Spreadsheet: 69835d1270507161-lookup-to-return-multiple-rows-example
Sheet: Sheet1

 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Holidays
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-01-01 00:00:00 |  |  |  | AAI | ALK | AMR | CAL | DAL | [NAME] | LCC | LUV | UAUA | GOL | TAM | GLS | AYR | CPA
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-01-17 00:00:00 |  |  |  | ALGT US | AAI US | AAI US | AAI US | AAI US | LUV US | AAI US | AMR US | AAI US | AAI US | AMR US | AER US | AER US | AAI US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-02-21 00:00:00 |  |  |  | ALK US | ALGT US | ALGT US | ALGT US | ALGT US | AMR US | AER US | [NAME] | ALGT US | AMR US | CPA US | AYR US | LCC US | ALGT US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-03-25 00:00:00 |  |  |  | AMR US | AMR US | ALK US | ALK US | ALK US | UAUA US | ALGT US | CAL US | ALK US | CAL US |  | FLY US | FLY US | ALK US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-05-30 00:00:00 |  |  |  | CAL US | CAL US | CAL US | AMR US | AMR US | DAL US | ALK US | DAL US | AMR US | CPA US |  | CAL US |  | AMR US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-07-04 00:00:00 |  |  |  | CPA US | CPA US | CPA US | CPA US | CAL US | AAI US | AMR US | UAUA US | CAL US | DAL US |  | LCC US |  | CAL US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-09-05 00:00:00 |  |  |  | DAL US | DAL US | DAL US | DAL US | [NAME] | CAL US | CAL US | LCC US | CPA US |  |  | UAUA US |  | DAL US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-11-24 00:00:00 |  |  |  | HA US | HA US | HA US | HA US | LCC US | LCC US | DAL US | AAI US | DAL US |  |  | AAI US |  | [NAME]
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2005-12-26 00:00:00 |  |  |  | [NAME] | [NAME] | [NAME] | [NAME] | LUV US | ALK US | HA US | ALK US | FDX US |  |  | [NAME] |  | LCC US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-01-02 00:00:00 |  |  |  | LCC US | LCC US | LCC US | LCC US | PNCL US | RJET US | [NAME] | RJET US | HA US |  |  | DAL US |  | LUV US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-01-16 00:00:00 |  |  |  | LUV US | LUV US | LUV US | LUV US | RJET US | ALGT US | LUV US | SKYW US | [NAME] |  |  | ALK US |  | PNCL US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-02-20 00:00:00 |  |  |  | PNCL US | RJET US | PNCL US | RJET US | SKYW US | SKYW US | RJET US | XJT US | LCC US |  |  | LUV US |  | RJET US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-04-14 00:00:00 |  |  |  | RJET US | SKYW US | RJET US | SKYW US | UAUA US | HA US | SKYW US | ALGT US | LUV US |  |  | CPA US |  | SKYW US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-05-29 00:00:00 |  |  |  | SKYW US | UAUA US | SKYW US | UAUA US | XJT US | XJT US | UAUA US | CPA US | RJET US |  |  | CRDN US |  | UAUA US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-07-04 00:00:00 |  |  |  | UAUA US |  | UAUA US | XJT US |  | PNCL US | XJT US | FDX US | SKYW US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-09-04 00:00:00 |  |  |  | XJT US |  | UPS US |  |  | CPA US |  | PNCL US | UPS US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-11-23 00:00:00 |  |  |  |  |  | XJT US |  |  |  |  | UPS US | XJT US
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2006-12-25 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-01-01 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-01-15 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-02-19 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-04-06 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-05-28 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-07-04 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-09-03 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-11-22 00:00:00 |  |  |  |  |  |  |  |  |  | IPO Dates
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2007-12-25 00:00:00 |  |  |  | AAI | ALK | AMR | CAL | DAL | [NAME] | LCC | LUV | UAUA | GOL | TAM | GLS | AYR | CPA
