From what I understand, the overall demand for air freight is down from the robust recovery ahead of the overall economy in 2010. So that may be a bit of the reason the stock has fallen recently. I would also guess that Cargolux's decision to refuse delivery of the 747-8 because of "performance issues" also is causing a decline in the Atlas stock. Finally, investors overall are very skittish and are worried about Europe and trading a lot on emotion rather than fundamentals.

I think Atlas stock is a bargain right now. With that said, if investors look at the P.E. ratios, most U.S. stocks are a bargain right now.