24/7 Wall St. » UAL

When Will Low Oil Help Airlines Out? (UAL, DAL, LCC, LUV, JBLU)

Administrator — Wed, 23 May 2012 18:53:14 +0000

Oil is tanking behind Europe, commodity inventories are up, and refineries are running at very high historic levels. And guess what, airplanes are full, fares are up, carriers are passing on endless costs to customers, and capacity remains high. As long as the U.S. does not follow Europe into a meltdown it should be a perfect storm for the U.S. airline sector. So why are airline stocks getting hit with the broad market so much?

Oh, and someone some day will probably buy AMR or parts of it out of bankruptcy for a song. Perhaps it is simply just another 100-point-plus drop in the DJIA or another double-digit drop in the S&P 500 Index. The major airline carriers are trading today:

United Continental Holdings, Inc. (NYSE: UAL) is down 1% at $21.61 against a 52-week range of $15.51 to $26.50; UAL was above $24.00 just one week ago.

Delta Air Lines Inc. (NYSE: DAL) is down 0.8% at $10.45 with a 52-week range of $6.41 to $11.58; Delta is down almost 10% in less than two weeks.

US Airways Group, Inc. (NYSE: LCC) is down only 0.4% at $10.58 against a 52-week range of $3.96 to $11.73; US Air is down about 10% in less than two weeks.

Southwest Airlines Co. (NYSE: LUV) is performing the worst of the lot because most investors believe that are actively hedging and that means they won’t benefit as much from lower oil prices. Southwest’s share price is down 1.2% at $8.18 against a 52-week range of $7.15 to $12.04.

JetBlue Airways Corporation (NASDAQ: JBLU) is an exception to the rule today. Its shares are up 3% at $4.40 against a 52-week range of $3.40 to $6.32 in part on follow-on buying after a director of the company bought more than $200,000 worth of stock.

The question that has to be asked is how the end of summer demand is going to be and how the end of 2013 will hold up. Right now investors are using anything as a source of funds but the movement here might be acting differently than it should be.

JON C. OGG

Filed under: Airlines, Oil & Gas, Transports Tagged: DAL, featured, JBLU, LCC, LUV, UAL

Hedge Fund Stock Picks: Whale Hunting of the Kingmakers

Administrator — Wed, 16 May 2012 21:43:08 +0000

24/7 Wall St. published the full list of positions already for Warren Buffett and Berkshire Hathaway Inc. (NYSE: BRK-A). While there were some surprises out there and 24/7 Wall St. tracked some of the key additions by “whales” like Farallon, Highbridge, Paulson & Co., SAC Capital, Greenlight Capital and others. These positions were the changes seen in the first quarter and has been consolidated from our prior reports.

Apple Inc. (NASDAQ: AAPL) was a large gain by Appaloosa Management, with a gain of more than 500,000 shares up to 685,000 shares worth some $303 million. This of course was worth more in April. Farallon put up a new position of just over 192,000 worth some $116 million. Janus only lowered its stake by 0.5% and Apple is still its largest holding at over $3.8 billion, while Vanguard lifted its stake by about 5% worth over $23 billion.

Caesars Entertainment Corporation (NASDAQ: CZR) was a strange position on the surface, but easy to explain later. Paulson & Co. was shown to have lifted its stake to 12.37 million shares from NO SHARES at the end of 2011. The problem is that Paulson owned Caesars shares already before the IPO but it was not public before the end of 2011.

Computer Sciences Corporation (NYSE: CSC) was a 2.4 million share stake by Greenlight Capital (under David Einhorn) worth $72 million, and that was a new position. With an activism flare, maybe this can light some fire under what has been a dead tech-value stock. Another firm, Highbridge Capital Management LLC, added more than 1 million shares as a new position in the first quarter.

DaVita Inc. (NYSE: DVA) was a key addition of Warren Buffett’s Ted Weschler who grew his stake to 6,000,000 from almost 2.7 million shares. This was a doubling of the stake, but we would note that this stock has slid 10% since the end of the quarter. The overall position may be closer to break-even here, but this has a huge portion of the kidney dialysis market as of today.

Dollar General Corporation (NYSE: DG) was a surprise for us considering that we thought Warren Buffett’s new manager Todd Coombs would have added to this position rather than cutting it. Maybe the valuation premium just became too much. The March 31 stake was 3.63 million shares versus the 4.497 million shares at the end of 2011.

