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’ fundamentals look solid in terms of earnings and valuation, but there is notable pressure from liquidity and declining profitability. The P/E, P/S, P/B, and P/FCF multiples are below industry medians, indicating moderate undervaluation rather than an overheated valuation. At the same time, P/E and P/S are especially low relative to the sector, which supports the investment case if earnings hold up. ROE and ROI remain strong and above the industry median, suggesting good returns on capital and business efficiency. However, ROA is below the median, and net and operating margins in the latest period have declined from higher levels last year, which limits re-rating potential. The balance sheet has generally improved: long-term debt has decreased, equity has grown, and net worth and equity appear stable. On the other hand, current and quick liquidity are very weak, which is typical for an airline but still increases sensitivity to shocks in demand, fuel, and rates. Revenue and operating profit remain high, while net income and EPS confirm the company’s ability to generate earnings in the current cycle. EBITDA and gross profit look acceptable, and gross margin remains stable, which softens the negative impact of pressure on operating margins. Dividend yield is low and has declined in recent periods, so the dividend factor is not a strong valuation driver. Overall, the fundamentals mostly support the current positive view, but due to deteriorating liquidity and margin compression, only a small conservative downward adjustment is warranted. For an investor, this means the stock looks inexpensive relative to earnings and sales, but the margin of safety is not ideal, so upside should be assessed cautiously.

Delta Air Lines, Inc.

Сильный индекс, без изменений. Быки в растерянности.

Strong index, flat. The bulls are confused.

Сильный индекс, без изменений. Медведи в растерянности.

Strong index, flat. The bears are confused.

Средний индекс, без изменений. Рынок на стороне быков.

Medium index, flat. The market is on the bulls' side.

Средний индекс, без изменений. Рынок не поддерживает медведей.

Medium index, flat. The market does not support the bears.

Слабый индекс, без изменений

Слабый индекс, незначительно вырос. Увеличился приток средств в шорты.

Weak index, slightly up. The inflow of funds into shorts has increased.

DAL appears undervalued on P/E, P/S, and P/B, but weak liquidity and declining margins limit re-rating potential.

Key Points
Joby could launch its first commercial flights in Dubai this year.
But those flights won’t matter as much as its FAA certification for the U.S. market.
Joby Aviation (NYSE: JOBY), a leading developer of electric vertical take-off and landing (eVTOL) aircraft, plans to launch its first commercial flights with Uber (NYSE: UBER) by the end of this year. That sounds like a major catalyst for the stock, but I wouldn't buy Joby's stock on this news alone for three simple reasons.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Why won't Joby's Dubai flights move the needle?
First, Joby's flights in Dubai will mark its first commercial flights, but they're not nearly as meaningful as its planned flights for the U.S. market. The Federal Aviation Administration (FAA) still hasn't certified Joby's commercial flights in the U.S. yet, but they could be cleared by the end of 2026. That certification will finally give Joby the green light to mass-produce its eVTOLs in the U.S. and expand its first-party air taxi network with Uber and Delta (NYSE: DAL),
Second, the ongoing military conflicts in the Middle East, which exposed the UAE to missile and drone attacks, could force Joby to delay the launches of its first eVTOLs in Dubai.
Lastly, Joby remains unprofitable and trades at 14 times its 2028 sales. That red ink and high valuation will make it an easy target for the bears if the Fed raises its benchmark rates. So while Joby might still have a bright future, I wouldn't buy it unless the FAA clears its first U.S. flights.
Should you buy stock in Joby Aviation right now?
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Leo Sun has no position in any of the stocks mentioned. The Motley Fool recommends Delta Air Lines and Uber Technologies. The Motley Fool has a disclosure policy.

Joby Aviation Is Preparing For Commercial Flights in Dubai. Here's Why I'm Still Not Buying.

Delta Air Lines’ DAL new strategic relationship with Hyatt is expected to strengthen its loyalty ecosystem and enhance the overall travel experience for its most loyal customers. The exclusive collaboration will connect the Delta SkyMiles and World of Hyatt programs, enabling members to earn rewards across both air travel and hotel stays. The initiative aligns with DAL’s broader strategy of making SkyMiles a more comprehensive loyalty platform beyond flying.
The initial Dual Earn benefit is likely to increase engagement among elite members by allowing Delta Medallion members to earn miles on qualifying Hyatt stays, while World of Hyatt elites can earn points on qualifying Delta fares. This integrated rewards structure could encourage members to concentrate more of their travel spending with the two brands, potentially supporting customer retention and loyalty.
The partnership also provides DAL with an opportunity to deepen its presence in the premium travel segment. Hyatt’s extensive global hotel portfolio complements the airline’s broad international network, creating opportunities to offer members a more seamless experience across flights and accommodations. Additional personalized benefits and exclusive experiences planned for the future could further enhance the value proposition.
However, the financial impact of the relationship remains difficult to gauge at this stage, as the companies have yet to disclose complete details regarding eligibility, benefits and participation. Moreover, the success of the initiative will depend on member adoption and Delta’s ability to translate greater loyalty engagement into increased travel spending and customer retention.
DAL’s Share Price Performance
DAL’s shares have gained 30.7% over the past year against the Transportation - Airline industry’s 3% decline.
DAL’s Zacks Rank
DAL currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Investors interested in the Zacks Transportation sector may consider Expeditors International of Washington, Inc. EXPD and Seanergy Maritime Holdings SHIP.
EXPD currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Expeditors has an expected earnings growth rate of 28.6% for 2026. The company has an encouraging earnings surprise history. Its earnings outpaced the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 17.15%.
Seanergy Maritime Holdings currently sports a Zacks Rank #1.
SHIP has an expected earnings growth rate of more than 100% for the current year. The company has an encouraging earnings surprise history. Its earnings topped the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average beat of 38%.
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Delta-Hyatt Alliance to Boost Loyalty and Premium Travel Appeal

