JPMorgan Securities analysts "aggressively downgraded" several airline earnings estimates and investment ratings

. "At current fuel levels, the industry is likely to spend $25 billion more on jet kerosene than it did in 2002," according to a recent JPMorgan research note. The firm noted that "aggressive" capacity cuts in the second half of the year could help, "though we don't believe the industry can move quickly enough to put much of a dent in forecasted losses." JPMorgan also expects to soon see "the first signs of meaningful [demand] softening ... For example, Carlson Wagonlit has already said that corporate bookings are down 12 percent, for flights between four of the largest domestic markets (Boston, Chicago, New York and Washington) and Paris/London/Frankfurt."