Core Viewpoint - Alaska Air Group reported strong Q2 2025 results, with adjusted earnings per share of $1.78, exceeding analyst estimates, and revenue of $3.70 billion, surpassing consensus expectations, driven by strategic execution and integration of Hawaiian Airlines [1][2]. Financial Performance - Adjusted EPS for Q2 2025 was $1.78, above the estimate of $1.54, while revenue reached $3.70 billion, a 2% increase year-over-year [2]. - Total operating revenue rose 2% year-over-year, with passenger revenue at $3.36 billion, up 1% compared to pro forma Q2 2024 [7]. - Loyalty program revenue increased by 3% to $210 million, contributing positively to overall revenue [7]. Operational Metrics - The adjusted pretax margin decreased to 8.0%, down from 10.3% in Q2 2024, reflecting cost challenges and slight pressure on revenue yields [9]. - CASMex, a key efficiency metric, was 10.90¢, up 10.2% from the prior year, driven by increased labor and maintenance costs [9]. - Operating expenses excluding fuel increased by 6%, with wages and benefits rising by 49% year-over-year and aircraft maintenance costs increasing by 86% [7]. Strategic Focus and Integration - The integration of Hawaiian Airlines is a key strategic focus, with significant progress made, including an improved adjusted pretax margin for Hawaiian and plans for full integration by 2027 [5][4]. - Alaska Air Group is expanding its network, including new transatlantic routes and partnerships, which are expected to enhance revenue streams [6]. Future Outlook - Management provided guidance for Q3 adjusted EPS in the range of $1.00 to $1.40, factoring in an expected negative impact from an IT outage [11]. - For fiscal 2025, the company anticipates capacity growth of about 2% and expects RASM to be flat to up low single digits [11]. - Investors are focused on the execution of integration milestones and trends in operating costs, with a strong balance sheet reported, including $2.1 billion in unrestricted cash [12].

Financial Data and Key Metrics Changes - The company reported a second quarter GAAP net income of $172 million, with adjusted net income of $215 million excluding special items and fuel hedge adjustments [4] - Adjusted earnings per share reached $1.78, exceeding the high end of guidance [6] - Total liquidity at the end of the quarter was $3 billion, with net leverage at 2.4 times and debt to capital at 60% [28][29] - Unit costs increased by 6.5% year over year, primarily due to elevated airport real estate costs and maintenance [30] Business Line Data and Key Metrics Changes - Total revenue reached a record $3.7 billion, up 2% year over year, with a load factor of 84% [13][14] - Premium revenues increased by 5% year over year, with Hawaiian assets seeing a nearly 19% rise [14] - The company has retrofitted nearly 90 of its 737 aircraft to enhance premium offerings, increasing premium seat share from 26% to 27% [8][15] Market Data and Key Metrics Changes - The Hawaiian franchise reported a 17% increase in revenues, with unit revenues up 4% and capacity up 13% [47] - Neighbor Island operations showed significant improvement, with double-digit margin increases [18] - Corporate revenue declined by 5% year over year, but small and medium businesses demonstrated resilience, leading to a total corporate revenue decline of only 1% [25] Company Strategy and Development Direction - The company is focused on executing the Alaska Accelerate plan, aiming to unlock $1 billion in incremental profit over the next two years [11][12] - Plans include launching a new loyalty program and premium credit card to enhance customer engagement and loyalty [9][17] - The company is expanding its international operations, with new routes planned to Tokyo and Rome, supported by additional aircraft orders [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about demand stabilization and improving consumer sentiment, with expectations for stronger performance in the latter half of the year [11][24] - The company anticipates delivering at least $3.25 in adjusted earnings per share for the full year, with a long-term target of $10 per share by 2027 [11][29] - Management highlighted the importance of synergies and operational discipline in achieving financial goals [27] Other Important Information - The company experienced operational disruptions due to an IT outage but managed to restore operations quickly [5] - Cargo revenues increased by 34% year over year, with successful integration of new freighter aircraft [20][21] Q&A Session