United Airlines Holdings, Inc. (UAL) just confirmed fears that the surge in COVID-19 cases is undermining hopes for a rapid recovery after the first quarter's massive shutdowns. In a July 6 "Town Hall" employee event, the carrier disclosed that July consolidated capacity is likely to contract 75% year over year, following an 88% drop in June. In addition, United warned that August guidance for 65% is likely to mark peak performance for 2020 passenger volume, with little or no improvement through year end.