credit / rates affecting interest expense
“Excluding these losses, interest expense decreased primarily as a result of lower average rates, partially offset by higher debt outstanding in connection with the delivery of ships.”
NCLH 10-K
Confirmed
Airline Operators
39 names are moving together; 49% are participating in the current session.
6 observed Confirmed episodes
Co-movement
Observed member paths adjusted against SPY. Shading marks the latest observation window.
Members
| TICKER | Company | Sector | Today | Observed activity |
|---|---|---|---|---|
| AAL | American Airlines Group, Inc. | Industrials | -3.8% | Group member |
| DAL | Delta Air Lines, Inc. | Industrials | -1.3% | 1/10 observed active sessions |
| COMP | Compass, Inc. | Real Estate | -1.9% | Group member |
| CPA | Copa Holdings, S.A. | Industrials | -4.3% | Group member |
| LTM | LATAM Airlines Group S.A. | Industrials | -5.8% | 1/10 observed active sessions |
| LUV | Southwest Airlines Company | Industrials | -1.1% | Group member |
| SKYW | SkyWest, Inc. | Industrials | -2.0% | 7/10 observed active sessions |
| ZGN | Ermenegildo Zegna N.V. | Consumer Cyclical | -2.0% | 1/10 observed active sessions |
| W | Wayfair Inc. | Consumer Cyclical | -3.1% | 1/10 observed active sessions |
| BATL | Battalion Oil Corporation | Energy | +17.7% | Group member |
| HEI | Heico Corporation | Industrials | -1.9% | Group member |
| HEI-A | Heico Corporation | Industrials | -1.6% | Group member |
| RYAAY | Ryanair Holdings plc | Industrials | -1.0% | 1/10 observed active sessions |
| LIND | Lindblad Expeditions Holdings I | Consumer Cyclical | -0.1% | 2/10 observed active sessions |
| ESTA | Establishment Labs Holdings Inc | Healthcare | -0.2% | Group member |
| CCL | Carnival Corporation Ltd. | Consumer Cyclical | -0.8% | Group member |
| JBLU | JetBlue Airways Corporation | Industrials | -3.0% | Group member |
| CDRE | Cadre Holdings, Inc. | Industrials | -2.8% | 1/10 observed active sessions |
| LOAR | Loar Holdings Inc. | Industrials | -1.6% | 2/10 observed active sessions |
| GE | GE Aerospace | Industrials | -1.6% | Group member |
| ALK | Alaska Air Group, Inc. | Industrials | -5.3% | 1/10 observed active sessions |
| VSEC | VSE Corporation | Industrials | -2.9% | Group member |
| SARO | StandardAero, Inc. | Industrials | -1.3% | Group member |
| ISSC | Innovative Solutions and Suppor | Industrials | -2.6% | Group member |
Why we believe this
Cohort
39 namesParticipation
49% this sessionObserved history
74 daily buildsFiling coverage
31/39 membersdemand / volume affecting revenue
“This could result in material lost revenue and/or increased expenditures. Our business depends on maintaining and strengthening our brand to attract new customers and maintain ongoing demand for our offerings, and a significant reduction in such demand could harm our results of operations. Our name and brand image are integral to the growth of our business, as well as to the implementation of our strategies for expanding our business.”
NCLH 10-K
demand / volume
“The seasonality of our results is increased due to ships being taken out of service for regularly scheduled Dry-docks, which we typically schedule during non-peak demand periods.”
NCLH 10-K
This identity theme becomes less useful if activity narrows to one or two names instead of remaining broad across the cohort.
Connected, outside the group
BA
ALGTsupplier · Not moving with the group now
Filing receipt · BA / ALGT
“Due to the heavy maintenance needs on certain aging Airbus airframes and capacity constraints at the maintenance, repair, and overhaul contractors, we identified aging a…”
ALGT · supplier
AMZN
ALKcustomer · Not moving with the group now
Filing receipt · AMZN / ALK
“Cargo and other revenue On a pro forma basis, Cargo and other revenue increased $89 million, or 19%, primarily driven by increased revenue under the ATSA with Amazon fol…”
ALK · customer
TXT
ISSCcustomer · Current intraday read unavailable
Filing receipt · TXT / ISSC
“tember 30, 2023, the three largest customers, Pilatus, ATSG and Textron accounted for 23%, 12% and 10% of total revenue, respectively.”
ISSC · customer
JOBY
DALcustomer · Not moving with the group now
Filing receipt · JOBY / DAL
“In October 2022, we raised net proceeds of $60.0 million from the sale of 11,044,232 shares of our common stock and warrants to Delta Air Lines, Inc.”
DAL · customer
HALO
TEVAsupplier · Moving with the group now · 115 min observed
Filing receipt · HALO / TEVA
“We have commercialized auto-injector products with Teva Pharmaceutical Industries, Ltd.”
TEVA · supplier
History
2026-07-07 → 2026-07-093 observed active sessions · 9.1% of active names held across the episode
2026-07-021 observed active session · 100% of active names held across the episode
2026-06-251 observed active session · 100% of active names held across the episode
2026-06-021 observed active session · 100% of active names held across the episode
2026-05-15 → 2026-05-203 observed active sessions · 9.1% of active names held across the episode
2026-05-041 observed active session · 100% of active names held across the episode