Looking at options trading activity among components of the S&P 500 index, there is noteworthy activity today in Delta Air Lines Inc (Symbol: DAL), where a total volume of 32,470 contracts has been traded thus far today, a contract volume which is representative of approximately 3.2 million underlying shares (given that every 1 contract represents 100 underlying shares). That number works out to 66.6% of DAL's average daily trading volume over the past month, of 4.9 million shares. Particularly high volume was seen for the $80 strike call option expiring September 18, 2026, with 6,261 contracts trading so far today, representing approximately 626,100 underlying shares of DAL. Below is a chart showing DAL's trailing twelve month trading history, with the $80 strike highlighted in orange:
American Express Co. (Symbol: AXP) options are showing a volume of 14,587 contracts thus far today. That number of contracts represents approximately 1.5 million underlying shares, working out to a sizeable 62.5% of AXP's average daily trading volume over the past month, of 2.3 million shares. Particularly high volume was seen for the $330 strike call option expiring September 18, 2026, with 2,395 contracts trading so far today, representing approximately 239,500 underlying shares of AXP. Below is a chart showing AXP's trailing twelve month trading history, with the $330 strike highlighted in orange:
And Lumentum Holdings Inc (Symbol: LITE) saw options trading volume of 28,189 contracts, representing approximately 2.8 million underlying shares or approximately 61.1% of LITE's average daily trading volume over the past month, of 4.6 million shares. Especially high volume was seen for the $1020 strike call option expiring September 11, 2026, with 2,636 contracts trading so far today, representing approximately 263,600 underlying shares of LITE. Below is a chart showing LITE's trailing twelve month trading history, with the $1020 strike highlighted in orange:
For the various different available expirations for DAL options, AXP options, or LITE options, visit StockOptionsChannel.com.
Further DAL Research:

Noteworthy Thursday Option Activity: DAL, AXP, LITE

Key Points
Berkshire Hathaway had been amassing an ever-growing war chest since 2022.
But in the second quarter, the company bought more stock than it sold for the first time in 14 quarters.
Although this doesn’t guarantee more immediate deployment of the remaining cash balance, it does suggest Berkshire is more open-minded on the matter than it had been of late.
After nearly four years of steadily amassing a cash balance of $397 billion, Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) is finally putting a measurable amount of that money back to work.
Oh, most of it still remains on the sidelines, undeployed. Specifically, as of the end of the conglomerate's second fiscal quarter, which ended in June, it still had nearly $366 billion in liquidity. That's a reduction of $31 billion in just three months' time, or less than one-tenth of its cash pile.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Still, it's a start.
So where did all that money go? It's not too tough to figure out.
Where the money went
The biggest chunk of that $31 billion went toward the purchase of more shares of technology giant Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL). Berkshire ended Q1 with 54.2 million "A" shares of the company (worth roughly $15.6 billion at the time), plus a handful of "C" shares. Now it owns a bunch more of both, with a collective stake worth nearly $36 billion. That makes Alphabet Berkshire Hathaway's third-biggest holding, right behind American Express.
That's certainly not the only addition Berkshire's current CEO Greg Abel -- with some guidance from Warren Buffett, of course -- made to the company's equity portfolio during the second quarter, though. Although it already owned stakes in both, the company scooped up another 17.5 million shares of Delta Air Lines (NYSE: DAL) to bring its count to 57.3 million, and more than doubled its position in department store chain Macy's (NYSE: M), adding another 4.3 million shares. Those trades would have cost on the order of $1.6 billion and $100 million, respectively.
Expanded positions in homebuilder Lennar (NYSE: LEN) (NYSE: LENB) and The New York Times Company (NYSE: NYT) would have also used up some of Berkshire's cash, although not nearly as much as the $17 billion it shelled out to expand its stake in Alphabet.
Perhaps Abel's most noteworthy use of Berkshire Hathaway's idle cash during Q2, however, wasn't a new pick or adding to an existing one. It's the $4.5 billion used to repurchase outstanding shares of Berkshire itself. That's a dramatic increase from the $235 million spent on the company's own stock in Q1, snapping a six-quarter hiatus in share buybacks.
It's also worth noting that Berkshire Hathaway sold on the order of $3.7 billion in equity holdings during the three months in question, bolstering the conglomerate's quarter-ending cash balance. The remainder of any difference between the sum total of these purchases minus the proceeds of these sales reflects capital spending or net costs incurred by Berkshire's privately owned businesses, such as GEICO Insurance, Clayton Homes, Pilot Travel Centers, and Dairy Queen, just to name a few.
Picky about picks, but also patient
The allocation of this cash deployment is interesting, to be sure. Perhaps more interesting, however, is the fact that Abel is finally doing something with all of that idle capital. Yet, Berkshire's CEO doesn't appear to be in a rush to put it all to work at once. This patience is just as impressive as the conglomerate's stock's long-term price performance.
Should you buy stock in Berkshire Hathaway right now?
Before you buy stock in Berkshire Hathaway, consider this:
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American Express is an advertising partner of Motley Fool Money. James Brumley has positions in Alphabet. The Motley Fool has positions in and recommends Alphabet, American Express, Berkshire Hathaway, Lennar, and The New York Times Co. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

