The recent message contained in Atlas Air’s (stratospheric) results was straightforward and broadly expected despite wild stock price movements in the wake of the announcement:

“In the face of unrelenting operational complexities driven by the Covid-19 pandemic,” said president and CEO John Dietrich announcing Q4 ’20 and annual results last month, “we added widebody capacity, increased aircraft utilization and grew block hours to carry historic volumes, including essential goods that businesses, communities and individuals require as well as holiday e-commerce packages.”

However, ...

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