​​​​​If for them it's all about profitability and keeping their share holders happy, then trying to remain one of the darlings of Wall Street will be a part of the calculus that influences what they ultimately do.

They are probably asking themselves, if this tight pilot labor market is really going to be a thing, do we shrink as needed, while continuing to milk the benefits of the old contract for as long as possible; or do we quickly agree to a decent contract, take a short term hit on our profits, but make up for it with strong future growth, due to the fact that we are able to attract and retain the pilots needed to support this growth?

AS is a VERY financially conservative company, so they love to build up big profits during the good times, so that even during bad times, unlike their peers, they are able to weather the storm with somewhat more confidence.

They do this by being shrewd penny pinchers, paying as little as they can get away with for labor, goods and services. It has been a winning business strategy for decades, and I think they are loathe to change their mindset because they have not had to pay the various pied pipers, especially the one that represents labor.

That may be about to change, so we will see if they eventually bend to the reality of the times, or they somehow continue to miraculously operate in the bubble that is so integral to THEIR philosophy of success.