Yesterday, we reported that United Airlines (NYSE: UAL) had outperformed analyst expectations, with strong premium growth and improved international travel demand leading the carrier's third-quarter adjusted earnings per share (EPS) to sit modestly above Wall Street's consensus. Under most circumstances, this would be a strong signal for the carrier, and it would incentivize investors to buy the stock and thus cause prices to go up.

However, shares tumbled today, despite this impressive earnings performance. Shares slid from around $104 to as low as $94.75 by mid-afternoon, demonstrating losses of around 9%. Although a later rally led shares to close down only around 5%, this is undeniably surprising based on the airline's outperformance. We analyze the impact that United's rhetoric

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