Delta Air Lines, Inc. provides scheduled air transportation for passengers and cargo in the United States and internationally. The company operates through two segments, Airline and Refinery. Its domestic network centered on core hubs in Atlanta, Minneapolis-St. Paul, Detroit, and Salt Lake City, as well as coastal hub positions in Boston, Los Angeles, New York-LaGuardia, New York-JFK, and Seattle; and international network centered on hubs and market presence in Amsterdam, Bogota, Lima, Mexico City, London-Heathrow, Paris-Charles de Gaulle, Sao Paulo, Seoul-Incheon, and Tokyo. The company sells its tickets through various distribution channels, including delta.com and the Fly Delta app; acts as a reservations specialists; and operates online travel and traditional brick and mortar agencies. It also provides aircraft maintenance and engineering support, repair, and overhaul services; and vacation packages to third-party consumers. The company operates through a fleet of approximately 1,273 aircrafts. Delta Air Lines, Inc. was founded in 1924 and is based in Atlanta, Georgia.

Delta Air Lines, Inc.

Looking at the underlying holdings of the ETFs in our coverage universe at ETF Channel, we have compared the trading price of each holding against the average analyst 12-month forward target price, and computed the weighted average implied analyst target price for the ETF itself. For the WisdomTree U.S. Quality Dividend Growth Fund ETF (Symbol: DGRW), we found that the implied analyst target price for the ETF based upon its underlying holdings is $97.14 per unit.
With DGRW trading at a recent price near $87.37 per unit, that means that analysts see 11.18% upside for this ETF looking through to the average analyst targets of the underlying holdings. Three of DGRW's underlying holdings with notable upside to their analyst target prices are AAON, Inc. (Symbol: AAON), Aramark (Symbol: ARMK), and Delta Air Lines Inc (Symbol: DAL). Although AAON has traded at a recent price of $81.15/share, the average analyst target is 25.69% higher at $102.00/share. Similarly, ARMK has 17.56% upside from the recent share price of $38.81 if the average analyst target price of $45.62/share is reached, and analysts on average are expecting DAL to reach a target price of $68.35/share, which is 11.72% above the recent price of $61.18. Below is a twelve month price history chart comparing the stock performance of AAON, ARMK, and DAL:
Below is a summary table of the current analyst target prices discussed above:
Name
Symbol
Recent Price
Avg. Analyst 12-Mo. Target
% Upside to Target
WisdomTree U.S. Quality Dividend Growth Fund ETF
DGRW
$87.37
$97.14
11.18%
AAON, Inc.
AAON
$81.15
$102.00
25.69%
Aramark
ARMK
$38.81
$45.62
17.56%
Delta Air Lines Inc
DAL
$61.18
$68.35
11.72%
Are analysts justified in these targets, or overly optimistic about where these stocks will be trading 12 months from now? Do the analysts have a valid justification for their targets, or are they behind the curve on recent company and industry developments? A high price target relative to a stock's trading price can reflect optimism about the future, but can also be a precursor to target price downgrades if the targets were a relic of the past. These are questions that require further investor research.
Also see:
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Analysts Expect DGRW Will Reach $97

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in United Rentals Inc (Symbol: URI), where a total volume of 2,136 contracts has been traded thus far today, a contract volume which is representative of approximately 213,600 underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 44.1% of URI's average daily trading volume over the past month, of 484,745 shares. Particularly high volume was seen for the $980 strike call option expiring September 12, 2025, with 256 contracts trading so far today, representing approximately 25,600 underlying shares of URI. Below is a chart showing URI's trailing twelve month trading history, with the $980 strike highlighted in orange:
Marvell Technology Inc (Symbol: MRVL) options are showing a volume of 91,076 contracts thus far today. That number of contracts represents approximately 9.1 million underlying shares, working out to a sizeable 42.9% of MRVL's average daily trading volume over the past month, of 21.2 million shares. Particularly high volume was seen for the $65 strike call option expiring September 19, 2025, with 7,538 contracts trading so far today, representing approximately 753,800 underlying shares of MRVL. Below is a chart showing MRVL's trailing twelve month trading history, with the $65 strike highlighted in orange:
And Delta Air Lines Inc (Symbol: DAL) options are showing a volume of 29,567 contracts thus far today. That number of contracts represents approximately 3.0 million underlying shares, working out to a sizeable 42.8% of DAL's average daily trading volume over the past month, of 6.9 million shares. Particularly high volume was seen for the $62 strike call option expiring September 12, 2025, with 3,303 contracts trading so far today, representing approximately 330,300 underlying shares of DAL. Below is a chart showing DAL's trailing twelve month trading history, with the $62 strike highlighted in orange:
For the various different available expirations for URI options, MRVL options, or DAL options, visit StockOptionsChannel.com.
Also see:
SAFE Historical Stock Prices
LIF Stock Predictions
HEZU Average Annual Return
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Friday Option Activity: URI, MRVL, DAL