Berkshire Hathaway's Cash Fell From $397 Billion to $366 Billion in a Single Quarter

Key Points
Berkshire reduced several of its bank positions in the second quarter.
Berkshire added to one of its airline positions and also bought homebuilders in the quarter.
Both airlines and homebuilders could benefit from lower interest rates.
Berkshire Hathaway (NYSE: BRKA) (NYSE: BRKB) has now revealed two full quarters of stock purchases and sales since Greg Abel became chief executive officer of the enormous conglomerate. He's stepping into the large shoes left by Warren Buffett, who remains executive chairman of the company and actively involved in stock picking, according to various reports.
Abel has not been afraid to shake things up, quickly making Alphabet one of the largest stocks in the portfolio and buying and selling many other stocks. In the second quarter, Berkshire trimmed many of its bank stocks, including Bank of America, while increasing or adding new positions in companies that can benefit from lower yields.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Is Abel betting on lower interest rates?
Trimming banks
In Q2, Berkshire Hathaway trimmed its Bank of America position by 6% and slashed its positions in Ally Financial and Capital One by 7% and 58%, respectively.
Bank of America is a money-center bank involved in all aspects of banking, from commercial lending to investment banking. Ally and Capital One are large banks as well, but heavily involved in consumer lending, such as auto and credit card lending.
Generally, bank stocks have performed relatively well this year. Not only have banks seemed to serve as diversification away from artificial intelligence, but the yield curve has steepened, meaning shorter-dated bonds yield less than long-term ones.
This is an ideal setup for most banks, which borrow money at the short part of the yield curve and lend toward the longer end. Ally and Capital One haven't performed as well, partly due to investor concerns that consumers are starting to feel the pinch and that loan losses will rise.
Borrowing costs are also high now, which could be stunting loan demand.
Still, if the yield curve keeps steepening, that could, in theory, be good for banks, although I do think longer-term yields at current levels could be starting to spook bank investors as well. Still, in theory, as long as the curve stays steep, that should be good for bank profits, assuming credit stays in check.
Buying sectors that would benefit from lower interest rates
In Q2, Berkshire increased its positions in Delta Air Lines (NYSE: DAL) and Lennar Corp and initiated a new position in D.R. Horton.
Delta is one of the largest U.S. Airlines tend to perform better in a lower-rate environment because most airlines carry significant debt, some of which is tied to variable interest rates that are affected by broader interest rate changes.
At the end of Q2, Delta carried $13.6 billion in debt, 22% of which is subject to variable interest rates, so lower rates would mean lower interest payments.
Additionally, a lower-rate environment tends to stimulate economic activity and spending, benefiting airlines.
Lennar and D.R. Horton are two of the largest homebuilders in the U.S. The mortgage and real estate industries have been absolutely hammered by high rates, particularly at the longer end of the curve, such as the 10-year yield, which directly influences mortgage rates.
Higher rates combined with high home values have made buying a home difficult for much of the country's consumers. Both of these stocks have struggled this year.
You don't buy housing stocks in a rising-rate environment. Although concerns about persistent inflation are certainly real, nobody can say for certain what will happen.
There have been some signs that inflation is softening, perhaps clearing the way for lower rates. An end to the Iran war would surely help this cause, not that anyone knows when that is coming either.
It's worth noting that, aside from Bank of America, the other stocks mentioned in this article are relatively small positions in Berkshire's vast equity portfolio, so they may not be very indicative of anything.
Furthermore, Berkshire typically tries to buy stocks that will perform well throughout the economic cycle.
Should you buy stock in Berkshire Hathaway right now?
Before you buy stock in Berkshire Hathaway, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Berkshire Hathaway wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $445,833!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,402,153!*
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Ally is an advertising partner of Motley Fool Money. Bank of America is an advertising partner of Motley Fool Money. Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Berkshire Hathaway, D.R. Horton, and Lennar. The Motley Fool recommends Capital One Financial and Delta Air Lines. The Motley Fool has a disclosure policy.

