Are friendly skies ahead for Delta investors?

The hometown airline got some love from The Wall Street Journal in its Ahead of The Tape column today.

A columnist suggests that Delta Air Lines, which reported a first quarter profit Wednesday thanks to fuel-hedging gains, might be worth investor consideration.

The piece notes that “…. while the long term history of airline investing has been disastrous, there have been profitable interludes. This might be one of them and Delta appears relatively attractive.”

The article cites the airline’s improved expectations for this  year, and attributes industry profitability (in the face of sky-high fuel prices) to “a rare bout of pricing and capacity discipline…”

Delta, which became the industry’s lowest-cost legacy carrier and has plans to further cut capacity, could really gain if fuel costs level off.

Still, given the aforementioned history of airline stocks, the column cautions that “any investors venturing on board Delta should take note of the emergency exits.”

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