Delta, United, and American Airlines announced purchases of planes on July 18 (7/18), February 12 (2/12), and October 7 (10/7), respectively. Given the following information, calculate the cumulative abnormal return (CAR) for these stocks as a group. Graph the result and provide an explanation. All of the stocks have a beta of 1, and no other announcements aremade.

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Delta United American Market Company Market Company Market Company Date ReturnReturm Date Return Return Date Return Return 2/8-9 7/12.3 7113 7116 II 10/2 2 10/3 10/6 .2 2/9 4 4 7/18 2.2 7/19-9 7/20-1.0 7/23 7/24 1.2 10/8 5 10/93 0/10 0/13 .2 .3 .0 .2 I 2/18 3 .2