American Airlines shares pared losses early Tuesday after the carrier canceled an hourlong ground stop for all of its flights just as the busy Christmas Eve travel day was getting underway.
A technical issue, which Bloomberg reported as possibly a problem with software used to calculate weight and balance factors in aircraft, was reportedly the cause for the halt order. A statement from American said, "our teams are working to resolve the issue as quickly as possible, and we apologize to our customers for the inconvenience."
The Federal Aviation Administration said American had requested a ground stop for all its flights, according to reports.
FlightAware doesn't have many delays/cancellations reported for American Tuesday morning.
American Airlines stock fell 5% in early premarket trade, but narrowed its loss to less than 1% during premarket action on Tuesday. Shares gained 2.2% to 17.25 on Monday.
Airline Stocks: What's Next For The Airline, Travel Rally?
AAL And Other Airline Stocks
American Airlines stock has advanced more than 25% in 2024 while the 18 stocks in the IBD-tracked Transportation-Airline industry group have collectively gained around 47%.
Airline stocks have unfolded a record setting run off August lows. American doubled in value from early August to mid-December. It is now pulled back and testing short-term support.
Delta Air Lines ran up 81% before its pullback. Shares are now poised for a rebound from the stock's 10-week moving average.
United Airlines has rebounded from its 10-week line, and is trading 167% above its early August low.
Delta and United shares traded moderately higher early Tuesday.
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