El Paso Corporation (NYSE: EP) saw more than one move higher. Farallon Capital added another 50% or so to end with 22.49 million shares worth $235 million in the first quarter; Paulson & Co. doubled its stake in the first quarter to 8 million shares worth over $118 million.

Encana Corporation (NYSE: ECA) is a standout because it looks small, but it is a good whale watching stock. BP Capital’s T. Boone Pickens initiated a new position of more than 1.13 million shares worth some $22.3 million.

Express Scripts Holding Co. (NASDAQ: ESRX) was a very large gain by Farallon Capital, where the position rose to over 5.65 million shares as of March 31 from only 1.17 million shares at the end of 2011. Paulson & Co. also doubled its stake in the first quarter to 3.24 million shares worth over $87 million shares. With the merger now closed, others have been looking at this despite Walgreen’s issues.

General Motors Co. (NYSE: GM) was another new position of 10 million shares worth more than $250 million. Frankly, we might have guess that Ford would have been chosen. Is it possible that this was a “politically motivated or influenced” as Buffett is such a supporter of Obama? That admittedly seems like a stretch, but if we were looking for auto exposure it would have probably been with Ford.

SIRIUS XM Radio Inc. (NASDAQ: SIRI) saw SAC Capital grow from only over 3 million shares at the end of 2011 to 98.2 million shares worth almost $217 million in the first quarter, SAC wheels and deals in shares all the time, so they could have been in and out of a lot more or less shares before, during, and after that point.

Skyworks Solutions Inc. (NASDAQ: SWKS) scored a new large stake in the first quarter by Maverick Capital. The new holdings came to over 5.8 million shares worth some $161 million at the end of the quarter, likely as an “Apple play.”

United Continental Holdings (NYSE: UAL) was hard not to miss in the whale hunting as well as Appaloosa grew its position by 500% or so up to over 7.9 million shares worth over $146 million.

JON C. OGG

Filed under: Accounting, Activist Investor, Analyst Calls, Buffett, Compensation, Corporate Governance, Insider Activity, Large Cap Stocks, Management Change, Mutual Funds, Personal Finance Tagged: AAPL, BRK-A, CSC, CZR, DG, DVA, ECA, EP, ESRX, SIRI, SWKS, UAL

Falling Oil Puts Airline Sector Up In First Class (UAL, DAL, LCC, LUV)

Administrator — Fri, 04 May 2012 17:19:27 +0000

Is the economy so weak that the summer and rest of 2012 will be punishing on the airline industry? Apparently not. Have you been to an airport and flown lately? Chances are high that if you then you probably noticed that planes are full and often overbooked. The drop in oil may be hurting the oil players today, but the airline sector is one of the few bright spots for investors despite a 20 point drop in the S&P 500 and a 160 point drop in the DJIA.

Here is how some of the major airline carriers are trading today: United Continental Holdings, Inc. (NYSE: UAL) is up 3% at $22.22; Delta Air Lines Inc. (NYSE: DAL) is up 1.1% at $11.08; US Airways Group, Inc. (NYSE: LCC) is up 1.2% at $10.84.

The one exception is Southwest Airlines Co. (NYSE: LUV) with its shares trading down 1.3% at $8.11 because it is a hedge-play. Southwest is an airline which often is more active in hedging out its oil price exposure, so a drop of more than 5% in oil prices from the peak in oil this week does not necessarily translate t quite as high of savings for Southwest.

What is important to remember here is that a $1.00 drop in crude is supposed to be worth about $400 million in profits to the airline industry.

JON C. OGG

Filed under: Airlines, Oil & Gas, Trading Alert, Transports Tagged: DAL, featured, LCC, LUV, UAL

Does Delta Make Sense as an Oil Refiner?

Paul Ausick — Tue, 01 May 2012 12:04:50 +0000

A deal that first made it into public view less than a month ago has now been completed. Delta Air Lines Inc. (NYSE: DAL), through its wholly-owned Monroe Energy LLC subsidiary, has acquired the 185,000-barrel/day Trainer, Pennsylvania, refinery from Phillips 66 (NYSE: PSX), the refining company spin-off from ConocoPhillips (NYSE: COP) that officially begins trading today.

