They are guiding to 12-14% margins vs. their just completed quarter at 17.7%. Oil prices remain low: did they talk about what's going on here? I don't think the other airlines are showing a big drop in margins.
The airlines fell before the rig count numbers were released. I think they were reacting to DAL's numbers, though those numbers did not look bad to me. For the past 6 months, airlines have not really traded inversely to oil ... if anything they've become positively correlated.