Termination of an agreement

On Thursday of July 3, a spokesman of Delta Airlines declared that they are going to terminate the agreement with ExpressJet Airlines from September 1; and as he mentioned, high fuel costs and declining demands pushed them to make that decision. As a result of this decision, domestic flights from LAX to other 13 cities will be stopped, including flights to Seattle, Portland, Phoenix, Boston, Hartford and Columbus. Delta's number of flights at LAX will be reduced by 13 percent following the changes.
This service cut is bringing fewer options and higher prices to customers along with the end of Delta's expansion plan at LAX. Delta is the fourth largest carrier in terms of a flight number, but it will go down from 93 to 60. However Delta's flight to Salt Lake City also will be ended with this decision, the airline will sign a contract with another carrier to keep the route.
The spokesman did not forget to state that they would refund or re-book customers whose flights are affected by the changes.
After this announcement, Delta's share price raised by 5 cents and ExpressJet's share price fell down by 1 cent at the end of Thursday.