Share of airline companies soared Tuesday, as Southwest Airlines Co.'s (LUV) not-to-bad results and capital raise, and gradual reopenings by states ( ) helped provide a tailwind. The U.S. Global Jets ETF (JETS) shot up 7.8% in afternoon trading, with 28 of 33 components gaining ground. Among the most-active components, shares of American Airlines Group Inc. (AAL) ran up 13%, Delta Air Lines Inc. (DAL) hiked up 9.8%, and United Airlines Holdings Inc. (UAL) ran up 10.0%. Southwest's stock rallied 2.3%, to reverse earlier losses of as much as 3.0%. Earlier, Southwest reported a narrower-than-expected loss ( ) but revenue that missed expectations, and also announced a public offering of 55 million shares ( ) and $1 billion worth of convertible debt. Elsewhere, shares of Hawaiian Airlines parent Hawaiian Holdings Inc. (HA) climbed 16% after the company disclosed details of the government aid ( ) it received and was still expecting to receive. Shares of Jetblue Airways Corp. (JBLU) gained 11% and Spirit Airlines Inc. (SAVE) advanced 16%. The Jets ETF has lost 53% over the past three months, while the S&P 500 has declined 12%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 28, 2020 15:21 ET (19:21 GMT)
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