In the past week, Allegiant Travel Company ALGT reported a double-digit increase in traffic for July. Delta Air Lines DAL also featured in the news, courtesy of its decision to add two routes to European destinations from Boston as it aims to bolster its European network. Meanwhile, Frontier Airlines ULCC plans to add 20 new routes to its schedule from late fall, aiming to strengthen its position in the ultra-low-cost segment.
Alaska Air Group ALK, the parent company of Hawaiian Airlines, meanwhile, signed an environment-friendly deal with Cosmo Oil Marketing. An expansion-related update was also available from Southwest Airlines LUV over the past week.
Recap of the Most Recent Important Stories
1. At Allegiant Travel, the July scheduled traffic (measured in revenue passenger miles) rose 10.3% from the July 2024 levels. Capacity (measured in available seat miles) for scheduled service rose 11.5% year over year. Although traffic improved on a year-over-year basis, it failed to outpace capacity expansion. As a result, the load factor (percentage of seats filled by passengers) in July 2025 declined to 86.6% from 87.5% a year ago.
For the total system (including scheduled service and fixed-fee contracts), Allegiant carried 10.1% more passengers in July 2025 than in the same period of the previous year. System-wide capacity improved 10.8% in July 2025 on a year-over-year basis.
2. Expanding Boston’s gateway to Europe, Delta announced that it will start new nonstop service from Boston to Madrid and Nice. While flights on the Boston-Madrid route will start operating from May 16, 2026, those connecting Boston and Nice will take to the skies from May 17. While the Boston-Madrid flights will operate daily, the ones on the Boston-Nice route will operate three times a week.
DAL will utilize its Airbus A330-900neo jets to operate on both routes. Following the addition of the new routes, Delta will serve 12 European destinations from Boston. DAL has been constantly looking to expand its presence in Boston, having nearly tripled its service in Boston in a span of two decades. Apart from the introduction of the new routes, DAL, currently carrying a Zacks Rank #3 (Hold), has also decided to expand its service on the Barcelona-Boston and Milan-Boston routes next year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
3. Following the sales agreement between Alaska Air and Cosmo Oil Marketing, Hawaiian Airlines intends to incorporate sustainable aviation fuel on flights between Osaka, Japan and Honolulu, Hawaii. Fuel deliveries at Kansai International Airport will mark the first time Hawaiian Airlines has introduced SAF. The use of SAF has the potential to reduce life-cycle carbon emissions by up to 80% compared to traditional jet fuel. Apart from highlighting ALK’s environment-friendly approach, the move is also aimed at strengthening tourism between Japan and Hawaii. Additional traffic on this tourist-friendly route is likely to buoy ALK’s top line.
4. Southwest Airlines has extended its flight schedule through June 3, 2026. The extended schedule includes more routes to new places. As part of the expansion, Southwest Airlines will operate flights to the island of St. Maarten, beginning April 7, 2026. The addition of St. Maarten marks LUV’s first new international destination since 2021. St. Maarten comprises two parts: the Netherlands' constituent country of Sint Maarten, alongside the French overseas collectivity of Saint-Martin. Southwest Airlines also announced an interline partnership with EVA Air, a subsidiary of the Evergreen Group, to expand seamless travel between Asia and North America. EVA Air is the third airline partner to be announced by the Dallas-based LUV.
5. Frontier Airlines has decided to bring its service to the top 20 metro areas in the United States. As part of the expansion exercise, ULCC has decided to add 20 new routes from Detroit, Houston, Baltimore, Fort Lauderdale, Charlotte and Dallas. Further growth is expected at ULCC next year. With many of the new routes overlapping with Spirit Airlines’ key markets, ULCC is likely to be a major gainer if Spirit Airlines collapses, according to a CNBC report. Spirit Airlines filed for bankruptcy last year. Despite an initial restructuring, the situation did not improve with Spirit warning last month that it may not survive another year without further cash infusions.
Airline Stocks’ Performance
The following table shows the price movement of the major airline players over the past week and during the last six months.
Image Source: Zacks Investment Research
The NYSE ARCA Airline Index increased by 2% to $67.88 as most airline stocks traded in the green last week. Over the past six months, the NYSE ARCA Airline Index has inched up by 2.2%.
What’s Next in the Airline Space?
With carriers like DAL and LUV, scheduled to participate in the Morgan Stanley Laguna Conference on Sept. 11, 2025, investors will keenly await updates. A few August traffic reports are also expected in the coming days.
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Airline Stock Roundup: ALGT's Impressive July Traffic, DAL, LUV in Focus

