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Certain Major US Airlines Could Miss Third-Quarter Bottom-Line Views Amid Fuel Headwinds, UBS Says
US Markets

Certain Major US Airlines Could Miss Third-Quarter Bottom-Line Views Amid Fuel Headwinds, UBS Says

Certain major US airlines could miss market expectations for their third-quarter earnings amid higher fuel prices and operational disruptions from bad weather, UBS Securities said in a note e-mailed Thursday.The brokerage expects Delta Air Lines (DAL), United Airlines (UAL) and American Airlines' (AAL) bottom-lines for the September quarter to fall short of Wall Street's views, while Southwest Airlines (LUV) and Alaska Air Group (ALK) are seen delivering beats."We see modest downside to (third-quarter earnings per share) for some players on the back of higher fuel for (the third quarter versus) guidance, as well as irregular operations from uneven weather in July/Aug," UBS analysts Atul Maheswari and Thomas Wadewitz said in a note to clients.US crude oil prices surged past $100 per barrel Thursday, a day after global benchmark Brent breached the same threshold amid intensifying tensions between the US and Iran. The renewed flare-up has sparked fears of prolonged supply disruptions.Still, airline demand seems have stayed strong so far in the third quarter despite additional rounds of price hikes last month amid higher fuel prices, UBS said."We think these price increases have been more localized by markets as opposed to the broad-based increases that the industry witnessed in the immediate aftermath of the Iran war," Maheswari and Wadewitz wrote.Higher fuel prices could further dent airlines' fourth-quarter earnings, but a 16% drop in the US Global Jets ETF -- which groups the major US airlines -- since the start of August shows investors have already priced in the impact, according to the note.UBS slashed its 2026 and 2027 bottom-line outlooks for the major airlines it covers, largely to factor in higher fuel prices. The brokerage also lowered its respective price targets on the stocks of United, Delta Air, Alaska Air, Southwest, American and JetBlue Airways (JBLU).While positioning was net short on the sector roughly a month ago, it is now likely closer to net neutral amid a pullback in stocks, according to the note."We have increasingly fielded questions on what could be the potential silver lining from upcoming airlines presentations next week," the analysts wrote. "On that point, it's possible there might be upside to consensus (fourth-quarter revenue per available seat mile/revenue) given strong demand and the recent price increases."UBS named United, Southwest, and Alaska Air as its "top near-term picks."Price: $78.17, Change: $-0.58, Percent Change: -0.74%

$AAL$ALK$DAL$JBLU$LUV$UAL
Wire

UBS Adjusts Delta Air Lines Price Target to $99 From $112, Maintains Buy Rating

Delta Air Lines (DAL) has an average rating of buy and mean price target of $107.15, according to analysts polled by FactSet.Price: $77.98, Change: $-0.79, Percent Change: -1.00%

$DAL
Wire

Hyatt, Delta Air Lines to Collaborate on Loyalty Program

Hyatt Hotels (H) and Delta Air Lines (DAL) reported Wednesday the launch of a new loyalty relationship that will benefit members of Delta SkyMiles and World of Hyatt programs.When the collaboration launches in the coming months, eligible elite members of both programs will be able to earn both World of Hyatt points and Delta miles on qualifying travel, the firms said.Price: $159.09, Change: $-2.02, Percent Change: -1.25%

