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Industry & Services >> Analyst Interviews >> January 7, 2008

AIRLINE INDUSTRY OVERVIEW – JAMES M. HIGGINS – SOLEIL-SOLEBURY RESEARCH LLC

TWST: Jim, we seem to have a dichotomy in the airline sector. We have record

load factors, rising airline fares and horrible stock performance. Why the

dichotomy?

Mr. Higgins: Two things.

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