Business

UAL among leaders after analyst urges buy

Posted February 22, 2009 10:00 pm

Bloomberg News

United Airlines parent UAL Corp. and Continental Airlines Inc. led gains among U.S. carriers after a Calyon Securities analyst said now is the time to buy.

UAL jumped as much as 27 percent, the most since October, while Continental climbed as much as 15 percent, the biggest increase since November. American Airlines parent AMR Corp., Delta Air Lines Inc. and US Airways Group Inc. also advanced.

"Only the bravest investor buys into a steep market slide as is currently occurring, but this is the time when profits can be made," Calyon's Ray Neidl in New York wrote today in a note to investors. "We believe the current weak airline stock prices are unjustified."

UAL added $1.11, or 20 percent, to $6.53 at 2:49 p.m. New York time in Nasdaq Stock Market composite trading, while Continental rose $1.10, or 10 percent, to $11.65 in New York Stock Exchange composite trading.

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