No one knows when the economic depression will end. It’s no surprise that many companies lost money in the first quarter and will have worse results during the second quarter. Instead, investors are trying to figure out who is able to recover fastest and win market share in a post-pandemic reopening.
That’s why no one cares that United Airlines (NASDAQ: UAL) lost $1.7 billion in the first three months of the year. For the airline industry the metrics that count now are liquidity and cash burn....