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2008-01-01 00:00:00 |  |  |  | 6/28/1994 | #N/A N/A | #N/A N/A | #N/A N/A | #N/A N/A | 4/11/2002 | #N/A N/A | 6/8/1971 | #N/A N/A | 6/23/2004 | #N/A N/A | 12/13/2006 | 8/7/2006 | 12/14/2005
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2008-01-21 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2008-02-18 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2008-03-21 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2008-05-26 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2008-07-04 00:00:00
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2009-01-01 00:00:00
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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2010-01-01 00:00:00
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2010-01-18 00:00:00
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 | Pairs
 |  |  |  |  |  |  |  |  |  | End Date | 180
 | Code | New Rating Code | Old Rating Code |  | Ticker |  | BB Ticker | Date | Start Date | End Date | New Rating | Old Rating | Target Price | U/D Before ERN? | U/D After ERN? | Earnings Date | Date | Comment | Pair
1 | Short | Neutral | Buy |  | ALK |  | ALK Equity | 2010-02-04 00:00:00 | 2010-02-03 00:00:00 | 2010-08-02 00:00:00 | neutral | overweight | 33 |  |  |  | 2010-02-04 00:00:00 |  | 1
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
1 | Long Basket
2 | Short | Neutral | Buy |  | CAL |  | CAL Equity | 2010-02-04 00:00:00 | 2010-02-03 00:00:00 | 2010-08-02 00:00:00 | neutral | overweight | 18 |  |  |  | 2010-02-04 00:00:00 |  | 1
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
2 | Long Basket
3 | Short | Neutral | Buy |  | DAL |  | DAL Equity | 2010-02-04 00:00:00 | 2010-02-03 00:00:00 | 2010-08-02 00:00:00 | neutral | overweight | 13 |  |  |  | 2010-02-04 00:00:00 |  | 1
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
3 | Long Basket
4 | Long | Buy | Neutral |  | LCC |  | LCC Equity | 2010-02-04 00:00:00 | 2010-02-03 00:00:00 | 2010-08-02 00:00:00 | overweight | neutral | 9 |  |  |  | 2010-02-04 00:00:00 |  | 1
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
4 | Short Basket
5 | Long | Neutral | Sell |  | GOL |  | GOL Equity | 2009-11-09 00:00:00 | 2009-11-06 00:00:00 | 2010-05-05 00:00:00 | neutral | underweight | 15.5 | YES | YES | 2009-11-09 00:00:00 | 2009-11-09 00:00:00 | Upgrade Mid Day before earnings. [NAME] (GOL) upgraded to neutral from underweight | 1
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
5 | Short Basket
6 | Short | Sell | Neutral |  | TAM |  | TAM Equity | 2009-11-09 00:00:00 | 2009-11-06 00:00:00 | 2010-05-05 00:00:00 | underweight | neutral | 14.5 | YES |  | 2009-11-11 00:00:00 | 2009-11-09 00:00:00 |  | 1
7 | Long | Buy | Neutral |  | AAI |  | AAI Equity | 2009-10-19 00:00:00 | 2009-10-16 00:00:00 | 2010-04-14 00:00:00 | overweight | neutral | 11 | YES |  | 2009-10-21 00:00:00 | 2009-10-19 00:00:00 |  | 1
8 | Short | Sell | Neutral |  | LUV |  | LUV Equity | 2009-10-19 00:00:00 | 2009-10-16 00:00:00 | 2010-04-14 00:00:00 | underweight | neutral | 6.5 |  | YES | 2009-10-15 00:00:00 | 2009-10-19 00:00:00 |  | 1
9 | Short | Neutral | Buy |  | AAI |  | AAI Equity | 2009-09-10 00:00:00 | 2009-09-09 00:00:00 | 2010-03-08 00:00:00 | neutral | overweight | 11 |  |  |  | 2009-09-10 00:00:00 |  | 1
10 | Short | Neutral | Buy |  | [NAME] |  | JBLU Equity | 2009-09-10 00:00:00 | 2009-09-09 00:00:00 | 2010-03-08 00:00:00 | neutral | overweight | 9.5 |  |  |  | 2009-09-10 00:00:00 |  | 1
11 | Long | Neutral | Sell |  | LCC |  | LCC Equity | 2009-09-10 00:00:00 | 2009-09-09 00:00:00 | 2010-03-08 00:00:00 | neutral | underweight | 6.5 |  |  |  | 2009-09-10 00:00:00 |  | 1
12 | Long | Buy | Sell |  | UAUA |  | UAUA Equity | 2009-09-10 00:00:00 | 2009-09-09 00:00:00 | 2010-03-08 00:00:00 | overweight | underweight | 13 |  |  |  | 2009-09-10 00:00:00 |  | 1
13 | Short | Neutral | Buy |  | CPA |  | CPA Equity | 2009-07-30 00:00:00 | 2009-07-29 00:00:00 | 2010-01-25 00:00:00 | neutral | overweight | 45 |  |  |  | 2009-07-30 00:00:00 | Year-end target increased however to $45 from $41. The firm cites valuation.