American Airlines Group (NASDAQ: AAL), an airline company, closed at $13.25, up $0.12 (0.91%). Trading volume reached 66.47 million shares versus a 3-month average of 62.1 million. The stock remains within its 52-week range of $8.50 to $19.10.
Broader equities advanced. The S&P 500 (SNPINDEX: ^GSPC) finished at 6,501.86, up 20.46 points (0.32%), while the Nasdaq Composite (NASDAQINDEX: ^IXIC) ended at 21,705.16, gaining 115.02 points (0.53%).
Airline peers outperformed. Delta Air Lines Inc (NYSE: DAL) closed at $61.97, up $0.71 (1.16%). Alaska Air Group Inc (NYSE: ALK) ended at $63.18, rising $1.35 (2.17%).
Today's move came on the heels of a recent downgrade by Raymond James Financial (NYSE: RJF) to "Market Perform" from "Outperform." The firm cited valuation, reiterated a $14 price target, and highlighted a relatively stronger view of Alaska Air.
American Airlines is rolling out its most extensive winter schedule to Mexico, expanding flights to resorts such as Cancún and Los Cabos—a strategy aimed at boosting international traffic. Meanwhile, the broader sector awaits a forthcoming ICAO decision on raising the pilot retirement age from 65 to 67, a proposal backed by IATA to address pilot shortages—though it faces union resistance.
Investors will be watching traffic trends, international route execution, and next quarter’s earnings for fresh momentum.
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Daily Stock News has no position in any of the stocks mentioned. This article was generated with GPT-5, OpenAI's large-scale language generation model and has been reviewed by The Motley Fool's AI quality control systems. The Motley Fool recommends Alaska Air Group and Delta Air Lines. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stock Market Today: American Airlines Rises Despite Raymond James Downgrade

American Airlines AAL has struggled with respect to a key metric, operating margin, which indicates how efficiently a company manages its operating costs, such as labor and other expenses related to production and sales. Operating profit is the amount of profit a company generates from its primary business activities.
American Airlines reported an operating margin (on an adjusted basis) of 7.6% in 2023 and 6% in 2024. Even though operating margin improved to 8.2% in the second quarter of 2025, from a negative value in the March quarter, management expects the key metric to remain subdued in the third quarter due to subdued revenues and high costs. AAL expects its third-quarter adjusted operating margin to be in the range of negative 1% to positive 2%. Our estimate is currently pegged at 0.9%.
Total revenues are likely to be either down 2% or increase 1% from year-ago levels. Tariff-related uncertainty is likely to hurt passenger volumes. Cost per available seat miles (adjusted) in the September quarter is expected to increase in the 2.5-4.5% range from third-quarter 2024 actuals.
We expect operating costs (adjusted) to increase more than 3% in 2025 from 2024 levels. Labor costs are very high and are expected to be so going forward. The deal inked with pilots is leading to the uptick in labor costs. Since trade unionism is quite robust in this industry, it is hard to keep a check on wage increases. Salaries, wages and benefits have increased 9.9% in 2024 and are expected to increase more than 8% in 2025.
How Do AAL’s Margins Compare With Some Other Airlines?
Delta Air Lines DAL reported an operating margin (on an adjusted basis) of 13.2% in the second quarter of 2025, lower than the year-ago figure of 14.7%. The U.S. airline expects adjusted operating margins in the 9-11% band in the third quarter of 2025. Given the economic uncertainty, DAL is focusing on reducing planned capacity growth apart from actively managing costs and capital expenditures to drive margins this year.
Copa Holdings CPA has been able to sustain operating margins of more than 20%, making it one of the most profitable airlines globally. For example, the carrier reported an operating margin (on an adjusted basis) of 23.5% in 2023 and 21.9% in 2024. Management expects the carrier to end 2025 with an adjusted operating margin in the 21-23% range. Our expectation of 22.5% is at the higher end of the company’s guided range.
AAL’s Price Performance, Valuation and Estimates
Shares of AAL have lost 8.4% in the past six months, underperforming its industry’s 13.1% uptick in the same timeframe.
Image Source: Zacks Investment Research
From a valuation perspective, AAL appears undervalued. Going by its price/sales ratio, the company is trading at a forward sales multiple of 0.15, lower than the industry’s 0.69.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for AAL’s third-quarter 2025, fourth-quarter 2025 and full-year 2025 EPS has moved up in the past 60 days.
Image Source: Zacks Investment Research
AAL's Zacks Rank
AAL currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Will American Airlines' Operating Margin Remain Under Pressure?

