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Market Update

Airlines Surge after Oil Drops to a 4-year Low

Author: Mukesh Buch
Last Update: 1:38 PM ET November 28 2014

12:45 PM New York American Airlines, Delta Air Lines and JetBlue surged while energy stocks plunged after oil price declined to a four-year low below $70 a barrel. Medtronic received clearance from U.S. Federal Trade Commission to acquire Covidien for $42.9 billion.

Tollbooth Index increased 0.7% or 74.48 to 10,098.90.

Stocks in Review

American Airlines Group Inc surged 7.7% or $3.46 to $48.44 and Delta Air Lines Inc (DAL) soared 5.3% or $2.36 to $46.60 after oil price declined to a four-year low.

EOG Resources Inc tumbled 7.4% or $6.97 to $87.10 after the oil is slumped to its cheapest in more than four years below $70 a barrel after OPEC decided to hold supply level at 30 million barrels.

Saudi Arabia fended off calls from several member nations to cut production despite several reports suggesting that the demand increase is stalling and the supply is ahead of the demand by at least one million barrels a day.

JetBlue Airways Corporation (JBLU) climbed 9.2% or $1.25 to $14.84.

The company expected to generate more than $400 million annual operating income on an annual basis and reduce capital expenditures by more than $900 million from 2017.

Medtronic, Inc (MDT) gained 1.1% or 79 cents to $74.27 after the medical equipment maker received the U.S. Federal Trade Commission clearance for its $42.9 billion acquisition of the U.K.-based Covidien Plc.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc