Record high prices led to three U.S. airlines reporting big quarterly losses today. UAL Corp. (UAUA), United Airlines’ parent company, posted its biggest loss since a Chapter 11 restructuring two years ago. AirTran (AAI) reversed its year-ago profit, and JetBlue Airways (JBLU) also reported a loss. Their loss was smaller than expected, though, reports Kyle Peterson for Reuters.
Two other major components of the fund, United Parcel Service (UPS) and FedEx (FDX), have reported a drop in deliveries for the first quarter. UPS said earnings through March will miss projections by as much as 7.4%. FedEx said shipments were down 2% in the first quarter and that it would have limited earnings growth this year, reports Mary Jane Credeur for Bloomberg.
Together, both companies deliver 80% of packages in the United States. IYT holds 9.3% of FedEx and 7.3% of UPS.
The prices of oil and gas hit new records today: gas went above $3.50 a gallon, while oil hit $119.90 a barrel, reports John Wilen for the Associated Press.
For full disclosure, some of Tom Lydon’s clients own shares of IYT.
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