Looking at options trading activity among components of the Russell 3000 index, there is noteworthy activity today in Samsara Inc (Symbol: IOT), where a total volume of 25,110 contracts has been traded thus far today, a contract volume which is representative of approximately 2.5 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 56.6% of IOT's average daily trading volume over the past month, of 4.4 million shares. Particularly high volume was seen for the $34 strike put option expiring August 22, 2025, with 4,183 contracts trading so far today, representing approximately 418,300 underlying shares of IOT. Below is a chart showing IOT's trailing twelve month trading history, with the $34 strike highlighted in orange:
GE Vernova Inc (Symbol: GEV) saw options trading volume of 14,043 contracts, representing approximately 1.4 million underlying shares or approximately 53.7% of GEV's average daily trading volume over the past month, of 2.6 million shares. Especially high volume was seen for the $615 strike put option expiring August 22, 2025, with 606 contracts trading so far today, representing approximately 60,600 underlying shares of GEV. Below is a chart showing GEV's trailing twelve month trading history, with the $615 strike highlighted in orange:
And Delta Air Lines Inc (Symbol: DAL) options are showing a volume of 36,937 contracts thus far today. That number of contracts represents approximately 3.7 million underlying shares, working out to a sizeable 51.4% of DAL's average daily trading volume over the past month, of 7.2 million shares. Particularly high volume was seen for the $62.50 strike call option expiring September 19, 2025, with 3,146 contracts trading so far today, representing approximately 314,600 underlying shares of DAL. Below is a chart showing DAL's trailing twelve month trading history, with the $62.50 strike highlighted in orange:
For the various different available expirations for IOT options, GEV options, or DAL options, visit StockOptionsChannel.com.
Also see:
APYX market cap history
FMAR Videos
NNBR Historical Stock Prices
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Friday Option Activity: IOT, GEV, DAL

A month has gone by since the last earnings report for Alaska Air Group (ALK). Shares have added about 8.1% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Alaska Air due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Alaska Air Beats on Earnings in Q2
ALK's second-quarter 2025 earnings of $1.78 per share beat the Zacks Consensus Estimate of $1.56 per share but declined 30.2% year over year.
Operating revenues of $3.70 billion surpassed the Zacks Consensus Estimate of $3.65 billion. The top line jumped 27.8% year over year, with passenger revenues accounting for 90.5% of the top line and increasing 27% owing to consistency in air-travel demand.
Passenger revenues totaled $3.35 billion in the reported quarter. On a year-over-year basis, cargo and other revenues of $139 million grew 93%. Loyalty program other revenues grew 21% year over year to $210 million.
Other Details of ALK’s Q2 Earnings
All comparisons have been presented on a year-over-year basis unless mentioned otherwise.
Revenue per available seat mile (RASM: a key measure of unit revenues) fell 3.3% to 15.39 cents. Yield decreased 4% to 16.62 cents.
Reflecting the uptick in air-travel demand, consolidated traffic (measured in revenue passenger miles) grew 31.8% to 20.17 billion. To cater to this increased demand, capacity (measured in average seat miles) rose 32.2% to 24.05 billion. Although traffic improved on a year-over-year basis, it failed to outpace capacity expansion. As a result, the load factor (percentage of seats filled by passengers) fell to 83.9% from 84.1% in the prior-year period. Our estimate is pegged at 88.8%.
In the second quarter, total operating expenses (on a reported basis) grew 33% to $3.42 billion. Economic fuel price per gallon fell 15.8% to $2.39.
Consolidated operating costs per available seat mile (excluding fuel and special items) grew 10.2%.
Liquidity
As of June 30, 2025, Alaska Air had $750 million of cash and cash equivalents compared with $1.04 billion at the end of the prior quarter. ALK exited the second quarter of 2025 with long-term debt (net of current portion) of $4.44 billion compared with $4.29 billion at the end of the prior quarter. Debt-to-capitalization ratio was 60% at the end of the reported quarter.
During the second quarter, ALK repurchased 8.7 million shares for $428 million.
ALK’s Outlook
ALK anticipates third-quarter 2025 adjusted earnings per share in the range of $1.00-$1.40. The Zacks Consensus Estimate is currently pegged at $1.55 per share.
For the third quarter of 2025, the company expects available seat miles (a measure of capacity) to be down 1% from the year-ago quarter. RASM is expected to remain flat to up low single digits. For third-quarter 2025, adjusted CASM is expected to be up to mid to high single digits.
ALK anticipates 2025 adjusted earnings per share to be more than $3.25. For 2025, ALK expects available seat miles to be up 2% from 2024 actuals. RASM is expected to remain flat to up low single digits. For 2025, adjusted CASM is expected to be up in mid-single digits.
Alaska Air incurred a loss of 82 cents per share (excluding $1.05 from non-recurring items) in the first quarter of 2020, narrower than the Zacks Consensus Estimate of a loss of $1.27. In the year-ago quarter, the company reported earnings of 17 cents. The downturn is due to unprecedented drop in air travel demand in the wake of the coronavirus outbreak.
Having started in February, the downfall aggravated in March, with cancellations exceeding bookings. Demand is around 90% below the normal level.
Revenues came in at $1,636 million, missing the Zacks Consensus Estimate of $1,691.1 million. The top line also declined approximately 13% year over year. Passenger revenues — contributing 90.5% to the top line — were down 14% on a year-over-year basis.
Operating Statistics
Consolidated traffic, measured in revenue passenger miles, declined 14.4% year over year in the reported quarter. Capacity (measured in available seat miles) dropped 1.3%. Load factor (percentage of seats occupied by passengers) deteriorated 1,070 basis points to 69.6% as traffic declined more than the amount of capacity contraction.
Total revenue per available seat mile (RASM: a key measure of unit revenues) fell 11.7% year over year to 10.69 cents in the quarter under discussion. Meanwhile, yield inched up 0.9% to 13.9 cents.
Operating Expenses & Income
In the first quarter, total operating expenses (on a reported basis) were up 6% year over year to $1,957 million, with expenses on wages and benefits increasing 10%. Fuel price (economic) was $1.93 per gallon, down 9.4% year over year.
The company reported operating loss of $321 million in the first quarter against operating income of $25 million in the year-ago quarter. Consolidated cost per available seat mile — excluding fuel and special items — inched up 1.8% to 9.22 cents.
Liquidity
At the end of the first quarter, this Seattle, WA-based company had $2,125 million in cash and marketable securities compared with $1,521 million at the end of 2019.
The company exited the quarter with long-term debt of $1,203 million compared with $1,264 million at the end of 2019. Adjusted debt-to-capitalization ratio was 48% compared with 41% at the end of December 2019.
Airline traffic, measured in revenue passenger miles, rose 44.2% year over year to 13,554 million in the reported quarter. Capacity or available seat miles increased 41.1% to 15,612 million. Load factor (percentage of seats filled by passengers) increased 190 basis points to 86.8% owing to traffic growth outpacing capacity expansion.Passenger revenue per available seat mile (PRASM: a key measure of unit revenues) increased 1.3% year over year to 11.57 cents. While total revenue per available seat mile (RASM) declined 0.4% to 13.46 cents in the reported quarter, yield declined 0.8% to 13.33 cents.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates revision.
The consensus estimate has shifted -13.91% due to these changes.
VGM Scores
At this time, Alaska Air has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. Charting a somewhat similar path, the stock has a grade of A on the value side, putting it in the top quintile for value investors.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Alaska Air has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Alaska Air is part of the Zacks Transportation - Airline industry. Over the past month, Delta Air Lines (DAL), a stock from the same industry, has gained 5.7%. The company reported its results for the quarter ended June 2025 more than a month ago.
Delta reported revenues of $16.65 billion in the last reported quarter, representing a year-over-year change of -0.1%. EPS of $2.10 for the same period compares with $2.36 a year ago.
Delta is expected to post earnings of $1.48 per share for the current quarter, representing a year-over-year change of -1.3%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.8%.
The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Delta. Also, the stock has a VGM Score of B.
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Alaska Air (ALK) Up 8.1% Since Last Earnings Report: Can It Continue?

