Major U.S. airlines are looking at everything from selling off regional subsidiaries and frequent-flier programs to investing more in non-core units in a search for new revenue streams in an uncertain cost environment. The four majors that released third-quarter financials last week—American, Continental, Delta and Southwest—were successful in increasing profits by fairly wide margins, as well as upping operating revenues, over third-quarter 2006. Delta, for example, hit a new ...

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