Airlines stocks tank as DOJ challenges merger

By: From Wire Reports
By: From Wire Reports

NEW YORK (AP) - Shares of US Airways and other airlines are tanking Tuesday morning after the Justice Department and a number of state attorneys general challenged the proposed merger between US Airways Group Inc. and American Airlines' parent company, AMR Corp.

US Airways stock is off nearly 9 percent. Its shares have quadrupled since late 2011, when AMR filed for bankruptcy and US Airways began to pursue a merger. The deal would create the world's largest airline by passenger miles.

Stock of United Continental Holdings Inc., the current No. 1, is off 4 percent. Shares of Delta Air Lines Inc., the second-biggest airline, dropped 8 percent. Both those airlines have recently grown through billion-dollar mergers.

The selling struck other airline stocks too. JetBlue and Spirit Airlines are lower as well.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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