S&P: Reduce Exposure to Airline Stocks
Given mounting industry losses, shaken customer confidence, and a rise in necessary security costs, the near-term investment outlook is negative. S&P is cutting Continental (CAL ), Southwest (LUV ), and Alaska Air (ALK ) to hold from accumulate. We are also reducing America West (AWA), US Airways (U ), Northwest (NWAC), and AirTran (AAI ) to avoid from hold. UAL Corp. (UAL ) and AMR Corp. (AMR ) have been lowered to sell from avoid.
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