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STOCKS NEWS US-Continental Air rises after upgrade
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1121 ET 02June2009-Continental Air rises after upgrade
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Continental Airlines Inc shares rose on Thursday after an analyst
upgrade of the stock as part of a broader call on the airline sector.
Morgan Stanley (NYSE: MS - news) boosted Continental (Frankfurt: A0XFTR - news) to 'overweight' from 'equal-weight' and
initiated coverage of Delta Air Lines Inc with an 'overweight,' citing
indiscriminate selling of all airline equities which has excessively punished
some higher quality carriers.
The firm also cut Hawaiian Holdings Inc (HA.PH - news) to 'equal-weight' from
'overweight' and Southwest Airlines Co (NYSE: LUV - news) to 'underweight' from
'equal-weight,' as relative valuation has become less compelling.
Continental shares rose 5 percent to $9.68 while Delta added 0.5 percent to
$5.88. Hawaiian Holdings slumped 12.9 percent to $5.27 and Southwest slid 5.2
percent to $6.45.
The NYSE Arca Airlines index shed 2 percent.
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