A Nearly 6-year-old news story on the 2002 bankruptcy filing of United Airlines resurfaced on the internet on Monday, clobbering the airline's shares as some traders mistook the report as current and plausible news.UAL, parent of United Airlines, and several news organizations involved were blindsided by the resurrection of the Chicago Tribune article. UAL, which exited bankruptcy more than two years ago, demanded a retraction by the Florida Sun-Sentinel, where the out-of-date report first appeared.UAL shares fell 76 per cent to $US3 ($3.77) after the article was posted on the Bloomberg financial news service. The magnitude of the decline may underscore the lack of confidence investors have in UAL and the troubled airline industry in general. "A part of the reason why investors reacted so dramatically is because the airlines are on shaky financial footing," said Jim Corridore, equity analyst at Standard & Poor's.
My Comment (Personal Input):
I can't remember hearing about United Airlines in the past, when they were really facing problems. But it's obvious now that they are in pretty bad shape, due to a simple mishap. As a matter of fact, these big (N.Y./U.S.) industries that were successful for so long are going through tough times today. And so is our economy, in general.
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