 Weekly Airline Archive
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This Week in Airlines
by Holly Hegeman (MF Wings)
Dallas, TX (May 4, 1997) -- The TMF Wings' Wall Street Bar and Grill has moved outside today, Foolish readers, since the weather is just too nice to be inside. We decided to come out and sit by the pool (yes, there are SOME advantages to living in Texas, as opposed to New York), watch the planes make their way into DFW, and reflect on the whereabouts of the Ratty Old Bear suit while sipping a cool one under the trees. Besides, after last week's marathon update (do you realize it was 19 printed pages?) TMF Wings is still trying to recover. But, I digress.
I can hear you now. "Okay, Wings, so where is the Ratty Old Bear Suit now?" Well, if you haven't guessed by now, I'm SURE not wearing it at the pool.
No, before I made my way down here to the lounger, I went so far as to take it, fold it up carefully and put it back in the trunk where it usually resides. As I said two weeks ago, this market is skittish and just waiting for news to descend upon it that will either send it into a panic, or make it jump for joy.
And this past week, based on several crucial economic pieces of news, the market jumped for joy. And our Motley Flyers? Generally speaking they did the same. The news this week was enough to convince me that maybe the furry-pawed beast should be kept at bay for awhile longer.
But first, let me scrounge around down here next to me and see what I can find in the TMF Wings mailbag from this past week. Ah -- a thank you to Jeff Fischer, an MBA student at the University of Texas. Jeff wrote to tell me that his group project for his investment theory class relied upon our own TMF Wings' Weekly Updates heavily to help their group stomp the competition in their class investing project. Not only did they handily beat the S&P 500, but they were the ONLY group that made money from February 3-April 21.
Hey, what can we say? If you are a regular reader, you know that this period of time is usually Prime Time for our winged ones. And yes, they did not disappoint us this year.
Ah, here's another note. This is the one where a reader writes to inform me that last week's update, printed, ran about 19 pages. Yes, I really blew the gaskets off on that one. It was so long in fact, that readers who read it online did not get to read it all. It was literally too long to upload in the normal manner on AOL, and consequently Yahoo. So those poor souls had to settle for an edited version.
But hey, it was earnings week--what are we supposed to do??
And here is a note from one of our regular readers that says, "TMF Wings--have you seen the new Delta livery in person yet?" Answer? Yes. I saw one here at DFW last Thursday. My verdict? I still don't like it--and it is strictly from a design perspective. For those who have seen it, or a picture of it--here is my major complaint. The light blue color that they use in the logo above the window line is great--in fact the body could have been a little creamier and the color would have looked great. But then they use the severe blue and red on the front of the plane and the back. Two totally different "feels" to it, as we say in corporate identity jargon. Just does not go together if you ask me.
And lastly, this little note from a relatively new reader. "TMF Wings--are you planning on opening a real TMF Wings' Wall Street Bar and Grill?"
You know, that is NOT a bad idea. Hmmmm. Let me ponder this one. The biggest problem would be, where should we put it? New York? Dallas? Knoxville? Sydney? London? Decisions... decisions.
Okay, enough of the Foolish mailbag. Let's see what happened in the markets in general, and to our Motley Flyers in particular this past week. I'll give you a hint--a lot of our MF's did VERY well.
TMF Wings' Market Watch
As I had said in last week's update, the next two weeks were going to be crucial in terms of showing us what direction the market was going to take going forward in the short term. There was just a slew of important economic information that was being released in this period of time that would either sink the market further, or send it off to the races again. Well, I think the market decided to take its cue from Silver Charm, as it too looked like it was running for the roses this past week.
And, another important trend started to make it way known this past week as last week's rally finally began to extend beyond the small group of big-name stocks that have driven the Dow Jones industrial average near record highs.
This is good news. We had talked last week about how the Big Cap stocks had been doing well, while the Nasdaq market had floundered. Well, this past week, we saw evidence that this was changing. This is a good sign.
In addition, the announcement that the general framework for a new budget had been worked out also helped propel stock prices upward.
The stock market rounded out a record week with the Dow jumping 94.72 points to 7,071.20 on Friday - within 14 points of its record 7,085.16 set on March 11. For the week, the Dow gained 332.33 points, a record.
World Airways Reports Earnings--Stock Takes Off
WORLD AIRWAYS <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WLDA)") else Response.Write("(Nasdaq: WLDA)") end if %> led the last week's earnings brigade, as it reported its first quarter earnings. Wall Street REALLY liked what it heard here, as the stock climbed 23% on the week to end at $8 5/8.
