United Airlines stock dives in post-bankruptcy trade
AFP, February, 2006
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CHICAGO (AFP) — New shares of United Airlines plunged on their first day of trade after the company emerged from three years of bankruptcy protection and a drastic restructuring that cut thousands of jobs and wiped out billions of dollars of shareholder equity.
And more turbulence at United, the number two US airline, is expected in the coming weeks as the stock finds its true value, said Art Hogan, senior market analyst at Jefferies.
"It's going to have a lot of volatility in the market place," Hogan said, explaining that the airline did not offer clear enough financial guidance prior to exiting bankruptcy.
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"There's also a lot of buzz in the market about is United going to be the quickest company to go back into bankruptcy," he said. "The buzz is how many airlines can make it with 70 dollars a barrel for oil."
After opening at 41 ...
