Delta's stock is going down today, however the overall performance of this stock is good so far this month. Last time the company reported its financials in October, next time will be in January, so I think that the market has already reacted to the fundamental metrics. I would like to share with you some thoughts about comparable analysis. As soon as the market is quite straight forward, it's not so difficult to define some of the competitors in the United States and internationally. The main factor for me is geography, even if the business model is a little bit different (low-cost, regular), because the whole air transportation market depends on the geography, local gasoline prices etc. (source: CapitalIQ) As we can see from the table above, Delta is valued according to the market average multiples (mostly bottom of the range). Virgin America and American Airlines have the comparable multiples. In order to compare the Enterprise Value with market comparable companies, I built the chart above. As you can see, Delta right now is valued exactly according to the market. Probably, the bottom line, but I don't see any potential in this stock. The stock is going down today because somebody decided to sell the big amount of shares. I assume that Delta can come back to the yesterday's closing price. What are your thoughts about the air transportation market?