After looking at all the airlines, I decided on Pinnacle Airlines Corp (PNCL).  Two others, AKH and ALK, were contenders, but PNCL blew them away.  What has Pinnacle got?  Well, the price ratio wasn't the best of the bunch, but averaging 2.675 it's not bad.  PNCL does, however, have the highest ROE in the industry, at 148.2%.  The fundamentals indicate strong management and decent profitability by the standards of the industry.

Qualitatively, PNCL completed the final step of its corporate independence yesterday, having purchased its preferred share from Northwest Airlines.  PNCL is a small cap at $293.78M.  So to sum up: we have a small company with fairly strong fundamentals, recently turned independent.  The gamble is whether this company will find its own feet and grow.  I believe the outlook is good.