Delta Air Lines (DAL: sentiment, chart, options) seems determined to stay in the spotlight. On Monday, we reported that the company plans to seek significant changes to its existing orders with Boeing (BA). Reportedly, DAL is looking to modify its own orders, as well as one placed separately by Northwest Airlines. DAL wants to scale back an order placed by Northwest for BA's new 787 Dreamliner, and it is asking for its order for 777-200LR aircraft to be expanded.

This morning, the airline announced that it will slash systemwide capacity by 6% to 8% next year as the global recession continues to weaken demand for air travel. DAL plans to cut U.S. capacity by 8% to 10% and reduce international capacity 3% to 5%.

At a press conference, Ed Bastian, Delta's president, called the cuts "dramatic," given that Delta is already trimming domestic flying by 12% this year. Over the 2-year period of 2008 and 2009, the carrier will have cut U.S. seat capacity by 20%, Bastian said, an unprecedented move in the airline industry.

The shares of DAL are up more than 6.5% this afternoon, continuing to soar on weakness in the price of crude oil. The security is also bouncing back from yesterday's loss of 9.65%. Technically speaking, the equity has settled into a trading range between resistance at the 10 level and support in the 6.50-7 region.

From a sentiment perspective, DAL is a favorite on Wall Street. The shares have earned 8 "strong buys" and 1 "hold" rating. This configuration leaves ample room for potential downgrades, should support fail to hold in the 6.50-7 region.