Sector Snap: Airline shares lose more ground

Airlines shares lost ground again on Tuesday, as the broader market moved lower.

The AMEX Airline Index lost about 2 percent, with 10 of 13 component stocks lower.

Crude oil lost $2.62 a barrel at $66.93 in afternoon trading on the New York Mercantile Exchange. Jet fuel is one of the major costs airlines deal with.

UBS Investment Research analyst Kevin Crissey lowered his estimates on 10 airlines. "Demand remains putrid," he said in a note to investors. "Our bias is to think weve been too optimistic rather than pessimistic."

Crissey said he's not optimistic shares will go higher in the near term.

Shares of AMR Corp., parent of American Airlines fell 17 cents, or 4.2 percent, to $3.93. Continental Airlines lost 29 cents, or 3.5 percent, at $8.04. Delta Air Lines lost 28 cents, or 5 percent, at $5.37. US Airways fell 30 cents, or 12.1 percent, to $2.18. UAL Corp., parent of United Airlines, gave up 39 cents, or 10.9 percent, at $3.18.

AirTran lost 23 cents, or 4.2 percent, at $5.27. JetBlue Airways fell 13 cents, or 3.4 percent, to $3.75. Southwest Airlines slid by 16 cents, or 2.5 percent, to $6.20. SkyWest dropped 4 cents to $9.65.