Air France-KLM shares plunge on warning over bookings
Air France-KLM shares AF, -8.23% plunged in early trade on Monday as the airline said "close-in bookings in the peak travel period are weaker than foreseen in view of softening macro-economic environment." The airline reported a 1.2% increase in passenger traffic on a 1.6% rise in capacity in August.
The stock fell over 7% in early Paris trade. Mark Simpson, an analyst at Goodbody Stockbrokers, said consensus operating profit forecasts of 1.3 billion euros "will likely move lower on the implied implications for yields on weaker close in bookings." The guidance had been for stable pricing for the network airlines.
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