Douglas Rissing Delta Air Lines ( DAL ) traded higher in premarket action after reporting first-quarter results. Revenue was up 12.9% year over year to $15.9B to top the consensus estimate by $1.0B. The company saw healthy unit revenue improvement across all geographies, with positive inflection in main cabin growth. Total revenue per available seat mile was up 12% to $0.2292, while total cost per...
Douglas Rissing Delta Air Lines ( DAL ) traded higher in premarket action after reporting first-quarter results. Revenue was up 12.9% year over year to $15.9B to top the consensus estimate by $1.0B. The company saw healthy unit revenue improvement across all geographies, with positive inflection in main cabin growth. Total revenue per available seat mile was up 12% to $0.2292, while total cost per available seat mile rose 13% to $0.2220. "Demand remains strong, and we are taking actions to protect our margins and cash flow. This includes meaningfully reducing capacity growth, with a downward bias until the fuel environment improves, and moving quickly to recapture higher fuel costs," highlighted CEO Ed Bastian. Delta ( DAL ) said its fuel bill will be $2B higher this quarter because of the spike in fuel costs. That is despite benefiting from its Trainer refinery. The carrier guided for low-teens revenue growth for the second quarter on flat capacity growth. The airline sector shot up in general on Wednesday after the U.S. and Iran agreed to a two-week, Pakistan-brokered ceasefire after days of escalating conflict and a Trump deadline. The deal pauses U.S. and Israeli strikes on Iran while talks continue, and it is tied to Iran ensuring safe, immediate reopening of the Strait of Hormuz. Notably, both sides are using the truce to negotiate a broader peace framework. Airline stock reactions premarket: American Airlines ( AAL ) +9.4%, Southwest Airlines ( LUV ) +9.6, United Airlines ( UAL ) +11.5, JetBlue Airways ( JBLU ) +7.7%, Alaska Air Group ( ALK ) +8.4%, Allegiant Travel ( ALGT ) +11.4, Spirit Aviation ( FLYYQ ), SkyWest ( SKYW ), Sun Country Airlines ( SNCY ) +5.5%, Republic Airways ( RJET ) +3.3%, and Frontier Group ( ULCC ) +8.9%. More on the airline sector Delta Air Lines: Why It Is A Relative Winner (Rating Upgrade) Delta Air Lines Will Potentially Lead In This Year Of Chaos Delta Air Q1 Earnings Preview: A High Bar To Fly Over, Shares Fairly Valued Delta Air...
Maksim Safaniuk/iStock via Getty Images For most of the past seven years, Energy Transfer LP ( ET ) has traded at a discount to Enterprise Products Partners L.P. ( EPD ). For most of that time, I have believed EPD to be the better-run company and the less risky investment. Much of that view had to do with some questionable M&A moves by the ET Chairman, Kelcy Warren; the more complicated structure ...
Maksim Safaniuk/iStock via Getty Images For most of the past seven years, Energy Transfer LP ( ET ) has traded at a discount to Enterprise Products Partners L.P. ( EPD ). For most of that time, I have believed EPD to be the better-run company and the less risky investment. Much of that view had to do with some questionable M&A moves by the ET Chairman, Kelcy Warren; the more complicated structure of ET, including partial ownership of Sunoco LP ( SUN ) and USA Compression Partners, LP ( USAC ); and higher leverage at ET. In fact, I believe until about mid-2021, those issues left me neutral on ET and a buyer of EPD. Several things changed my views on ET. Most importantly, at the beginning of 2021, founder and Chairman Kelcy Warren stepped down as CEO and was replaced by the long-time COO and long-time CFO, who became co-CEOs. From the beginning, those two preached better integration of past acquisitions and lower leverage. While I am certain Warren still holds enormous sway over decisions at the company, there are two men with the CEO title, and their more deliberate and more conservative management has become apparent in the results. The performance has been good enough that I no longer think the valuation differential (image below) makes sense. EV/EBITDA Valuation Differential between EPD and ET (Bloomberg) Before anyone jumps down my throat, I am still very bullish on EPD and by no means intend to denigrate that company. I absolutely love those assets, that management team, and the controlling Duncan family. They have expanded with incredible discipline and achieved 12% ROIC over the past 10 years while managing the balance sheet to an A- credit rating. They have been far less aggressive with acquisitions, preferring organic growth, which I believe means better returns and less operational risk. With leverage just above 3x and a dialed-back capital expenditure budget for 2026 ($2.7 billion midpoint), the company is pivoting to returning cash to unitholders more agg...
Senate Democrats Might Not Have November In The Bag Based on various polls, Democrats are leading Republicans by roughly five to six points on the generic congressional ballot. While this certainly means they have an advantage, the numbers actually show real trouble for the Democrats for this year’s midterm elections. And even CNN isn’t trying to sugarcoat it for the Democratic Party. CNN chief da...
Senate Democrats Might Not Have November In The Bag Based on various polls, Democrats are leading Republicans by roughly five to six points on the generic congressional ballot. While this certainly means they have an advantage, the numbers actually show real trouble for the Democrats for this year’s midterm elections. And even CNN isn’t trying to sugarcoat it for the Democratic Party. CNN chief data analyst Harry Enten took a hard look at the numbers, and the picture for Democrats is not what most might expect. They should have a much bigger lead, and the fact that they don’t is a huge red flag. " This lead is historically low for Democrats at this point with a Republican president ," Enten pointed out. "On average, their lead is actually slightly less. It's five points. That's less than it was back in 2018 when it was eight points and way less than it was during the 2006 cycle when it was 11 points." According to Enten, there’s a huge disparity between how Democrats are performing in generic congressional ballot polling and President Donald Trump’s approval ratings. Trump's net approval rating is somewhere between -20 and -30 points. This is not a strong position for the party in power. Combined with the historical precedent that midterm elections usually favor the minority party, the numbers should spell disaster for the Republican Party, but it’s not. " You'd make the argument Democrats should be way ahead, and they're just only sort of slightly ahead. " A small shift might be enough for Democrats to take the House, but the Senate is a completely different animal, and according to Enten, the numbers suggest Democrats’ hopes of winning the Senate are not good. The math is brutal. Even in a blue wave scenario where Democrats flip every competitive seat, Republicans would still hold the Senate 51-49 because Trump carried states like Ohio, Texas, and Alaska by more than ten points. In this scenario, Democrats would pick up North Carolina and Maine, which would be a h...
