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Wall Street airlines - Oil rise thwarts airline stocks
AFX
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SAN FRANCISCO (AFX) -- Airline stocks traded lower Wednesday morning with AMR Corp.'s modest advance setting shares of the parent of American Airlines apart in the Amex Airline Index.
The Amex Airline Index fell 1.1% to 46.19 points as crude-oil prices touched $60 a barrel.
Shares of AMR Corp. rose 1% to $12.17.
Continental Airlines fell 1.2% to $13.41.
Southwest Airlines fell 0.6% to $13.70.
Delta Air Lines shares, down 1.7% to $3.46, were the most-active stock in the index.
Northwest Airlines led the percentage decliners in the index with a 9.1% to $3.80. The Aircraft Mechanics Fraternal Association said Tuesday that it wants the National Mediation Board to release it from negotiations with the airline because of the carrier's 'refusal to take contracts talks seriously.'
Northwest had asked the NMB to release it from negotiation on May 24, the company said Tuesday, 'because of a lack of progress towards reaching its labor cost reduction goal.' Northwest is aiming to cut $1.1 billion a year in expenses and AMFA is to shoulder $176 million of this savings.
Aircraft maker Boeing Co. rose 0.6% to $65.81.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
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