P.M. BRIEFING : Texas Air Stock Falls on Sell-Off

HOUSTON — Texas Air Corp.’s stock lost nearly 16% of its value the same day a large portfolio manager revealed it had sold its investors’ interest in the nation’s largest airline company.

Loomis Sayles & Co., an investment firm based in Boston, on Wednesday sold off its stake in Texas Air, the parent of Eastern Airlines and Continental Airlines. Last summer, Loomis Sayles controlled 12.3% of the company.

“I sold every share I owned,” said Ken Heebler, Loomis Sayles’ portfolio manager. “If I had other airlines, I would have sold them.” He said airline stocks no longer seem attractive.

About 6.67 million shares--nearly 17% of the 40 million Texas Air shares outstanding--changed hands Wednesday, making it the most actively traded issue on the American Stock Exchange.