Comparing to AA...pretty lackluster revenue performance for AA in 3Q...
Yield -9%
RASM -7%
Capacity +3%
Stock down 2% vs UA up 3% and Delta flat today.
Saving grace is AA's margin is already high.
The cuts there have gone too far - and UA is well positioned to take share from disgruntled AA fliers.
And Delta feels like it has peaked in terms of performance.