United Airlines takes off after announcing positive guidance
United Continental shares soared nearly 9 percent on Tuesday after the airline company announced positive guidance and reported an uptick in passenger traffic.
The Chicago-based company reported a 6.5 to 6.75 percent drop in passenger unit revenue in the second quarter of 2016 compared with last year. Analysts expected a 7 percent decline, according to Reuters.
United Airlines linked the better-than-expected news to Fourth of July traffic as well as an increase in business travel in the final week of June, according to a release. The firm also saw more international yields.
The stock has dropped more than 19 percent so far this year, which United Airlines attributed to declining fuel prices, competition and slow growing passenger demand.
United Airlines closed at $46.16 per share on Tuesday.
UAL year to date: