Airline Stocks Hit by Profit Taking
S&P downgraded AMR Corp. (AMR ), UAL Corp. (UAL ), and United Airlines (U ) to sell from avoid in the wake of the World Trade Center center disaster. Airline stocks opened weaker Monday on worries about the impact of the WTC attack on air travel. Many carriers, including the American Airlines unit of AMR Corp. and Delta (DAL ) are cutting capacity; Continental (CAL ) says it will furlough 12,000 workers. S&P also downgraded Continential, Southwest Airlines (LUV ), Alaska Airlines (ALK ), America West Airlines (AWA ) and Air Tran Holdings (AAI ).
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