Is Greg Abel Betting on Lower Interest Rates? The Berkshire Hathaway CEO Just Trimmed Bank Stocks Like Bank of America and Bought 3 Stocks That Would Benefit From Lower Yields.

Key Points
The airline's shares trade at a low earnings multiple despite recent headwinds.
Challenges include heightened fuel costs as well as geopolitical risks.
That's on top of the traditional concern over the cyclicality of travel demand.
Airline stocks tend to be volatile, and Delta Air Lines (NYSE: DAL) is no exception. Airline companies tend to have fixed costs and exposure to highly dynamic variable costs, such as jet fuel, and transportation demand can ebb and flow.
This all leaves them exposed to a cycle of declining earnings as revenue dries up while they continue to run routes with lower-than-expected load factors. These risks are why stocks like Delta Air Lines tend to trade at low valuations.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
But is it justified?
Delta Air Lines in 2026
To be clear, despite maintaining its full-year 2026 guidance for earnings per share of $6.50-$7.50 and free cash flow (FCF) of $3 billion to $4 billion, Delta has been negatively impacted by events.
These prospects have been hit by soaring jet fuel costs, which means Delta's management now expects a $4 billion increase in fuel costs in 2026. In light of these costs, the Wall Street consensus EPS estimate has shifted from $7.17 at the start of the year to $6.48 now, slightly below the low end of management's guidance.
In addition, while the conflict in the Persian Gulf continues and the Strait of Hormuz is largely closed to commercial traffic, there is likely to be upward pressure on oil prices and, in turn, on jet fuel prices.
Why Delta Air Lines' stock is a great value
The company faces headwinds, but here's the thing. Even with lowered earnings expectations, Delta Air Lines trades at less than 12 times estimated earnings, and this comes in a year when it faced the highest fuel expenses in its history ($4.4 billion) in the second quarter.
Meanwhile, according to Chief Commercial Officer Joe Esposito on the Julyearnings call customer demand remained "strong and broad-based." It's a viewpoint recently echoed by airline peer, United Airlines CEO Scott Kirby.
In addition, Delta has made great strides in reducing its cyclical exposure over the last decade by growing its premium cabin revenue, loyalty-based revenue, and American Express remuneration from its co-branded credit card, alongside its main cabin revenue. In fact, main cabin revenue accounted for less than 35% of operating revenue in the second quarter, compared with more than 38% in the same quarter of 2025.
In addition, Delta's management isn't adding seats in its main cabin and has indicated a willingness to slow capacity growth in response to rising jet fuel prices.
Is Delta Air Lines stock a buy?
The current valuation already reflects elevated 2026 fuel costs. Unless those costs rise substantially or demand softens meaningfully, Delta looks like a good value at less than 12 times forward earnings and roughly 14 times free cash flow. The multi-year shift toward premium, loyalty, and co-brand revenue also supports the case for a gradual rerating.
Should you buy stock in Delta Air Lines right now?
Before you buy stock in Delta Air Lines, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Delta Air Lines wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $445,833!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,402,153!*
Now, it’s worth noting Stock Advisor’s total average return is 993% — a market-crushing outperformance compared to 214% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
American Express is an advertising partner of Motley Fool Money. Lee Samaha has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends American Express. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy.

Delta Air Lines Is Up 10% This Year and Still Trades at Less Than 12 Times Earnings

Key Points
Joby’s vertically business model has more growth potential than Archer’s OEM business.
Joby’s stock deserves to trade at a premium to Archer’s stock.
In 2009, NASA released a concept video of an electric vertical take-off and landing (eVTOL) aircraft, which could hover, take off, and land vertically. That video prompted many aerospace companies to develop their own eVTOLs, but many of those projects fizzled out.
Today, two of those early movers have risen to the top of the nascent market: Joby Aviation (NYSE: JOBY) and Archer Aviation (NYSE: ACHR). Both companies could soon be cleared by the Federal Aviation Administration (FAA) to launch their first commercial flights. However, I think it makes more sense to buy Joby instead of Archer as the top eVTOL play.
Missed Nvidia in 2009? This Rare Signal Is Flashing Again. In 2009, a "Double Down" signal flashed for a little-known chipmaker called Nvidia. For the first time in years, that same "Total Conviction" signal is flashing for a company 1/100th the size of Nvidia. Continue »
Why is Joby a better buy than Archer?
Joby's S4 and Archer's Midnight both carry a single pilot and four passengers. But the S4 travels up to 150 miles on a single charge at a maximum speed of 200 miles per hour, while the Midnight has a shorter range of 100 miles and a lower top speed of 150 miles per hour.
The S4 uses single-tilt-rotor propellers for lifting and cruising. That makes it lighter, faster, and more energy efficient than the Midnight, which uses separate propellers for both tasks. Joby is also developing a hydrogen-powered eVTOL, but Archer isn't.
Joby aspires to become a vertically integrated "transportation as a service" provider that manufactures, owns, and operates its own fleet as a first-party air taxi network. To support that expansion and streamline its supply chain, it mainly uses first-party components. Archer plans to become an OEM for other aviation companies and relies heavily on third-party suppliers.
Joby and Archer have plenty of support from big investors and partners. Toyota, Delta, and Uber (NYSE: UBER) back Joby. Stellantis and United Airlines support Archer. Both eVTOL makers also plan to launch their first commercial flights in the U.S. and the UAE.
However, Joby is farther along in the FAA's multi-stage certification process than Archer. With some help from Uber -- which plans to integrate Joby's S4 flights into its new Uber Air service -- Joby could expand its commercial flights at a much faster rate than Archer.
Why does Joby deserve a premium valuation?
From 2025 to 2028, analysts expect Joby's revenue to rise from $53 million to $435 million, and Archer's revenue to surge from less than $1 million to $512 million. Archer might generate more revenue than Joby by selling more eVTOLs to other companies. But as an OEM, Archer will naturally have less pricing power than Joby's vertically integrated operator business model.
Archer only trades at 8.5 times its 2028 sales, while Joby trades at 15.5 times that estimate. Archer might seem like the cheaper stock, but it's also a weaker eVTOL maker than Joby. That's why I believe investors should pay a premium for Joby but avoid Archer.
Should you buy stock in Joby Aviation right now?
Before you buy stock in Joby Aviation, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Joby Aviation wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $446,157!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,377,357!*
Now, it’s worth noting Stock Advisor’s total average return is 984% — a market-crushing outperformance compared to 212% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
Leo Sun has no position in any of the stocks mentioned. The Motley Fool recommends Delta Air Lines, Stellantis, and Uber Technologies. The Motley Fool has a disclosure policy.
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1 eVTOL Stock to Buy, and 1 to Avoid