$DAL$H
Wire

Delta to Resume Daily Nonstop Flights Between New York, Tel Aviv on Sept. 6

Delta to Resume Daily Nonstop Flights Between New York, Tel Aviv on Sept. 6

$DAL
Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires
US Markets

Update: Equities Fall, Oil Rallies as US-Iran Ceasefire Expires

(Updates with market moves at the end of the day, and other changes, if any.)Stocks on Wall Street fell Monday and oil prices advanced as a ceasefire between the US and Iran expired, with both sides showing no interest in an extension.The S&P 500 and the Dow Jones Industrial Average shed 0.5% each to close at 7,745.06 and 53,459.78, respectively. The Nasdaq Composite lost 0.3% to 26,644.91. Except energy, all sectors were in the red, led by communication services and consumer staples.West Texas Intermediate crude oil was up 2.4% at $84.41 a barrel in Monday late-afternoon trade, while Brent rose 2.4% to $90.64.In June, the US and Iran agreed to a memorandum of understanding to end their war and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.Iranian Foreign Ministry spokesman Esmail Baghaei ruled out extending the memorandum of understanding, according to a CNBC report that cited state news agency Tasnim.President Donald Trump warned that the US could attack Oman if the Gulf nation interferes with the blockade of Iranian ships in the Strait of Hormuz, The Wall Street Journal reported, citing an interview with Fox News.On Saturday, Israeli strikes in southern Lebanon left at least 11 people dead, Reuters reported, citing the Lebanese health ministry. Traffic through the strategic waterway slowed as three vessels operated by Abu Dhabi National Oil Co. were attacked in transit last week."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING Bank said in a report Monday.US Treasury yields were higher, with the 10-year rate up 3.2 basis points at 4.73% and the two-year rate rising 1.3 basis points to 4.18%.In company news, JetBlue Airways (JBLU) shares slumped 7.3%, as Seaport Research Partners downgraded its rating on the air carrier's stock. JetBlue's balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport said in a note.Shares of American Airlines Group (AAL), Southwest Airlines (LUV), United Airlines (UAL) and Delta Air Lines (DAL) were also in the red.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).S&P 500 companies' annual growth in second-quarter earnings and revenue largely held steady week over week, Oppenheimer Asset Management said Monday.The Federal Reserve is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.In economic news, homebuilder confidence in the US unexpectedly ticked higher this month, though builders continued to deal with rising construction costs amid a renewed surge in gas and diesel prices, the National Association of Home Builders and Wells Fargo said.Gold was up 0.9% at $4,475.40 per troy ounce, while silver advanced 1.7% to $66.20 per ounce.

Dow JonesNasdaq CompositeS&P 500$AAL$BJ$DAL$HD$JBLU$LOW$LUV$ROST$TGT$TJX$UAL$WMT
Update: Equity Markets Fall Intraday, Oil Rises Amid Middle East Tensions
US Markets

Update: Equity Markets Fall Intraday, Oil Rises Amid Middle East Tensions

(Updates with latest market prices and developments.)US benchmark equity indexes were lower intraday, while oil prices rose as a ceasefire between Washington and Iran expired, with no indications of near-term engagement prospects.The Dow Jones Industrial Average was down 0.5% at 53,484.5 after midday Monday, while the S&P 500 fell 0.4% to 7,756.7. The Nasdaq Composite dropped 0.3% to 26,647.9. Among sectors, communication services saw the steepest decline, while energy led the gainers.West Texas Intermediate crude oil was up 1.3% at $83.44 a barrel, while Brent rose 1.4% to $89.77.In June, the US and Iran agreed to a memorandum of understanding to end their war and negotiate a final deal. However, the truce apparently collapsed as tensions over the control of the Strait of Hormuz escalated.Iranian Foreign Ministry spokesman Esmail Baghaei ruled out extending the memorandum of understanding, according to a CNBC report that cited state news agency Tasnim.President Donald Trump warned that the US could attack Oman if the Gulf nation interferes with the blockade of Iranian ships in the Strait of Hormuz, The Wall Street Journal reported, citing an interview with Fox News.On Saturday, Israeli strikes in southern Lebanon left at least 11 people dead, Reuters reported, citing the Lebanese health ministry. Traffic through the strategic waterway slowed as three vessels operated by Abu Dhabi National Oil Co. were attacked in transit last week."Prices remained supported by renewed fighting in Lebanon and attacks on vessels in the Strait of Hormuz, raising concerns over regional supply disruptions and complicating prospects for a US-Iran deal," ING Bank said in a report Monday.US Treasury yields were mixed intraday, with the 10-year rate up 2.4 basis points at 4.72% and the two-year rate little changed at 4.17%.In company news, JetBlue Airways (JBLU) shares were down 6.4%, as Seaport Research Partners downgraded its rating on the air carrier's stock. JetBlue's balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport said in a note.Shares of American Airlines Group (AAL), Southwest Airlines (LUV), United Airlines (UAL) and Delta Air Lines (DAL) were also in the red intraday.Retail giant Walmart (WMT) is scheduled to release its latest financial results later this week, along with Home Depot (HD), TJX (TJX), Lowe's (LOW), Target (TGT), Ross Stores (ROST) and BJ's Wholesale Club (BJ).The Federal Reserve is scheduled to post minutes of its July policy meeting Wednesday, which will be assessed for fresh insight on the central bank's monetary policy. At the meeting, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.In economic news, homebuilder confidence in the US unexpectedly ticked higher this month, though builders continued to deal with rising construction costs amid a renewed surge in gas and diesel prices, the National Association of Home Builders and Wells Fargo said.Gold was up 0.9% at $4,475.40 per troy ounce, while silver advanced 1.7% to $66.20.

