Corporate Webpages United Airlines Holdings, Inc.
United Airlines Holdings, Inc. (UAL) is a domestic airline stock
facing an array of foreign competitors for international
flights, but few domestic ones. Great consolidation in the
airline industry has seen the disappearance of a host of former
large American airline companies leaving only few like Delta,
American, and Southwest to dominate the market. Such was the
result of "deregulation" in the Reagan era, where load factors
improved and most flights today are crowded with less passenger room.
Jesse Livermore had a theory in stock trading where he would
look at a group of stocks in an industry and pick one of the
laggards in an industry that was doing well. UAL has been
lagging a bit behind some of its competitors and playing
catchup. The big news in the airline industry is the grounding
of Boeing 737 Max planes indefinitely, and the degree to which
an airline had exposure in their fleet to that model had a
direct impact on earnings and helped suppress the airline
stocks. UAL had moderate exposure. Currently it has contracts
to buy many Airbuses, the main alternative made in Europe.
Consolidation in the American aerospace industry turned out to
be costly as well as in the airline industry, leaving major jet
airliner manufacturer pretty much up to Boeing alone. Boeing is
suffering greatly for design flaws in the 737 Max. Dates for
the FAA to allow them to fly again have been pushed back several
times, the latest being some time around next July.
UAL has a strong Zenith Index and appears to us to be in good financial
shape. It has a website with CEO Letter to Shareholders, but no
glitzy annual report.
Airline stocks in general have been lagging, but the degree to
which that has been so has pushed UAL below the average to
current p/e ratio, a rarity in American stocks, and suggests
value there based upon earnings potential. Another rarity is
significant insider buying by one director. Institutions are
flat to slightly net sellers. The stock chart pattern may have
something to do with this. A company as large as UAL could
often generate a "channeling" stock pattern, which this one
does, currently at the top of a longstanding trading range. We
would suggest this could offer opportunity for short selling based
upon technical patterns.
UAL's contribution to the consolidation of the airline industry
was its purchase of a large competitor, Continental Airlines.
For a while afterward, it changed its name to United
Continental, indicating the impact of Continental upon United's
earnings and business, but in April last year changed it again to United
Airlines Holdings, Inc. UAL has other subsidaries, including "Expressjet."
01-22-2020: United Airlines Holdings, Inc. (UAL): Boeing's Problems Spill Over to Airlines
(WAIT FOR PAGE TO LOAD COMPLETELY BEFORE LINKS WORK.)
Company Profile
Company History
News
Comparison with Peers
Bond Issue
Zenith Index
Financial Statements
Avg. P/E to Current P/E
Financial Ratios
Intrinsic Value (Disc. CashFlow)
Fair Value Estimator
Projected Earnings
Research Reports
Analysts' Opinions
Insider Activity
Institutional Activity
Sentiment
Short Interest
Standard & Poor's
Management's Discussion
Channel Potential
MACD Histogram
Intraday Chart
Val Idea
Stock Consultant
Point & Figure Chart
Wall Street Analyzer
Marketspace Chart
Time Series Forecast
Neural Network Prediction
Stock Options
Ultimate Trading Systems
Recommendation
Corporate Wepages
Company Profile |
Company History |
News |
Comparison |
Similar Companies Performance:
Bond Issue |
Zenith Index |
Under current market conditions, a Zenith Index Score of 1.20 or above is required for a positive rating on this factor. 1.21 -1.30 is considered acceptable, 1.30-1.40 is considered strong and
> 1.40 is considered exceptionally strong. Accounting statements in this section often contain mistakes, especially in earlier years' totals, but data is deemed sufficient for us to give a rating. More accurate financial statements follow in the next section.
United Airlines Holdings, Inc. (UAL) Exchange: Nasdaq
233 South Wacker Drive
Chicago, IL 60606 Sector: Industrials
United States Industry: Airlines
United Airlines Holdings, Inc., through its subsidiaries, provides air
transportation services in North America, Asia, Europe, the Middle East,
and Latin America. It transports people and cargo through its mainline
and regional operations. As of December 31, 2018, the company operated a
fleet of 1,329 aircraft. It also sells fuel; and offers catering, ground
handling, and maintenance services for third parties. The company was
formerly known as United Continental Holdings, Inc. and changed its name
to United Airlines Holdings, Inc. in June 2019. United Airlines
Holdings, Inc. was founded in 1934 and is headquartered in Chicago,
Illinois.
