The Travel & Air sector is suddenly the center of attention after industry forecasters lower near-term demand expectations.

That's a big deal because it touches every company in the group at once — but not equally. Companies with healthy cash flow and solid leadership are in the best position to turn this into real wins, while companies already weighed down by debt or shaky management could struggle to keep up.

If you're holding stocks in this sector, the shakier, more indebted names are the ones most at risk of taking the bigger hit.