Not sure what that has to do with anything, but DAL's earnings and growth seem to be significantly higher than UAL's. LUV is the outlier imho... for some strange reason, and I am guessing it is the consistency of earnings, but it could be that they have been paying a dividend for the entire time that the legacies were struggling with BK... people pay up for LUV. Their multiple is double that of anybody else's. I don't have the guts to do it, because I am a permabull I guess, but I wouldn't be surprised to see short positions on LUV growing in the next few years as the legacies get their feet back under them. Jack is probably right that 40 is attainable for DAL, but UAL and AAL are gonna be interesting too... DYODD....