Airline Winners and Losers: Continental

MINNEAPOLIS -- Airline shares rose slightly with the broader market on Tuesday after Continental (CAL Quote) said its costs were running slightly better than expected, and despite a rise in oil prices.

Continental Airlines shares rose 4.7% to $9.33. However, UBS analyst Kevin Crissey wrote in a note that booking trends "look dismal into August."

"Revenue is still the issue for Continental and the other airlines," he wrote.

And revenue isn't looking good. The International Air Transport Association reported on Tuesday that premium travel -- the high-end fliers who bring airlines the most money -- fell 22% in April. It estimated that revenue from those passengers fell even faster, down 44%.

Meanwhile oil prices rose above $72 a barrel after settling at $70.62 on Monday. The broader market was up slightly.

The Amex airline index rose 2.6%, with all of its components higher except JetBlue Airways (JBLU Quote), which fell 12 cents to $4.02.

Shares of Delta Air Lines (DAL Quote) rose 6 cents, or .98%, to $6.16. American Airlines parent AMR (AMR Quote) rose 1.4%, to $4.49, and United Airlines parent UAL (UAUA Quote) 2.4% to $3.82. US Airways Group shares rose 1.5% to $2.65.

Southwest Airlines (LUV Quote) shares fell 5 cents to $6.43, while AirTran Airways parent AirTran Holdings (AAI Quote) rose 28 cents to $5.64. Alaska Air Group (ALK Quote) shares rose 32 cents to $16.62.