Gogo A No-Go

Gogo Inc GOGO shares are trading trading lower by $4.70 at $9.19 in Tuesday's session. he sole wireless Internet provider for airlines is being grounded by a report that the company may be in jeopardy of losing American Airlines as a client.

The Street is not waiting to find out and has taken 35 percent out of its share price. Following a lower open, it managed a brief pop to $10 before sellers flooded the issue.

See Also: American Airlines Lawsuit Pushes Gogo Shares Down 30%

The ensuing decline took the issue to a new all-time low, easily surpassing the former low from August 2013 at $9.71, reaching $7.90.

Evercore ISI Group has attempted calm rattled shareholders, by defending the company saying that it's "unclear" whether or not American Airlines is seeking to end its relationship. So far, the rally instigated by Evercore has taken the issue back into the $9 handle.