Dow JonesNasdaq CompositeS&P 500$AAL$BJ$DAL$HD$JBLU$LOW$LUV$ROST$TGT$TJX$UAL$WMT
JetBlue Balance Sheet Risks Could Grow as Hormuz Reopening Hopes Dim, Seaport Says in Downgrade
US Markets

JetBlue Balance Sheet Risks Could Grow as Hormuz Reopening Hopes Dim, Seaport Says in Downgrade

JetBlue Airways' (JBLU) balance sheet woes could worsen as the Strait of Hormuz appears unlikely to reopen anytime soon, potentially prolonging jet fuel volatility, Seaport Research Partners said Monday.The 60-day memorandum of understanding between the US and Iran aimed at ending their conflict expired Monday, with no indications that it would be extended. Control of the Strait of Hormuz has proved to be a key sticking point in recent diplomatic efforts to reach a truce. The narrow waterway is the world's most important chokepoint for crude flows.While jet fuel volatility amid the Hormuz uncertainty affects all airlines, it is particularly more concerning for JetBlue, which is already heavily indebted, according to Seaport senior analyst Daniel McKenzie. The company had total debt of $8.48 billion as of June 30, it reported late last month."To be sure, jet fuel volatility is a challenge for all, but it's a disproportionate risk to (JetBlue) given elevated debt levels that are at risk of moving higher before they move lower," McKenzie said in a note to clients Monday. "If oil spikes from increased hostilities with Iran and (JetBlue) is forced to boost debt to fund losses, its balance sheet could become too indebted and shares could ultimately become worthless."Seaport downgraded its rating on the JetBlue stock to neutral from buy and withdrew its price target, just months after upgrading the stock on the assumption that the Strait of Hormuz would reopen."Greater geopolitical risk implies a lower valuation multiple, hence our view investors will likely get a lower entry point," McKenzie said Monday. "(Fourth-quarter) schedules are now firming up and at the industry level, supply appears modestly higher (versus the third quarter). Hence our concern that revenue upside for (JetBlue) -- and others -- could be limited at a time when it may need to boost ticket prices."JetBlue shares were down 6.2% in afternoon trade. American Airlines Group (AAL) shares were 1.6% lower, while Southwest Airlines (LUV), United Airlines (UAL) and Delta Air Lines (DAL) were also in the red.US President Donald Trump warned of an attack on Oman if it "gets in the way" of efforts in the Strait of Hormuz, news outlets reported Monday."The industry pricing backdrop remains solid, which leads us to conclude (JetBlue) surprises on (2026 second-half) revenue, however, the geopolitical backdrop worsens," McKenzie wrote in the note.Price: $5.32, Change: $-0.33, Percent Change: -5.84%

$AAL$DAL$JBLU$LUV$UAL
Wire

Delta Air Lines Launches Flight Service to Paris

Delta Air Lines (DAL) will launch its first nonstop service between the Austin-Bergstrom International Airport in Texas and Paris-Charles de Gaulle Airport, starting March 27, 2027, the company said Thursday.The new service will operate on the company's Airbus A330-900 every day during the summer season, the company said.Delta customers will also receive one-stop access to nearly 70 destinations across Europe, India, and Africa via its joint venture with Air France-KLM, the company added.Price: $91.45, Change: $+1.52, Percent Change: +1.69%

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Wire

Top Midday Stories: Nvidia Enters Into $500 Billion Partnership With SK Group; AstraZeneca Earnings Top Estimates

