Rough day on Wall Street for many airline stocks today — with two big factors pushing down shares. One — March futures options opened today for crude oil. And off they went.
Oil closed up almost $3 to 43.55/barrel today.
But it wasn’t because of a surprise EIA energy supply report. That report, which is normally issued on Wednesday, won’t be issued until tomorrow — because of Martin Luther King Jr.’s Monday holiday observance.
Another factor pushing down shares were the earnings reports for American Airlines and United Airlines.
Shares of American are being hammered, with shares now trading down about 25% for the day. Shares are hovering around 7.85.
Shares of United, which actually posted what I thought were the more negative numbers for the quarter, are down a little over 7% as of this posting, with shares running around 10.78.
But other stocks are taking the day’s news hard as well. As of this posting, shares of JetBlue are down 12%, trading at $6.25, while shares of Delta are down 12%, trading at 9.73.
Shares of Continental are not having a good day either, as shares here are down 13% as of this posting, trading at 16.98.