Shares in Southwest, JetBlue, Delta Air Lines, US Airlines, American Airlines, United Airlines and Continental Airlines dropped 1%, 2.3%, 4.3%, 6.2%, 6.8%, 7.7% and 8.8%, respectively as the outlook for earnings this year dimmed. Carriers with a higher international exposure were hit harder than their domestic-focused rivals.
IATA is now expecting North American carriers will report a combined USD1 billion net loss this year - down from a previous expectation (set in March) of a combined USD100 million profit.
Air Canada's B shares rose 1.4% as Robert Milton, the CEO of parent company, ACE Aviation Holdings Inc, stated, "I firmly believe Air Canada will survive". The tepid share increase was hardly a ringing endorsement from investors, but airline share rises were rare yesterday.
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North & South America selected airlines daily share price movements (% change): 08-Jun-09