Issue Summary

With earnings season in full swing, we now have a clear picture of airline trends in the U.S. The Big Three — American, Delta, and United — all performed admirably in the fourth quarter, boosted no doubt by exceptionally strong demand, especially on sunshine routes and to Europe. Southwest, on the contrary, amassed gargantuan losses from its operational disaster last month. Never before had an airline spilled that much red ink due to an operational event. Alaska Airlines earned a decent fourth quarter profit, but west coast economic woes are a worry. JetBlue’s margins were anemic, never mind its heavy…