Allegiant Travel slumps to low for year amid high gas prices, weak economy
Allegiant Travel Company (Nasdaq:ALGT) slumped to a 52-week low Tuesday as the leisure travel company felt the impact of record-high oil prices and a weak economy that is stopping some from traveling. Crude oil has been well over $140 per barrel, making jet fuel even pricier. Allegiant operates a passenger airline marketed to travelers in small cities. The Las Vegas-based company slipped to $17.49 on Tuesday, down about 5.9% from Monday’s close. On Monday, research firm UBS initiated Allegiant Travel with a “neutral” rating.
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