Delta Air Lines shares saw a decline of about 8% following the company's decision Jan. 12 to lower its earnings forecast for 2024.
The airline now expects full-year earnings per share to be between $6 -$7, lower than its previous estimate $7+ per share.
The revision in earnings forecast impacted other major airlines as well, including United, American and Southwest, which all experienced a decrease in stock value.
United and American saw a decrease of about 9% each, while Southwest fell over 4%. Despite the revision in earnings forecast, Delta ended 2023 on a positive note. (Press Run Down 01/12/24) Delta's profit forecast cut leads to tumble in airline stocks (pressrundown.com)
Credit-care delinquency highest in 10 years
The Federal Reserve Bank of Philadelphia issued a report on credit-card delinquency rates having reached their highest level in a decade.
The report states that 3.2% of card balances were at least 30 days past due as of September.
This increase in delinquency rates indicates that US households are facing financial challenges, and their finances are on shaky ground. (Press Run Down 01/12/24) Highest credit card payment delinquency rate in a decade for Americans (pressrundown.com)
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