Southwest shares struggle, AirTran and JetBlue gain
TradersHuddle.com stated Southwest’s shares have defined support at USD13.22 and resistance at USD13.95. The carrier’s stock has surged around 80% over the past year.
Southwest reported an USD11 million first quarter profit – a significant turnaround from a USD91 million loss in the same period last year, as revenues rose 11.6% to USD2.63 billion. The airline’s fuel costs however surged 17.6% year-on-year and Southwest incurred a USD13 million non-cash loss based on fuel hedging in the first three months of the year.
AirTran reported a USD12 million loss for 1Q2010 but expects surging demand to help it return to profitability. The loss was a better than analysts’ expectations. AirTran advanced 2.8%. The other top performer was JetBlue Airways, which closed yesterday at USD6.65, up 2.0% from the previous trading session. JetBlue will report its 1Q2010 earnings on Friday.
Selected LCCs daily share price movements (% change): 26-Apr-2010