UAL is in 'shrink to profitability mode.' AAL is in 'damn the torpedoes, full speed ahead mode.'

It's pretty hard to guess which strategy is better. Without significant improvement in bookings or more taxpayer assistance both roads lead to restructuring.

The early plans were all based on a V shaped recovery which clearly isn't happening (cue sophomoric reasoning that a vaccine will cause demand to roar back; the economic damage is already baked into the cake and will take years to recover).

The network carriers are not particularly well positioned to pivot to domestic leisure flying as the primary source of revenue. International and high margin business travel will be the last markets to return. Those markets are critical to both widebody and regional jet profitablity.