Sector Snap: Airlines rebound as market climbs

http://www.forbes.com/feeds/ap/2009/03/25/ap6212146.html


Associated Press, 03.25.09, 11:53 AM EDT
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Airlines shares rose in Wednesday midday trading, as the broader market picked up momentum on a surprise increase in February new home sales and better-than-expected durable goods orders.
Crude oil fell 60 cents a barrel to $53.38 on the New York Mercantile Exchange after the government's weekly inventories report showed more oil on hand than analysts expected. Jet fuel is one of the airlines' biggest costs, but some analysts think prices under $60 a barrel won't seriously affect earnings.
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The AMEX Airline Index rose 4.7 percent, with all 13 component stocks higher.
American Airlines (nyse: AMR - news - people ) parent AMR Corp. rose 23 cents, or 7.2 percent, to $3.42. Continental Airlines (nyse: CAL - news - people ) gained 47 cents, or 5.5 percent, at $9.04. Delta Air Lines (nyse: DAL - news - people ) added 38 cents, or 7 percent, at $5.83. US Airways (nyse: LCC - news - people ) picked up 20 cents, or 7.7 percent, at $2.80. United Airlines parent UAL Corp. (nasdaq: UAUA - news - people ) rose 25 cents, or 5.5 percent, to $4.81.
Alaska Air gained $1.11, or 6.6 percent, at $17.94. AirTran (nyse: AAI - news - people ) Airways added 21 cents, or 5.2 percent, at $4.25. JetBlue Airways (nasdaq: JBLU - news - people ) picked up 25 cents, or 6.5 percent, at $4.10. Southwest Airlines (nyse: LUV - news - people ) rose 50 cents, or 8.5 percent, to $6.42.
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