Israeli Missile Attack | OilPrice.com



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Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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  • Oil prices initially spiked on Friday due to unconfirmed reports of an Israeli missile strike on Iran.
  • Prices briefly reached above $90 per barrel before falling back as Iran denied the attack.
  • Iranian media reported activating their air defense systems, not an Israeli strike.

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Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran.

Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe.

The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported.

Israel’s retaliation for Iran’s missile strikes last week was seen by most as a guarantee of escalation of the Middle East conflict since Iran had warned Tel Aviv that if it retaliates, so will Tehran in its turn and that retaliation would be on a greater scale than the missile strikes from last week. These developments were naturally seen as strongly bullish for oil prices.

However, hours after unconfirmed reports of an Israeli attack first emerged, Reuters quoted an Iranian official as saying that there was no missile strike carried out against Iran. The explosions that were heard in the large Iranian city of Isfahan were the result of the activation of the air defense systems of Iran, the official told Reuters.

Overall, Iran appears to downplay the event, with most official comments and news reports not mentioning Israel, Reuters notes.

The International Atomic Energy Agency (IAEA) said that “there is no damage to Iran’s nuclear sites,” confirming Iranian reports on the matter.

The Isfahan province is home to Iran’s nuclear site for uranium enrichment.

“Brent briefly soared back above $90 before reversing lower after Iranian media downplayed a retaliatory strike by Israel,” Saxo Bank said in a Friday note.

The $5 a barrel trading range in oil prices over the past week has been driven by traders attempting to “quantify the level of risk premium needed to reflect heightened tensions but with no impact on supply,” the bank said, adding “Expect prices to bid ahead of the weekend.”

At the time of writing Brent was trading at $87.34 and WTI at $83.14.

By Tsvetana Paraskova for Oilprice.com

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