US airline stocks are expected to fall sharply when trading resumes today after the attacks that threw the industry into chaos and caused an estimated $300 million in industry losses per day.
Although Wall Street analysts were reluctant to predict target prices, one said stocks could fall as much as 60 per cent when the New York Stock Exchange opens this morning.
The exchange, on which most top carriers are listed, was shut down for the longest period since the Great Depression.
"We expect all airline shares to open sharply lower when trading resumes; we expect moves to the downside to significantly outstrip overall market weakness," said Credit Suisse First Boston analyst Mr James Higgins.
More carriers over the weekend cut scheduled services and weighed deeper job losses ahead of urgent meetings with the Bush administration set for Tuesday.
All five top US carriers have now cut scheduled service, measured by available seat miles, buy 20 per cent.
Job cuts have also begun, with Continental Airlines, the fifth -argest airine, on Saturday saying it would lay off 12,000 workers - 21 percent of its total workforce.
Number six US carrier US Airways Group plans to announce similar schedule cuts and some layoffs later this week, union officials told Reuters.