Summary Question: Expectations for Q3 to Q4 ramp - Management indicated that positive momentum is expected to continue into Q4, with synergies contributing to improved performance [38][39] Question: Buyback strategy - Management acknowledged that the stock does not reflect the company's earnings power and indicated a balanced approach to share repurchases moving forward [42][44] Question: Hawaiian franchise performance - Management reported strong performance in the Hawaiian franchise, attributing it to synergies and improved market conditions [47][48] Question: Q3 and Q4 seasonality - Management suggested that Q3 may become stronger in the future, with improved demand dynamics expected [55] Question: Corporate revenue dynamics - Management noted a double-digit increase in business demand recently, with small and medium businesses showing resilience despite challenges in the corporate sector [26][82]

Financial Data and Key Metrics Changes - The company reported a second quarter GAAP net income of $172 million, with adjusted net income of $215 million, exceeding guidance [4] - Adjusted earnings per share reached $1.78, surpassing the high end of guidance [7][31] - Total liquidity at the end of the quarter was $3 billion, with net leverage at 2.4 times and debt to capital at 60% [31] Business Line Data and Key Metrics Changes - Total revenue reached a record $3.7 billion, up 2% year over year, with a load factor of 84% [15][16] - Premium revenues increased by 5% year over year, with Hawaiian assets seeing a nearly 19% rise in premium revenue [16] - Cargo revenues surged by 34% year over year, supported by the launch of new freighter services [22] Market Data and Key Metrics Changes - The company experienced a stabilization in demand, with positive momentum in bookings observed since late June [12][25] - Managed corporate revenue declined by 5% year over year, but small and medium businesses showed resilience, leading to a total corporate revenue decline of only 1% [26][27] - The Hawaiian franchise reported a 17% revenue increase, with unit revenues up 4% and capacity up 13% [50] Company Strategy and Development Direction - The Alaska Accelerate plan aims to unlock $1 billion in incremental profit over the next two years, with a target of reaching $10 in earnings per share by 2027 [12][32] - The company is focusing on expanding its premium offerings and enhancing customer loyalty through a newly branded loyalty program and premium credit card [9][18] - International growth is being supported by the addition of new routes and aircraft, with plans to serve at least 12 long-haul destinations from Seattle by 2030 [11][22] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the second half of the year, citing improved consumer sentiment and potential easing of fuel prices [12][35] - The company anticipates delivering at least $3.25 in adjusted earnings per share for the full year, assuming continued execution of synergy and commercial initiatives [35] - There is a renewed sense of energy and purpose within the company, driven by a shared vision to transform into a larger global airline [13] Other Important Information - The company faced operational disruptions due to an IT outage but managed to restore operations quickly [6] - The integration of Alaska and Hawaiian Airlines is progressing well, with synergies exceeding expectations [51][92] Q&A Session Summary Question: Expectations for Q3 to Q4 ramp - Management indicated that positive momentum is expected to continue into Q4, with synergies contributing to improved performance [42] Question: Buyback strategy - Management acknowledged that the stock does not reflect the company's earnings power and plans to continue share repurchases if earnings recover [46] Question: Performance of Hawaiian franchise - The Hawaiian franchise has shown strong performance, with revenues up 17% and unit costs down, attributed to synergies and improved market conditions [50] Question: Corporate revenue dynamics - While large managed corporates remain cautious, small and medium businesses are showing resilience, and recent bookings have improved significantly [26][28] Question: Integration progress - The company is tracking ahead of its synergy targets and expects significant contributions in Q4 [91][92]

