Reeling from a public relations debacle triggered by the forced removal of a passenger on Sunday, United Airlines saw its stock price dip by as much as 4.4 per cent before it recovered most of its losses and ended the day with a more modest drop.
Shares of United Continental Holdings Inc. fell by as much as 4.4 per cent in early trading on Wall Street, wiping nearly $1billion off the company's value.
But by the closing bell, the stock recovered somewhat and ended the day at $70.71 a share - which is a loss of 1.13 per cent.
The airline ended the day having lost $255million.
In premarket trading on Tuesday, the share price dropped by 2.4 per cent, according to MarketWatch.
Investors currently peg United's market capitalization at $22.5billion.
The 2.4 per cent drop is an improvement over the 6 per cent drop in share price that had been reported in premarket trading hours earlier.
A drop in share price of 6 per cent would translate into a $1.4billion depreciation in value.
Interestingly enough, the backlash that erupted on Monday had little effect on United's stock price.
By the close of trading on Monday, United shares rose 0.9 per cent.
But the premarket trading on Tuesday indicates that investors are nervous the public relations furor could very well put a dent in the airline's bottom line.
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