Delta will pay $150 million for the refinery and expects to spend another $100 million to boost the plant’s capacity to make jet fuel, which is the reason Delta bought the refinery in the first place. The deal follows yesterday’s $5.3 billion acquisition by Energy Transfer Partners L.P. (NYSE: ETP) of downstream company Sunoco Inc. (NYSE: SUN).

A couple of interesting questions follow Delta’s entry into the refining business. First, will other airlines follow? United Continental Holdings Inc. (NYSE: UAL), US Airways Group Inc. (NYSE: LCC), and Southwest Airlines Co. (NYSE: LUV), like other large carriers, follow a hedging strategy that tries to even out the ups-and-downs of crude prices. When it works, as it did for Southwest in 2006 and 2007, management looks like geniuses and the airlines makes a ton of profit. When it doesn’t work, as it didn’t for Southwest a few years later, the less said the better.

The only reason to buy a refinery is to mitigate price risk on crude oil. Delta claims the cost of the refinery is equivalent to the price it would pay for one widebody jet. The company expects to save twice that much annually on fuel costs going forward. Before United and the other carriers jump into the refining business they will want to see if Delta can actually realize its projected savings.

Which brings us to the second question: how does Delta expect to mitigate crude oil price risk? When the possible refinery acquisition first became known, there were reports that JPMorgan Chase & Co. (NYSE: JPM) would take on the crude oil trading that would be needed to supply the refinery. As announced today:

[Delta subsidiary] Monroe is partnering with leading energy companies to supply crude oil and receive jet fuel in exchange for Trainer’s non-jet fuel outputs. Under a three-year agreement, BP will supply the crude oil to be refined at the facility. Monroe Energy will exchange gasoline and other refined products from Trainer for jet fuel from Phillips 66 and BP elsewhere in the country through multi-year agreements.

The “leading energy companies” are ConocoPhillips and BP plc (NYSE: BP). If BP is supplying the crude, the price will be set at or very near Brent crude prices. Jet fuel is generally more expensive than gasoline and other refined products. As Brent prices rise, jet fuel prices will also rise and probably rise faster than gasoline or diesel prices. Thus, Monroe/Delta will be trading lower-priced products for a higher-priced product. No savings there.

The only way for Delta to make sure it saves money is to source its crude more cheaply. In the US, that means getting crude from North Dakota’s Bakken field to the East Coast. There’s no pipeline (yet) to do that. Surely the lack of cheap crude is why JPMorgan is no longer in the picture. The proposed sale of Sunoco’s 335,000-barrel/day Philadelphia refinery to The Carlyle Group will not be concluded if the private equity firm cannot find a source of cheaper crude.

Delta apparently believes that by sourcing crude from BP the airlines has insulated itself from crude price risk. Not having seen details of the contract it’s hard to say. But oil companies are not charitable organizations and BP won’t have made any big concession on price.

Shares of Delta are up about 2.2% in the pre-market at $11.20 in a 52-week range of $6.21-$11.60. A new annual high is certainly within reach today.

Paul Ausick

Filed under: Airlines, Mergers and Buy Outs, Oil & Gas Tagged: BP, COP, DAL, ETP, featured, JPM, LCC, LUV, PSX, SUN, UAL

Airlines Post Gains on Fuel Hedges, Revenues Up Too (DAL, LCC, LUV, AAMRQ, UAL, JBLU, FAA)

Paul Ausick — Wed, 25 Apr 2012 17:24:29 +0000

Two of the US’s largest airlines reported earnings today, Delta Air Lines Inc. (NYSE: DAL) and US Airways Group Inc. (NYSE: LCC), and both showed a profit thanks to mark-to-market gains on fuel hedges. At Delta, adjusted EPS actually showed a loss of -$0.05/share, right on the consensus estimate and far better than the EPS loss of -$0.38 that the company posted in the same period a year ago. Revenue of $8.41 billion topped the consensus estimate of $8.36 billion.

At US Airways, profits rose to $48 million, which included a one-time gain of $73 million on a transaction with Delta related to takeoff and landing rights at LaGuardia and Reagan National. Stripping out the one-time items, US Airways posted an EPS loss of -$0.13, far better than the EPS loss of -$0.68 in the same period a year ago and nearly two times better than the consensus analyst estimate for an EPS loss of -$0.25. Revenue of $3.27 billion was also better than the consensus estimate of $3.24 billion.