Financial Performance - Air Group's adjusted earnings per share exceeded original guidance at $1.78[4] - The adjusted pretax margin was 8.0%[4] - Q2 2025 unit costs increased by 6.5% year-over-year[4,17] - Q2 2025 unit revenues decreased by 0.6% year-over-year[4,12] - Cargo revenue increased 34% year-over-year[8] Synergies and Network - Hawaiian Assets achieved their first profitable quarter since acquisition[8] - Premium revenue increased by 5%[8,12] - Active card accounts are up 10% year-over-year[8] Balance Sheet and Share Repurchases - The debt-to-cap ratio is at 60%, and the adjusted net debt to EBITDAR is at 2.4x[4] - Year-to-date share repurchases totaled $535 million, representing 10.5 million shares[24] Integration Milestones - The company plans to launch a single loyalty program platform & premium credit card in 2H 2025[25]

Summary of Conference Call Company and Industry - **Company**: Alkane Resources Limited - **Merger**: Alkane is merging with Mandalay Resources, a TSX listed company, with the merger closing on August 5 [1][3] Core Points and Arguments - **Production and Financials**: - In the last twelve months, Alkane produced 161,000 ounces from three operating mines located in New South Wales, Victoria, and Sweden [2] - The combined market capitalization of the merged entity is approximately $900 million, with cash in the bank as of June 30 being AUD $218 million and net cash around AUD $150 million after transaction costs [2] - **Transaction Details**: - The merger involves a nil premium structure, with a shareholder vote scheduled for Monday [3][4] - **Mine Operations**: - Key assets include: - **Tommingly**: Existing asset since 2014, produced 70,000 ounces last year, expected to increase production this year [5] - **Costerfield**: Producing 50,000 ounces, noted as the largest Western producer of Antimony [5][12] - **Bjorkdal**: Another 50,000 ounces produced, located below the Arctic Circle [6] - **Future Production Expectations**: - The merged entity anticipates producing 40,000 ounces equivalent quarterly, with cash growth of under $25 million quarter on quarter [7] - Expected cash build exceeding $100 million in the next year [8] - **Mine Life and Stability**: - Focus on stabilizing production and extending mine lives: - Tommingly: 8-year mine life, 70,000-80,000 ounces [9] - Yorkdale: 10-year mine life, 50,000 ounces [9] - Costerfield: 4-year mine life, with efforts to extend it [9] - **Exploration and Expansion**: - Ongoing exploration drilling at Costerfield and Bjorkdal to identify high-grade opportunities [20][22] - Plans to ramp up drilling to extend mine life and secure permits for new areas [27] - **Bodekaiser Project**: - A large copper-gold porphyry project with 15 million ounces equivalent in the ground, aiming for joint venture opportunities in the future [28][29] Additional Important Content - **Market Positioning**: - Both Alkane and Mandalay are considered subscale with market caps around $400 million and $500 million respectively, leading to the merger to create a more significant entity [30] - The merged company aims to attract passive funds by moving into larger indexes like ASX 300 and GDXJ, which could enhance liquidity and market presence [32] - **Operational Costs**: - Current operational costs for Tommingly are in the range of $2,000 to $2,300 per ounce [26] - Bjorkdal operates at a low cost of 3¢ per kilowatt hour for power, making it profitable even at lower grades [20] - **Investor Communication**: - Emphasis on demonstrating the potential for continued profitability and growth to investors, encouraging them to engage with their brokers regarding future investment opportunities [32][33]

Group 1 - Alaska Air Group reported revenue of $3.7 billion for the quarter ended June 2025, representing a 27.9% increase year-over-year [1] - The earnings per share (EPS) for the quarter was $1.78, down from $2.55 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $3.66 billion by 1.26%, while the EPS surprise was 14.1% above the consensus estimate of $1.56 [1] Group 2 - Key metrics for Alaska Air included a passenger load factor of 83.9%, which was below the average estimate of 85.2% [4] - The economic fuel cost per gallon was reported at $2.39, slightly lower than the average estimate of $2.42 [4] - Available seat miles (ASM) were 24.06 billion, exceeding the average estimate of 22.96 billion [4] Group 3 - Total passenger revenue reached $3.36 billion, surpassing the average estimate of $3.31 billion [4] - Revenue from the loyalty program was $210 million, which is a 20.7% increase compared to the year-ago quarter, but below the average estimate of $219.52 million [4] - Cargo and other revenue was reported at $139 million, reflecting a significant year-over-year increase of 93.1% [4]

