Trouble Dogs Airlines

Woe is the airline industry. Let us count the ways -- again.

In the last 24 hours, the price of crude oil has moved back above $48 a barrel; AMR (AMR Quote), parent of American Airlines has warned it will miss revenue expectations for the next quarter; industry data show August results are far worse than analysts expect; Wall Street continues to lower earnings estimates; and Merrill Lynch downgraded three airlines, telling investors industry financials are "decimated."

And all this applies to the third quarter, when the industry is supposed to perform well, thanks to the peak summer travel season. ...