09-30-2002, 10:55 PM
Join Date: Sep 2001
Airline stocks down 54% in quarter
Airline stocks down 54% in quarter Airlines to Post Big 3rd-Quarter Loss; Record Full-Year Red Ink Possible
After hitting an historic intra day low of 30.84, the Amex Airline Index (XX:$XAL: news, chart, profile) managed to eke out a tiny gain at the close, finishing at 32.10. With the exception of one session, the index has found new lows every day since Sept. 12 as cumulative loss forecasts for the year run as high as an unprecedented $8 billion. |
The end-game gain was a sharp reversal from the start of trading when nearly every issue ticked downward, with a handful of them spiraling to new intra day bottoms. Frontier and Alaska found new lows but ended the session above them.
Delta Warns of $350 Million Loss
NEW YORK -- Saddled with weak revenue, the nation's major airlines are expected to post large third-quarter losses, as the industry continues to flirt with possibly exceeding 2001's record $7.7 billion loss. |
The outlook indicates the industry still is far from a turnaround more than a year after terrorist attacks devastated air travel.
Delta Airlines Warns It Will Lose $350 Million in 3rd Quarter, Cuts 1,500 Flight Attendant Jobs
ATLANTA (AP) -- Delta Air Lines said its third-quarter losses will be nearly twice as much as previously expected, sending its stock tumbling along with others in the airline sector. |
Delta expects to lose about $350 million in the third quarter because of sluggish revenue and demand, the carrier said Friday. The loss comes to about $225 million after one-time items are excluded.