The S&P 500 Index ($SPX) (SPY) closed up by +0.46% on Wednesday, the Dow Jones Industrial Average ($DOWI) (DIA) closed up by +0.56%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up by +0.23%. E-mini S&P futures (ESU26) rose +0.46%, and September E-mini Nasdaq futures (NQU26) rose +0.23%.
Stocks settled higher on Wednesday as T-note yields stabilized. The 10-year T-note yield finished little changed at 4.79% on Wednesday after a weaker-than-expected Aug ADP employment report eased Fed rate hike expectations slightly, boosting stocks. Stock gains accelerated on dovish comments from New York Fed President Williams, who said inflation is continuing to trend down.
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Wednesday’s US economic news was mixed for stocks after July factory orders rose more than expected, but the Aug ADP employment change rose less than expected.
Stock index futures initially moved lower in overnight trade as US-Iran hostilities pushed crude oil prices to a 6-week high and the 10-year T-note yield up to a 2.75-year high of 4.82%.
The global bond sell-off generally continued on Wednesday, pushing bond yields to multi-year highs and undercutting stocks. The UK 10-year gilt yield surged to a 19-year high of 5.29%, the German 10-year bund yield jumped to a 15-year high of 3.39%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.04%, and the 10-year T-note yield rose to a 2.75-year high of 4.82%.
US MBA mortgage applications rose +0.8% in the week ended August 28, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -1.1%. The average 30-year fixed-rate mortgage rose +1 bp to 6.79% from 6.78% in the prior week.
The US Aug ADP employment change rose by +38,000, showing a slightly weaker labor market than expectations of +47,000.
US July factory orders rose +0.9% m/m, stronger than expectations of +0.7% m/m. Also, July factory orders ex-transportation rose +0.6% m/m, stronger than expectations of +0.4% m/m.
New York Fed President John Williams said, "The data recently has been encouraging. I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror."
The Fed Beige Book was positive for stocks as it stated that economic activity in the Fed's 12 districts in the period through August 24 "increased modestly," with prices accelerating moderately in most districts. Also, “healthy labor demand was seen most frequently in manufacturing, construction and some service sectors, while retail and hospitality sectors saw falling labor demand."
Oct WTI crude oil prices (CLV26) climbed to a fresh 6-week high on Wednesday as fighting intensified between the US and Iran. The US carried out a second round of strikes in three days overnight, targeting radar systems and mine-laying capabilities along Iran's southern coast. Iran retaliated with drone and missile attacks on US bases across the Middle East. Also, Axios reported that the US attacked two Iranian tankers anchored off Iran’s north coast under a new “tanker for tanker” policy approved by President Trump to further deter Iranian attacks on tankers that move through the Strait of Hormuz. Gains in crude were limited as supply concerns abated slightly after US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 489 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 60% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets settled lower on Wednesday. The Euro Stoxx 50 dropped to a 1-month low and closed down -0.11%. China's Shanghai Composite closed down -0.97%. Japan's Nikkei-225 Stock Average fell to a 4-week low and closed down -2.85%.
Interest Rates
December 10-year T-notes (ZNZ6) closed up by +1 tick on Wednesday. The 10-year T-note yield fell -0.4 bp to 4.794%. T-notes recovered from a 1.75-year nearest-futures low today and turned higher, and the 10-year T-note yield fell from a 2.75-year high of 4.816% and moved lower. Short covering emerged and pushed T-notes higher after the Aug ADP employment change rose less than expected, and after New York Fed President Williams said inflation is continuing to trend down. Gains in T-notes were limited after WTI crude oil climbed to a 6-week high, which boosted inflation expectations and is hawkish for Fed policy.
European government bond yields moved higher on Wednesday. The 10-year German bund yield climbed to a 15-year high of 3.395% and finished up +3.2 bp to 3.376%. The 10-year UK gilt yield jumped to a 19-year high of 5.289% and finished up +1.0 bp to 5.230%.
ECB Governing Council member and Bundesbank President Joachim Nagel warned that "inflation isn't close to our medium-term target" and said, "markets are pricing in a probability of more than 95% that we'll raise interest rates at our September meeting, and I'd say that the markets have a rather good understanding of how we're likely to respond at this stage."
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Strength in chipmakers on Wednesday supported the broader market. Nvidia (NVDA) closed up more than +3% to lead gainers in the Dow Jones Industrials. Also, NXP Semiconductors (NXPI), Micron Technology (MU), and Qualcomm (QCOM) closed up more than +2%. In addition, Intel (INTC), Microchip Technology (MCHP), and ASML Holding NV (ASML) closed up more than 1%.
Airlines and cruise line operators moved higher on Wednesday after crude oil prices stabilized. United Airlines Holdings (UAL) closed up more than +3%, and Alaska Air Group (ALK), Delta Air Lines (DAL), Southwest Airlines (LUV), and Carnival (CCL) closed up more than +2%. Also, American Airlines Group (AAL) and Norwegian Cruise Line Holdings (NCLH) closed up more than +1%.
Palo Alto Networks (PANW) closed down more than -9% to lead cybersecurity stocks lower and losers in the S&P 500 and Nasdaq 100 after reporting Q4 subscription and support revenue of $2.67 billion, below the consensus of $2.68 billion. Also, CrowdStrike Holdings (CRWD) closed down more than -5%, and Cloudflare (NET), SentinelOne (S), and Fortinet (FTNT) closed down more than -4%. In addition, Zscaler (ZS) closed down more than -3% and Okta (OKTA) closed down more than -2%.
Dell Technologies (DELL) closed up more than +15% to lead gainers in the S&P 500 after reporting Q2 total net revenue of $46.97 billion, well above the consensus of $44,78 billion, and raising its 2027 revenue forecast to $192 billion from a previous forecast of $165 billion to $169 billion, stronger than the consensus of $173.76 billion.
Gitlab (GTLB) closed up more than +9% after boosting its 2027 revenue forecast to $1.13 billion from a previous forecast of $1.11 billion to $1.12 billion, better than the consensus of $1.12 billion.
SiriusXM (SIRI) closed up more than +7% after Deutsche Bank upgraded the stock to buy from hold with a price target of $45.
Brown-Forman (BF.B) closed up more than +3% after reporting a Q1 gross margin of 60.2%, better than the consensus of 58.6%.
Credo Technology (CRDO) closed down more than -20% despite reporting better-than-expected Q EPS as the company failed to exceed its Q1 adjusted gross margin estimate of 68%.
MongoDB (MDB) closed down more than -13% despite reporting better-than-expected Q2 EPS as revenue growth in the company’s Atlas product didn’t accelerate in Q2 versus Q1.
G-III Apparel Group Ltd (GIII) closed down more than -11% after reporting Q2 net sales of $554.1 million, weaker than the consensus of $570.3 million, and forecasting Q3 net sales of about $870 million, below the consensus of $899 million.
Edison International (EIX) closed down more than -6%, and PG&E (PCG) closed down more than -5% after analysts said it is unlikely that California legislators will hold a special session to pass a wildfire liability bill favorable to utilities.
Earnings Reports (9/3/2026)
Campbell's Company/The (CPB), Ciena Corp (CIEN), DocuSign Inc (DOCU), Guidewire Software Inc (GWRE), Lululemon Athletica Inc (LULU), Planet Labs PBC (PL), Samsara Inc (IOT), Toro Co/The (TTC), UiPath Inc (PATH), Zscaler Inc (ZS).
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.
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Stocks Settle Higher as Bond Yields Stabilize

