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Airline Shares Retreat After Mass Cancellations

Shares of Southwest Airlines dropped  over 5% Tuesday!

That as a market reaction, after the company canceled more than two-thirds of its flights Monday and plans to slash its schedules during the week, in a meltdown that stranded thousands of customers.

Tweet on Airlines stocks amid mass cancellations

FactSet Chart on Airlines Stocks

Southwest was among the worst performers in the S&P 500.

The holiday winter storm impacted flights across the country, but Southwest’s more than 2,800 scrapped flights Monday was the highest of any major U.S. airline.

Southwest’s bout of cancellations on a critical travel weekend will likely weigh on fourth-quarter earnings, analysts at Cowen and Citi both said.

Other airline stocks also lost ground Tuesday.

JetBlue Airways: -1.9%

Spirit Airlines: -1.1%

American Airlines: -0.5%

Delta Air Lines: -0.2%

The U.S. Global Jets exchange-traded fund, which tracks the airline industry, eased 0.8%.


Image:delta airlines