The Dow Jones Industrial Average was up, while the S&P 500 and Nasdaq Composite were down in late-morning trading Monday, as oil prices fell amid a pause in the hostilities between US and Iran over the weekend.In company news, Nvidia (NVDA) has agreed to expand its partnership with South Korean conglomerate SK Group with a more than $500 billion artificial intelligence infrastructure initiative. The deal announced Saturday includes a long-term partnership between Nvidia and SK Hynix (SKHY) that will provide the US technology giant a stable supply of next-generation AI memory. They will also jointly co-develop next-generation AI memory solutions that include high-bandwidth memory chips intended for AI training, AI agents and physical AI applications. Nvidia shares were down 5.1% around midday, while SK Hynix shares were down 8.8%.Further, Nvidia is in talks to provide a roughly $250 billion financial backstop for Microsoft (MSFT)-backed OpenAI as part of a massive data center project in southern Ohio that could cost more than $500 billion, The Wall Street Journal reported Sunday, citing unnamed sources familiar with the matter. The guarantees would help OpenAI secure financing to lease a 10-gigawatt campus being developed by SoftBank-owned SB Energy. Nvidia is also discussing financing for up to $350 billion in AI chip purchases, according to the report.AstraZeneca (AZN) reported Q2 core earnings Monday of $2.63 per diluted share, up from $2.17 a year earlier and above the FactSet consensus analyst estimate of $2.49. Q2 revenue was $15.38 billion, up from $14.46 billion a year ago and below the FactSet consensus of $15.43 billion. For 2026, the company continues to expect core EPS to rise by a low double-digit percentage and revenue to grow by a mid-to-high single-digit percentage. Analysts are looking for $10.24 and $63.18 billion, respectively. The company also raised its interim dividend by 3 cents to $1.06 per share. AstraZeneca shares were up 1.2%.United Airlines (UAL) pitched a merger deal to Delta Air Lines (DAL) last year, but the talks fizzled out without a deal after Delta declined to pursue the proposal, The Wall Street Journal reported Sunday, citing sources familiar with the matter. Sources told the news outlet that discussions reached preliminary due diligence, where Delta Air Lines management assessed the potential merger. The proposal came before President Donald Trump's return to office, when companies anticipated a more favorable regulatory backdrop for major mergers, according to the report. United Airlines shares were up 1%, while Delta Air Lines shares were up 1.5%.Baker Hughes (BKR) reported Q2 adjusted earnings Sunday of $0.64 per diluted share, up from $0.63 a year earlier and above the FactSet consensus analyst estimate of $0.49. Q2 revenue was $6.74 billion, down from $6.91 billion a year ago and above the FactSet consensus of $6.51 billion. Baker Hughes also maintained its quarterly dividend at $0.23 per share, payable on Aug. 17 to holders of record on Aug. 7. Further, the company said that its total orders stood at $10.50 billion in Q2, a 49% jump from $7.03 billion a year earlier, as orders under the industrial and energy technology segment doubled. Segment orders in the quarter surged year over year to $7.09 billion from $3.53 billion, led by the gas technology product line. Segment revenue also steadied at $3.29 billion, data showed. Baker Hughes shares were up 5.8%.DeepSeek has suspended its second fundraising round after informing some prospective investors that investment agreements would not be signed as expected, Bloomberg reported Saturday, citing people familiar with the matter. The pause followed viral online posts widely attributed to founder Liang Wenfeng about US-China artificial intelligence competition. Bloomberg could not verify the authenticity of the posts. DeepSeek had been seeking to raise at least 10 billion yuan at a pre-money valuation of at least 480 billion yuan and is preparing for an initial public offering that could be filed as early as this year, according to the report.Price: $196.23, Change: $-10.61, Percent Change: -5.13%

$AZN$BKR$DAL$MSFT$NVDA$SKHY$UAL
Commodities

Exchange-Traded Funds, Equity Futures Higher Pre-Bell Monday as Oil Prices Fall

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.9%, and the actively traded Invesco QQQ Trust (QQQ) advanced 1.4% in Monday's premarket activity, as oil prices fell amid hopes of a US-Iran truce.US stock futures were also higher, with S&P 500 Index futures up 0.9%, Dow Jones Industrial Average futures advancing 1.2%, and Nasdaq futures gaining 1.4% before the start of regular trading.New orders for US durable goods rose by 0.3% in June following a decline of 4.0% in May, compared with the expectations for a larger increase of 1.8% in a survey compiled by Bloomberg.The Dallas Federal Reserve's manufacturing index for July will be released at 10:30 am ET.In premarket action, bitcoin was up by 0.6%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 1.5% higher, Ether ETF (EETH) rose 5.4%, and Bitcoin & Ether Market Cap Weight ETF (BETH) retreated marginally by 0.01%.Power Play:EnergyThe iShares US Energy ETF (IYE) declined by 2.1%, while the State Street Energy Select Sector SPDR ETF (XLE) fell 2.6%.TotalEnergies (TTE) stock was down more than 3% before market open after the company said it has decided to appeal a June 25 ruling by the Paris Judicial Court in a climate-related duty-of-vigilance case.Winners and Losers:IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.9%, the Vanguard Industrials Index Fund (VIS) gained 0.8%, and the iShares US Industrials ETF (IYJ) was 0.3% higher.United Airlines (UAL) stock was up more than 3%, while Delta Air Lines (DAL) shares rose 2.7% before the opening bell, a day after The Wall Street Journal reported that United pitched a merger deal to Delta last year, but the talks fizzled out without a deal after Delta declined to pursue the proposal.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.8%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.8%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 2.2% lower.Northern Trust (NTRS) shares traded up 2% in early hours activity after the company said it has been selected to provide fund administration and related services to alternative asset manager Dawson Partners.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 1.6%, the iShares US Technology ETF (IYW) was 1.6% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.2%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 2.6%, while the iShares Semiconductor ETF (SOXX) rose by 2.2%.Broadcom (AVGO) shares were up more than 2% in premarket activity after the company and Samsung Electronics said they signed a memorandum of understanding to expand their strategic collaboration across memory and foundry technologies to support next-generation artificial intelligence infrastructure.Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 0.6%, the Vanguard Health Care Index Fund (VHT) was up 1.6%, while the iShares US Healthcare ETF (IYH) slipped 0.01%. The iShares Biotechnology ETF (IBB) was 0.5% higher.AstraZeneca (AZN) stock was up 1% premarket after the company reported higher Q2 core earnings and revenue.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.1%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) advanced 0.1%, and the iShares US Consumer Staples ETF (IYK) was inactive. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) rose 1.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 1.2% higher.Toyota Motor (TM) shares were up more than 1% pre-bell after the company said it signed a binding agreement with Volvo Group and Daimler Truck to acquire a one-third stake in fuel-cell joint venture cellcentric.CommoditiesFront-month US West Texas Intermediate crude oil declined by 5.7% to $84.24 per barrel on the New York Mercantile Exchange. Natural gas was down by 3.1% to $2.80 per 1 million British Thermal Units. The United States Oil Fund (USO) was down 6.2%, while the United States Natural Gas Fund (UNG) was 3.7% lower.Gold futures for November gained 0.7% to $4,156.50 an ounce on the Comex. Silver futures were up 0.8% to $59.35 an ounce. SPDR Gold Shares (GLD) increased 0.7%, and the iShares Silver Trust (SLV) was 1.3% higher.

