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Wall Street airlines - Airlines lower as oil prices creep back up
AFX
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SAN FRANCISCO (AFX) -- Airline stocks traded lower early Tuesday as oil prices crept higher in overnight trading.
The Amex Airline Index off 1% to 48.37 points.
Oil futures rose as traders looked past Hurricane Dennis to prepare for fresh data on inventories.
AMR Corp. fell 1% to $12.54 and Continental Airlines was off 1% at $14.15.
The sole gainer in the index was Alaska Air Group , up 0.2% to $31.05.
JetBlue Airways fell 1.1% to $20.50. The low-fare carrier said it will begin flying from Newark, N.J., as of Oct. 5 to Fort Lauderdale, Orlando, West Palm Beach, Tampa and Fort Myers, Fla.
JetBlue also said in a filing with the Securities and Exchange Commission that if jet fuel prices remain at $1.68 a gallon for the second half of the year, operating margins will be lower than the carrier had forecast. That margin outlook is based on the assumption of jet fuel at $1.45 a gallon, according to the filing.
Additionally, JetBlue said it does expect an operating profit for the second half.
Aircraft maker Boeing Co. fell 0.7% to $64.52.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
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