Investing.com - Airline stocks were lower midday as Delta became the latest company to cut its revenue guidance.
Delta Air Lines (NYSE:DAL) forecast its fourth-quarter unit revenue to rise by 3%, compared to 3% to 5% in prior guidance, with earnings per share of $1.25 to $1.30.
“The pace of improvement in late December was more modest than anticipated,” Delta said in its updated guidance.
The news follows downbeat revenue forecasts from Apple (NASDAQ:AAPL), which cited a decline in Chinese iPhone sales. The lower forecasts prompted worries that the U.S.-China trade tensions are contributing to a global slowdown.
Delta was down 8.5%, while American Airlines Group (NASDAQ:AAL) slumped 7.8%, United Continental (NASDAQ:UAL) fell 6% and Southwest Airlines (NYSE:LUV) slipped 3.2%. The declines were in line with broader markets, with the Dow down more than 500 points.