Betting odds written on a blackboard.

There’s no denying that with a share price down more than 60% from its high last year, ’the biggest airline no-one’s ever heard of’ is having a glum time.

US freighter operator Atlas Air kept the bad news coming this month – swinging to a quarterly loss. It blamed the world economy; US-China tariffs; and a never-ending labour dispute with its pilots.

Of those, management refused to tell us which was the biggest culprit, promising instead that peak season would help smooth ...

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