Biggest Airline Stock Loser for the Week: American Airlines
I'm working on this week's PBB. This week's Market Review section to be more specific.
Just thought that it was worth noting that while shares of Southwest Airlines bounced around all over the place this week -- when all the shouting was over, shares of the Dallas-based airline ended down 7% for the week, closing today at 8 bucks even.
They were not even a member of the select PlaneBusiness Basement Double-Digit Loser Group for the week.
No, the airline stock that took the award for posting the biggest loss for the week was AMR, parent of American Airlines, which saw shares drop a hefty 33% for the week, ending the week at 7.62.
This was far and away the worst performance notched by an airline this week, although Continental Airlines was down 17% for the week, closing at 17.22, as it took second place honors at the bar in the basement.
Other major airlines to post a double-digit decline for the week were Alaska Air Group, which was down 11%, closing at 26.56, and Delta Air Lines, which lost 10% to close at 10.26.
The vast majority of stocks we track at PlaneBusiness finished down for the week. The reason? The price of oil once again raised its ugly head as the week came to an end.
Oil futures closed Friday at 44.65/barrel -- up 22% for the week.
Ouch.
I told you guys OPEC was going to get serious about cutting production this time. And....they seem to be doing just that.