Why United Airlines Stock Lost Altitude Wednesday
Investors didn't seem all that willing to board United Airlines (NASDAQ: UAL) stock on Hump Day, following speculation that it might be trying to partner with a peer carrier. The company's shares traded down marginally in consequence, on a day when the bellwether S 500 index landed slightly in positive territory with a less than 0.2% lift.
On Tuesday night, Reuters published an article stating that United has been negotiating a potential tie-up with New York-based airline (NASDAQ: JBLU). Citing three unidentified "industry sources familiar with the matter," the article claimed that the latter company continues to desire a partnership following the 2023 demise of its Northeast Alliance (NEA) with American Airlines Group.
The U.S. airline industry is fairly concentrated at the top, and federal antitrust officials have been eager to quash tight collaborations between prominent airlines. This impulse was at the heart of the Justice Department's fight against the NEA.
Source Fool.com
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