Why United Airlines Dipped While the Market Climbed Today
United Airlines Holdings (NASDAQ: UAL) announced Thursday it is cutting flights from an important hub airport, and investors were none too pleased with the news. This, combined with a target-price cut from an analyst tracking the carrier's stock, drove United's share price down by 2.5% on a generally up day for the wider market.
That morning, United said it will provisionally remove around 50 daily domestic departures from New Jersey's Newark Liberty, one of the largest and most important airports in the New York metropolitan area. That tally comprises around 12% of the company's total Newark departures.
United stressed that these cuts are only temporary. According to the company, they are due to construction at the airport and issues with air traffic control (ATC) staffing.
Source Fool.com
