re Airlines, the biggest US carriers, UAL, DAL and LCC, have sharply negative tangible book values .... on the other hand, there are plenty of small carriers like RJET and SKYW that have much stronger balance sheets than HA.
Basically I agree, HA becomes a better buy at lower prices, which is why I took only a very small starter position.
Note also that while their growth initiatives are good news, there's no guarantee it will add to the bottom line .... revenues will grow but so will expenses. Who knows how profitable, if at all, the new routes will be ???