Ryanair: Airline, or Energy Bear Fund?
Ryanair (RYAAY) is down about 25% today after it warned that it would miss expectations for Q1 and would probably post a loss for 2008. The reason? They deliberately refused to hedge their exposure to oil prices… Ryanair said last year that it would not hedge against the rising cost of oil last year, unless fuel prices fell below $100 a barrel. …oh, until now, that is: However on Monday, O’Leary said the airline was now hedged 90.0% for September, at $129…
Monday, July 28, 2008
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