Dow JonesNasdaq CompositeS&P 500$AVGO$AZN$BETH$BITO$DAL$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$NTRS$PMR$QQQ$RTH$SLV$SOXX$SPY$TM$TTE$UAL$UNG$USO$VDC$VHT$VIS$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XRT$XSD
Wire

Delta Scales Sustainable Aviation Fuel Usage Across US With Shell Aviation

Delta Air Lines (DAL) said Wednesday it plans to use sustainable aviation fuel across multiple US hubs and priority cities, supported by a five-year agreement with Shell (SHEL) through 2030.Key US hubs include Los Angeles International Airport, Portland International Airport, John. F. Kennedy International Airport, Logan International Airport, and Minneapolis-St. Paul International Airport, the company said.Beyond expanding access to sustainable aviation fuel, the collaboration focuses on how fuel reaches aircraft, with Shell Aviation supporting both blended and neat SAF deliveries, the company added.Price: $85.95, Change: $+0.44, Percent Change: +0.51%

$DAL$SHEL
Wire

Delta Air Lines Q2 Results Strengthen Growth Outlook, UBS Says

Delta Air Lines (DAL) is well positioned for further share gains after a strong Q2 performance underscored resilient travel demand and pricing power, with revenue and earnings growth potential not fully reflected in the stock, UBS Securities said in a report emailed Monday.The firm said strong Q2 revenues and a "bullish" outlook for Q3 and Q4 suggest consumer demand and yields remain healthy. Limited capacity growth, coupled with stronger contributions from cargo, maintenance and repair operations, and other revenue streams, should support continued pricing strength and earnings growth, the report said.UBS forecasts revenue growth of 16.1% in Q3 and 17.7% in Q4, while estimating fiscal 2027 earnings per share of $10.20. Delta shares trade at about 8.5 times that estimate, leaving room for valuation expansion as investors recognize the company's earnings potential, UBS analysts said in the report.While some investors view Delta's implied Q4 guidance as "optimistic" given tougher comparisons, UBS believes the outlook is "achievable" and raised the price target on the stock to $112 from $107, while reiterating a buy rating.Price: $86.12, Change: $-1.27, Percent Change: -1.45%

$DAL
Delta's Reaffirmed Full-Year Outlook Shows Earnings Resiliency, Sets Airline Up for Strong 2027, Deutsche Bank Says
US Markets

Delta's Reaffirmed Full-Year Outlook Shows Earnings Resiliency, Sets Airline Up for Strong 2027, Deutsche Bank Says