14 | Short | Sell | Neutral |  | UAUA |  | UAUA Equity | 2009-06-05 00:00:00 | 2009-06-04 00:00:00 | 2009-12-01 00:00:00 | underweight | neutral |  |  |  |  | 2009-06-05 00:00:00 | The firm believes United's RFP is a sign of liquidity creativity, and has withdrawn its $5 target.
15 | Long | Buy | Neutral |  | CAL |  | CAL Equity | 2009-06-02 00:00:00 | 2009-06-01 00:00:00 | 2009-11-28 00:00:00 | overweight | neutral | 13 |  |  |  | 2009-06-02 00:00:00 | The target remains $13. The firm notes May RASM was disappointing, though cites the recent price decline for the upgrade.
16 | Short | Neutral | Buy |  | CAL |  | CAL Equity | 2009-04-22 00:00:00 | 2009-04-21 00:00:00 | 2009-10-18 00:00:00 | neutral | overweight | 13 | YES | YES | 2009-04-22 00:00:00 | 2009-04-22 00:00:00 | Earnings on 4/22 | 1
17 | Short | Sell | Buy |  | LCC |  | LCC Equity | 2009-04-22 00:00:00 | 2009-04-21 00:00:00 | 2009-10-18 00:00:00 | underweight | overweight | 0 | YES |  | 2009-04-23 00:00:00 | 2009-04-22 00:00:00 | The firm notes that RASM declines in Mar were bad and cuts estimates across the board. | 1
18 | Long | Neutral | Sell |  | LUV |  | LUV Equity | 2009-04-22 00:00:00 | 2009-04-21 00:00:00 | 2009-10-18 00:00:00 | neutral | underweight | 7.5 |  |  |  | 2009-04-22 00:00:00 |  | 1
19 | Short | Neutral | Buy |  | UAUA |  | UAUA Equity | 2009-04-22 00:00:00 | 2009-04-21 00:00:00 | 2009-10-18 00:00:00 | neutral | overweight |  |  | YES | 2009-04-21 00:00:00 | 2009-04-22 00:00:00 |  | 1
20 | Short | Sell | Buy |  | GOL |  | GOL Equity | 2009-04-03 00:00:00 | 2009-04-02 00:00:00 | 2009-09-29 00:00:00 | underweight | overweight | 0 |  |  |  | 2009-04-03 00:00:00 | Firm cites reduced domestic demand and increased possibility for losses in f09 as rationale
21 | Short | Neutral | Buy |  | AER |  | AER Equity | 2008-10-28 00:00:00 | 2008-10-27 00:00:00 | 2009-04-25 00:00:00 | neutral | overweight | 10 |  |  |  | 2008-10-28 00:00:00
22 | Long | Buy | Neutral |  | [NAME] |  | JBLU Equity | 2008-10-23 00:00:00 | 2008-10-22 00:00:00 | 2009-04-20 00:00:00 | overweight | neutral |  | YES | YES | 2008-10-23 00:00:00 | 2008-10-23 00:00:00 | Upgraded Mid-Day after earnings in the morning. JetBlue Airways upgraded to overweight from neutral at JPMorgan, we're told
23 | Long | Buy | Sell |  | GOL |  | GOL Equity | 2008-09-12 00:00:00 | 2008-09-11 00:00:00 | 2009-03-10 00:00:00 | overweight | underweight |  |  |  |  | 2008-09-12 00:00:00 | Firm cites the company to produce a profit in 2009, potential for change in negative sentiment and the shares recent relative underperformance.
