Airlines Take A Hit (CAL, DAL, UAUA, LCC)

Shares of major airline stocks were down hard Friday after Continental Airlines CAL said its revenue unit in June was lower than analysts had estimated. Continental's revenue per available seat mile (RASM) increased between 21-22% in June, while analysts were looking for an increase of 23-26%. Shares of Continental slumped $2.06, or 9.30%, to $20.10. Other airlines followed suit with Delta DAL losing nearly 6%, UAL Corporation UAL dropping over 10%, and U.S. Airway LCC falling 5%.