Delta Air Lines' (DAL) decision to reiterate its full-year outlook despite incurring an estimated $3.5 billion fuel headwind signifies its earnings resiliency and sets up the air carrier for a strong 2027, Deutsche Bank said in a client note emailed Monday.The company last week reported better-than-expected second-quarter results amid robust demand and maintained its full-year outlook for per-share adjusted earnings of $6.50 to $7.50 and free cash flow of $3 billion to $4 billion.In the earnings release, Chief Executive Ed Bastian mentioned Delta incurred its "highest quarterly fuel expense" in the airline's history. Fuel price surged 75% to $3.93 per gallon on an adjusted basis, pushing fuel expenses 77% higher annually to $4.41 billion in the second quarter. The company anticipates an all-in fuel price of about $3.15 per gallon in the current quarter.Crude oil prices soared in the aftermath of the Middle East war, but retreated last month as the US and Iran agreed to a memorandum of understanding in June. However, recent renewed tensions between the two countries have seen prices resume their volatility.Deutsche was "pleasantly surprised" by Delta reaffirming its outlook, especially taking into account what the brokerage estimates will be a fuel cost headwind of about $3.5 billion. "The reaffirmed outlook underscores the company's earnings resiliency and sets up for what could be a very strong 2027," analyst Michael Linenberg wrote in the note."The affirmation of our full year outlook from the start of the year and ability to grow earnings despite a nearly $4 billion increase in fuel cost reinforces that Delta's durability continues to improve relative to prior cycles and to the industry," Chief Financial Officer Erik Snell said during a Friday earnings call, according to a FactSet transcript.The air carrier recorded adjusted operating cash flow of $4.1 billion and free cash flow of $1.4 billion through the first half of the year, after reinvesting around $2.6 billion in the business, according to the brokerage.Delta continued to strengthen its balance sheet with adjusted net debt of $13.6 billion at the end of the second quarter, down $709 million from the end of last year, while liquidity stood at $7.7 billion, Deutsche said. The airline also announced a 15% hike in its quarterly dividend on Friday."We continue to view this combination of durable free cash flow generation, improving leverage, growing shareholder returns and disciplined capital allocation as supportive of sustained (return on investment capital) above cost of capital," according to Linenberg.Deutsche reiterated its buy rating on Delta's stock with a 12-month price target of $105.Price: $86.40, Change: $-1.00, Percent Change: -1.14%

$DAL
Wire

UBS Adjusts Price Target on Delta Air Lines to $112 From $107, Maintains Buy Rating

Delta Air Lines (DAL) has an average rating of buy and mean price target of $105.07, according to analysts polled by FactSet.Price: $86.67, Change: $-0.69, Percent Change: -0.79%

$DAL
Wire

Morgan Stanley Raises Price Target on Delta Air Lines to $125 From $115, Overweight Rating Kept

Delta Air Lines (DAL) has an average rating of buy and mean price target of $102.13, according to analysts polled by FactSet.Price: $87.32, Change: $-1.69, Percent Change: -1.89%

$DAL
Wire

Jefferies Adjusts Delta Air Lines Price Target to $110 From $105

Delta Air Lines (DAL) has an average rating of buy and mean price target of $102.13, according to analysts polled by FactSet.Price: $87.28, Change: $-1.72, Percent Change: -1.94%

$DAL
Wire

Top Midday Stories: SK Hynix Marks Record-Setting Debut in US Market; Meta Faces $2 Billion Manus Deal Rollback

All three major US stock indexes were up in late-morning trading Friday as investors anticipated the US market debut of South Korean chipmaker SK Hynix.In company news, South Korean semiconductor company SK Hynix has listed its American depositary receipts on the Nasdaq, the company said Friday. The chipmaker set the price of its initial public offering on the Nasdaq at $149 per American depositary share and looks to raise about $26.5 billion, ranking as the largest US stock sale in history by a company based out of the US. SK Hynix sold 177.9 million ADRs, equal to 17.79 million common shares, or about 2.5% of its total issued and outstanding share capital. The offer was seven times oversubscribed, with more than 500 investment firms looking to buy shares, according to a report from the Financial Times. The offering is expected to close on Tuesday.Meta Platforms (META) is facing a major rollback of its $2 billion acquisition of artificial intelligence start-up Manus as Tencent moves to lead a deal to unwind the takeover after Beijing ordered it reversed, the Financial Times reported Friday, citing sources familiar with the talks. Tencent, together with other entities, are in talks to back a transaction at the same $2 billion valuation, with Tencent expected to take the largest stake while remaining a minority shareholder, the report said. China's move to unwind the deal marks a sharp escalation in efforts to keep leading AI firms and talent under domestic control, according to the report. Meta shares were up 6.7% around midday.Delta Air Lines (DAL) reported Q2 adjusted earnings Friday of $1.56 per diluted share, down from $2.12 a year earlier and above the FactSet consensus analyst estimate of $1.49. Total operating revenue for Q2 was $19.76 billion, up from $16.65 billion a year earlier and above the FactSet consensus of $17.55 billion. For 2026, the airline reaffirmed its previous guidance of EPS of $6.50 to $7.50. Analysts polled by FactSet expect $6.00. "We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base," Chief Executive Ed Bastian said in a statement. Adjusted total revenue per available seat mile climbed 12% in the second quarter, with gains across all regions. Passenger revenue rose 13% to $15.61 billion, while cargo revenue jumped 39%. Delta shares were down 2.2%.Circle Internet Group (CRCL) has obtained approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank, which will operate under the name Circle National Trust, the stablecoin issuer said Friday. The company said the national trust bank charter strengthens the federally regulated custody infrastructure supporting USD Coin (USDC-USD), with reserve management planned as a future capability. As a federally regulated national trust bank, Circle National Trust will operate under direct OCC oversight and combine digital asset infrastructure with the fiduciary responsibilities of national trust banks in safeguarding client assets. Circle shares were up 5.9%.Netflix (NFLX) is exploring live television channels and bundling rival streaming services aiming to revive subscriber engagement, The Wall Street Journal reported Friday. Netflix has discussed adding continuously streaming genre-based channels and selling subscriptions to other streaming platforms, including Comcast's Peacock, through its app, the report said. The company has also expanded lower-cost content offerings and is pursuing partnerships such as its deal with French broadcaster TF1, while exploring similar agreements in Europe and Latin America, according to the report. Netflix shares were down 3.1%.Price: $674.61, Change: $+43.13, Percent Change: +6.83%

