UAL's only the first. Just wait for the other airlines (excluding SW) to announce how much they're losing on their hedges.
Without knowing a single thing about SWA hedging, I would bet money that they did not hedge fuel at $130. As a matter of fact I would venture to say that most people who invest in futures trading probably did not bet on this kind of oil price sustaining itself.
How in the name of Raptor Jesus is Tilton still at the helm at UAL?
after the govt bail out of Lehamans and AIG, I would expect the govt will bail out any legacy airline before they just go way!!! Becuase according to the Govt companies that are too big...cannot fail and they will step in to help out any legacy stay afloat.
trading 101 would tell you to cover that position with a short as soon as the mkt fell. They are so stupid it is embarassing.