For the first quarter of 1997, World Airways reported revenues on continuing operations of $78.7 million, up 20% from $65.4 million in the same quarter of 1996. Earnings from continuing operations were $5.0 million, or $0.45 per share, compared to a loss of $3.7 million, or $0.31 per share, in the first quarter of 1996. This blew past First Call Analyst consensus figures of $0.30 a share.
Business volume, measured in block hours flown from continuing operations, was up 20% to 11,814 in the first quarter from 9,834 for the same period in 1996. Average daily utilization was 9.8 block hours per day versus 10.0 block hours per day for the same period in 1996. Average aircraft units was 13.4 compared to 10.9 for the same period in 1996.
For those of you who aren't that familiar with the carrier, World Airways provides worldwide passenger and cargo air transportation under contracts with major international airlines, the U.S. Air Force and international tour operators. Operating a fleet of MD-11 and DC 10-30 aircraft, World Airways is owned 61% by WORLDCORP <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WOA)") else Response.Write("(NYSE: WOA)") end if %>, 18% by MHS BERHAD (KLSE: MHS), a Malaysian strategic investor, and 21% by public investors. The company has a strong market presence in Southeast Asia, and is aggressively seeking to increase their wet lease services to growing carriers within the Pacific Rim, South America, Europe and Africa.
World Airways is also the largest supplier of contract airlift services to the Department of Defense.
Ahem. Not bad work if you can get it.
Mesa Air Announces Disappointing Numbers
MESA AIR GROUP INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: MESA)") else Response.Write("(Nasdaq: MESA)") end if %> reported a second quarter net loss of $(0.03) per share on revenues of $125.4 million. This was certainly far below the First Call Analyst consensus of a profit of $0.06 a share.
The details of Mesa's second quarter results of operations are follows:
Revenues:
Passenger revenues increased by 4.1% to $123.0 million, average fares increased by 3.6% to $79.00 and passengers carried increased by 0.5% to 1.56 million. Available seat miles (ASM's) declined by 2.1% to 600.5 million while revenue per available seat mile (RASM) increased by 6.1%.
Expenses:
Flight operations expense increased to $45.7 million from $43.8 million in the prior year. The primary causes of this increase were a $3.2 million increase in the cost of fuel, a $4.0 million increase in pilot salaries, lodging and training expense plus approximately $400,000 of expense incurred in the process of centralizing dispatch and training facilities. These increases were partially offset by a reduction in aircraft lease expense caused by purchasing 69 aircraft previously financed by operating leases. Of the $4.0 million increase in pilot costs, $1.5 million related to an increase in pilot salary and benefits granted under the new pilot contract, $1.2 million related to an increase in the number of pilots employed and $1.3 million was for pilot lodging and training expenses.
As many of you probably know, Mesa is about to start flying a schedule of RJ's out of Ft. Worth, beginning tomorrow.
Costs approximating $1.0 million were incurred during the quarter ended March 31, 1997 to establish this Forth Worth operation.
The Street was not impressed. The stock ended the week down 2% to close at $5 7/8. For the year, the stock is down 13%.
ValuJet Loses a Bundle--First Anniversary of Crash this Weekend--Details of NTSB Report Leaked
VALUJET INC. (Nasdaq: VJET said Wednesday it lost more than $18 million in the first quarter, as the airline once again failed to post a profit.
It lost $18.5 million, or $0.34 a share, compared with a profit of $10.7 million, or $0.18 a share a year earlier. This was lower than the First Call Analyst consensus figure of $0.30 a share.
Revenues slumped to $36.9 million from $110.0 million in the first quarter of 1996.
The carrier how has a little more than $138 million in cash available to it.
ValuJet flies just 22 planes to 22 cities, compared with 51 planes to 31 cities before the crash.
About 2,000 employees are now on the payroll, down from 4,200.
And, in a cruel twist of fate, the anniversary of the ValuJet crash last year comes this next Sunday--Mother's Day. While the official NTSB report on the crash was not supposed to be made public until July, the Miami Herald reported today (5/4) that the report by safety regulators on the fatal crash of ValuJet Flight 592 will censure the airline and the Federal Aviation Administration.
The newspaper did not say how it learned of the report's contents.
The Herald also quoted a chief National Transportation Safety Board (NTSB) inspector as saying that everyone aboard the plane was dead before it hit the ground, something analysts had speculated but that the NTSB has not previously commented on publicly.
