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Continental Joins Capacity Cuts & Job Cuts (CAL, UAUA)
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Continental Airlines Inc. (NYSE: CAL) announced that it plans to cut 3,000 jobs and that CEO and President will lower their salaries for the remainder of the year. As far as addressing capacity, Continental plans to reduce its capacity by furloughing 67 of its mainline aircraft from the fleet.
UAL Corp. (NASDAQ: UAUA) made a similar move just yesterday, and other airlines have made numerous cuts to capacity or have increased fees. Fuel costs are much more of the issue, even much more than a slowing economy.
Interestingly enough, there were at least two airline stocks that were upgrades by analysts this morning.
Jon C. Ogg
June 5, 2008
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