Shares of most air carriers pulled back Tuesday, with American Airlines Co. (AAL) taking advantage of the previous session's big run up with a public share offering. The U.S. Global Jets ETF (JETS) dropped 1.1% in morning trading, after soaring 16.1% on Monday ( ) to close at a 5-month high as investors cheered a potential COVID-19 vaccine ( ). American's stock slumped 2.6%, as the company followed Monday's 15.2% surge by looking to sell 38.5 million shares ( ) to the public. Elsewhere, shares of Hawaiian Airlines parent Hawaiian Holdings Inc. (HA) slid 5.7%. Deutsche Bank analyst Michael Linenberg downgraded Hawaiian to hold from buy citing valuation, following Monday's 50.8% rally on the idea that Hawaiian had the most to gain from a return to normalcy. Among other air carriers, shares of United Airlines Holdings Inc. (UAL) slipped 0.6%, Delta Air Lines Inc. (DAL) gave up 1.1% and Spirit Airlines Inc. (SAVE) slipped 0.9%, while Southwest Airlines Co. (LUV) gained 0.6% and JetBlue Airways Corp. (JBLU) tacked on 0.6%. Meanwhile, the S&P 500 eased 0.4% after rising 1.2% on Monday.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
November 10, 2020 09:56 ET (14:56 GMT)
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