Airline Shares Fall
Shares of major U.S. airlines fell on Tuesday, the morning after Continental Airlines Inc. said it expects domestic revenue per available seat mile to rise only 4 to 6 percent in November, citing softer yields and a weaker economy.
JP Morgan airlines analyst Jamie Baker said in a note to clients this was below Continental’s recent “low-to-mid teens” guidance for November. “Frankly, it was only a question of when, not if, the global economy would catch up to the U.S. airline industry though we readily admit we thought we had another month or two before the inevitable would manifest,” said Baker.
Continental shares were trading down about 8 percent at $18.84, Delta Air Lines Inc fell about 5.5 percent to $10.88, American Airlines parent AMR Corp slipped about 3 percent to $10.98 and United Airlines parent UAL Corp slumped about 8 percent to $15.3
Source: Yahoo News
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