TICKER TALK

Tumbling crude oil prices are normally supposed to be good for airline stocks because fuel is such a big cost for the companies. But not lately. Even as oil dipped below $13 a barrel Tuesday--a 10-year low--airline stocks continued their recent descent. The Standard & Poor’s airline index is off 10.8% in the last month. Some individual issues have fared even worse. Delta Air Lines, at $110.25, is almost 15% off its all-time high of $129.50.

Part of the problem appears to be a general investor swing into so-called defensive stocks, such as food and drug shares, considered safe havens in times of market uncertainty. They’ve been gaining altitude as the airlines have lost it.