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Airline stocks fell sharply after Delta Air Lines Inc. said a key measure of revenue was hurt last month by government spending cuts, a technical glitch and attempts to get passengers to pay more. Delta fell $1.31, or 8.1 percent, to $14.94. United Continental Holdings Inc. lost $1.59, or 5.1 percent, to $29.38. US Airways Group Inc. fell 93 cents, or 5.6 percent, to $15.74. JetBlue Airways Corp. dropped 40 cents, or 5.9 percent, to $6.34. The industry dragged the Dow Jones transportation average down 1.2 percent. The index fell even more on Monday, 1.5 percent, after U.S. manufacturing slowed more than economists forecast in March. The index, which includes airlines like Delta, United and freight companies FedEx and UPS, has gained 14.7 percent this year. The manufacturing report was "much weaker than expected," according to Jim Russell, an investment director at US Bank. He said companies that are closely tied to the economic cycle "have really taken on some water because of what that implies." For the second day in a row, small stocks underperformed the market. The Russell 2000 index of small-company stocks fell 4.49 points, or 0.5 percent, to 934.20. The Russell had risen more than large-company indexes in the first quarter, gaining 12 percent versus 11.3 percent for the Dow and 10 percent for the S&P. The Nasdaq composite rose 15.69, or 0.5 percent, to 3,254.86. Some other companies making big moves: Hewlett-Packard plunged after a Goldman Sachs analyst downgraded the stock, predicting the company's earnings will be weak. Shares fell $1.21, or 5.2 percent, to $22.10. Urban Outfitters climbed a day after the clothing and accessories company said sales at stores open at least a year have grown in the high single digits in the first two months of the fiscal quarter started Feb. 1. Sales at stores open at least a year is a key gauge of a retailer's health because it excludes results from stores recently opened or closed. The stock rose $1.46, or 3.8 percent, to $39.87. Actavis Inc. rose after a U.S. court declared a rival's patent invalid, clearing the way for Actavis to sell a generic asthma inhaler. The stock added $4.22 or 4.6 percent, to $96.68.
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