24 | Long | Buy | Neutral |  | ALK |  | ALK Equity | 2008-08-12 00:00:00 | 2008-08-11 00:00:00 | 2009-02-07 00:00:00 | overweight | neutral |  |  |  |  | 2008-08-12 00:00:00 |  | 1
25 | Long | Buy | Sell |  | AMR |  | AMR Equity | 2008-08-12 00:00:00 | 2008-08-11 00:00:00 | 2009-02-07 00:00:00 | overweight | underweight |  |  |  |  | 2008-08-12 00:00:00 |  | 1
26 | Long | Buy | Sell |  | CAL |  | CAL Equity | 2008-08-12 00:00:00 | 2008-08-11 00:00:00 | 2009-02-07 00:00:00 | overweight | underweight |  |  |  |  | 2008-08-12 00:00:00 | US Airlines ratings adjusted at JP Morgan | 1
27 | Long | Buy | Neutral |  | DAL |  | DAL Equity | 2008-08-12 00:00:00 | 2008-08-11 00:00:00 | 2009-02-07 00:00:00 | overweight | neutral |  |  |  |  | 2008-08-12 00:00:00 | US Airlines ratings adjusted at JP Morgan | 1
28 | Long | Buy | Sell |  | LCC |  | LCC Equity | 2008-08-12 00:00:00 | 2008-08-11 00:00:00 | 2009-02-07 00:00:00 | overweight | underweight |  |  |  |  | 2008-08-12 00:00:00 | US Airlines ratings adjusted at JP Morgan | 1
29 | Short | Sell | Neutral |  | LUV |  | LUV Equity | 2008-08-12 00:00:00 | 2008-08-11 00:00:00 | 2009-02-07 00:00:00 | underweight | neutral |  |  |  |  | 2008-08-12 00:00:00 | US Airlines ratings adjusted at JP Morgan | 1
30 | Short | Sell | Neutral |  | GOL |  | GOL Equity | 2008-08-01 00:00:00 | 2008-07-31 00:00:00 | 2009-01-27 00:00:00 | underweight | neutral |  |  |  |  | 2008-08-01 00:00:00 | Firm cites likelihood of continued losses and troubling cash burn.
31 | Long | Buy | Sell |  | UAUA |  | UAUA Equity | 2008-07-18 00:00:00 | 2008-07-17 00:00:00 | 2009-01-13 00:00:00 | overweight | underweight |  | YES |  | 2008-07-22 00:00:00 | 2008-07-18 00:00:00
32 | Long | Neutral | Sell |  | ALK |  | ALK Equity | 2008-05-19 00:00:00 | 2008-05-16 00:00:00 | 2008-11-12 00:00:00 | neutral | underweight |  |  |  |  | 2008-05-19 00:00:00 |  | 1
33 | Short | Sell | Neutral |  | CAL |  | CAL Equity | 2008-05-19 00:00:00 | 2008-05-16 00:00:00 | 2008-11-12 00:00:00 | underweight | neutral |  |  |  |  | 2008-05-19 00:00:00 | The firm says at current fuel prices, Legacy bankruptcies or attempts to merge are a question of when, not if. | 1
34 | Long | Neutral | Sell |  | [NAME] |  | JBLU Equity | 2008-05-19 00:00:00 | 2008-05-16 00:00:00 | 2008-11-12 00:00:00 | neutral | underweight |  |  |  |  | 2008-05-19 00:00:00 | The firm says at current fuel prices, Legacy bankruptcies or attempts to merge are a question of when, not if. | 1
35 | Short | Neutral | Buy |  | AYR |  | AYR Equity | 2008-03-26 00:00:00 | 2008-03-25 00:00:00 | 2008-09-21 00:00:00 | neutral | overweight |  |  |  |  | 2008-03-26 00:00:00 |  | 1
36 | Short | Neutral | Buy |  | GLS |  | GLS Equity | 2008-03-26 00:00:00 | 2008-03-25 00:00:00 | 2008-09-21 00:00:00 | neutral | overweight |  |  |  |  | 2008-03-26 00:00:00 | AYR and GLS are downgraded to neutral from overweight. | 1
37 | Short | Sell | Buy |  | ALK |  | ALK Equity | 2008-03-12 00:00:00 | 2008-03-11 00:00:00 | 2008-09-07 00:00:00 | underweight | overweight |  |  |  |  | 2008-03-12 00:00:00 |  | 1
