Between euphoria and calamity: when the good news is the bad news

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It is sometimes said that the only thing a company’s share price shows is what its share price is. In other words, it does not necessarily indicate the true value of the company. But, judging by the recent – and totally unprecedented – performance of major US airlines’ stock prices over the past month, either there is something seriously wrong with the share market, or with the airlines themselves. Perhaps both.