United Airlines shares declined 2.18% in the most recent session, underperforming the S&P 500’s 0.9% pullback and the 1.3% drop in the Dow Jones Transportation Average. The weakness followed analyst concerns over rising unit costs and pressure on domestic yields, with fuel-adjusted cost per available seat mile (CASM ex-fuel) up 5% year-over-year in the first quarter. Trading volume was 25% above the 30-day average, suggesting institutional selling, and open interest in put options rose 18% as investors hedged against further downside.

With the company scheduled to report first-quarter results this Tuesday, investors are positioning for potential upside. Consensus estimates call for revenue of approximately $11.7 billion, up 6% from a year ago, and adjusted earnings per share of $1.45. United’s guidance will be scrutinized for its forecast of 4% capacity growth in the second quarter and its updated fuel cost outlook, currently pegged at $3.10 per gallon. The stock has climbed 12% over the past three months, closing within 2% of its all-time high, as analysts point to improving international demand and continued strength in corporate travel bookings.