All airline stocks took it on the chin in March, as the COVID-19 pandemic brought travel to a halt and upended the industry's best laid plans. Hawaiian Holdings (NASDAQ: HA) was hit especially hard, with shares losing 50% in March, according to data provided by S&P Global Market Intelligence.
Airlines have been among the hardest hit sectors during the pandemic, with planes flying empty as an increasing number of states and countries advised sheltering in place to try to contain the spread of the virus. Even when the pandemic is eventually contained, the industry might find it difficult to regain altitude, as it seems increasingly likely the U.S. economy is headed into a recession.
Hawaiian has been hit particularly hard because of its unique route network. On March 23, the company said it would suspend most of its North American and international routes due to a state quarantine, operating only a small number of inter-island connecting flights and single flights from Honolulu to Los Angeles and American Samoa to give the state some connectivity.