In the wake of record-breaking third quarter results and strong 4Q indications, CRT Capital Group Michael Derchin and JP Morgan Analyst Jamie Baker are giving good marks to the prospects of the US airline industry in research notes. The most surprising item was Baker’s approval of American Airlines, after taking AMR executives to task during the first quarter conference call when he expressed grave doubts about its corner-stone strategy and its estimates for the joint business over the Atlantic. Indeed, he bluntly asked AMR Chair Gerard Arpey whether that was all he had. Arpey’s response was patient but determined.