$CRCL$DAL$META$NFLX
Delta Air Lines Tops Second-Quarter Views, Issues Robust Outlook
US Markets

Delta Air Lines Tops Second-Quarter Views, Issues Robust Outlook

Delta Air Lines (DAL) reported higher-than-expected second-quarter results on Friday amid robust demand, while the air carrier provided a strong outlook for the ongoing three-month period.The company posted adjusted earnings of $1.56 a share for the June quarter, down from $2.12 the year before, but ahead of the FactSet-polled consensus of $1.49. Adjusted operating revenue climbed 14% to $17.67 billion on roughly 1% capacity growth, topping the Street's view for $17.55 billion."We delivered $1.4 billion in pre-tax profit while absorbing the highest quarterly fuel expense in our history, reflecting broad demand strength, growing brand preference and momentum across our diversified revenue base," Chief Executive Ed Bastian said in a statement.Fuel price surged 75% to $3.93 per gallon on an adjusted basis, pushing fuel expenses 77% higher annually to $4.41 billion. Crude oil prices soared in the aftermath of the Iran war, but have retreated as the US and Iran agreed to a memorandum of understanding in June.Adjusted total revenue per available seat mile climbed 12% in the second quarter, with gains across all regions. Passenger revenue rose 13% to $15.61 billion, while cargo revenue jumped 39%."We expect momentum to carry into the second half with double-digit margins and a return to earnings growth," Bastian said.For the third quarter, Delta anticipates adjusted EPS between $2 and $2.50, while the average analyst estimate is for $2.03. Revenue is expected to grow by a mid-teens percentage figure on modest capacity growth, with unit revenue gains "improving sequentially," Chief Commercial Officer Joe Esposito said. The Street is looking for $17.27 billion.The airline anticipates an all-in fuel price of about $3.15 per gallon in the current quarter."Non-fuel unit cost performance is expected to improve modestly from the June quarter with further progression in the December quarter as capacity growth begins to normalize," Chief Financial Officer Erik Snell said in the earnings release.For 2026, Delta continues to expect adjusted EPS of $6.50 to $7.50, compared with the market's forecast of $6. Free cash flow is still pegged at $3 billion to $4 billion for the year."For the full year, we are affirming the guidance we set at the start of the year to grow earnings by 20%, overcoming a multi-billion dollar fuel headwind," according to Bastian. "This reinforces Delta's durability while positioning us to continue our momentum into 2027."The company announced a 15% increase in its quarterly dividend.

