Issue Summary

Just a few more days to go. On Thursday, Delta will take the stage in the opening act of first quarter earnings season. Recall that in mid-March, Delta said it would likely earn an operating margin (pre-interest and tax) of between 4 and 6 percent. United by contrast warned of a negative margin (pre-tax only) of between 2 and 3 percent. American’s pre-tax guidance was broader, ranging from negative 2.5 percent to positive 4.5 percent.