Babcock & Brown Air rises 17% up on lower crude prices
Aircraft holding company Babcock & Brown Air Limited (NYSE:FLY) is up 17% today on above-average volume due to the price of crude oil continuing to decline. The Ireland-based company has been hit hard by the recent record-high fuel costs; the stock is down 44% from a year ago. Today, however, crude prices have dipped down as low as $126 per barrel, a far cry from the record highs of $147 achieved earlier this month. Weather forecasts had warned of a tropical storm hitting the Gulf Coast that could hinder oil production. Those forecasts have since been revised so that the storm will miss much of the region.
In today’s trading, shares of Babcock & Brown are at $12.83 at 2:32 p.m. ET, up $1.92 from Monday’s close. Trading volume was more than 70,000 shares above average. During the past year, the stock has ranged from $8.60 to $23.90.
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