On July 10, Delta Air Lines fell 3.03% in regular trading, trading at $86.145/share, with turnover of $247 million. The stock had risen nearly 4% in pre-market trading before swiftly reversing after the open.

On the news front, Delta Air Lines reported Q2 results that topped expectations but revealed severe margin compression from historically high fuel costs. Adjusted EPS came in at $1.56, beating the consensus estimate of $1.47-$1.49, while adjusted revenue of $17.67 billion exceeded the $17.53 billion estimate. However, Q2 fuel costs surged 67% year-over-year to $4.1 billion, a company record, pushing total operating costs up 23% to $17.89 billion. Net income declined 25% to $1.6 billion. CEO Ed Bastian noted higher ticket prices offset only about 60% of the fuel cost increase. The company maintained full-year adjusted EPS guidance of $6.50-$7.50, well above the Street consensus of $5.95, and raised its quarterly dividend by 15%.

Within the Airlines sector, peers declined in sympathy, with American Airlines down 2.26%, United Airlines down 1.79%, and Southwest Airlines down 1.16%.

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