Core Insights - Alaska Air Group announced its first transatlantic route from Seattle to Rome starting in May 2026 [1] - The Alaska Mileage Plan was recognized as the 1 airline rewards program by U.S. News & World Report for the 11th consecutive year [1] - The company reported earnings per share of $1.42, with adjusted earnings per share of $1.78, exceeding Wall Street expectations and previous guidance [1][4] Financial Performance - Alaska Air Group delivered strong second quarter results with a GAAP pretax margin of 6.4% and a GAAP net income per share of $1.42 [4] - The second quarter record revenue reached $3.7 billion, with a year-over-year RASM decline of 0.6% [6] - Adjusted earnings per share for the second quarter were $1.78, surpassing the high end of previously issued guidance [5][6] Operational Highlights - The company experienced a 28.1% increase in revenue passengers year-over-year, totaling 15,234,000 [30] - The adjusted pretax margin expanded by 11 points for Hawaiian Airlines, surpassing breakeven for the first time since 2019 [5] - Alaska Air Group's capacity (ASMs) increased by approximately 2.7% compared to pro forma 2024 [5] Cost and Revenue Dynamics - Unit costs excluding fuel increased by 6.5% year-over-year, in line with prior guidance [7] - Premium revenue grew by 5% year-over-year, while cargo revenue surged by 34% year-over-year [6] - The economic fuel price per gallon was $2.39, reflecting a decrease from previous quarters [7][30] Future Outlook - The company anticipates a positive inflection in traffic, yield, and revenue intake for both Alaska and Hawaiian Airlines [8] - Full year earnings per share are expected to exceed $3.25, with adjusted earnings per share for the third quarter projected between $1.00 and $1.40 [8][10] - Capacity expectations for 2025 have been adjusted to approximately 2% year-over-year growth [8]

Core Viewpoint - Alaska Air Group (ALK) reported quarterly earnings of $1.78 per share, exceeding the Zacks Consensus Estimate of $1.56 per share, but down from $2.55 per share a year ago, indicating a +14.10% earnings surprise [1][2] Financial Performance - The company posted revenues of $3.7 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.26%, compared to $2.9 billion in the same quarter last year [2] - Over the last four quarters, Alaska Air has exceeded consensus EPS estimates three times and topped revenue estimates three times [2] Stock Performance and Outlook - Alaska Air shares have declined approximately 18.1% since the beginning of the year, contrasting with the S&P 500's gain of 7.3% [3] - The current consensus EPS estimate for the upcoming quarter is $1.97 on revenues of $3.74 billion, and for the current fiscal year, it is $3.47 on revenues of $14.17 billion [7] Industry Context - The Transportation - Airline industry is currently in the top 36% of over 250 Zacks industries, suggesting that stocks in the top 50% outperform those in the bottom 50% by more than 2 to 1 [8]

[Alaska Air Group Second Quarter 2025 Results](index=1&type=section&id=Alaska%20Air%20Group%20reports%20second%20quarter%202025%20results) [Performance and Outlook](index=1&type=section&id=Quarter%20in%20Review) Alaska Air Group reported strong Q2 2025 results with **$1.78** adjusted EPS, achieving record **$3.7 billion** revenue and raising full-year EPS forecast to over **$3.25** - Reported adjusted earnings per share of **$1.78**, surpassing the high end of the previous guidance range (**$1.15 to $1.65**) and Wall Street expectations[2](index=2&type=chunk)[6](index=6&type=chunk) - Hawaiian Airlines' second quarter adjusted pretax margin expanded by **11 points** year-over-year, reaching breakeven for the first time since 2019[7](index=7&type=chunk) - Full-year 2025 earnings per share outlook has been raised to greater than **$3.25**, reflecting positive booking trends and margin-accretive capacity adjustments[9](index=9&type=chunk) Q2 2025 Performance vs. Expectation (Pro Forma 2024) | Metric | Prior Expectation | Actual Results | | :--- | :--- | :--- | | Capacity (ASMs) % Change | Up 2% to 3% | Up ~2.7% | | RASM % Change | Flat to down low single digits | Down ~(0.6)% | | CASMex % Change | Up mid to high single digits | Up ~6.5% | | Adjusted EPS ($) | $1.15 to $1.65 | $1.78 | Q3 and Full Year 2025 Outlook (vs. Pro Forma 2024) | Metric | Q3 Expectation | Full Year Expectation | | :--- | :--- | :--- | | Capacity (ASMs) % Change | Down ~1% | Up ~2% | | RASM % Change | Flat to up low single digits | Flat