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%....