Preliminary reports indicate that the crash was caused by a fire in the cargo hold, ignited by oxygen generating canisters that had been mislabled and improperly secured.
The Herald said the final report would censure ValuJet for "multiple faults, including deficient monitoring of its contractors and training of some employees." ValuJet was not immediately available to comment on the newspaper report.
It said the report would also censure SabreTech Corp., the contractor that handled the oxygen generators, "for numerous blunders in handling the devices." It also said the report would censure the FAA "for failing to enforce its own regulations and for inadequate oversight."
Federal inspectors had recommended grounding ValuJet because of its deteriorating safety record three months before the crash but the recommendation was not acted upon.
The chief NTSB investigator, John Goglia, declined to comment specifically on the final report. But the Herald quoted him as saying, "We rely on the moral character of everybody in the system to comply with the regulations. We find that the majority of the people involved in this case did not comply."
ValuJet maintains that no decision or action by the airline or its employees can be linked to the accident.
The FBI and a federal grand jury in Miami are still investigating the case, including allegations that federal documents may have been falsified.
The newspaper also quoted Goglia as saying debris from the plane led him to conclude the passengers and the crew "were all dead before the plane nosed over" and crashed.
Amtran Reports Strong Results
AMTRAN INC. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMTR)") else Response.Write("(Nasdaq: AMTR)") end if %>, parent company of American Trans Air, Inc. (ATA), reported first quarter pre-tax income of $6.3 million, a 45% improvement from the same period last year. Net income was $3.2 million, or $0.28 per share, for the three months ended March 31, 1997, compared with $2.4 million, or $0.21 per share, for the first three months of 1996.
Stan Pace, AmTran's President and CEO was positively euphoric as he said, "The first quarter was a key milestone in what we believe could be an exciting turnaround. After completing a re-engineering of the company in the fourth quarter of 1996, we had three important goals to accomplish in the first three months of 1997 -- improve operational performance, optimize revenue and increase profitability.
"The employees of ATA did an outstanding job in improving our operational performance. On-time performance for scheduled service increased to an industry-leading 81% from 68% in 1996's first quarter, and our customer satisfaction ratio increased 34%.
"To optimize revenue, our second goal, we restructured our scheduled service to focus on our highest revenue-generating routes and put greater emphasis on those aspects of our charter operations, such as military and first-class specialty flying, that offered greater revenue with higher margins. The result was a 6.4 point increase in scheduled service passenger load factor to 75.6%. Our consolidated passenger load factor was the highest in the industry. In addition, total operating revenue per available seat mile increased 8.3%, from 6.01 cents in the first quarter of 1996, to 6.51 cents in the first quarter of 1997."
Okay, Stan --you can sit down now. Oh--here he is again. "The efforts to turn our company around are quickly producing positive results. Not only did we bring ATA back to a profitable entity after three quarters of loss, but we improved operating income 42% and increased net income 37% over the first quarter of last year. What began as a two-year turnaround plan is now well ahead of schedule."
One of the few earnings press releases from a company that was almost entirely a gung-ho, get 'em and hit 'em pep talk from the head shed.
Congrats guys--you did good.
The Street was in agreement, as the stock was up 7% on the week, to close at $9 1/8.
Atlas Air Conference Call Highlights
As promised last week, here is a summary of the ATLAS AIR <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ATLS)") else Response.Write("(Nasdaq: ATLS)") end if %> conference call--which will give you a little more in-depth information on the company's situation going into the second quarter. My thanks to TMF Boring who did a great job in compiling this.
Atlas Air is a U.S. certificated air carrier that operates a fleet of 747 freighters under long-term contracts with commercial air carriers including British Airways, China Airlines, Cargolux, Emirates, FastAir, KLM, LAS, Lufthansa, SAS, Thai International Airways, and Varig, serving 62 cities in 38 countries. Under these contracts, Atlas provides the aircraft, crew, maintenance and insurance; fuel costs are borne by the customer.
Atlas Air reported today (4/24) that it earned $5.8 million, or $0.26 per share, for the quarter ended March 31, 1997. Including a non-recurring charge associated with returning two aircraft, net earnings were $5.0 million, or $0.22 per share. Revenues of $82.0 million represented a 40% increase over the $58.6 million in revenues for the year-earlier period. Earnings were below the $0.32 per share of a year ago due to the comparatively greater number of seasonal cancellations by certain customers in the first quarter of 1997, as discussed below.