The S&P 500 Index ($SPX) (SPY) on Thursday closed down by -0.40%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down by -0.34%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down by -0.46%. September E-mini S&P futures (ESU25) fell -0.40%, and September E-mini Nasdaq futures (NQU25) fell -0.45%.
Stock indexes settled lower on Thursday, with the Dow Jones Industrials falling to a 1-week low. Concerns about consumer spending weighed on stocks after Walmart reported weaker-than-expected Q2 EPS. Also, higher bond yields undercut stocks, with the 10-year T-note yield climbing +4 bp to 4.33% on hawkish Fed comments and stronger-than-expected manufacturing and existing home sales reports.
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Thursday’s weekly US jobless claims report showed a weaker labor market. US weekly initial unemployment claims rose by +11,000 to a 2-month high of 235,000, showing a weaker labor market than expectations of an increase to 225,000. Weekly continuing claims rose +30,000 to a 3.75-year high of 1.972 million, higher than expectations of 1.960 million, showing people out of work are finding it harder to land a new job.
The US Aug Philadelphia Fed business outlook survey fell -16.2 to -0.3, weaker than expectations of 6.5.
The US Aug S&P manufacturing PMI unexpectedly rose +4.5 to a 3-year high of 53.3, better than expectations of a decline to 49.7.
US July existing home sales unexpectedly rose +2.0% m/m to 4.01 million, stronger than expectations of -0.3% m/m to 3.92 million.
Kansas City Fed President Jeffrey Schmid said inflation risks are marginally higher than risks to the labor market, and “modestly restrictive” monetary policy is still appropriate.
Cleveland Fed President Beth Hammack said, “We have inflation that’s too high and has been trending upwards over the past year. With the information I have, if the FOMC meeting were tomorrow, I would not see a case for reducing interest rates.”
On the geopolitical front, US Vice President Vance said negotiations over ending Russia’s war in Ukraine are focused on security guarantees for Ukraine and territory Russia wants to control, including Ukrainian territory that it currently isn’t occupying, as the US tries to broker a peace deal between the two countries. The US is working to set up a meeting between President Putin and Zelensky, and if that meeting goes well, President Trump said he’ll look to follow up with a trilateral summit with the leaders. The outcome of the negotiations could have macroeconomic implications regarding tariffs and oil prices, and could, of course, have significant consequences for European security.
The focus of the markets this week will be on any new tariff news and signs of progress toward a Ukraine peace deal. On Friday, Fed Chair Powell speaks on the economic outlook at the Federal Reserve’s annual symposium at Jackson Hole, Wyoming.
Regarding tariffs, President Trump widened steel and aluminum tariffs to include more than 400 consumer items that contain the metals, such as motorcycles, auto parts, furniture components, and tableware. The change went into effect on Monday and did not exclude goods already in transit. Last Friday, Mr. Trump said, “I’ll be setting tariffs next week and the week after on steel and on, I would say chips – chips and semiconductors, we’ll be setting sometime next week, week after.” Mr. Trump last week said he planned a 100% tariff on semiconductors but would exempt companies that move chip manufacturing to the US. Mr. Trump also mentioned 200% or 300% tariffs on chips.
In other recent tariff news, Mr. Trump last Tuesday extended the tariff truce with China for another 90 days until November. On August 6, Mr. Trump announced that he will double tariffs on US imports from India to 50% from the current 25% tariff, due to India’s purchases of Russian oil. On August 5, Mr. Trump said that US tariffs on pharmaceutical imports would be announced “within the next week or so.” According to Bloomberg Economics, the average US tariff will rise to 15.2% if rates are implemented as announced, up from 13.3% earlier, and significantly higher than the 2.3% in 2024 before the tariffs were announced.
Federal funds futures prices are discounting the chances for a -25 bp rate cut at 72% at the September 16-17 FOMC meeting, down from 93% last Thursday. The markets are discounting the chances at 49% for a second -25 bp rate cut at the following meeting on October 28-29.
Earnings reports indicate that S&P 500 earnings for Q2 are on track to rise +9.1% y/y, much better than the pre-season expectations of +2.8% y/y and the most in four years, according to Bloomberg Intelligence. With over 93% of S&P 500 firms having reported Q2 earnings, about 83% of companies exceeded profit estimates.
