David you cant really compare the two when it comes to the fall out from Coronavirus.
Norwegian are far more exposed to it in that they operate worldwide and into nations where the response and measures in place are likely to be less than those of easy.

I will give you that Norwegian are not well placed though to take a 50% reduction in share price.

Norwegian vs Covid-19
 

Norwegian Air shares plunge to 15-year low as coronavirus adds to pressure

Behind a paywall. Guardian link here: Norwegian airlines shares plummet as coronavirus hammers travel sector.

Turbulent times ahead.

Sad state of affairs, it's a dog eat dog out there. Squeeze will be on and Norwegian aren't placed well out there. Hyenas are ready to pick over their bones. Awful state of affairs in our beloved industry.

Norwegian is ripe for picking. The dedicated owners are gone and it is now lead by somebody with litle or no experience from the airline industry and next to no ownership share and that represents no blocking interest.
Anyone with finance and a plan can now scoop it up relatively cheaply as a going concern with AOC's and rights in several countries.
But that three will soon be rich with options and they who are left with readies can then snap up a lot of different bargains within the industry.

Share price has little to do with day to day running of a business. Claims it could be taken over are wide of the mark as would need lots of shareholders willing to sell and it doesn't appear to be the case,

Share price has collapsed worse than the market but er .......... so what ? Everybody else is down and LH has parked 20% of its fleet with many others likely to follow,

Reports say 20 million Norwegian shares traded a day lately, against normally < 1 million, so plenty of willing sellers.
And the rest would probably fold for a low offer, to save something.
Most expects a lot worse news from when traffic and earining numbers legally have to be presented. Many airlines are holding out for the sign of a recovery before they say anything negative. So far sample Norwegian have only said how ok February was and how much they have already sold for March. None have come with real figures beyond that or dare to predict anything about the full year anymore.

And didn't LH announce yesterday increase of capacity reduction from 25% to 50%, including parking all their A380's.

I realise that the long haul flying of Norwegian has probably very few reliably profitable routes. However which parts of Norwegian or which bases have been consistently good performers ? Domestic routes within Norway ? Other routes within the Nordic countries ? Gatwick ?

I know that if an airline pulls a route it means it either makes a loss or just about breaks even, but when an airline has committed to a lot of aircraft it sometimes ends up flying them just because it will be less loss making than a grounded aircraft and thus to recover some of the lease cost. Norwegian has far too many aircraft in its fleet - so continuing to fly a routes does not imply profitability !

I think there is little doubt that this is probably biggest threat to Norwegians future to date, a shame really as they have addressed many of the underlying issues through cuts to cost base, shedding its Argentinian operation and under performing routes. Ultimately cash is king Ryanair has loads and Norwegian not much at all so the fall off in bookings will hurt.

The carnage will be wide spread, if you’re told not gather in groups at school or football matches, then I can’t see people being keen to jump on an aircraft however cheap the seats.

Norwegian should be very proactive cut everyone’s wages by 50% for 2 months, if/when they get through this crisis they
can always pay it back, 50% of something is better than 100% of nothing.

The problem with cutting wages, is that employment law in most European countries forbids it. If staff are on variable hours contracts, you can reduce the number of hours; contract stuff can be cut; redundancies can be issued; you can appeal for staff to take unpaid leave; but non payment or cutting of contracted wages will quickly see the courts getting involved

I hope you never manage any of my current or future employers.

True but if it is done with the employees agreement then it’s legal, of course not all can,would, will agree.

Not sure about that. Monarch implemented something similar for a 6 month period where they cut 10% of all salaries in return for a 4-day week.

If a business cannot afford to pay people the wages at 100% market rate then it does not deserve to be a business at all

What is the "market rate" for flight crew when Airlines are sacking people or going bust ?

If there are lots of people available then market rate drops so therefore should a business just drop everybody's pay to follow suit ?

It is easy to state nobody should take a pay cut in order for a business to survive and quote market rate. What people mean by that is you can never cut pay, when you start quoting market rates you have to accept pay cuts as well as pay increases. This is how market works.

Why attack the pond feeders?

Isn’t it about time that the fat cat bosses took less money out of the business instead of bleeding them dry.

This is where the problem lies. Just look at Thomas Cook.

...and they still went bust

I guess Norwegian are owed quite a bit from both Boeing (MAX) and Rolls (787 engines) issues?

NORWEGIAN SOS PLEA

https://www.lifeinnorway.net/norwegian-on-the-brink/