Delta Air Lines (DAL) reported a May PRASM of down 5%. The number is down from the 4% decline for April and below the guidance for Q2 of down 4.5% at the bottom of the range. The airline has made the promise to return to positive passenger until revenue this year. The forecast is that the combination of reduced capacity by Q4 and higher oil prices will lead to fare increases. The airline trades near the lows at a forward P/E multiple of 6x EPS estimates. A key catalyst for the sector is a rebound in PRASM that the market overly focuses on these days. Improvements in the PRASM over the summer months will send the stock and the sector higher. Disclosure: Long DAL