United Airlines (UAL) Stock Drops Nearly 6% Amid MileagePlus Overhaul Concerns

United Airlines Holdings Inc. (UAL) shares tumbled 5.88% to $110.05 on Thursday, significantly underperforming both the broader market and airline peers. The sell-off followed the carrier's announcement of sweeping changes to its MileagePlus loyalty program—the most substantial revamp in over a decade.

The overhaul prioritizes credit card spend over flight frequency, offering enhanced rewards for co-branded Chase cardholders. This includes increased miles per dollar spent and reduced redemption thresholds, particularly for premium cabin international travel. Market reaction was immediate, with UAL's decline outpacing Southwest (-4.96%), Delta (-5.16%), and American Airlines (-5.32%).

Trading volume reached 5.0 million shares, slightly below the 50-day average. The stock now sits 7.68% below its January 7th 52-week high of $119.21. While broader indices also declined—S&P 500 down 0.28%, Dow off 0.54%—UAL's steeper drop suggests investor skepticism about the program's profitability implications.