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Wall Street airlines - Airlines slip on oil, but resist selloff - UPDATE 2
AFX
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SAN FRANCISCO (AFX) -- Airline stocks closed lower Wednesday but held their own against a surge in crude oil that pushed prices past $61 a barrel to a record high.
The Amex Airline Index fell 0.5% to 46.43 points, above the lows of the day.
Oil prices surged in New York as bad weather in the Gulf of Mexico stoked concerns about U.S. inventories.
As the only shares in the index that managed gains, AMR Corp. rose 1.4% to $12.22. The company's American Airlines unit reported higher traffic and load factor in June.
JetBlue Airways lost 0.4% to $20.03. June traffic at JetBlue rose 31.1% while capacity was 25.9% higher than last year. Load factor was 3.5 percentage points higher at 89%, the carrier said.
Continental Airlines fell 0.4% to $13.52.
Southwest Airlines gave up 1.4% to $13.59.
Delta Air Lines shares slipped 1.1% to $3.48.
Delta on Wednesday reported a 4.7% rise in its June traffic while capacity increased 4.3%. Load factor rose 0.3 percentage points to 82%, the carrier said.
Northwest Airlines fell 1.4% to $4.13 as the most active stock in the group at more than 6 million shares. 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 wants AMFA to shoulder $176 million of this savings.
Also lower, aircraft maker Boeing Co. fell 1.7% to $64.29.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
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