Airline Stocks Tumble Friday After Delta Guidance, Oil Price Rise -- WSJ

Dow Jones01-12

By Hardika Singh

Airline stocks weighed on the S&P 500's gains Friday.

Shares of Delta Air Lines fell more than 7%, while United Airlines and American Airlines slid by a similar amount. An ETF that includes airline shares was down nearly 4%.

The declines came after Delta lowered its 2024 earnings guidance to below the target it outlined at an investor day in December 2022. But the company's fourth quarter earnings beat analyst expectations.

Meanwhile, Brent crude futures jumped near $80 a barrel after an escalation of conflict in the Middle East. Higher oil prices typically add pressure on airlines' profits.

NOTE: In-line links reference additional content of interest chosen by the WSJ news team.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

January 12, 2024 10:14 ET (15:14 GMT)

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01-13
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