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For example, Continental Airlines [CAL
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] said on Thursday it would cut 3,000 jobs, or about 6.5 percent of its work force, and retire 67 older planes as it scales down in the face of soaring fuel prices.
And earlier in the week United Airlines [UAUA
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] made a similar move eliminating 100 planes from the fleet as well as 1,400 to 1,600 jobs.
Is slashing workforce and reducing flights enough to turn around the airline sector?
I think high oil is a catalyst for the airlines to fix their business model, says Jeff Macke. And it looks like the industry is starting to improve, structurally. I think you can buy the dips.
I don’t think it’s enough to make them more profitable, counters Karen Finerman. They could lose less money but not make more.
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Trader disclosure: On June 5, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (MSFT), (WMT), (INTC); Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Najarian Owns (EXM), (HPQ), (AAPL), (BHI), (CHK), (HD), (TSO), (XTO), (XLF); Najarian Owns (LEH) Puts; Najariain Owns (NUE) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (HD); Finerman's Firm And Finerman Own (C), (C) Leaps; Finerman's Firm Owns (MO), (PM), (JCG), (AAPL), (AEO), (MSFT), (NYX), (SUN), (TSO), (VLO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY)
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