Meghna Maharishi and Mike Boyd discuss Delta Air Lines (DAL) after its earnings and revenue miss and lowered outlook, with higher fuel costs driving much of the pressure. Despite the headwinds, they see Delta as well positioned to remain profitable and expect airlines to increasingly target premium, higher-spending travelers. They also discuss strategy shifts across United Airlines (UAL), American Airlines (AAL), Alaska Air (ALK), Southwest Airlines (LUV), and Allegiant (ALGT) as the industry adapts to higher costs.