The two airlines follow Southwest Airlines Co. (NYSE: LUV) and AMR Corp.’s (OTC: AAMRQ.PK) American Airlines, both of which reported earnings last week. Southwest also posted a profit on hedging gains, and American’s loss, stripping out one-time charges, was 40% smaller than it was in the same period a year ago.

United Continental Holdings Inc. (NYSE: UAL) is scheduled to report earnings tomorrow, as is JetBlue Airways Corp. (NASDAQ: JBLU). The consensus estimates call for United to post an EPS loss of -$1.03 on $8.58 billion in revenue and for JetBlue to post EPS of $0.08 on revenue of $1.19 billion.

The good news for airlines is that traffic is up, ticket prices have been raised, and some capacity has been wrung out. The wild card, of course, is fuel costs. Data from the International Air Transport Association (IATA) indicates jet fuel cost $3.245/gallon, down -2.4% from March, and down -1.9% from the same period last year. The IATA estimates the average cost for a barrel of jet fuel in 2012 will be $135, which will raise the industry’s total fuel bill by $41 billion over the year.

Delta’s shares are down about -0.3% in the early afternoon, at $10.45 in a 52-week range of $6.41-$11.60. US Airways’ shares are up 2.9% at $9.58, in a 52-week range of $3.96-$10.35.

The lightly traded Guggenheim Airline ETF (AMEX: FAA) is up 0.14% at $29.30 in a 52-week range of $23.82-$39.18.

Paul Ausick

Filed under: Airlines, Earnings, Transports Tagged: AMR, DAL, FAA, JBLU, LCC, LUV, UAL

Media Digest (4/24/2012) Reuters, WSJ, NYT, Bloomberg

247wallst — Tue, 24 Apr 2012 10:39:12 +0000

Facebook reports that its revenue grew to more than $1 billion and its membership to 900 million. (Reuters)

Microsoft (NASDAQ: MSFT) sells some of the patents it bought from AOL (NYSE: AOL) to Facebook for $550 million. (Reuters)

Netflix (NASDAQ: NFLX) earnings and projections fail to impress Wall St., which pushed shares down by nearly 15%. (Reuters)

Dow AgroSciences may produce weed-resistent corn. (Reuters)

Google (NASDAQ: GOOG) may launch an online storage system to compete with Dropbox. (Reuters)

Yahoo! Japan my buy back shares from Yahoo! (NASDAQ: YHOO). (Reuters)

An ITC judge says Microsoft violated some of Motorola Mobility (NYSE: MMI) patents. (Reuters)

Several investment banks will cut employment as deal volume falls. (WSJ)

Social Security and Medicare will run through funds faster than previously expected. (WSJ)

General Motors (NYSE: GM) CEO Ackerson says he will stay as long as the board will have him. (WSJ)

The smartphone business increasingly becomes a race between Apple (NASDAQ: AAPL) and Samsung. (WSJ)

United Continental (NYSE: UAL) to buy 100 737s from Boeing (NYSE: BA). (WSJ)

Jana Partners buys 12% of Barnes & Noble (NYSE: BKS). (WSJ)

Verizon’s (NYSE: VZ) earnings press AT&T (NYSE: T) and Sprint-Nextel (NYSE: S) to do similarly well. (WSJ)

Mexican government officials question the operations of state-owned oil firm Pemex. (NYT)

China’s largest banks are challenged to find more capital. (NYT)

More and more EU officials react badly to Angela Merkel’s stand on austerity. (Bloomberg)

Douglas A. McIntyre

Filed under: Press Digest Tagged: AAPL, AOL, BA, BKS, GM, GOOG, MMI, MSFT, NFLX, S, T, UAL, VZ, YHOO

Top Analyst Upgrades & Downgrades (AIG, RATE, CMA, CEO, CREE, DECK, FSLR, INTC, IBM, SAP, TROW, TTM, UAL)

Administrator — Wed, 18 Apr 2012 12:13:23 +0000

These are some of the top analyst upgrades, downgrades and initiations seen in Wall Street research calls this Wednesday.

American International Group Inc. (NYSE: AIG) Raised to Outperform at William Blair.

Bankrate, Inc. (NYSE: RATE) Started as Buy at SunTrust Robinson Humphrey.