Overseas stock markets on Thursday settled mixed. The Euro Stoxx 50 closed down -0.19%. China’s Shanghai Composite rallied to a new 10-year high and closed up +0.13%. Japan’s Nikkei Stock 225 fell to a 1-week low and closed down -0.65%.
Interest Rates
September 10-year T-notes (ZNU5) on Thursday closed down -10 ticks, and the 10-year T-note yield rose +3.7 bp to 4.328%. Sep T-notes were under pressure Thursday on hawkish Fed comments. Kansas City Fed President Jeffrey Schmid said “modestly restrictive” monetary policy is still appropriate due to inflation risks, and Cleveland Fed President Beth Hammack said she does not favor cutting interest rates. T-notes added to their losses today after the Aug S&P manufacturing PMI expanded by the most in three years and after July existing home sales unexpectedly increased.
T-notes saw support from Fed-friendly US economic news that showed weekly jobless claims rose more than expected to a 2-month high, and the Aug Philadelphia Fed business outlook survey fell more than expected.
Fed Governor Lisa Cook said she intends to remain at the Fed despite calls from President Trump for her to resign over allegations that she committed mortgage fraud. If Cook is fired or resigns, Mr. Trump could appoint another Fed Governor who favors his lower interest rate policies.
European government bond yields on Thursday moved higher. The 10-year German bund yield rose +4.0 bp to 2.757%. The 10-year UK gilt yield rose +5.7 bp to 4.729%.
The Eurozone Aug S&P manufacturing PMI unexpectedly rose +0.7 to 50.5, stronger than expectations of a decline to 49.5 and the fastest pace of expansion in 3 years. The Aug composite PMI unexpectedly rose +0.2 to a 15-month high of 51.1, stronger than expectations of a decline to 50.6.
The Eurozone Aug consumer confidence index fell -0.8 to a 4-month low of -15.5, weaker than expectations of no change at -14.7.
Swaps are discounting the chances at 3% for a -25 bp rate cut by the ECB at the September 11 policy meeting.
US Stock Movers
Walmart (WMT) closed down more than -4% to lead losers in the Dow Jones Industrials after reporting Q2 adjusted ESP of 68 cents, weaker than the consensus of 74 cents. Costco Wholesale (COST) also closed down more than -2% on the news to lead losers in the Nasdaq 100.
SharkNinja Inc. (SN) closed down -3% after Chairman Wang sold 5 million shares in an overnight registered block trade between $116 and $118 per share.
Gilead Sciences (GILD) closed down more than -2% after Reuters reported that CVS Health declined to add the company’s HIV prevention shot to its drug coverage lists.
Airline stocks were under pressure Thursday after crude oil prices rallied to a 2-week high, which boosts jet fuel costs and lowers airlines’ profits. As a result, United Airlines Holdings (UAL) and Delta Air Lines (DAL) closed down more than -2%, and American Airlines Group (AAL) and Alaska Air Group (ALK) closed down more than -1%.
Maplebear Inc (CART) closed down more than -2% after Wedbush downgraded the stock to underperform from neutral with a price target of $42.
Monday.com Ltd (MNDY) closed down more than -1% after Bank of America Global Research downgraded the stock to neutral from buy.
Packaging stocks rose Thursday after Barclays said the announced closures of International Paper plants will reduce US containerboard capacity by about 2.5%. As a result, Packaging Corporation of America (PKG) closed up more than +6%, Smurfit WestRock (SW) closed up more than +4%, and International Paper (IP) closed up more than +2%.
PDD Holdings (PDD) closed up more than +4% to lead gainers in the Nasdaq 100 on bullish optimism for Chinese stocks after the Shanghai Composite rallied to a 10-year high today.
Nordson (NDSN) closed up +3% after reporting Q3 sales of $741.5 million, stronger than the consensus of $722.3 million.
Hewlett-Packard Enterprise (HPE) closed up more than +3% after Morgan Stanley upgraded the stock to overweight from equal weight with a price target of $28.
Dayforce (DAY) closed up more than +2% after Thoma Bravo agreed to buy the company for $12.3 billion, or about $70 a share.
Humana (HUM) closed up more than +1% after RBC Capital Markets raised its price target on the stock to $322 from $283.
Earnings Reports(8/22/2025)
BJ’s Wholesale Club Holdings Inc (BJ), Buckle Inc/The (BKE), New Fortress Energy Inc (NFE), Ubiquiti Inc (UI).
On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Stocks Settle Lower as Bond Yields Rise on Hawkish Fed Comments