The S&P 500 Index ($SPX) (SPY) is up by +0.50% today, the Dow Jones Industrial Average ($DOWI) (DIA) is up by +0.79%, and the Nasdaq 100 Index ($IUXX) (QQQ) is up by +0.17%. E-mini S&P futures (ESU26) are up +0.49%, and September E-mini Nasdaq futures (NQU26) are up +0.15%.
Stock index futures recovered from overnight losses and are moving higher today as a retreat in crude oil prices knocked bond yields lower. Crude oil prices gave up an overnight advance and turned lower today when US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday, easing supply concerns. That knocked the 10-year T-note yield down -1 bp to 4.79%, benefiting stocks. Gains in stocks accelerated on dovish comments for New York Fed President Williams, who said inflation is continuing to trend down.
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Today’s US economic news was mixed for stocks after July factory orders rose more than expected, but the Aug ADP employment change rose less than expected.
Stock index futures initially moved lower in overnight trade as US-Iran hostilities pushed crude oil prices to a 6-week high and the 10-year T-note yield up to a 2.75-year high of 4.82%. Stocks were under pressure as global bond yields stayed elevated on US-Iran hostilities, which extended crude oil’s advance and threatened to worsen the inflation outlook.
The global bond sell-off generally continued today, pushing bond yields to multi-year highs and undercutting stocks. The UK 10-year gilt yield surged to a 19-year high of 5.29%, the German 10-year bund yield jumped to a 15-year high of 3.39%, the Japanese 10-year JGB bond yield surged to a 30-year high of 3.04%, and the 10-year T-note yield rose to a 2.75-year high of 4.82%.
US MBA mortgage applications rose +0.8% in the week ended August 28, with the purchase mortgage sub-index up +2.2% and the refinancing mortgage sub-index down -1.1%. The average 30-year fixed-rate mortgage rose +1 bp to 6.79% from 6.78% in the prior week.
The US Aug ADP employment change rose by +38,000, showing a slightly weaker labor market than expectations of +47,000.
US July factory orders rose +0.9% m/m, stronger than expectations of +0.7% m/m. Also, July factory orders ex-transportation rose +0.6% m/m, stronger than expectations of +0.4% m/m.
New York Fed President John Williams said, "The data recently has been encouraging. I am actually seeing the trend in inflation moving slowly down as some of the effects of the tariffs move into the rearview mirror."
Oct WTI crude oil prices (CLV26) fell from a 6-week high today and turned lower as supply concerns abated after US Energy Secretary Wright said that over 17 million bbl of oil went through the Strait of Hormuz on Monday. Crude prices initially rallied in overnight trade as fighting intensified between the US and Iran. The US carried out a second round of strikes in three days overnight, targeting radar systems and mine-laying capabilities along Iran's southern coast. Iran retaliated with drone and missile attacks on US bases across the Middle East. Also, Axios reported that the US attacked two Iranian tankers anchored off Iran’s north coast under a new “tanker for tanker” policy approved by President Trump to further deter Iranian attacks on tankers that move through the Strait of Hormuz.
Q2 earnings results are a bullish factor for stocks. The S&P 500 is tracking for earnings growth of almost 32% in Q2, well above projections of +23%, and nearly four times the average earnings growth rate outside of the Covid period since Q4 of 2013, according to Bloomberg Intelligence. AI spending is expected to account for most of earnings, with AI infrastructure stocks set to contribute nearly 60% of the S&P 500's earnings-per-share growth in Q2. So far, earnings results have been positive, with 86% of the 489 S&P 500 companies that have reported Q2 earnings beating estimates, according to Bloomberg data.
The markets are discounting a 67% chance of a +25 bp rate hike at the next FOMC meeting on September 15-16.
Overseas stock markets are lower today. The Euro Stoxx 50 dropped to a 1-month low and is down -0.01%. China's Shanghai Composite closed down -0.97%. Japan's Nikkei-225 Stock Average fell to a 4-week low and closed down -2.85%.
Interest Rates
