Core Viewpoint - Investors are analyzing the impact of American Airlines' loyalty program changes on future revenue quality as the company transitions into 2026 [3][5]. Company Performance - American Airlines Group (AAL) closed at $15.60, down 4.06%, with a market capitalization of $11 billion [2]. - The stock has decreased by 19% since its IPO in 2005, and trading volume reached 67.8 million shares, exceeding the three-month average by nearly 9% [2]. Loyalty Program Changes - The AAdvantage loyalty program underwent significant changes effective December 17, which have not been well received by customers [5]. - Basic economy tickets will no longer earn loyalty miles or points, reflecting the airline's strategy to focus on higher, more profitable fare classes [5]. Market Reaction - The tighter loyalty program rules may alienate price-sensitive travelers, potentially driving them to budget airlines [6]. - Investors perceive these changes as increasing risks associated with owning American Airlines stock, contributing to the decline in share price [6].