Editor's note: With the merger of Delta Air Lines (DAL - Get Report) and Northwest Airlines (NWA) back in the news, a three-part series on investing in airlines, which was originally published on RealMoney earlier this month, is being republished as a bonus for readers of TheStreet.com.The airline sector has proven to be very volatile for investors. Surging oil prices sent many shares down to multiyear lows, as investors fretted with the possibility of one or two major bankruptcies. Oil's sharp pullback from the July peak has led to a rally in the sector. If oil falls further, these carriers could continue their recent ascent. But if the economy falls into recession, the carriers will have a new set of headaches to deal with.
Airlines in Transition
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