Bye Bye Delta?

That table pounding of Delta by JP Morgan back on May 18th looks awfully foolish…

From Reuters:

CHICAGO, July 27 – Shares of Delta Air Lines (DAL) sank more than 20 percent on Wednesday after the struggling No. 3 U.S. carrier’s chief executive said the airline’s restructuring plan is not enough to save it. The comments from Chief Executive Gerald Grinstein in an internal memo stoked concern of a possible Chapter 11 filing, sending the stock down more than 20 percent, analysts said. “In light of what we have accomplished together so far, there can be no doubt that Delta’s transformation plan is delivering results,” Grinstein said. “What is also clear is that it is not enough.”