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Wall Street airlines - AirTran jumps as sector advances - UPDATE 1
AFX
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SAN FRANCISCO (AFX) -- AirTran Holdings shares held on as the strongest percentage gainer in the Amex Airline Index in Tuesday trading, leading the sector higher ahead of a slate of quarterly results that begins Wednesday.
The Amex Airline Index gained 1.4% to 51.82 points as investors prepare for quarterly results from legacy carriers American Airlines and Continental Airlines.
Crude-oil futures traded modestly lower, as well.
AirTran rose 4.5% to $10.45.
Ahead of quarterly results expected out Wednesday, American parent AMR Corp. gained 1.7% to $14.11. The company's shares stood out Monday as a leading advancer.
Continental Airlines rose 3.3% to $15.57 ahead of its Wednesday report.
Delta Air Lines , which reports its results on Thursday, added 0.5% to $3.94.
Meanwhile, Northwest Airlines fell 1.3% to $4.61.
The carrier said in a statement Tuesday that it doesn't want arbitration by the National Mediation Board with its workers represented by the Aircraft Mechanics Fraternal Association.
Citing the drawn-out length of arbitration, Northwest said it 'has no choice, it must achieve significant labor savings this year.'
The union, which represents mechanics, cleaners and custodians, had said earlier this month that it wanted to be released from the arbitration process. That could set up a 30-day period after which a strike is possible if union members vote to authorize a walkout. Voting by AMFA members ended at 10 a.m. Eastern time on Tuesday.
Elsewhere in the index, shares of JetBlue Airways rose 2.2% to $22.50. Southwest Airlines fell 1% to $14.42.
Outside the index, America West Holdings rose 3.9% to $7.80 after rising in Monday's session.
This story was supplied by MarketWatch. For further information see www.marketwatch.com.
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