December 10-year T-notes (ZNZ6) are up by +2 ticks today. The 10-year T-note yield is down -0.4 bp to 4.794%. T-notes recovered from a 1.75-year nearest-futures low today and turned higher, and the 10-year T-note yield fell from a 2.75-year high of 4.816% and moved lower. Short covering emerged and pushed T-notes higher after WTI crude fell from a 6-week high and turned lower, easing inflation expectations. T-notes remained slightly higher after the Aug ADP employment change rose less than expected, and after New York Fed President Williams said inflation is continuing to trend down.
European government bond yields are moving higher today. The 10-year German bund yield climbed to a 15-year high of 3.395% and is up +3.3 bp to 3.376%. The 10-year UK gilt yield jumped to a 19-year high of 5.289% and is up +1.4 bp to 5.234%.
ECB Governing Council member and Bundesbank President Joachim Nagel warned that "inflation isn't close to our medium-term target" and said, "markets are pricing in a probability of more than 95% that we'll raise interest rates at our September meeting, and I'd say that the markets have a rather good understanding of how we're likely to respond at this stage."
Markets are discounting a 99% chance of a +25 bp ECB rate hike at its next policy meeting on September 10.
US Stock Movers
Strength in chipmakers today is providing support to the broader market. Nvidia (NVDA) is up more than +3% to lead gainers in the Nasdaq 100 and Dow Jones Industrials. Also, NXP Semiconductors (NXPI) is up more than +2%, and Microchip Technology (MCHP), Analog Devices (ADI), Qualcomm (QCOM), and Texas Instruments (TXN) are up more than 1%.
Airlines and cruise line operators are moving higher today after crude oil prices turned lower, a positive factor for the companies’ profitability. United Airlines Holdings (UAL) is up more than +4%, and Alaska Air Group (ALK) is up more than +3%. Also, American Airlines Group (AAL), Delta Air Lines (DAL), Southwest Airlines (LUV), and Norwegian Cruise Line Holdings (NCLH) are up more than +2%. In addition, Carnival (CCL) and Royal Caribbean Cruises (RCL) are up more than +1%.
Palo Alto Networks (PANW) is down more than -7% to lead cybersecurity stocks lower and lead losers in the Nasdaq 100 after reporting Q4 subscription and support revenue of $2.67 billion, below the consensus of $2.68 billion. Also, CrowdStrike Holdings (CRWD) and Fortinet (FTNT) are down more than -4%, and Okta (OKTA) is down more than +3%. In addition, Cloudflare (NET) and SentinelOne (S) are down more tan -2%, and Zscaler (ZS) is down more than -1%.
Gitlab (GTLB) is up more than +16% after boosting its 2027 revenue forecast to $1.13 billion from a previous forecast of $1.11 billion to $1.12 billion, better than the consensus of $1.12 billion.
SiriusXM (SIRI) is up more than +5% after Deutsche Bank upgraded the stock to buy from hold with a price target of $45.
Dell Technologies (DELL) is up more than +4% after reporting Q2 total net revenue of $46.97 billion, well above the consensus of $44,78 billion, and raising its 2027 revenue forecast to $192 billion from a previous forecast of $165 billion to $169 billion, stronger than the consensus of $173.76 billion.
Brown-Forman (BF.B) is up more than +3% after reporting a Q1 gross margin of 60.2%, better than the consensus of 58.6%.
Credo Technology (CRDO) is down more than -18% despite reporting better-than-expected Q EPS as the company failed to exceed its Q1 adjusted gross margin estimate of 68%.
MongoDB (MDB) is down more than -9% despite reporting better-than-expected Q2 EPS as revenue growth in the company’s Atlas product didn’t accelerate in Q2 versus Q1.
PG&E (PCG) is down more than -8% to lead losers in the S&P 500, and Edison International (EIX) is down more than -6% after analysts said it is unlikely that California legislators will hold a special session to pass a wildfire liability bill favorable to utilities.
G-III Apparel Group Ltd (GIII) is down more than -7% after reporting Q2 net sales of $554.1 million, weaker than the consensus of $570.3 million, and forecasting Q3 net sales of about $870 million, below the consensus of $899 million.
Earnings Reports (9/2/2026)
Broadcom Inc (AVGO), Brown-Forman Corp (BF/B), Five Below Inc (FIVE), Hewlett Packard Enterprise Co (HPE), NetApp Inc (NTAP), Ollie's Bargain Outlet Holding (OLLI), PVH Corp (PVH), Snowflake Inc (SNOW).
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.