Last Trade: 89.54 52-Week Range: 96.03 - 77.02
Employees: 95,000 Avg.Volume: 2,088,533 Shares
Corporate Governance:
Pillar scores are Audit: 1; Board: 1; Shareholder Rights: 8; Compensation: 5.
(A lower number means less governance risk.)
EPS: 10.72 Dividend Amount: $ 0.00 Yield: 0.00%
Ex-Dividend Date: Jan 07, 2008 Payout Ratio: 0.00
Key Statistics:
Trailing P/E: 8.37 Forward P/E (est.): 7.07
Target Price: 110.94
Qrtly Stock Price Growth (yoy): 7.44% Beta: 1.12
Qrtly S&P Index Growth (yoy): 3.40% Short Ratio: 6.67%
Qrtly Revenue Growth (yoy): 52.00% Shares Out: 253040000
Qrtly Earnings Growth (yoy): 22.90%
Book Value: 44.56 Debt/Equity: 178.21% Price/Book Value: 2.01 Operating Profit Margin: 10.71%
Price/Sales: 0.53 Profit Margin: 6.62%
Market Cap: 22,698,000,000 Return on Equity: 27.31%
Enterprise Value: 37,710,000,000 Return on Assets: 5.91%
Operating Cash Flow: 6,181,000
Free Cash Flow: 208,000
Annual Income Statement: (All numbers in thousands)
Period Ending 12/31/2018 12/31/2017 12/31/2016
Total Revenue 41,303,000 37,736,000 36,556,000
Cost of Revenue 30,165,000 27,056,000 24,856,000
Gross Profit 11,138,000 10,680,000 11,700,000
Operating Expenses:
Research & Development 0 0 0
Selling, General & Administrative 1,558,000 1,349,000 1,303,000
Total Operating Expenses 7,359,000 7,006,000 6,724,000
Operating Income or Loss 3,779,000 3,674,000 4,976,000
Income from Continuing Operations:
Total Other Income/Expenses Net -563,000 -173,000 -657,000
Interest Expense 659,000 559,000 542,000
Income Before Taxes 2,658,000 2,999,000 3,819,000
Income Tax Expense 529,000 868,000 1,556,000
Net Income from Continuing Op.s 2,129,000 2,131,000 2,263,000
Non-recurring Events:
Extraordinary Items 0 0 0
Net Income 2,129,000 2,131,000 2,263,000
Net Income Avail to Common Shares 2,129,000 2,131,000 2,263,000
Annual Cash Flow Statement: (All numbers in thousands)
Period Ending 12/31/2018 12/31/2017 12/31/2016
Net Income 2,129,000 2,131,000 2,263,000
Operating Activities:
Depreciation 2,240,000 2,149,000 1,977,000
Changes in Accounts Recv'bls -29,000 -183,000 -16,000
Changes in Liabilities 2,004,000 -585,000 2,319,000
Changes in Inventories 0 0 0
Changes in other Oper'g Acts 711,000 -1,989,000 -846,000
Total Cash Flow f Operations 6,181,000 3,413,000 5,542,000
Investing Activities:
Capital Exenditures -4,177,000 -3,998,000 -3,223,000
Investments -139,000 0 0
Other Cash Flows fr Investing -311,000 120,000 13,000
Total Cash Flows from Investing -4,563,000 -3,930,000 -3,238,000
Financing Activities:
Dividends Paid 0 0 0
Sale of Purchase of Stock -1,235,000 -1,235,000 -1,235,000
Other Cash Flows fr Financing -54,000 -93,000 13,000
Total Cash Flows from Financing -1,410,000 -195,000 -3,213,000
Change in Cash & Cash Equiv. 208,000 -712,000 -909,000
Annual Balance Sheets: (All Numbers in Thousands)
Period Ending 12/31/2018 12/31/2017 12/31/2016
Current Assets:
Cash & Cash Equivalents 1,694,000 1,482,000 2,179,000
Short Term Investments 2,256,000 2,316,000 2,249,000
Net Receivables 1,346,000 1,340,000 1,176,000
Inventory 985,000 924,000 873,000
Other Current Assets 0 0 0
Total Current Assets 7,194,000 7,113,000 7,309,000
Long-Term Investments 41,743,000 38,144,000 34,234,000
Property, Plant & Equipt 28,329,000 26,208,000 23,318,000
Goodwill 4,523,000 4,523,000 4,523,000
Intangible Assets 3,159,000 3,539,000 3,632,000
Other Assets 105,000 91,000 703,000
Total Assets 44,792,000 42,326,000 40,140,000
Current Liabilities:
Accounts Payable 2,363,000 2,196,000 2,139,000
Current Portion LT Debt 2,184,000 2,166,000 2,307,000
Other Current Liabilities 619,000 569,000 1,010,000
Total Current Liabilities 13,212,000 12,676,000 12,286,000
Long Term Debt 12,215,000 11,703,000 9,918,000
Other Liabilities 1,832,000 1,832,000 1,804,000
Total Liabilities 34,797,000 33,520,000 31,481,000
Stockholder Equity:
Common Stock 3,000 3,000 3,000
Retained Earnings 6,668,000 4,621,000 3,427,000
Capital Surplus -803,000 -1,147,000 -829,000
Total Stockholder Equity 9,995,000 8,806,000 8,659,000
United Airlines Holdings, Inc. (UAL) [Indices near +3.0, near zero,
or < zero bear special attention.]
