I think that they've bought themselves a little bit of time, certainly. But I don't think, even when they came up with the goal of 1 billion in concessions, that they expected fuel prices to be at these levels. I expect they'll continue to burn through cash, and they'll need to do more.
More Quotes from Jim Corridore:
The time to get into these stocks is when things are still poor .We've already seen that. More gains might be tough to come by.Jim Corridore
The stock is up slightly today as the uncertainty of strike is lifted from the company. United really had no choice but to accept the PEB findings. They couldn't survive a month with a strike. But guaranteeing 37 percent wage hikes is only going to weaken a company that is already weak.
Jim Corridore
I think that most of the major carriers should be able to avoid bankruptcy if things start to improve in the first half of the year. If a period of time goes by with no more terrorist events, I would say sometime in 2003 the industry could return to profitability.
Jim Corridore
If you lock in hedges here at 60 a barrel and prices go much lower, you are obviously doubling your pain.
Jim Corridore
Oil prices were already very bad, this new rise is going to make it very rough. The airline industry will see pretty high losses in the third quarter.
Jim Corridore
You pretty much need to back out that 5 cent credit they're talking about and say they lost 10 cents for the quarter.
Jim Corridore
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I've had a terrific life, from building one company to be the second largest company in the securities industry and merging that into American Express, and becoming president of that company.
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