PHOENIX (

TheStreet

) --

US Airways

(LCC)

led airline shares down Monday, falling 3.6%, possibly in reaction to its lack of fuel price hedges.

The

AMEX Airlines Index

(XAL)

was down about 1%. Among legacy carriers,

American

(AMR)

fell 1.6%,

Delta

(DAL) - Get Report

slipped 0.56% and

United

(UAL) - Get Report

was off 2.3%.

JetBlue

(JBLU) - Get Report

and

Southwest

(LUV) - Get Report

rose marginally.

Stifel Nicolaus analyst Hunter Keay noted that US Airways, unlike its peers, has followed a policy of not hedging fuel costs. "It's tempting to attribute

the decline in the stock to oil due to their lack of hedges," Keay said. "With crude up today and US Airways' underperformance relative to the group, it's a logical conclusion."

Despite falling back on Monday, US Airways shares are up 133% for the year, leading the airline industry. United is second at 117%.

-- Written by Ted Reed in Charlotte, N.C.

>To contact the writer of this article, click here:

Ted Reed