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Airline Shares Plunge After Terror Alert
Shares in Airline and Travel Companies Drop Sharply After Terrorist Alert
The Associated Press
LONDON - Shares of airlines and travel companies dropped sharply Thursday after British authorities reported they thwarted a terrorist plot to blow up several aircraft in flight between the United States and the Britain.
As heightened security measures caused long delays and canceled flights at airports around Europe and the United States experts said the alert could be a severe blow to both industries.
"You will always see a selloff based on the headlines today, but investors and analysts will now be waiting to see the depth of issues," said Henk Potts, equity strategist at Barclays Stockbrokers.
The plot had targeted United Airlines, American Airlines and Continental Airlines, according to two U.S. counterterrorism officials.
Shares of U.S. airlines were hit hard in pre-market trading. American Airlines parent AMR Corp.'s stock fell 69 cents, or 3.4 percent, to $19.60. Shares of UAL Corp., the parent of United Airlines, fell $1.80, or 7.6 percent, to $22.03. Continental Airlines Inc. fell $1.51, or 6.2 percent, to $22.70.
United Airlines flights from London to the United States are expected to operate about two and a half hours late, said spokesperson Robin Urbanski. United hasn't cancelled any flights. American Airlines spokesman John Hotard said at least one London-bound flight from Chicago has been canceled Thursday morning. He said a later flight from London to Chicago has also been canceled.
MORE AT LINK:
http://abcnews.go.com/Business/print?id=2295959--------------------------------------------
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