The oil bubble bursts following its high over July 4th, due to decreased consumer demand. Airlines as a sector immediately see gains due to decreased pressure from declining crude oil prices.
US Air is following the lead of American Airlines and is charging $15 for the first checked bag, effective July 9.
US Airways stock fell over 8.5% in one day of trading after analysts announced expectations that the company lost $2.29 per share during the first quarter of 2008. This revision in earnings forecasts represented a much more pessimistic outlook for the company.