Looks like the secret word for Ed today was "premium". He said it 4 times in 5 minutes.

• We have "premium" which is driving the strength of the business. Our consumer is more on the premium end.
• We have international that is gangbusters.
• Corporate travel is coming back meaningfully (10 points of share) in the last 30-45 days.

The SkyMiles backlash... "We are reconsidering and rethinking how to do this." "Too many changes at one time". "People love the brand. They love their loyalty and they were hurt." "We have more premium customers than premium assets".

Interpretation... this is the policy and it's staying. Anything they "walk back" will just be temporary for a year at most. Even though we are a "premium" carrier, you guys aren't "premium" to us unless you massively overpay for it. Wish he was asked about the Jet Blue and Alaska status matches of their "premium" clientele.
They will not see the drop in AMEX revenue until next quarter. That one will be interesting.
Nothing he said has made me want to hold my plans and keep my DL AMEX and/or wait for the walk-back.