P/E Ratio Tests:
P/E Ratio < 28? 3.0000 P/E Ratio > 5? 1.0000
P/E Ratio Vs Growth Rate: 3.0000 Forward P/E Ratio < 28? 3.0000
Price/Sales Ratio < 2.3? 3.0000 Inventory/Sales < 5%? 2.0966
Sales < $1 Billion? 0.0242 Operating Margin < 7.5%? 0.7003
Balance Sheet Tests:
Debt/Equity < 0.40? 0.2245 Long-Term Debt Service: 0.8183
LTD Being Reduced? -3.0000 Short-Term Debt Service: 0.0000
Current Ratio > 2? 0.2723 Working Capital >= 1.5? 2.7915
Leverage Ratio < 20%? 0.1178 Debt/Assets < 1? 3.0000
Quick Ratio > 1? 3.0000 Inventory Turnover > 1? 0.1338
Share Equity Increase: 2.1520 Market Cap.< 1.5 Billion? 0.0661
Intangibles < 3% Assets? 0.1749
Income Tests:
Profit Margin < 7.5%? 0.8826 EPS Annual Growth > 10%? 0.1001
Dividend Yield > 2.0%? 0.0000 EPS 3-yr Growth > 15? 0.1594
Enterprise Value/Revenue 0.5498 EPS Growth Consistent? -2.0000
Enterprise Value/EBITDA: 3.0000 Collection < 45 days? 3.0000
EPS Qrtly Growth > 10%? 0.0044 Gross Pft/Cur. LTD > 1? 3.0000
Borrowing Int. Rate < 6%? 1.1121
Stock Performance Tests:
Volatility > 25%? 0.7918 % Held by Insiders < 5%? 3.0000
Beta > 1.25? 0.8960 % Held by Institut. < 50? 0.4982
50 Da MA > 200 Da MA? -0.0198 % Held by Institut. > 30? 3.0000
52-Wk Change vs. S&P 500: 0.1431 Short Ratio > 5? 1.3340
Price/Book Value < 3? 3.0000 Short % of Float > 20? 0.3605
Return on Assets > 17%? 0.3476 Average Volume > 100,000? 3.0000
Cash Flow Tests:
Oper. C.F. > Lever'd C.F: 3.0000 Positive Free Cash Flow? 3.0000
Positive Oper. Cash Flow? 3.0000 Price to C.F.Ratio < 14?: 3.0000
Cash Flow / Assets > 10%? 2.7134
UAL United Airlines Holdings, Inc. Overall Zenith Index: 1.3569
Financial Statements |
UNITED AIRLINES HOLDINGS INC (UAL) INCOME STATEMENT Fiscal year ends in December. USD in thousand 2014-12 2015-12 2016-12 2017-12 2018-12 TTM Revenue 38,901,000 37,864,000 36,556,000 37,736,000 41,303,000 42,862,000 Cost of revenue 29,569,000 25,952,000 24,856,000 27,056,000 30,165,000 30,524,000 Gross profit 9,332,000 11,912,000 11,700,000 10,680,000 11,138,000 12,338,000 Operating expenses Sales, General and administrative 1,373,000 1,342,000 1,303,000 1,349,000 1,558,000 1,630,000 Restructuring, merger and acquisition 295,000 185,000 101,000 116,000 41,000 21,000 Other operating expenses 4,848,000 4,893,000 5,320,000 5,541,000 5,760,000 6,132,000 Total operating expenses 6,516,000 6,420,000 6,724,000 7,006,000 7,359,000 7,783,000 Operating income 2,816,000 5,492,000 4,976,000 3,674,000 3,779,000 4,555,000 Interest Expense 683,000 620,000 542,000 559,000 659,000 713,000 Other income (expense) -1,005,000 -653,000 -615,000 -116,000 -462,000 -209,000 Income before taxes 1,128,000 4,219,000 3,819,000 2,999,000 2,658,000 3,633,000 Provision for income taxes -4,000 -3,121,000 1,556,000 868,000 529,000 797,000 Net income from continuing operations 1,132,000 7,340,000 2,263,000 2,131,000 2,129,000 2,836,000 Net income 1,132,000 7,340,000 2,263,000 2,131,000 2,129,000 2,836,000 Net income available to common shareholders 1,132,000 7,340,000 2,263,000 2,131,000 2,129,000 2,836,000 Earnings per share Basic 3.05 19.52 