European airline shares slump on price warning from Ryanair CEO
By Steve Goldstein
European airline stocks slumped on Tuesday after the chief executive of Ryanair was quoted as saying ticket fare prices will rise by less than previously forecast.
Reuters reported Ryanair CEO Michael O'Leary, as saying, "Looking at summer ... We thought pricing would be up 5-10%. We're heading to flat to 5% up."
O'Leary said the price outlook was surprising in light of many Airbus planes being grounded for maintenance, according to Reuters.
Ryanair shares (RYAAY) (IE:RYA) slumped 8%, easyJet (UK:EZJ) shares dropped by 6% and Wizz Air (HU:WIZZ) shares lost 5%.
-Steve Goldstein
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05-07-24 1045ET
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