In short: Named only as a peer — the profit benchmark in Noble's Southwest pitch: "if they earned half of what United or Delta made, it would be big stock." No view on United.
37:27They don't make any money. Elliot Management's involved. They're getting rid of the middle seat. They're going to charge for bags. Blah blah blah blah blah. You know, if they earned half of what United or Delta made, it would be big stock. — Okay. — So, it was a good story. And then, you know, the hormos came along and the oil price, all this other stuff.
In short: Terranova's weaker airline — technically broken. "We own Delta and United in the ETF. Why? Because they are momentum players… that's been punishing over the last several months. I think Delta is in a much better position… above the 200 day moving average. United's broken down."
In short: His standing reason to avoid airlines entirely: "I did a study… if you went all the way back on United Airlines, you never made any money on it. If you take from the time they came public to now, you wouldn't have really ever made any money on the thing."
Airlines are Oakley's example of a business you can analyse forever and still never get paid for owning. He ran the study: "if you went all the way back on United Airlines, you never made any money on it — from the time they came public to now."
The point isn't a forecast about next quarter's traffic. It's a screening rule: if an industry's entire public history shows no cumulative return to shareholders — because fuel, labour and price competition consume every good cycle — you don't need a view on it at all. You skip it, the same way the host's mentor refused to hire anyone pitching Citibank.
41:22I did a study oh, not too long ago really, a few years ago. If you went all the way back on United Airlines, you never made any money on it. — Why is that? — It's just never if you take from the time they came public to now, you wouldn't have really ever made any money on the thing. — All right, fair enough. Ted, it was always good to have you back.
In short: Terranova owns it; reports after the bell. Setup: look for $1.76–$1.88 EPS on ~$17.6B revenue — the capacity outlook and commentary on the recent fuel spike are key. Expectations reset lower after Delta (jet fuel/oil up double digits this month, United down double digits accordingly), which he frames as a benefit into the print. A cautious-into-earnings hold.
United Airlines reports earnings after the close, and Joe Terranova owns it. He's watching for roughly $1.76–$1.88 in per-share profit on about $17.6 billion of revenue, plus the outlook on flight capacity and management's comments on the recent jump in fuel prices. His angle: after rival Delta's strong results got a lukewarm stock reaction — and with jet fuel and oil up double digits this month (dragging United's stock down double digits) — expectations are now reset low, which can make it easier to beat. A wait-and-see hold into the print.
In short: The other half of the duopoly (with Delta) capturing share — "American Airlines won't like that." A structural, entrenched bullish setup as the industry consolidates around the two.
United is the other half of Terranova's airline duopoly call (with Delta). Same argument: the industry is consolidating around these two, who keep capturing share — an entrenched, structurally bullish position rather than a quick bounce. Own the winners of the consolidation.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.