Continental Airlines Inc. shares gained 84 cents, or 4 percent, to $22.03, and UAL rose 68 cents, or 3.8 percent, to $18.84.
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Airline stocks extended their assembly into a second straight session on Wednesday after UBS raised its full-year estimates for carrier earnings on signs of improving traffic. Analysts said airline revenue trends are concrete, assisted by eleventh-hour bookings naturally made by high dollar business travelers. Meanwhile, oil prices fell 67 cents to $82.16 a barrel on the New York Mercantile Exchange. That's a positive factor for airlines because fuel represents one of the sector's biggest expenses.
On Wednesday, UBS raised its forecast for 2010 earnings at several carriers. Among the biggest increases in UBS' outlook were Continental,
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