Mar. 21 at 11:30 AM
THE SPRING BREAK TRADE JUST GOT COMPLICATED.
Record travel demand meets the worst TSA staffing in years.
👉If this is helpful to you, tap @NasdaqKnight
Here's the setup no one's talking about:
$AAL — down 26% in a month. PE 62x. Negative book value.
$30.5B debt.
One operational shock away from pain.
$DAL — down 11% in a month. PE 8.3x.
$5B net income TTM.
The one that can weather the storm.
The macro:
TSA absences running 10% . At JFK, Atlanta, Houston? 30%+ .
March 27 = second missed paycheck. Duffy says next week makes today look like child's play.
The irony:
171M passengers expected this spring — record high.
50,000 screeners working without pay. 366 already quit.
Small airports may shut down. Lines will stretch for hours.
The sector will sell first. Then the strong will separate from the weak
