 Thank you for that report. Welcome back to The Watchlist, friends. I'm Nicole Petalides. We're taking a look at airlines, United Airlines, soaring today after beating on its earnings. Let's discuss this with the panel. Joining me right now, Connor Cunningham, Director, Melius Research, and Melissa Armo, founder, owner of the Stock Swoosh. Connor, I'll start with you. As we saw United Airlines quarterly profit beat the street, what do you think about a name like United and what they've told us for the quarter? Hey, Nicole, thanks for having me. Yeah, United, great quarter, great outlook. The demand environment remains incredibly bullish as we look into 2023. There's a lot of constraints on capacity, so there's a fair bit of pricing power. And people want to get out and travel again. This is the experience economy right now. There's been a big shift towards consumer spending on services and experiences from goods. So you can only buy so many toasters where they're out and about spending on travel again. So it's good to say. I mean, as far as how it's trading, I mean, we know that a lot of these airlines have taken on a lot of debt. Where does United Airlines and some of the other airlines stand as far as investing? So United's got a big order book ahead of itself, so they're gonna be taking on some more debt as we go forward as they refleet. The goal for them right now that was about driving margins higher. So if they can do that, a lot of this becomes self-funding. What I think is more encouraging right now is more on the cost side. So inflationary costs have been really rampant. Pilot pay is going up and up. And so there's a lot of issues there. But for United specifically, you're starting to see the cost curve bend. They're not gonna see this disruption cost going forward into 23. A lot of the investment in the triple sevens that they made last year is going away. So there's a lot less cost headwinds and more cost tailwinds as we move into 23. So as long as we can start bending the cost curve, funding a lot of these projects will start to be internally generated going forward. And the president said about hiring more pilots as you noted that this year, 2,300 pilots this year, they're ready to welcome 15,000 new team members this year and another 15,000 next year. So it's up, up and away it seems. You get it, right? Melissa, your thoughts. Well, I think the stock was up today nicely if you wanted to do a quick long in it. But as far as long term, the stock is still in a very strong downtrend. The last time the stock, my brain all-time highs was 2019. And so this fell off with the pandemic, but this was starting to fall off way before then. You have Boeing earnings out next week that's gonna affect this stock as well. So again, if Boeing doesn't have a good report or falls on a bad report, then that's gonna affect this and it's not gonna go any higher. I think it's great that people are traveling again. I think it's great that these airlines didn't go bankrupt. I mean, there was at one point in 2020 where some of these were in danger, I think of going out of business, but they were able to hang on. And that's good at least. But again, the stock was over $100 a share back in 2019. So it's got a long way to go to even get it 50% of where it was before. But you gotta remember the overall market. The overall market right now we're barely hanging on today. We have test earnings out tonight. Just like you said that will affect the market no matter what Netflix was up tonight. I mean, last night into today and it really didn't do much to help the market. The market could be lower and if it is everything's gonna fall, including this. And you know, what's interesting is we're hearing and I agree with you, right? We just last week we're at Lowe's since 2020. There's no doubt the market when we don't have to gas or that's the fact. The fact is last week we were at Lowe's that we hadn't seen since 2020. That being said, the facts also support that these airlines are coming out. For example, Delta said their planes are 90% full since April. They're packed Connor. And so TSA noted over the weekend they're back to pre-pandemic levels. So we are seeing people traveling and as the holidays are upon us people are likely to spend maybe they'll do three nights instead of five nights or whatever. But maybe they'll buy economy instead of first class but they're still on, right Connor? Yeah, I mean, your other panelists mentioned that Boeing's out next week. I don't view that as a negative Boeing can't deliver planes to me. That's a capacity constraint. Again, we're talking about pricing power at the end of the day. The airlines are able to pass through a lot of these costs onto the public again, because they haven't traveled. So to me, we're really on an upward margin trajectory not a down downward one. We're still in the early stages of an estimate revision cycle. It's hard not to be bullish in the near term about what you're seeing from a demand perspective. So again, I understand that the market is what it is and it can be incredibly hectic but these are high beta names so they can be tough but there is an overarching theme of people spending more on experiences and travel and that's just the reality. And so again, I made this joke earlier but you know, you can only buy so many refrigerators and so there is still a fair bit of a capital out there to be deployed and so people are using it towards travel again. Yeah, understood. Thank you both very much for being here. Melissa, I remember you were taking a look at FedEx for us. It wasn't that long ago and you were not interested in it and then we saw FedEx take that big leg down to new lows so I'll give you credit on that one too. Nice to see you both. Connor Cunningham, Melissa Armo. Thank you both very much. Appreciate it. What's gonna do it for us? Get on the watch list. I'm Nicole Petalides every single day live here at the New York Stock Exchange on the TD Ameritrade Network.