IMPACT OF CHINESE NEW YEAR
Atlas permits its customers to cancel a limited number of annual hours, which customers typically utilize in either the first of fourth quarter. This year, customers opted to take their cancellations in the first quarter due to the timing of Chinese New Year in the lunar calendar. A majority of Atlas's business involves flights from Asia, and factory production falls off significantly during the time of Chinese New Year celebrations. Because so many customers elected to take their cancellations in the first quarter, that should have a positive impact on the 1997 fourth quarter, as relatively few cancellation privileges will then be available.
FINANCIAL POSITION
The company's financial position continues to be very strong. Atlas ended the quarter with $123 million in cash, in addition to a $275 million revolving aircraft acquisition facility, which was increased by $100 million during the quarter. Furthermore, Standard & Poor's and Moody's have announced their intentions to review Atlas's debt rating for a possible upgrade.
Interest income for the quarter was approximately $2 million and interest expense was approximately $11.2 million. More detailed financial information will be available in a few days.
Internal cost controls together with the spread of fixed costs across a growing fleet size is reducing total costs relative to revenues.
AIRCRAFT LEASED FROM FEDERAL EXPRESS
Costs associated with the operation of five aircraft leased from Federal Express have been above the average for Atlas's fleet. Atlas Air continues to be cautious about projecting operating costs associated with the Fed Ex aircraft, but based on the experience in the first quarter, those costs appear to be coming down.
The last of the five planes leased from FEDERAL EXPRESS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FDX)") else Response.Write("(NYSE: FDX)") end if %>entered service for Atlas during the current (second) quarter, and the decision was made to use that aircraft as a spare to support the current contract fleet. That decision reflects the fact that another aircraft the company had been utilizing as a backup was returned to the lessor at the beginning of the first quarter. It is difficult to maintain reliability of service without a spare unit to call into service when contracted aircraft are undergoing scheduled maintenance or when Atlas or its customers experience any unscheduled maintenance events. Additionally, the spare aircraft can be used on a short-notice basis for charters and can be offered to customers to assist with any special needs they require beyond what they have contracted for.
The five Federal Express planes were the only suitable aircraft available at the time, and so Atlas Air made the decision to acquire them. Despite the increased operating costs associated with those aircraft, that was probably the right decision in retrospect. It enabled Atlas to gain market share that the company could not have gotten otherwise, particularly in the rapidly growing South American market. Going forward, the company has in place extensive due diligence procedures for evaluating additional aircraft that may be acquired.
FLEET EXPANSION
The lease for the five Fed-Ex aircraft expires in January 1998. Atlas Air has not yet made a decision about whether it will renew that lease or return the aircraft. If those aircraft should come off lease, management is confident that the company will have four to five net additional units for growth in 1998. Atlas Air has a purchasing power and financial situation that puts it at a considerable advantage to its competitors in acquiring new aircraft for sale or lease. Atlas is the buyer of first choice for most sellers.
The company has made no decision yet on whether it will purchase new 747-400 aircraft. Although those aircraft appear to have certain advantages for selected routes, the final decision must be one that is economically favorable to the company.
GUIDANCE - SECOND QUARTER.
Because of the decision to use the fifth Federal Express aircraft as a backup rather than place it into contract service, the average number aircraft operating in the current quarter will be closer to 18.0 rather than the previous estimate of 18.7, depending on where the aircraft are used. In terms of block hours, the company is estimating 18,000 block hours for the second quarter, which is an adjustment from the approximate 18,500 block hours that had been projected previously [or approximately a 2.8% revision]. The average block hours generated by an aircraft is approximately 350 per month, or approximately 1,000 per quarter. Atlas does not provide specific guidance on revenues and earnings, but a small revision downward in block hours for Q2 should be considered alongside a trend of declining costs.
BALANCE OF 1997 -- Previous projections for the second half of 1997 were 19,000 to 20,000 block hours for Q3 and 21,000 to 22,000 for Q4. Atlas has not updated those estimates yet because the final figures will depend on the specific timing of when newly acquired aircraft are put into service during the balance of the year. Two aircraft have entered service in the current quarter (including the fifth Fed Ex aircraft). Another unit is scheduled to enter service in Q3 and two more in Q4. One of the aircraft to be delivered in Q4 is already committed to a new contract with China Airlines.
DEMAND FOR SERVICES -- Demand for air freight services continues to be very good. In the Asian market, demand remains very strong, as evidenced by the fact that China Airlines has signed up with Atlas for an additional aircraft to be operated this year. The South American market is another area of strong demand. As we continue to say, we STILL like Atlas Air. The stock closed up a nice healthy 12% this past week, to close at $28 3/4.
