Airlines bogged down by JetBlue
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By Shawn Langlois, MarketWatch
Last Update: 10:05 AM ET Mar 10, 2006
SAN FRANCISCO (MarketWatch) -- JetBlue Airways shares fell as much as 7% early Friday, pressuring the broader airline sector after Prudential Equity Group downgraded the stock.
The Amex Airline Index (XX:$XAL: news, chart, profile) dipped into negative territory, down less than 1% to 51.84 points, even as most of its components traded higher. See index components.
JetBlue (JBLU : jetblue awys corp com
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Last: 10.47-0.64-5.76%
10:38am 03/10/2006 Add to portfolio
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JBLU10.47, -0.64, -5.8%) was the hardest hit, falling to a three-year low of $10.25 after Prudential lowered its rating to underweight, saying longer-term structural issues are a bigger problem than current losses. See more analyst coverage.
"We believe JetBlue needs to seek available gates elsewhere at JFK, reduce weak long-haul flying, and slow aircraft deliveries if stock is to be more than a short-term news-driven trade," the broker said.
Elsewhere, AMR Corp. (AMR : AMR Corporation
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Last: 25.50+0.37+1.47%
10:33am 03/10/2006 Add to portfolio
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AMR25.50, +0.37, +1.5%) and Continental Airlines (CAL : Continental Airlines Inc
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Last: 24.81+0.54+2.22%
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CAL24.81, +0.54, +2.2%) paced advancers, up 1.4% and 2.1%, respectively.
Joining JetBlue in the red, Frontier Airlines (FRNT : Frontier Airlines Inc
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Last: 6.83-0.15-2.15%
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FRNT6.83, -0.15, -2.1%) and ExpressJet Holdings (XJT : expressjet holdings inc cl a
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Last: 6.93+0.02+0.29%
10:32am 03/10/2006 Add to portfolio
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XJT6.93, +0.02, +0.3%) both fell about 1%.
Shawn Langlois is a reporter for MarketWatch, and the editor of its community message boards.
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