38 | Short | Sell | Buy |  | AMR |  | AMR Equity | 2008-03-12 00:00:00 | 2008-03-11 00:00:00 | 2008-09-07 00:00:00 | underweight | overweight |  |  |  |  | 2008-03-12 00:00:00 |  | 1
39 | Short | Neutral | Buy |  | CAL |  | CAL Equity | 2008-03-12 00:00:00 | 2008-03-11 00:00:00 | 2008-09-07 00:00:00 | neutral | overweight |  |  |  |  | 2008-03-12 00:00:00 | JPMorgan cautious on airlines, estimates and ratings are broadly lowered. Firm notes near-term risk of '08 losses that can't be offset from the high-risk uncertainty for potential deals to close in '09 | 1
40 | Short | Neutral | Buy |  | DAL |  | DAL Equity | 2008-03-12 00:00:00 | 2008-03-11 00:00:00 | 2008-09-07 00:00:00 | neutral | overweight |  |  |  |  | 2008-03-12 00:00:00 | JPMorgan cautious on airlines, estimates and ratings are broadly lowered | 1
41 | Short | Sell | Buy |  | LCC |  | LCC Equity | 2008-03-12 00:00:00 | 2008-03-11 00:00:00 | 2008-09-07 00:00:00 | underweight | overweight |  |  |  |  | 2008-03-12 00:00:00 | JPMorgan cautious on airlines, estimates and ratings are broadly lowered | 1
42 | Short | Sell | Buy |  | UAUA |  | UAUA Equity | 2008-03-12 00:00:00 | 2008-03-11 00:00:00 | 2008-09-07 00:00:00 | underweight | overweight |  |  |  |  | 2008-03-12 00:00:00 | JPMorgan cautious on airlines, estimates and ratings are broadly lowered | 1
43 | Long | Buy | Neutral |  | AAI |  | AAI Equity | 2008-01-25 00:00:00 | 2008-01-24 00:00:00 | 2008-07-22 00:00:00 | overweight | neutral |  | YES |  | 2008-01-29 00:00:00 | 2008-01-25 00:00:00
44 | Long | Buy | Neutral |  | UAUA |  | UAUA Equity | 2008-01-10 00:00:00 | 2008-01-09 00:00:00 | 2008-07-07 00:00:00 | overweight | neutral |  |  |  |  | 2008-01-10 00:00:00 | Valuation cited.
45 | Short | Neutral | Buy |  | UAUA |  | UAUA Equity | 2007-10-25 00:00:00 | 2007-10-24 00:00:00 | 2008-04-21 00:00:00 | neutral | overweight |  |  | YES | 2007-10-23 00:00:00 | 2007-10-25 00:00:00 | Valuation cited.
46 | Short | Neutral | Buy |  | AAI |  | AAI Equity | 2007-10-23 00:00:00 | 2007-10-22 00:00:00 | 2008-04-19 00:00:00 | neutral | overweight |  |  |  |  | 2007-10-23 00:00:00
47 | Long | Neutral | Sell |  | GOL |  | GOL Equity | 2007-09-25 00:00:00 | 2007-09-24 00:00:00 | 2008-03-22 00:00:00 | neutral | underweight |  |  |  |  | 2007-09-25 00:00:00 | Firm cites valuation. | 1
48 | Long | Neutral | Sell |  | TAM |  | TAM Equity | 2007-09-25 00:00:00 | 2007-09-24 00:00:00 | 2008-03-22 00:00:00 | neutral | underweight |  |  |  |  | 2007-09-25 00:00:00 | Firm cites valuation | 1
49 | Long | Buy | Neutral |  | ALK |  | ALK Equity | 2007-07-27 00:00:00 | 2007-07-26 00:00:00 | 2008-01-22 00:00:00 | overweight | neutral |  |  | YES | 2007-07-26 00:00:00 | 2007-07-27 00:00:00
50 | Long | Buy | Neutral |  | CPA |  | CPA Equity | 2007-07-17 00:00:00 | 2007-07-16 00:00:00 | 2008-01-12 00:00:00 | overweight | neutral |  |  |  |  | 2007-07-17 00:00:00 | Firm cites valuation after recent stock pull-back and potential Q2 earnings miss.
