US shares tumble on dim outlook from United Continental

US carriers stocks fell heavily on 24-Jun-2011, after United Airlines reported revenue was growing at a slower pace in Jun-2015. The carrier closed down 8.5% on Friday, leading most US carriers lower, particularly network airlines. American and Delta Air Lines both fell heavily as well, despite oil prices dropping late last week.

United Continental announced 2Q2011 capacity would increase around 1%, a figure that is toward the low end of its previous guidance, announced in Apr-2011. The carrier forecast 2Q2011 passenger revenue per available seat mile (PRASM) would grow in the range of 8.3-9.3% year-on-year, with Jun-2011 PRASM growth estimated at 3% to 4%, well below previous months.

Selected North and South American share price movements (% change): 24-Jun-2011