Alaska Air Group stock leapt to a new 52-week high of $81.75, up 36% year-to-date earlier this week following a note from Cowen noting that capacity added to Seattle over the past two years is clearly being absorbed as load factors are flat to down just one or two points. Then came the news today that airlines fare averages for the US market fell 5.6% month on month from June to July and down 5.6% year on year (unadjusted) – this is the sharpest fall since December 1995 and has put further downward pressure on US airline stocks. Other airline

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