51 | Long | Neutral | Sell |  | ALK |  | ALK Equity | 2007-06-28 00:00:00 | 2007-06-27 00:00:00 | 2007-12-24 00:00:00 | neutral | underweight |  |  |  |  | 2007-06-28 00:00:00 |  | 1
52 | Long | Buy | Neutral |  | AMR |  | AMR Equity | 2007-06-28 00:00:00 | 2007-06-27 00:00:00 | 2007-12-24 00:00:00 | overweight | neutral |  |  |  |  | 2007-06-28 00:00:00 |  | 1
53 | Long | Buy | Sell |  | CAL |  | CAL Equity | 2007-06-28 00:00:00 | 2007-06-27 00:00:00 | 2007-12-24 00:00:00 | overweight | underweight |  |  |  |  | 2007-06-28 00:00:00 | The firm says that risk reward ratios is improved in legacy carriers, and the firm also sees the potential for industry consolidation with the blessing of the group's labor unions. | 1
54 | Long | Buy | Neutral |  | LCC |  | LCC Equity | 2007-06-28 00:00:00 | 2007-06-27 00:00:00 | 2007-12-24 00:00:00 | overweight | neutral | 0 |  |  |  | 2007-06-28 00:00:00 | JPMorgan comments on air carriers. The firm says that risk reward ratios is improved in legacy carriers, and the firm also sees the potential for industry consolidation with the blessing of the group's labor unions | 1
55 | Long | Neutral | Sell |  | LUV |  | LUV Equity | 2007-06-28 00:00:00 | 2007-06-27 00:00:00 | 2007-12-24 00:00:00 | neutral | underweight |  |  |  |  | 2007-06-28 00:00:00 | The firm says that risk reward ratios is improved in legacy carriers, and the firm also sees the potential for industry consolidation with the blessing of the group's labor unions | 1
56 | Long | Buy | Sell |  | UAUA |  | UAUA Equity | 2007-06-28 00:00:00 | 2007-06-27 00:00:00 | 2007-12-24 00:00:00 | overweight | underweight |  |  |  |  | 2007-06-28 00:00:00 | The firm says that risk reward ratios is improved in legacy carriers, and the firm also sees the potential for industry consolidation with the blessing of the group's labor unions | 1
57 | Short | Sell | Buy |  | ALK |  | ALK Equity | 2007-04-27 00:00:00 | 2007-04-26 00:00:00 | 2007-10-23 00:00:00 | underweight | overweight |  |  | YES | 2007-04-26 00:00:00 | 2007-04-27 00:00:00 | concern overcapacity and a weakening economy will hurt profit | 1
58 | Short | Neutral | Buy |  | AMR |  | AMR Equity | 2007-04-27 00:00:00 | 2007-04-26 00:00:00 | 2007-10-23 00:00:00 | neutral | overweight |  |  |  |  | 2007-04-27 00:00:00 | concern overcapacity and a weakening economy will hurt profit | 1
59 | Short | Sell | Neutral |  | CAL |  | CAL Equity | 2007-04-27 00:00:00 | 2007-04-26 00:00:00 | 2007-10-23 00:00:00 | underweight | neutral |  |  |  |  | 2007-04-27 00:00:00 | concern overcapacity and a weakening economy will hurt profit | 1
60 | Short | Sell | Neutral |  | [NAME] |  | JBLU Equity | 2007-04-27 00:00:00 | 2007-04-26 00:00:00 | 2007-10-23 00:00:00 | underweight | neutral |  |  | YES | 2007-04-24 00:00:00 | 2007-04-27 00:00:00 | Earnings were on 4/24/07. JPMorgan downgrades six air carriers, | 1
61 | Short | Neutral | Buy |  | LCC |  | LCC Equity | 2007-04-27 00:00:00 | 2007-04-26 00:00:00 | 2007-10-23 00:00:00 | neutral | overweight |  |  | YES | 2007-04-26 00:00:00 | 2007-04-27 00:00:00 | JPMorgan downgrades six air carriers | 1
62 | Short | Sell | Buy |  | UAUA |  | UAUA Equity | 2007-04-27 00:00:00 | 2007-04-26 00:00:00 | 2007-10-23 00:00:00 | underweight | overweight |  |  | YES | 2007-04-25 00:00:00 | 2007-04-27 00:00:00 | JPMorgan downgrades six air carriers, | 1
