Why Airline Shares Are Falling Today

Airline shares are under pressure again on Monday after Warren Buffett over the weekend announced that Berkshire Hathaway has dumped its sizable positions in Delta Air Lines (NYSE: DAL), Southwest Airlines (NYSE: LUV), American Airlines Group (NASDAQ: AAL), and United Airlines Holdings (NASDAQ: UAL), walking away from the industry completely.

Shares of Delta, American, and United all opened down more than 14%, while Southwest was off 9.3%. Other airlines also got caught up in the sell-off, with Alaska Air Group (NYSE: ALK), JetBlue Airways (NASDAQ: JBLU), Hawaiian Holdings (NASDAQ: HA), and Spirit Airlines (NYSE: SAVE) all opening down by double digits.

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Source Fool.com