United Airlines (UAL Quick QuoteUAL - Free Report) shares ended the last trading session 8.3% higher at $43.99. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 23% loss over the past four weeks.

The upside was owing to encouraging comments on the Omicron variant of COVID-19 by Dr. Anthony Fauci, the president’s chief medical advisor. Fauci said that the available data hinted at the fact that illness caused by Omicron was not severe. United Airlines will be hoping that air-travel demand does not get massively affected by this mutant and Fauci’s words will certainly help instill more confidence in passengers.

This airline is expected to post quarterly loss of $2.12 per share in its upcoming report, which represents a year-over-year change of +69.7%. Revenues are expected to be $7.96 billion, up 133.2% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For United, the consensus EPS estimate for the quarter has been revised marginally higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on UAL going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>