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NEW YORK — Most airline stocks lost ground Monday as investors cashed in and the broader market retreated.
The Amex Airline Index lost 2 percent at midday, with 12 out of 13 components lower. Only U.S. Airways Group Inc. gained, adding 13 cents, or 3.3 percent, at $3.82. Late last week the carrier said it will offer 15.2 million shares of common stock at a price of $3.97 per share.
Crude oil fell 56 cents a barrel to $58.07 on the New York Mercantile Exchange. Jet fuel is one of the airlines' biggest expenses, but many analysts think crude prices below $60 a barrel will not prevent some airlines from being profitable this year.
Major airlines also released traffic data for March and April last week that showed the recession is still holding down passenger numbers. Airlines hope that fare sales will draw more passengers to fill seats in the critical summer travel season.
On Monday smaller and low-cost carriers lost the most ground. JetBlue Airways Corp. fell 20 cents, or 3.2 percent, to $6.03. Southwest Airlines Co. gave up 14 cents at $7.22. AirTran dropped 23 cents, or 3.1 percent, to $7.09.
Delta Air Lines Inc., the world's largest carrier, picked up a penny at $6.97. United parent UAL Corp. lost a cent at $5.56. American Airlines parent AMR Corp. also fell 1 cent to $5.54. Continental Airlines fell 19 cents to $12.53.
