Airline Winners and Losers: Alaska Air Group

Airline shares were mostly lower Friday as oil prices took a breather and slid lower.

Benchmark crude for July delivery fell 77 cents to $71.91 on the New York Mercantile Exchange, the first time oil prices have fallen in several days.

The AMEX Airline Index was unchanged.

Alaska Air Group (ALK Quote), operator of Alaska Airlines and Horizon Air, said its board approved the buyback of up to $50 million of its common shares. The Seattle-based company said it will use cash for the repurchases. In 2007 and 2008, Alaska Air Group repurchased nearly $112 million of its common shares. Its stock rose 5% to close at $16.38.

Elsewhere, the now-defunct Aloha Airlines Inc. and two Hawaii-based banks will pay more than $9 million into three Aloha employee pension funds. At the close, Delta Air Lines (DAL Quote) shares fell 28 cents, or 4%, to $6.40. American Airlines parent AMR (AMR Quote) fell 4 cents to $4.55, and United Airlines parent UAL (UAUA Quote) fell 29 cents, or 7%, to $3.83.

Continental Airlines (CAL Quote) shares fell 16 cents to $9.09. US Airways Group (LCC Quote) rose 4 cents, or 1.5%, to $2.71.

Southwest Airlines (LUV Quote) lost 3 cents at $6.61. JetBlue Airways (JBLU Quote) fell 6 cents to $4.20, and AirTran Airways parent AirTran Holdings (AAI Quote) fell 8 cents to $5.40.