Well let's set off some fireworks for UAL. They are finally making a profit. Let's see, all they had to do to accomplish that was file bankruptcy and get rid of most of their debt, screw their employees out of their pension plan, cut all employee benefits and pay, raise their fares to double what they were charging, cut service to all passengers to bare bones, cut their number of service employees and place an expiration date on their Mileage Plus Program miles. Hurrah for UAL, they seem to have a winning formula. Let's hope no other airline decides to follow their winning ways.

Careful and ouch! Consider all. The employees have been screwed and are seething over an arrogant management team. You simply cannot run a consistently profitable enterprise without your most valuable assets (your employees) behind you. UA fails miserably in this regard. Something is going to give, and when it does, you'd best not be left holding the bag.

I've talked to a few UA employees. Things are nearing the breaking point, especially with flight crews. Seething is an understatement. Seems the upper management team is looking to sell the company or merge with another - providing themselves a hefty payday for doing so. This is their focus - far removed from day-to-day issues. This is a volatile mix. UA and NWAC will be interesting to watch over the next year. Because of these issues, I would rate the stock as overvalued. They need to get their internal house in order. It's a service based industry, and I don't want my bags going to Hong Kong.