Comerica Inc. (NYSE: CMA) Cut to Market Perform at BMO.

CNOOC Ltd. (NYSE: CEO) Raised to Hold at Jefferies.

Cree Inc. (NASDAQ: CREE) Cut to Hold at ThinkEquity.

Deckers Outdoor Corporation (NASDAQ: DECK) Raised to Neutral at Stern Agee.

First Solar, Inc. (NASDAQ: FSLR) Raised to Hold at Cantor Fitzgerald; Cut to Sell at Wunderlich; Maintained as Buy but cut target $40 from $50 at Argus.

Intel Corporation (NASDAQ: INTC) Maintained Outperform with $35 target and raised 2013 estimates at Credit Suisse.

International Business Machines Corporation (NYSE: IBM) Cut to Neutral at Macquarie; Raised estimates but maintained as Neutral at Credit Suisse.

SAP AG (NYSE: SAP) Reiterated Buy with $84 target at Argus.

T. Rowe Price Group (NASDAQ: TROW) named as Bull of the Day at Zacks.

Tata Motors Ltd. (NYSE: TTM) maintained as the most undervalued stock on the price-to-book versus return on equity valuation model at Credit Suisse.

United Continental Holdings, Inc. (NYSE: UAL) named as Bear of the Day at Zacks.

If you enjoyed the top analyst upgrades and downgrades, you can join our free email newsletter that includes analyst summaries each morning sent right to your inbox. We also cover top issues such as IPOs, special financial exclusives, mergers and more. Sign up in the box below.

JON C. OGG

Filed under: Analyst Calls Tagged: AIG, CEO, CMA, CREE, DECK, FSLR, IBM, INTC, RATE, SAP, TROW, TTM, UAL

Top Analyst Upgrades & Downgrades (AMSC, CPHD, EGO, GME, HBAN, JCP, M, NVDA, PLCM, SAP, SVU, UAL, YELP)

Administrator — Wed, 11 Apr 2012 12:17:35 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Wednesday.

American Superconductor Corporation (NASDAQ: AMSC) Started as Buy at Maxim Group.

Cepheid, Inc. (NASDAQ: CPHD) named Bull of the Day at Zacks.

Eldorado Gold Corporation (NYSE: EGO) Raised to Buy at Canaccord Genuity.

GameStop Corporation (NYSE: GME) Cut to Hold at Needham.

Huntington Bancshares (NASDAQ: HBAN) Started as Neutral at Goldman Sachs.

J. C. Penney Company, Inc. (NYSE: JCP) Started as Neutral at UBS.

Macy’s, Inc. (NYSE: M) Started as Neutral at UBS.

NVIDIA Corporation (NASDAQ: NVDA) Started as Outperform at RBC.

Polycom Inc. (NASDAQ: PLCM) Cut estimates but maintained Buy at Argus.

SAP AG (NYSE: SAP) Cut to Hold at ThinkEquity.

SuperValu Inc. (NYSE: SVU) maintained Neutral but cut target to $6 at Credit Suisse.

United Continental (NYSE: UAL) named as Bear of the Day at Zacks.

Yelp Inc. (NYSE: YELP) Started as Neutral at Goldman Sachs; Started as Neutral at Citigroup; Started as Perform at Oppenheimer; Started as Hold at Jefferies.

JON C. OGG

Filed under: Analyst Calls Tagged: AMSC, CPHD, EGO, GME, HBAN, JCP, M, NVDA, PLCM, SAP, SVU, UAL, Yelp

Top Analyst Upgrades & Downgrades (AIG, BV, BIIB, BX, CIEN, IBM, MCD, NVO, SNDK, SON, LUV, SBUX, SYY, TLAB, UAL)

Administrator — Wed, 04 Apr 2012 12:24:39 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Wednesday.

American International Group (NYSE: AIG) Raised to Outperform at Bernstein.

Bazaarvoice Inc. (NASDAQ: BV) Started as Neutral at Credit Suisse; Started as Overweight at Morgan Stanley; Started as Buy at Deutsche Bank..

Biogen Idec Inc. (NASDAQ: BIIB) Raised to Buy at Goldman Sachs.

Blackstone Group L.P. (NYSE: BX) added to Top Pick list at Citigroup.

Ciena Corporation (NASDAQ: CIEN) Raised to Overweight at JPMorgan.

