"However, the real loser last month -- by far -- was United Airlines. United experienced a headwind of more than 1% from a one-time revenue adjustment on interline tickets, but it would have trailed all of its top four competitors by a long way, even without that effect.

The coming of fall effectively showed investors which airlines are the real deal, and which are not ready for prime time. Delta and US Airways remained strong, as they have been for most of 2013, and Southwest showed that it is still a force to be reckoned with. By contrast, United considerably trailed the industry in terms of unit revenue growth. If this trend continues into Q4, United investors could be in for a lot of pain."

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