American Airlines got its corporate travel strategy badly wrong after the pandemic—and it’s still paying the price. As business travel recovered, the carrier tried to push customers toward booking on its website and app in a bid to reduce travel agency commissions and the millions of dollar spent offering companies perks to discount for being their carrier of choice The airline began removing some fares from its corporate booking channels to encourage customers to book directly with American,

American Airlines stock dropped 9% following the company’s earnings report early Thursday. The drop provides what investors are likely to view as a “buy the dip” opportunity.

United Airlines CEO Scott Kirby proclaimed Wednesday that “We are the best airline in the history of aviation.” How will American CEO Robert Isom respond?