International Business Machines Corporation (NYSE: IBM) Cut to Neutral at BofA/ML.

McDonald’s Corporation (NYSE: MCD) removed from Conviction Buy List but maintained as Buy at Goldman Sachs.

Novo Nordisk A/S (NYSE: NVO) Cut to Sell at Deutsche Bank.

SanDisk Corporation (NASDAQ: SNDK) Cut to Outperform at RBC.

Sonoco Products Co. (NYSE: SON) Started as Equal-weight at Barclays.

Southwest Airlines Co. (NYSE: LUV) Raised to Overweight at Barclays.

Starbucks Corporation (NASDAQ: SBUX) Added to Conviction Buy List as Goldman Sachs.

Sysco Corporation (NYSE: SYY) Started as Sell at Goldman Sachs.

Tellabs Inc. (NASDAQ: TLAB) Raised to Neutral at JPMorgan.

United Continental Holdings, Inc. (NYSE: UAL) Cut to Equal-weight at Barclays.

JON C. OGG

Filed under: Analyst Calls Tagged: AIG, BIIB, BV, BX, CIEN, IBM, LUV, MCD, NVO, SBUX, SNDK, SON, SYY, TLAB, UAL

What’s Important in the Financial World (4/2/2012) Pinnacle Air Chapter 11, Record Europe Unemployment

247wallst — Mon, 02 Apr 2012 10:38:15 +0000

The unemployment rate of the eurozone reached 10.8% in February, up from 10.0% a year ago according to EuroStat. Unlike the in United States, the trend is in the wrong direction. The lowest rates were in Germany (5.7%) and the Netherlands (4.9%), as would be expected. Also expected were the horrendous rates in Spain (23.6%) and Greece (21.0%). These two figures were up sharply from a year ago. It remains impossible to believe that the economies of Spain and Greece can recover. It is entirely possible that they will get worse and that gross domestic product will plunge at a more rapid rate than last year. The European Union’s new rescue package, set at more than $1 trillion dollars, is to help bailout countries with debt problems. None of it is meant to go to stimulus — which may be the only hope for the region’s most troubled economies.

Pinnacle Air Bankruptcy

Another airline has filed Chapter 11. This time it is Pinnacle Airlines (NASDAQ: PNCL), a small U.S. carrier. The firm announced that it will continue to operate. Most airlines use the Chapter 11 process to shed debt, fire employees and reset deals with airplane manufacturers. Pinnacle in no exception. In a press release the airline said:

Pinnacle expects to accomplish several key initiatives during the restructuring process to help ensure that it returns to profitability and remains viable over the long term as the regional airline industry continues to contract and transform. These initiatives include restructuring its key operating agreements with Delta Air Lines, winding down its operations with United Airlines, completing the wind-down of its Essential Air Service (EAS) flying with US Airways, achieving cost savings from its workforce, identifying additional opportunities across the organization to reduce costs, and ensuring that it has the appropriate fleet, staffing levels and network to operate profitably on an ongoing basis.

This means most unions, banks and manufacturers that do business with Pinnacle will suffer. Other airlines may have to do the same as Pinnacle and AMR, which declared bankruptcy earlier, as fuel costs rise to unsustainable levels.

Brent Crude Trades Higher

Oil moved higher again after a week of losses. China’s strong PMI figures and concerns about supply were the primary causes as Brent Crude traded near $123. Despite a drop at the end of last quarter, crude prices rose 4.2% for the quarter. Gasoline prices, based on a national average for a gallon of regular, held steady yesterday at an extremely high $3.925. Based on the same calculation, gas was $3.757 a month ago and $3.645 a year ago.

Auto Recalls

Another round of car recalls is likely, in what has quickly become a year of recalls. The National Highway Traffic Safety Administration has reported fires in engine of the General Motors’ (NYSE: GM) 2011 Chevy Cruz and Chrysler’s 2010 Jeep Wrangler. The announcement came a day after Honda (NYSE: HMC) said it would have to recall 554,000 vehicles to fix possible problems in their headlight wiring. These include certain CR-V compact SUVs from the 2002 through 2004 model years and Pilot large SUVs from 2003. The company said if the low beams of these vehicles stop working, it could cause crashes.

Douglas A. McIntyre

Filed under: Market Close Tagged: DAL, GM, HMC, LCC, PNCL, UAL