Iranian oil impact on fuel prices may well not have shown up in the previous estimations, given everyone believed the war was going to end shortly. While a lot of airlines carry fuel hedges, American doesn't. Delta more than most, and Delta just assured everyone they'll be fine; that doesn't mean AAL will be. Now look at that cyclical chart for the last five years, and consider their earnings are in a couple weeks. They're trading at 55x PE. What do you think happens if they lower guidance going
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