Brian Stewart

So basically, investors in this space got the equivalent of a tonsillectomy without anesthesia, just 20% of the stuff taken off the top, maybe something worse than tonsillectomy.

The problem with this in terms of these investors is this is a long-term situation.

It can't be just framed as one bad quarter because this is the rates that are upcoming for the next year.

So it's really a political story to the extent that this industry can push for higher rates.

And then turning to another sort of more positive story, Royal Caribbean rose 19% after its earnings, stronger than expected guidance, including double digit growth in both revenue and earnings.

It touted strong early bookings.

Elsewhere, Southwest, also up 90% after its earnings.

Another strong forecast.

The company is projecting EPS to rise 300% in 2026 versus 2025.

A lot of that is specific to Southwest.

They're going through a transition now where they're kind of moving more in lockstep with the rest of the airline industry.

So they're getting more revenue from things like baggage payments

charges and charging for more legroom on planes.

So just basically going to that model where you buy your ticket, but then you have to pay for every sort of little upgrade that you want.

But in terms of the profitability that the company is foreseeing for 2026, it seems to be working.

And just taking the two

companies in general.

I mean, we're only talking to stocks, and so it can't be seen as a harbinger for the entire travel and leisure industry.

But just in terms of economic strength, if people are buying cruises, if people are getting on planes and traveling, it shows that there's underlying demand for that kind of stuff.

So big one's Amazon on Thursday.