Air Canada’s B shares tumbled back to earth on Friday after soaring mid-week on hopes of a coordinated government/banking sector plan for the carrier. The carrier’s CEO told The Globe and Mail that it was premature to talk about another filing for bankruptcy protection. Its B shares fell back 26% on Friday.
Elsewhere, JetBlue advanced 6.5%, while TAM rose 5% after it reported a 22% increase in first quarter net profit. Investors were pleased with the 6.5% increase in first quarter yield and outlook and sent the airline’s shares up 5% on the day.
US Airways’ shares eased 7.1% on Friday as the Group priced its offering of 15.2 million shares of common stock at USD3.97 per share. The company also priced an enlarged offering of USD150 million in senior notes due 2014. All proceeds will be used for general corporate purposes. Each offering will close on 13-May-09.
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North & South America selected airlines daily share price movements (% change): 08-May-09