$DAL
Asia Markets

Update: US Equity Futures Mixed Pre-Bell Amid SK Hynix's Record-Setting US Market Debut, Resumption of US-Iran Talks

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mixed pre-bell Friday as traders took note of the US market debut of South Korean chipmaker SK Hynix, while the US and Iran will continue peace talks even after an exchange of attacks in recent days.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were flat, and Nasdaq futures were 0.3% lower.SK Hynix's initial public offering, which consists of 177.9 million American depositary shares, raised about $26.5 billion. The sale by the South Korean semiconductor company ranks as the largest debut by a foreign firm in the US. The offer was seven times oversubscribed, with more than 500 investment firms looking to buy shares, according to a report from the Financial Times.The US will continue "technical talks" with Iran as part of peace negotiations, despite the military strikes between the two nations earlier this week, according to a report from MS Now citing a US official. President Donald Trump said that Iran's attacks on commercial vessels transiting the Strait of Hormuz were "acts of terrorism," according to the report. Trump told reporters on Thursday that Iran had reached out and wanted to make a deal to cease the escalating hostilities in the Middle East.Traders noted the latest round of earnings, with Delta Air Lines (DAL) posting lower adjusted earnings and higher revenue for Q2 while reaffirming its 2026 adjusted EPS guidance.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 0.5% at $76.66 per barrel and US West Texas Intermediate crude 0.2% higher at $72.24 per barrel.The weekly Baker Hughes domestic oil-and-gas rig count is scheduled for release at 1pm ET.In other world markets, Japan's Nikkei closed 1.2% higher, Hong Kong's Hang Seng ended 0.6% higher, and China's Shanghai Composite finished 1% lower. Meanwhile, the UK's FTSE 100 was up 0.1%, and Germany's DAX index was 0.1% higher in Europe's early afternoon session.In equities, Meta Platforms (META) shares were up 3.6% after a Bloomberg report citing CEO Mark Zuckerberg as saying that the company is considering renting out some of its artificial intelligence computing capacity as demand for AI infrastructure surges. ServiceNow (NOW) stock was 1.5% higher after Hitachi Digital Services said it has launched a partnership with the company to back mission-critical infrastructure operators. Vodafone (VOD) shares rose 13% after e& Group said it has agreed to to sell its entire stake in Vodafone to Vega, an acquisition vehicle wholly owned by the Niel family group, for $5.95 billion.On the losing side, stocks of Micron Technology (MU), Intel (INTC), and Marvell Technology (MRVL) declined as part of a wider drop in semiconductor stocks. Micron shares fell 1.6%, Intel stock was 2.4% lower, and Marvell shares were down 1.3%.

Dow JonesNasdaq CompositeS&P 500$DAL$INTC$META$MRVL$MU$NOW$VOD
US Equity Futures Mixed Ahead of South Korean Chipmaker SK Hynix's Trading Debut
US Markets

US Equity Futures Mixed Ahead of South Korean Chipmaker SK Hynix's Trading Debut

The benchmark US stock measures were struggling for direction before the open Friday as traders await the Nasdaq trading debut of South Korean chipmaker SK Hynix.The S&P 500 was almost steady in premarket activity and the Nasdaq was off 0.2%, while the Dow Jones Industrial Average rose 0.2%. The indexes finished the previous trading session higher.SK Hynix set the price of its initial public offering on the Nasdaq at $149 per American depositary share, raising about $26.5 billion. The company, which is reportedly a key supplier to Nvidia (NVDA), is expected to begin trading on the Nasdaq Friday.Shares of Intel (INTC) declined 3.1% pre-bell, while Marvell Technology (MRVL) decreased 1.6%. Micron Technology (MU), Broadcom (AVGO), and Advanced Micro Devices (AMD) were also lower.West Texas Intermediate crude oil was up 0.4% at $72.36 a barrel before the opening bell, while Brent gained 0.5% to $76.69.Washington aims to continue "technical talks" with Iran and remains "committed to finding a resolution," despite renewed hostilities between the two countries this week, news outlets reported Thursday, citing a US official. Pakistani and Qatari officials also told the publication that the mediators are also working to bring the US and Iran back to the negotiating table.Earlier in the week, US President Donald Trump said Iran "badly" wanted to make a deal, but didn't know if the country will "honor" it, CNBC reported.Global oil demand is estimated to drop by 1 million barrels per day in 2026 before rebounding by 2 million barrels next year, the International Energy Agency said.Friday's thin economic calendar has the weekly Baker Hughes oil-and-gas rig count at 1 pm ET.US Treasury yields were mixed in premarket action, with the two-year rate rising 1.7 basis points to 4.18% and the 10-year rate dropping one basis point to 4.54%.Delta Air Lines (DAL) shares were down 1.4% as the air carrier reported its second-quarter results. WD-40 (WDFC) jumped 12% as the company upgraded its full-year outlook after opting to retain its Americas homecare and cleaning businesses and reported higher fiscal third-quarter results overnight.Gold slipped 0.6% to $4,116 per troy ounce, while bitcoin climbed 1.9% to $64,406.

Dow JonesNasdaq CompositeS&P 500$AMD$AVGO$DAL$INTC$MRVL$MU$NVDA$WDFC

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