Intel solidifies its foundry future by securing a landmark partnership with SpaceX and Tesla, positioning itself at the center of AI chip manufacturing.
Intel solidifies its foundry future by securing a landmark partnership with SpaceX and Tesla, positioning itself at the center of AI chip manufacturing.
RPM press release ( RPM ): Q3 Non-GAAP EPS of $0.57 beats by $0.22 . Revenue of $1.61B (+8.8% Y/Y) beats by $60M . Record adjusted EBIT of $116.4 million, an increase of 48.8% compared to the prior-year Reaffirming fiscal 2026 fourth-quarter sales guidance of mid-single-digit sales growth (vs. estimated growth of 5.03% Y/Y) and low- to high-single digit adjusted EBIT growth More on RPM RPM Interna...
RPM press release ( RPM ): Q3 Non-GAAP EPS of $0.57 beats by $0.22 . Revenue of $1.61B (+8.8% Y/Y) beats by $60M . Record adjusted EBIT of $116.4 million, an increase of 48.8% compared to the prior-year Reaffirming fiscal 2026 fourth-quarter sales guidance of mid-single-digit sales growth (vs. estimated growth of 5.03% Y/Y) and low- to high-single digit adjusted EBIT growth More on RPM RPM International: Staying On The Sidelines Until There Is More Clarity RPM International: A Solid Q2 Makes It A Buy (Rating Upgrade) RPM International Inc. (RPM) Q2 2026 Earnings Call Transcript RPM Q3 2026 Earnings Preview Quant snapshot: Delta Air Lines leads top-rated names as Byrna Technologies, Simulations Plus lag
Phototreat/iStock via Getty Images Introduction Canadian Natural ( CNQ ) has been one of those great winners from the current situation in Iran, as it has appreciated by nearly 13% since my last buy rating and, in all, appreciated by nearly 60% since I first started covering the company in July 2025. With that in mind, I want to assess if the firm still has forward momentum, given the fact that ma...
Phototreat/iStock via Getty Images Introduction Canadian Natural ( CNQ ) has been one of those great winners from the current situation in Iran, as it has appreciated by nearly 13% since my last buy rating and, in all, appreciated by nearly 60% since I first started covering the company in July 2025. With that in mind, I want to assess if the firm still has forward momentum, given the fact that many believe that the upside in the oil market has already been realized. Current Dynamics The most direct bullish narrative is the current conflict in the Middle East, which has completely changed the risk profile of global oil supplies, as the world was initially grappling with a surplus of oil. The market perception of safe energy evaporated overnight following the joint military actions in the region in late February, resulting in the closure of the Strait of Hormuz. These are major tailwinds for Canadian Natural as Brent rallied toward $120 a barrel, pushing for a structural revaluation of the company's stock and the broader Canadian oil sands industry, as China is seeking to mitigate its exposure to Middle Eastern supply shocks. Since the war, the WCS-to-WTI differential has been narrowing thanks to the disruption of similar heavy grades from the Middle East that have forced worldwide refineries to bid up WCS prices. This essentially increases the realized prices for every barrel CNQ producers, amplifying the impact of the price rally. This all comes at the same time as CNQ has been firing on all cylinders operationally, as highlighted by the latest earnings release in which management has stated that the company was operating at the highest level in its 35-year history. Annual production reached 1,571,000 BOE/d, representing a 15% annual increase. Q4 even saw an acceleration compared to that average, at around 1,659,000 BOE/d , driven by the Oil Sands Mining assets, where upgrader utilization has reached a staggering 105% in Q4. This is a critical indicator of operatio...
Like so many flying insects, these essential pollinators are suffering because of habitat loss and the overuse of chemicals. Here’s how to give them a healthier, happier home We know about honeybees and bumblebees, but most of the UK’s bees are neither: they’re solitary bees, loners who come in a dizzying range of sizes, colours and varieties – more than 240 species . Have you heard, for instance,...
Like so many flying insects, these essential pollinators are suffering because of habitat loss and the overuse of chemicals. Here’s how to give them a healthier, happier home We know about honeybees and bumblebees, but most of the UK’s bees are neither: they’re solitary bees, loners who come in a dizzying range of sizes, colours and varieties – more than 240 species . Have you heard, for instance, of the hairy-footed flower bee? “They’re one of the first bees to emerge each year,” says Laura Larkin, the chief conservation officer at Buglife . “The males have got fantastic little fluffy bits on their feet.” How about leaf-cutter bees, which chomp “a perfectly circular hole” out of leaves to build their nests? Or bright-orange tawny mining bees , wool-carder bees , ivy bees ? “There are so many of them and I’m still learning,” says Kate Bradbury , a wildlife gardener, writer, bee lover and the author of One Garden Against the World . “They’re just great – there’s a solitary bee for every occasion.” Continue reading...
Trump, Iran agree to reopen Strait of Hormuz, the Fed’s looming leadership crisis, Intel will join Musk’s effort to create a chip factory, and more news to start your day.
Trump, Iran agree to reopen Strait of Hormuz, the Fed’s looming leadership crisis, Intel will join Musk’s effort to create a chip factory, and more news to start your day.