Stocks Push Higher as Crude Oil and Bond Yields Stabilize

Key Points
Joby is burning over $200 million in cash per quarter.
It’s raising more cash with stock and debt offerings.
It claims to have enough cash for the next two to three years.
Joby Aviation (NYSE: JOBY), a developer of electric vertical take-off and landing (eVTOL) aircraft, is a divisive stock. The bulls expect its revenue to soar after the Federal Aviation Administration (FAA) fully certifies its first commercial flights. Still, the bears warn that its stock is overvalued, its share count is soaring, and that it's burning too much cash.
But is Joby actually in danger of running out of cash before it launches its first commercial flights? Let's see how much cash it's burning through, and if it needs to rein in its spending.
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How much cash is Joby burning each quarter?
To figure out how much cash Joby is burning through each quarter, we should add its net cash used in operating activities to its total capex to calculate its free cash flow (FCF) outflow. That figure has gradually risen above $200 million over the past year. However, its total liquidity -- which includes its cash, cash equivalents, and short-term investments -- more than doubled.
Period
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Q2 2026
FCF Outflow
($118.7 million)
($153.2 million)
($167.0 million)
($222.4 million)
($201.8 million)
Total Liquidity
$991 million
$978 million
$1.41 billion
$2.47 billion
$2.30 billion
Joby's cash burn increased as it accelerated its flight testing, manufacturing setup, and FAA certification activities. To offset that pressure, it raised more cash with a $576 million stock offering in the fourth quarter of 2025, followed by another $600 million stock offering and $690 million convertible debt offering in the first quarter of 2026.
As a result, Joby's share count rose 13% over the past 12 months. It's also increased its share count by 63% over the past five years, and that dilution will likely worsen as it burns more cash. Its total liabilities also surged 156% year over year to $985 million in its latest quarter.
On the bright side, Joby expects its cash runway to last for the next two to three years. That should give it enough time to obtain a full FAA certification for its S4 eVTOLs -- which it expects by the end of 2026 -- and to launch its first commercial flights.
Should investors be worried about Joby's cash?
For now, investors shouldn't fret too much about Joby's cash usage. It's still firmly backed by Toyota, Delta, and Uber, and it's ahead of its closest peer -- Archer Aviation -- in the FAA certification process. They should only worry if Joby doesn't launch its first commercial flights before its cash runs out.
Should you buy stock in Joby Aviation right now?
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Leo Sun has no position in any of the stocks mentioned. The Motley Fool recommends Delta Air Lines and Uber Technologies. The Motley Fool has a disclosure policy.