ZTO Express ZTO reported second-quarter 2025 earnings of 35 cents per share, which declined from the year-ago quarter. Total revenues of $1.65 billion improved year over year.
Based on current market and operating conditions, ZTO Express lowered its 2025 parcel volume guidance to the range of 38.8 billion to 40.1 billion (reflecting 14-18% year-over-year growth) from the previously guided range of 40.8 billion to 42.2 billion (reflecting20-24% year-over-year growth).
ZTO Express (Cayman) Inc. Price, Consensus and EPS Surprise
Mr. Meisong Lai, founder, chairman and chief executive officer at ZTO, stated, "During the second quarter, ZTO further narrowed the gap to industry average growth rate despite continued industry mix-shift towards lower unit economics. Supported by leading service quality, we achieved over 9.8 billion parcels and delivered 2.1 billion of adjusted net income. Retail volume's growth momentum remained strong at over 50% than last year and it contributed positively to overall margin."
Detailed Operational Statistics
Revenues from the core express delivery business increased 11% year over year, owing to 16.5% growth in parcel volume offset by a 4.7% decrease in parcel unit price. KA revenues, generated by direct sales organizations, increased 149.7% owing to an increase in e-commerce return parcels.
Revenue from freight forwarding services fell 22.7% year over year.
Revenue from sales of accessories, which largely consisted of sales of thermal paper used for digital waybills' printing, rose 9.5% year over year. Other revenues were derived mainly from financing services.
Gross profit decreased 18.7% from the year-ago reported quarter. Gross margin rate fell to 24.9% from 33.8% in the year-ago period.
Total operating expenses were RMB469.3 million ($65.5 million) compared with RMB405.3 million in the year-ago period.
ZTO Express exited the second quarter of 2025 with cash and cash equivalents of $1.85 billion compared with $1.71 billion at the end of the prior quarter.
Currently, ZTO Express carries a Zacks Rank #4 (Sell).
Q2 Performances of Other Transportation Companies
Delta Air Lines (DAL) reported second-quarter 2025 earnings (excluding $1.17 per share from non-recurring items) of $2.10 per share, which beat the Zacks Consensus Estimate of $2.04. Earnings decreased 11% on a year-over-year basis due to high labor costs.
Revenues in the June-end quarter were $16.65 billion, beating the Zacks Consensus Estimate of $16.2 billion and decreasing marginally on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1% year over year to $15.5 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported second-quarter 2025 earnings of $1.31 per share, which missed the Zacks Consensus Estimate of $1.34 and declined 0.8% year over year.
Total operating revenues of $2.93 billion missed the Zacks Consensus Estimate of $2.94 billion and were flat year over year. JBHT’s second-quarter revenue performance witnessed a 6% increase in Intermodal (JBI) loads, a 13% increase in Truckload (JBT) loads, a 3% increase in Dedicated Contract Services (DCS) productivity and a 6% increase in Integrated Capacity Solutions (ICS) revenue per load. These items were offset by Final Mile Services revenue declining 10%, lower revenue per load in both JBI and JBT, a 9% decrease in ICS load volume and a 3% decline in average trucks in DCS. Total operating revenues, excluding fuel surcharge revenue, increased 1% on a year-over-year basis.
United Airlines Holdings, Inc. (UAL) reported mixed second-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's second-quarter 2025 adjusted earnings per share of $3.87 surpassed the Zacks Consensus Estimate by a penny but declined 6.5% on a year-over-year basis. The reported figure lies within the guided range of $3.25-$4.25.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.4 billion but increased 1.7% year over year. Passenger revenues (which accounted for 90.8% of the top line) increased 1.1% year over year to $13.8 billion. UAL flights transported 46,186 passengers in the second quarter, up 4.1% year over year.
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ZTO Express Q2 Earnings Down Y/Y, 2025 Parcel Volume View Lowered

