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Delta: A Buy on a Down Day for Airlines?

Legacy airlines are trading down on Wednesday, and once again, it's United Continental Holdings' (UAL) fault--with some help from American Airlines Group (AAL). United reported June traffic trends this morning: The airline said that revenue passenger miles rose 7.2% and capacity increased 4.2%, on a year-over-year basis. The industry has been worried about United's increased capacity since the start of the year.