JetBlue holds annual meeting, Allegiant climbs, GOL retreats


North and South American low cost carrier stocks had a mixed performance on Wednesday. Some were still higher on comments from JP Morgan one day prior, while others followed the markets, with the Dow dipping 0.7%, while the AMEX Airline Index gained 2.23%.

Allegiant (+3.5%) and AirTran (+3.2%) added more than 3.0% , JetBlue was up 2.7% and Southwest jumped 1.2%. WestJet lost 1.5%, while GOL retreated 2.8%.

During trade on Wednesday, JetBlue Airways made the following announcements from its annual meeting of shareholders:

  • Election of seven directors to serve until JetBlue's meeting of shareholders in 2011 or until his/her successor has been duly elected and qualified. Directors include Dave Barger, Peter Boneparth, David Checketts, Virginia Gambale, Stephan Gemkow, Joel Peterson and Ann Rhoades;
  • Ratification of the appointment of Ernst & Young LLP as the carrier's independent registered public accounting firm for the fiscal year ending 31-Dec-2010;
  • Approval of a proposal to amend the carrier's Amended and Restated Certificate of Incorporation to increase the number of shares of common stock authorised for issuance from 500 million to 900 million shares.

Midwest and Frontier merger progress to be reflected in forthcoming 1Q2010 results: CEO

In other US highlights on 26-May-2010, Republic Airways Chairman and CEO, Bryan Bedford, announced the merging of Midwest Airlines into Frontier Airlines is progressing well. Mr Bedford stated the merger's progress should be reflected in Republic’s upcoming 1Q2010 results.

Selected LCCs daily share price movements (% change): 26-May-2010

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