6.86 7.04 7.73 10.80 Diluted 2.93 19.47 6.85 7.02 7.70 10.76 Weighted average shares outstanding Basic 371,000 376,000 329,900 302,700 275,500 263,500 Diluted 390,000 377,000 330,300 303,600 276,700 264,700 ____________________________________________________________________________________________________________________________________________ UNITED AIRLINES HOLDINGS INC (UAL) BALANCE SHEET Fiscal year ends in December. USD in thousand 2014-12 2015-12 2016-12 2017-12 2018-12 Assets Current assets Cash Short-term investments 2,382,000 2,190,000 2,249,000 2,316,000 2,256,000 Total cash 4,384,000 5,196,000 4,428,000 3,798,000 3,950,000 Receivables 1,146,000 1,128,000 1,176,000 1,340,000 1,346,000 Inventories 666,000 738,000 873,000 924,000 985,000 Deferred income taxes 591,000 0 0 0 0 Prepaid expenses 730,000 740,000 832,000 1,051,000 913,000 Other current assets 621,000 26,000 0 0 0 Total current assets 8,138,000 7,828,000 7,309,000 7,113,000 7,194,000 Non-current assets Property, plant and equipment Gross property, plant and equipment 27,432,000 30,917,000 34,234,000 38,144,000 41,743,000 Accumulated Depreciation -7,965,000 -9,337,000 -10,916,000 -11,936,000 -13,414,000 Net property, plant and equipment 19,467,000 21,580,000 23,318,000 26,208,000 28,329,000 Equity and other investments 0 0 0 852,000 966,000 Goodwill 4,523,000 4,523,000 4,523,000 4,523,000 4,523,000 Intangible assets 4,284,000 4,136,000 3,632,000 3,539,000 3,159,000 Deferred income taxes 0 2,037,000 655,000 0 0 Other long-term assets 941,000 757,000 703,000 91,000 621,000 Total non-current assets 29,215,000 33,033,000 32,831,000 35,213,000 37,598,000 Total assets 37,353,000 40,861,000 40,140,000 42,326,000 44,792,000 Liabilities and stockholders' equity Liabilities Current liabilities Short-term debt 1,313,000 1,224,000 849,000 1,565,000 1,230,000 Capital leases 110,000 135,000 116,000 128,000 149,000 Accounts payable 1,882,000 1,869,000 2,139,000 2,196,000 2,363,000 Accrued liabilities 1,818,000 2,350,000 2,307,000 2,166,000 2,184,000 Deferred revenues 5,759,000 5,870,000 5,865,000 6,052,000 6,667,000 Other current liabilities 1,626,000 966,000 1,010,000 569,000 619,000 Total current liabilities 12,508,000 12,414,000 12,286,000 12,676,000 13,212,000 Non-current liabilities Long-term debt 10,121,000 9,673,000 9,918,000 11,703,000 12,215,000 Capital leases 571,000 727,000 822,000 996,000 1,134,000 Deferred taxes liabilities 1,591,000 0 0 225,000 814,000 Deferred revenues 4,096,000 3,836,000 3,178,000 2,565,000 2,719,000 Pensions and other benefits 4,159,000 3,370,000 3,473,000 3,523,000 2,871,000 Other long-term liabilities 1,911,000 1,875,000 1,804,000 1,832,000 1,832,000 Total non-current liabilities 22,449,000 19,481,000 19,195,000 20,844,000 21,585,000 Total liabilities 34,957,000 31,895,000 31,481,000 33,520,000 34,797,000 Stockholders' equity Common stock 4,000 4,000 3,000 3,000 3,000 Additional paid-in capital 7,721,000 7,946,000 6,569,000 6,098,000 6,120,000 Retained earnings -3,883,000 3,457,000 3,427,000 4,621,000 6,668,000 Treasury stock -367,000 -1,610,000 -511,000 -769,000 -1,993,000 Accumulated other comprehensive income -1,079,000 -831,000 -829,000 -1,147,000 -803,000 Total stockholders' equity 2,396,000 8,966,000 8,659,000 8,806,000 9,995,000 Total liabilities and stockholders' equity 37,353,000 40,861,000 40,140,000 42,326,000 44,792,000 ____________________________________________________________________________________________________________________________________________ UNITED AIRLINES HOLDINGS INC (UAL) Statement of CASH FLOW Fiscal year ends in December. USD in thousand 2014-12 2015-12 2016-12 2017-12 2018-12 TTM Cash Flows From Operating Activities Net income 1,132,000 7,340,000 2,263,000 2,131,000 2,129,000 0 Depreciation & amortization 1,679,000 1,819,000 1,977,000 2,149,000 2,240,000 0 Deferred income taxes 13,000 -3,177,000 1,648,000 945,000 515,000 0 Change in working capital -247,000 -352,000 -846,000 -1,989,000 711,000 0 Accounts receivable 209,000 -15,000 -16,000 -183,000 -29,000 0 Accounts payable -251,000 -77,000 239,000 66,000 130,000 0 Other working capital -205,000 -260,000 -1,069,000 -1,872,000 610,000 0 Other non-cash items 57,000 362,000 500,000 177,000 586,000 6,861,000 Net cash provided by operating activities 2,634,000 5,992,000 5,542,000 3,413,000 6,181,000 6,861,000 Cash Flows From Investing Activities Investments in property, plant, and equipmen -2,005,000 -2,747,000 -3,223,000 -3,998,000 -4,177,000 -5,017,000 Property, plant, and equipment reductions 94,000 86,000 28,000 12,000 0 0 Acquisitions, net 0 0 0 0 -139,000 -36,000 Purchases of investments -1,041,000 -2,517,000 -2,768,000 -3,241,000 -2,552,000 -2,745,000 Sales/Maturities of investments 584,000 2,707,000 2,712,000 3,177,000 2,616,000 2,919,000 Other investing activities 112,000 -22,000 13,000 120,000 -311,000 -408,000 Net cash used for investing activities -2,256,000 -2,493,000 -3,238,000 -3,930,000 -4,563,000 -5,287,000 Cash Flows From Financing Activities Debt issued 1,432,000 1,073,000 808,000 2,765,000 1,740,000 1,608,000 Debt repayment -2,630,000 -2,301,000 -1,351,000 -1,025,000 -1,861,000 -1,116,000 Common stock repurchased -312,000 -1,233,000 -2,614,000 -1,844,000 -1,235,000 0 Other financing activities -86,000 -34,000 -56,000 -91,000 -54,000 -1,729,000 Net cash provided by (used for) financing -1,596,000 -2,495,000 -3,213,000 -195,000 -1,410,000 -1,237,000 Net change in cash -1,218,000 1,004,000 -909,000 -712,000 208,000 337,000 Cash at beginning of period 3,220,000 2,002,000 3,212,000 2,303,000 1,591,000 2,720,000 Cash at end of period 2,002,000 3,006,000 2,303,000 1,591,000 1,799,000 3,057,000 Free Cash Flow Operating cash flow 2,634,000 5,992,000 5,542,000 3,413,000 6,181,000 6,861,000 Capital expenditure -2,005,000 -2,747,000 -3,223,000 -3,998,000 -4,177,000 -5,017,000 Free cash flow 629,000 3,245,000 2,319,000 -585,000 2,004,000 1,844,000 ____________________________________________________________________________________________________________________________________________
Average to Current P/E Ratios |
(UAL) United Airlines Holdings Inc.