Southwest--The Stealth Trans-Con Airline
While we have talked about this in the folder on AOL, and in previous updates, a little update this week on a very interesting strategy that a reader wrote to me about, and that we had not talked about in awhile.
Two weeks ago, SOUTHWEST AIRLINES <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LUV)") else Response.Write("(NYSE: LUV)") end if %> Southwest had one of the few public admissions that it is actively gearing up its trans-con routes by disclosing that yes, they know they need to feed people a little more than cookies or peanuts on the longer hauls the planes will be flying. The company admitted it is looking at several alternatives -- but the fact the company came out and even talked about this was somewhat of a first. I like to characterize their on-going trans-con route development as a very "Stealth-like" activity. Very quietly the company is beginning to develop a multiple-hub strategy in the midwest that will allow them to mix and match midpoints of their new east and west coast routes.
In this light, a regular reader, Larry Valtelhas, writes an excellent post, and I quote,
"I just noticed in a Southwest Airlines press release yesterday that they are starting service to Jackson, Mississippi. What I find interesting is that one of the destinations is Baltimore. It looks like LUV is creating what I would call a multi-city hub. Rather than doing a pure hub and spoke system (Chicago, Dallas, Denver) like their larger counterparts, LUV appears to be using several cities in the middle of the country for transcontinental travel.
"I liken it to using an engineered approach of designing a transcontinental air-bridge using many smaller beams, rather than a brute force method of one large beam. The force is spread out and the stress is shared, especially in bad weather and under adverse city policies (airport taxes). [TMF Wings' note: I LIKE this analogy--the building of the Southwest Transcontinental Air-Bridge] I think what this could mean in a year or two, is one flight every 30 minutes from Baltimore to the West Coast (San Diego, Greater LA, Greater San Francisco). connecting through almost a dozen intermediate cities like Houston, Nashville, Chicago, St. Louis, Kansas City, Albuquerque, Birmingham, Phoenix, Las Vegas, San Antonio. What you end up with is high frequency transcontinental one-stop direct service. With a 20-minute turnaround and an extra 30 minutes for the landing and take-off, it would take only an hour extra to get from coast to coast.
"LUV doesn't have the planes to do much damage yet, but they will be getting those 737-700's (I think) in 1998 [TMF Wings' note: actually the end of this year] that can go coast-to-coast non-stop and will be able to combine one-stop and non-stop service. I guess from what you (or someone) were saying in one of your newsletters, is that costs would be $0.04/mile on LUV long distance travel instead of the current $0.075/mile." [TMF Wings' note: Actually Herb said that and we just quoted him.]
Larry then went on to ask if I really thought if given all this information if Stephen Wolf was serious about pulling out of BWI. Yes, I think he is serious. And yes, I think Southwest Airlines is a major reason.
Speaking of the squat little orange and mustard colored birds, I got to see the SWA corporate headquarters for the first time earlier today--thanks to my brother, Richard Hegeman, who is in town for recurrent pilot training. I have to admit--can't beat that rooftop viewing of the planes as they land at Love Field. Wow--that was great. So is it true that sometimes you guys sit up there and hold up score cards on the landings?
Speaking of stealth-like moves, don't look now, but the long-languishing Southwest stock is moving. The stock closed this past week at $27 7/8, which is an increase of 10% on the week. For the year the stock has gained 27%.
Monthly DOT On-Time Numbers
And while we are on the subject, I bet you just cannot guess who won the DOT on-time wars this past month.
Yep, Herb and his trusty band of merry stealth-like men and women.
Here is the scoop.
Percent Arriving On Time Per Carrier
Mar97
Alaska 81.1
Amer.West 78.8
American 77.8
Cont.'l 77.8
Delta 74.8
Northwest 67.7
Southwest 84.7
TWA 77.5
United 80.1
USAirways 80.7
America West in Turmoil...still.
AMERICA WEST <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AWA)") else Response.Write("(NYSE: AWA)") end if %> held its Shareholders Meeting on Friday, and the results were far from your average ho-hum encounter. Chairman Bill Franke tried to ignore requests from the floor for questions, and then relented to a few select ones. However, it was clear that the natives were not happy. There is a movement afoot to put together an investment group headed by the former President of AWA, Mike Conway, that would hopefully find a way to wrest control of the company. In addition, the Teamsters Union, which represents the AWA mechanics, was staging a protest outside the meeting. It is my understanding that AWA mechanics are now engaged in a "slow-down" in response to the company not coming to terms with the union over a new contract.
