United Airlines Holdings Inc. late Wednesday refined its 2025 profit outlook, joining Delta Air Lines Inc. in giving investors some hope for the industry, but a mixed earnings snapshot and lingering macroeconomic concerns left the stock under pressure.

Put traders have been targeting the equity more than usual ahead of the event. United Airlines stock's 10-day put/call volume ratio of 1.17 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) ranks higher than 88% of readings from the past year.