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Even as headline news remained bleak, the ETF managed to bounce strongly perhaps due to the major delta-hedge selling being exhausted.
FORBES: Days Of Technical Reckoning Ahead
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In November, Delta and UAL shares soared after hedge fund Pardus Capital Management tried to push the two together (See "Airlines May Be On Course To Combine").
FORBES: Magazine Article
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Many airlines routinely hedge themselves to a degree against rising fuel costs: Southwest Airlines, Northwest Airlines and Delta Air Lines are all reported to have reasonable protection from rising prices, at least for now.
ECONOMIST: America's airlines and the war