2015 2016 2017 2018 2019
Annual Earnings: 2.93 19.47 6.85 7.06 7.69
Average Price During Year: 60.66 51.85 69.67 76.68 87.07
P/E Ratio: 20.70 2.66 10.17 10.86 11.32
Average 5-Year P/E Ratio = 11.14
Current Price = 89.7
Previous 5 Quarter Earnings: 3.06 1.69 1.09 4.02 3.99
Current Annualized (Last Four Quarters) Earnings = 9.10
________
Average PE / Current PE = 1.13
--------
...a number above 1.00 is good
1.00 or below is bad
Financial Ratios |
. . . . . . . . . . . . Lowest to Highest, Compared to Industry
Intrinsic Value (DCF) |
Intrinsic Value by Discounted Cash Flow Method:
Fair Value Estimator |
Fair Value Estimate:
Projected Earnings |
Research Reports |
Analysts' Opinions |
Insider Activity |
Institutional Activity |
Institutional Ownership:
Sentiment |
Zenith uses the "sentiment" score above or below 50 to award a positive or negative point in the Decision Matrix.
Short Interest Ratio |
As the short interest rises as a percentage of average daily share volume (Days to Cover), this is considered a measure of negative sentiment. Similarly, a decrease in that percentage is considered positive sentiment.
Standard & Poor's |
Management's Discussion of Results of Operations Excerpts |
Channeling Potential |
The summary below includes a value for `Degree,' which refers on a
scale of 1 to 10 the range of a channel in the period under consi-
deration compared to the total range of price movement. It also looks
for the last closing price to be within the channel, otherwise zeroed.
The `Index' is the `Degree' weighted for volatility. Generally, the
the higher the index, the more suitable is the stock for trading as
a `rolling stock' between channel high and low points.
Results for UNITED AIRLINES HOLDINGS INC.:
Symbol? UAL
Total Months Available: 25
Months in Cycle? 4
Months Covered by Periods: 12
Period 1 Period 2 Period 3
H1 L1 H2 L2 H3 L3
90.93 77.02 96.03 77.35 95.16 80.87
RANGE = 96.03 TO 77.02 Close = 89.54
CHANNEL = 90.93 TO 80.87 Degree = 5
Volatility = 11.24% Index = 5
MACD Histogram Divergence |
The theory is that connecting the two most recent peaks or valleys of the MACD histogram will signal the direction of the next major move.
Intraday Chart |
2 Days:
Val Idea |
6 out of 9 favorable, (positive opinion.)
Stock Consultant |
Point & Figure Chart |
Wall Street Analyzer |
Marketspace Chart |
Time Series Forecast |
Neural Network Prediction |
"Neurostock" can only track long trades. Therefore its performance, as tracked by itself on stocks which are consistently falling, may not appear as good as it could if each "sell" signal were a "short sale."
Ultimate Trading Systems |
2 out of 3 of the ultimate systems favor an upmove.
System Below:
Short term outlook: Positive: Bright Green, Negative: Bright Red
Long term outlook: Postive: Dark Green, Negative: Dark Red.
Recommendation |
| Factors | Weighted Points |
|---|---|
| News | + 1 |
| Comparison | - 1 |
| Industry | - 1 |
| Bond Issue | + 1 |
| Zenith Index | + 1 |
| Non-GAAP vs. GAAP Earnings | - 1 |
| Cash Flow | + 1 |
| Average to Current P/E | + 1 |
| Ratios | + 1 |
| Intrinsic Value DCF | - 1 |
| Fair Value Estimator | + 1 |
| Projected Earnings | + 1 |
| Research Reports | + 1 |
| Analysts | + 1 |
| Executive Perquisites | - 1 |
| Insider Activity | + 1 |
| Institutional Activity | - 1 |
| Management Reporting | + 1 |
| Short Interest | - 1 |
| Sentiment | + 1 |
| Standard & Poor's | + 1 |
| MACD Histogram Divergence | + 1 |
| Val Idea | + 1 |
| Stock Consultant | - 1 |
| Point & Figure | - 1 |
| Wall Street Analyzer | - 1 |
| Marketspace Chart | + 1 |
| Time Series Chart | + 1 |
| Neural Network | + 1 |
| Stock Options | + 1 |
| Ultimate Trading Systems | + 1 |
| Total | + 11 |
Place 335 shares of United Airlines Holdings, Inc. (UAL) on the Active List.