63 | Short | Sell | Buy |  | LUV |  | LUV Equity | 2007-04-19 00:00:00 | 2007-04-18 00:00:00 | 2007-10-15 00:00:00 | underweight | overweight |  | YES | YES | 2007-04-19 00:00:00 | 2007-04-19 00:00:00 | Downgraded Mid-Day after earnings report. Southwest Air downgraded to underweight from overweight at JPMorgan, we're told
64 | Long | Buy | Neutral |  | AAI |  | AAI Equity | 2007-03-21 00:00:00 | 2007-03-20 00:00:00 | 2007-09-16 00:00:00 | overweight | neutral |  |  |  |  | 2007-03-21 00:00:00
65 | Long | Neutral | Sell |  | CAL |  | CAL Equity | 2007-03-15 00:00:00 | 2007-03-14 00:00:00 | 2007-09-10 00:00:00 | neutral | underweight |  |  |  |  | 2007-03-15 00:00:00
66 | Short | Sell | Buy |  | CAL |  | CAL Equity | 2007-01-24 00:00:00 | 2007-01-23 00:00:00 | 2007-07-22 00:00:00 | underweight | overweight | 35 |  |  |  | 2007-01-24 00:00:00 | Earnings released on 1/18
67 | Long | Neutral | Sell |  | CPA |  | CPA Equity | 2006-12-01 00:00:00 | 2006-11-30 00:00:00 | 2007-05-29 00:00:00 | neutral | underweight |  |  |  |  | 2006-12-01 00:00:00 | CPA is upgraded to neutral from underweight. | 1
68 | Short | Sell | Neutral |  | GOL |  | GOL Equity | 2006-12-01 00:00:00 | 2006-11-30 00:00:00 | 2007-05-29 00:00:00 | underweight | neutral |  |  |  |  | 2006-12-01 00:00:00 |  | 1
69 | Short | Sell | Neutral |  | TAM |  | TAM Equity | 2006-12-01 00:00:00 | 2006-11-30 00:00:00 | 2007-05-29 00:00:00 | underweight | neutral |  |  |  |  | 2006-12-01 00:00:00 |  | 1
70 | Long | Neutral | Sell |  | [NAME] |  | JBLU Equity | 2006-10-25 00:00:00 | 2006-10-24 00:00:00 | 2007-04-22 00:00:00 | neutral | underweight |  |  | YES | 2006-10-24 00:00:00 | 2006-10-25 00:00:00
71 | Short | Sell | Neutral |  | CPA |  | CPA Equity | 2006-10-24 00:00:00 | 2006-10-23 00:00:00 | 2007-04-21 00:00:00 | underweight | neutral |  |  |  |  | 2006-10-24 00:00:00 | CPA downgraded to underweight from neutral. | 1
72 | Short | Neutral | Buy |  | GOL |  | GOL Equity | 2006-10-24 00:00:00 | 2006-10-23 00:00:00 | 2007-04-21 00:00:00 | neutral | overweight |  |  |  |  | 2006-10-24 00:00:00 |  | 1
73 | Short | Neutral | Buy |  | TAM |  | TAM Equity | 2006-10-24 00:00:00 | 2006-10-23 00:00:00 | 2007-04-21 00:00:00 | neutral | overweight |  |  |  |  | 2006-10-24 00:00:00 |  | 1
74 | Long | Buy | Neutral |  | ALK |  | ALK Equity | 2006-05-02 00:00:00 | 2006-05-01 00:00:00 | 2006-10-28 00:00:00 | overweight | neutral |  |  |  |  | 2006-05-02 00:00:00 |  | 1
75 | Short | Sell | Neutral |  | [NAME] |  | JBLU Equity | 2006-05-02 00:00:00 | 2006-05-01 00:00:00 | 2006-10-28 00:00:00 | underweight | neutral |  |  |  |  | 2006-05-02 00:00:00 | JPMorgan notes the least profitable company in the industry is the one with the highest valuation | 1
76 | Long | Buy | Neutral |  | LUV |  | LUV Equity | 2006-05-02 00:00:00 | 2006-05-01 00:00:00 | 2006-10-28 00:00:00 | overweight | neutral |  |  |  |  | 2006-05-02 00:00:00 |  | 1
77 | Long | Neutral | Sell |  | [NAME] |  | JBLU Equity | 2006-02-24 00:00:00 | 2006-02-23 00:00:00 | 2006-08-22 00:00:00 | neutral | underweight |  |  |  |  | 2006-02-24 00:00:00 | Upgraded intaday
78 | Short | Neutral | Buy |  | ALK |  | ALK Equity | 2006-01-27 00:00:00 | 2006-01-26 00:00:00 | 2006-07-25 00:00:00 | neutral | overweight |  |  | YES | 2006-01-26 00:00:00 | 2006-01-27 00:00:00