Sad days. There are some fine folks who work for America West. But morale at the airline seems to be at another all-time low point.
America West closed out the week at $15 1/8, up 1%.
USAirways--DejaVu all Over Again
Yes, folks, the "Sign Now or Shrink" campaign of the Wolfman continues. As we discussed last week, I think the Wolfman has taken a page from that airline classic, "How to Threaten, Badger, and Intimidate Union Members", written by the always irrepressible Robert Crandall. Same rhetoric, same threats, same do or die promises.
U.S. AIRWAYS <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: U)") else Response.Write("(NYSE: U)") end if %> will begin laying off pilots and other employees June 30 unless a last-minute agreement is reached with employees on cutting costs, the Washington Post reported this past week. Company sources said the layoffs would begin the day the pilot union's no-layoff clause expires. Oddly enough, the company probably needed to trim itself in some ways anyway, and I am not sure that some of this downsizing is not something that should not have already been done. It is just that now, it fits very nicely into the overall game plan of "Shrinkage is Necessary".
By the way--anyone else see that old Seinfeld episode that was on the other night about George and his shrinkage problem? Ah, never mind. Had nothing to do with airlines.
USAirways had a great week last week. The stock closed up 11% to close at $32 5/8. (We all know how Wall Street can really get into that "Cut Costs" rhetoric.
AirTran makes it Official--It's doing the Codeshare Dance with Comair
Well, we heard rumors of DELTA <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DAL)") else Response.Write("(NYSE: DAL)") end if %> looking to buy AirTran Airways. (NOT!) We heard rumors of this and that. Readers were writing me notes. The stock continued to gain. Last week it was announced that AirTran and COMAIR <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COMR)") else Response.Write("(Nasdaq: COMR)") end if %> were going to do the Codeshare Two-Step. It appears that this was a lot of the motivation for the latest two month long rise in Airtran's stock. Both companies announced that they have signed a Letter of Intent regarding a code-sharing relationship. The arrangement would connect the 23 cities served by AirTran Airways and the nine Florida cities served by COMAIR through the Orlando International Airport.
No start date for this service has been established, however the companies are hopeful code-share operations will be in place for the summer season.
AirTran ended the week up 9% to close at $6 1/8, but Comair floundered. The stock ended the week down 6% to close at $20 3/8.
Weekly Wrap-Up
Folks, we are experimenting with a new way to present the weekly numbers. Please let me know if these are not readable, or if you prefer the older method of listing. Thanks!
Weekly Performance, Rank by Percent Change over Previous Week
Closing Price Closing Price Percent Symbol 04/25/97 05/02/97 Change WLDA 7 8 5/8 23% ATLS 25 5/8 28 3/4 12% HA 3 1/4 3 5/8 12% U 29 3/8 32 5/8 11% LUV 25 1/4 27 7/8 10% AAIR 5 5/8 6 1/8 9% CAIB 29 7/8 32 1/4 8% AMR 88 1/4 95 1/8 8% AMTR 8 1/2 9 1/8 7% NWAC 38 1/4 40 7/8 7% VJET 6 7/8 7 11/32 7% DAL 89 7/8 95 1/2 6% FDX 51 3/4 54 1/4 5% ASAI 20 7/8 21 3/4 4% MEH 42 43 3/4 4% SKYW 12 1/4 12 3/4 4% KLM 28 7/8 30 4% VNGD 1 7/8 1 47/50 3% JAPNY 8 8 1/4 3% ABF 34 1/2 35 1/2 3% ALK 24 3/4 25 1/4 2% PAA 8 8 1/8 2% TWA 7 5/16 7 3/8 1% AWA 15 15 1/8 1% UAL 73 5/8 74 1% ACAI 13 3/4 13 3/4 0% AIRT 4 5/8 4 5/8 0% BAB 112 1/2 111 3/4 -1% FRNT 3 2 15/16 -2% MESA 6 5 7/8 -2% MAIR 12 3/4 12 5/16 -3% RENO 8 1/8 7 11/16 -5% WPAC 6 7/8 6 1/2 -5% COMR 21 5/8 20 3/8 -6% CEA 33 1/4 31 1/8 -6% TOWR 3 1/8 2 7/8 -8%
Thanks for stopping by once again, and as always, have a good week everyone!
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