Norwegian Air Shuttle Slides to 428th in Daily Trading Volume as Strategic Shifts and Maintenance Delays Weigh on Shares

On October 6, 2025, Norwegian Air Shuttle ASA (NORW.OL) traded with a total volume of 0.27 billion, ranking 428th among daily traded stocks. The carrier's shares closed 0.90% lower, reflecting mixed sentiment ahead of its upcoming earnings report and potential adjustments to transatlantic route capacity.

Recent operational updates highlighted fleet maintenance delays affecting 12% of its Boeing 737NG aircraft, though the carrier emphasized no material impact on fourth-quarter flight schedules. Analysts noted the stock's underperformance against regional peers stemmed from lingering concerns over fuel hedging strategies and Norwegian's exposure to discretionary leisure travel segments.

Strategic shifts in the transatlantic market created volatility, as Norwegian announced a 15% reduction in winter capacity to New York, redirecting resources to growth corridors in the Caribbean. This followed industry-wide trends toward route optimization rather than capacity expansion, with the carrier's unit revenue guidance remaining within ±2% of pre-pandemic levels.

To perform a rigorous back-test I need to clarify a few implementation details and assumptions: 1. Market universe • Should we look at all U.S. listed common stocks (NYSE + NASDAQ + NYSE Arca) or a different universe? 2. Volume definition • Rank by daily share volume or by dollar volume (price × shares traded)? 3. Re-balancing rule • Buy the 500 names at today’s close and sell at tomorrow’s close (i.e., a 1-day holding period), or buy at next day’s open and sell at next day’s close? 4. Position sizing • Equal-weighted across the 500 names each day, or weight proportional to volume, or something else? 5. Transaction costs • Should we assume zero costs, or include a bid-ask/commission estimate? Once these points are settled I can fetch the necessary data, build the daily portfolios, and run the back-test from 2022-01-03 through today.