And while early in the day it looked like the debacle surrounding the forcible removal of a passenger from a flight on Sunday night would have a major impact on the stock — shares were down as much as 4% at one point, taking more than $900 million off United’s market cap — impacts turned out to be more muted by the end of the trading day.
United shares lost 1.1% on Tuesday, more than the broader market, but far from the amount that likely makes executives think markets will dwell on what has been a considerable PR disaster.
Near the end of the trading day, United CEO Oscar Munoz finally issued a statement that, in contrast to the company’s earlier communications on the incident, showed some real contrition.
“The truly horrific event that occurred on this flight has elicited many responses from all of us: outrage, anger, disappointment,” Munoz wrote.
“I share all of those sentiments, and one above all: my deepest apologies for what happened. Like you, I continue to be disturbed by what happened on this flight and I deeply apologize to the customer forcibly removed and to all the customers aboard. No one should ever be mistreated this way.”
By Myles Udland.
Full story at Yahoo News.
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