Aviation Orders Reach All-Time High, Yet Airline Holdings Face 7% Stock Plunge

Alaska Air Group (NYSE: ALK) tumbled more than 7% on the New York Stock Exchange, pushing its share price into the mid-$30 range. Shares closed at $36.16, down 7.16% from the previous day, on trading volume of approximately 2.72 million shares. The company’s market capitalization stands at around $4.1 billion (roughly KRW 6.1 trillion, based on a recent exchange rate of KRW 1,480 per dollar), erasing about $280 million (approximately KRW 400 billion) in value in a single day.

On January 7, the group’s main subsidiary, Alaska Airlines, placed the largest aircraft order in its history with Boeing—ordering 105 737-10s and five 787s—as it aims to expand its domestic and international network and modernize its fleet by 2035. Following the acquisition of Hawaiian Airlines, analysts have maintained a “Moderate Buy” recommendation on the stock, citing network expansion and a rebound in performance as key drivers.

Headquartered in SeaTac near Seattle, Alaska Air Group is a U.S. airline holding company that operates Alaska Airlines, Hawaiian Airlines, and regional carrier Horizon Air, serving routes across North America, Hawaii and beyond. After announcing the acquisition of Hawaiian Airlines in 2023 and completing it in 2024, the company secured a single operating certificate from the FAA in 2025 and is currently integrating the two brands under one operating system. Investors are closely watching the pace of combined cost reductions and revenue synergies as a key catalyst.