Airline Sector Takes a Hit as Major FAA Glitch Causes Widespread Flight Delays
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Airline stocks are selling-off today as a computer glitch at the FAA has caused widespread flight cancellations and delays this morning. Reportedly, several computer systems that control automated flight plans went down at the FAA's Salt Lake City and Atlanta terminals, causing air-traffic controllers to enter flight plans by hand.
The FAA has now confirmed that the system is back up and running, but delays are expected to continue as long lines are in abundance at airports nationwide.
The Claymore/NYSE Arca Airline ETF (NYSE: FAA), although thinly traded, can give investors a quick-and-easy look at performance in the sector. It is currently down 3.3%.
Elsewhere in the airline sector:
- Southwest Airlines (NYSE: LUV) down 2.3% to $8.86
- Delta Air Lines (NYSE: DAL) down 4.5% to $7.41
- AMR Corp. (NYSE: AMR) down 4.3% to $5.52
- Continental Airlines (NYSE: CAL) down 4.7% to $12.74
- JetBlue (Nasdaq: JBLU) down 4.6% to $5.22
- UAL Corp. (Nasdaq: UAUA) down 3.5% to $6.91
- SkyWest (Nasdaq: SKYW) down 4.2% to $14.77
- US Airways (NYSE: LCC) down 5.2% to $3.10
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