$CPA Strong earnings and good outlook produced 18% jump.

Copa produced a very clean earnings report in which the highlight was the 4% decline in cost per available seat mile (CASM). Capacity also increased 2% while revenue declined slightly as expected. Air traffic in South America is expected to grow by 5% year on year for at least the next 15 years as emerging nations produce higher disposable income. We believe we are just at the beginning of the cycle in COPA and will look for a entry soon.