MINNEAPOLIS -- Airline shares rose Wednesday afternoon after a morning decline, as oil prices fell and financial updates from some big carriers were received positively.
The Amex Airline Index rose 3.4%.
UAL Corp.'s (UAUA Quote) United Airlines said passenger revenue could fall as much as 18.9% during the second quarter, but it also said costs (not counting some fuel hedges) fell nearly as fast. Its shares rose 16 cents to close at $3.98.
Continental Airlines (CAL Quote) said it hopes to raise $390 million by selling notes backed by aircraft it owns or will buy soon. Assuming the deal goes through, Continental plans to use the money to pay for five new planes and refinance 12 others it bought in the late 1990s. Any sign of a thaw in the market for loans to airlines would be welcomed by airline investors....
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