ZIM Integrated Shipping Services Ltd. (ZIM) reported disappointing second-quarter 2025 results, wherein both earnings and revenues missed the Zacks Consensus Estimate.
Quarterly earnings of 19 cents per share lagged the Zacks Consensus Estimate of $1.50 and declined 93.8% on a year-over-year basis.
Revenues of $1.63 billion lagged the Zacks Consensus Estimate of $1.76 billion and declined 15.3% from the year-ago quarter. The downside was due to the decrease in freight rates and carried volume.
Carried volume in the second quarter decreased 6% year over year to 895 thousand TEUs (twenty-foot equivalent units). Average freight rate per TEU in the second quarter decreased 12% year over year to $1,479.
Eli Glickman, ZIM's president and chief executive officer, stated, “Amid market disruptions and volatility, we continued to leverage our upscaled capacity and improved cost structure in Q2. In this highly uncertain market environment, our focus is controlling what we can to position ZIM for sustainable and profitable growth over the long term."
Adjusted EBITDA for the second quarter was $472 million, down 38% on a year-over-year basis. Adjusted EBITDA margins for the second quarter of 2025 fell to 29% from 40% in the year-ago quarter.
Adjusted EBIT was $149 million in the second quarter of 2025 compared with $488 million in the year-ago quarter. Adjusted EBIT margins in the second quarter of 2025 fell to 9% from 25% in the year-ago quarter.
Despite the disappointing aforesaid quarterly numbers, ZIM increased the midpoints of its 2025 guidance ranges. For 2025, ZIM now expects to generate adjusted EBITDA between $1.8 billion and $2.2 billion (prior view: $1.6 billion and $2.2 billion) and adjusted EBIT between $550 million and $950 million (prior view: $350 million and $950 million).
Currently, ZIM carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
ZIM Integrated Shipping Services Ltd. Price, Consensus and EPS Surprise
Liquidity
ZIM exited the second quarter with cash and cash equivalents of $1.18 billion compared with $1.54 billion at the end of the previous quarter.
ZIM generated $441 million of cash from operating activities in the second quarter of 2025. Capital expenditures totaled $24 million for the reported quarter. Free cash flow was $426 million.
ZIM’s Second-Quarter 2025 Dividend
ZIM’s board of directors declared a regular cash dividend of approximately $7 million, or 6 cents per ordinary share, reflecting almost 30% of second-quarter 2025 net income. The dividend will be paid on Sept. 9, 2025, to shareholders of record as of Sept. 2, 2025.
Q2 Performances of Other Transportation Companies
Delta Air Lines (DAL) reported second-quarter 2025 earnings (excluding $1.17 per share from non-recurring items) of $2.10 per share, which beat the Zacks Consensus Estimate of $2.04. Earnings decreased 11% on a year-over-year basis due to high labor costs.
Revenues in the June-end quarter were $16.65 billion, beating the Zacks Consensus Estimate of $16.2 billion and decreasing marginally on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) increased 1% year over year to $15.5 billion.
J.B. Hunt Transport Services, Inc. (JBHT) reported second-quarter 2025 earnings of $1.31 per share, which missed the Zacks Consensus Estimate of $1.34 and declined 0.8% year over year.
Total operating revenues of $2.93 billion missed the Zacks Consensus Estimate of $2.94 billion and were flat year over year. JBHT’s second-quarter revenue performance witnessed a 6% increase in Intermodal (JBI) loads, a 13% increase in Truckload (JBT) loads, a 3% increase in Dedicated Contract Services (DCS) productivity and a 6% increase in Integrated Capacity Solutions (ICS) revenue per load. These items were offset by Final Mile Services revenue declining 10%, lower revenue per load in both JBI and JBT, a 9% decrease in ICS load volume and a 3% decline in average trucks in DCS. Total operating revenues, excluding fuel surcharge revenue, increased 1% on a year-over-year basis.
United Airlines Holdings, Inc. (UAL) reported mixed second-quarter 2025 results wherein the company’s earnings beat the Zacks Consensus Estimate, but revenues missed the same.
UAL's second-quarter 2025 adjusted earnings per share of $3.87 surpassed the Zacks Consensus Estimate by a penny but declined 6.5% on a year-over-year basis. The reported figure lies within the guided range of $3.25-$4.25.
Operating revenues of $15.2 billion fell short of the Zacks Consensus Estimate of $15.4 billion but increased 1.7% year over year. Passenger revenues (which accounted for 90.8% of the top line) increased 1.1% year over year to $13.8 billion. UAL flights transported 46,186 passengers in the second quarter, up 4.1% year over year.
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Delta Air Lines, Inc.

Price history and volume

Shares 360

Investment risk — medium

Investment potential — high

AI Factors

Chinese Economy

Japanese Economy

Oil Prices

Recession Risk

USD Average Exchange Rate

Labor Costs

UK Economy

Red Sea Shipping Attacks

Clean Energy Regulation

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