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Airline shares lose altitude
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January 13, 1999: 12:52 p.m. ET
Troubles in Brazil, other areas take toll on transport sector stocks
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NEW YORK (CNNfn) - Transportation stocks were losing altitude Wednesday as windshear from the Brazilian turmoil and other market woes sent the sector lower.
Among the companies seeing their shares drop were AMR Corp. (AMR), American Airlines' holding company; Delta Air Lines Inc. (DAL), and UAL Corp. (UAL), parent of United Airlines.
Analysts cited the growing economic crisis in Brazil, South America's largest economy, as one factor behind the market nose dive.
"They've gone up a lot," said David Campbell, analyst with Scott & Stringfellow. "They fly people and cargo to Brazil. It's a difficult situation."
Campbell also noted that "there has been a lot of profit-taking in a lot of sectors today in the whole market."
Brian Harris, an analysts with Salomon Smith Barney, said not all of the sector's problems can be blamed on Brazil.
"A lot of airlines don't fly to Brazil," he said. "The sector is highly-tied to the economy. This is not endemic to airlines."
Neither analyst would speculate about when the sector might see some friendly skies.
At noon, AMR was down 2 at 63-1/4; Delta was down 1-1/2 at 55-9/16; and UAL was down 1-7/8 at 61-1/8. 
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