to up low single digits | | CASMex % Change | Up mid to high single digits | Up mid single digits | | Adjusted EPS ($) | $1.00 to $1.40 | >$3.25 | [Financial and Operational Updates](index=2&type=section&id=Financial%20and%20Operational%20Updates) In Q2 2025, the company repurchased **$428 million** in stock, expanded its global network, added twelve aircraft, and ratified a labor agreement - Repurchased **8.7 million shares** for approximately **$428 million** in Q2, bringing the year-to-date total to **$535 million**[15](index=15&type=chunk) - Announced its first-ever transatlantic route from Seattle to Rome, starting May 2026, and began new nonstop service to Tokyo[15](index=15&type=chunk) - Expanded the combined fleet by **twelve aircraft** in Q2, including Boeing 737s, 787s, E175s, and A330 freighters, also exercising options for **twelve 737-10s**[15](index=15&type=chunk) - Ratified a four-year collective bargaining agreement with Horizon's AMFA-represented technicians[15](index=15&type=chunk) - Loyalty program enhancements include allowing Companion Fare redemption on Hawaiian Airlines flights and expanding partnerships with Qantas and Philippine Airlines[15](index=15&type=chunk) [Consolidated Financial Statements](index=5&type=section&id=Consolidated%20Financial%20Statements) Consolidated Q2 2025 statements show total operating revenue increased **28%** to **$3.7 billion**, operating expenses up **33%**, resulting in **$172 million** GAAP net income [Condensed Consolidated Statements of Operations](index=5&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20(unaudited)) Q2 2025 statements show total operating revenues of **$3.704 billion** (up **28%**), operating expenses of **$3.427 billion** (up **33%**), resulting in **$172 million** GAAP net income Q2 2025 vs Q2 2024 Statement of Operations (in millions) | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue ($ millions) | $3,704 | $2,897 | 28% | | Total Operating Expenses ($ millions) | $3,427 | $2,575 | 33% | | Operating Income ($ millions) | $277 | $322 | (14)% | | Net Income ($ millions) | $172 | $220 | (22)% | | Diluted EPS ($) | $1.42 | $1.71 | (17)% | [Condensed Consolidated Balance Sheets](index=6&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS%20(unaudited)) As of June 30, 2025, total assets were **$19.885 billion**, total liabilities **$15.943 billion**, and total shareholders' equity **$3.942 billion**, reflecting share repurchases Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Total Current Assets ($ millions) | $3,507 | $3,760 | | Total Property and Equipment - net ($ millions) | $11,215 | $10,781 | | **Total Assets ($ millions)** | **$19,885** | **$19,768** | | Total Current Liabilities ($ millions) | $6,709 | $6,145 | | Total Noncurrent Liabilities ($ millions) | $9,234 | $9,251 | | **Total Liabilities ($ millions)** | **$15,943** | **$15,396** | | **Total Shareholders' Equity ($ millions)** | **$3,942** | **$4,372** | [Summary Cash Flow](index=8&type=section&id=SUMMARY%20CASH%20FLOW%20(unaudited)) For the six months ended June 30, 2025, net cash from operations was **$835 million**, with investing and financing activities using **$747 million** and **$544 million**, resulting in a **$456 million** net cash decrease Cash Flow Summary - Six Months Ended June 30, 2025 (in millions) | Activity | Amount ($ millions) | | :--- | :--- | | Net cash provided by operating activities | $835 | | Net cash used in investing activities | $(747) | | Net cash used in financing activities | $(544) | | **Net decrease in cash and cash equivalents** | **$(456)** | [Operating Statistics and Segment Information](index=9&type=section&id=Operating%20Statistics%20and%20Segment%20Information) Q2 2025 consolidated operating statistics show **32.2%** capacity increase and stable **83.9%** load factor, with Alaska Airlines remaining profitable and Hawaiian Airlines achieving **$1 million** pre-tax profit [Operating Statistics](index=9&type=section&id=OPERATING%20STATISTICS%20(unaudited)) Q2 2025 consolidated capacity (ASMs) grew **32.2%** and traffic (RPMs) **31.8%**, with load factor at **83.9%** and CASMex increasing **10.2%** to **10.90 cents** Consolidated Operating Statistics - Q2 2025 vs Q2 2024 | Metric | Q2 2025 | Q2 2024 | % Change | | :--- | :--- | :--- | :--- | | ASMs (millions) | 24,058 | 18,196 | 32.2% | | Load Factor | 83.9% | 84.1% | (0.2) pts | | RASM (¢) | 15.39¢ | 15.92¢ | (3.3)% | | CASMex (¢) | 10.90¢ | 9.89¢ | 10.2% | | Economic Fuel Cost per Gallon ($) | $2.39 | $2.84 | (15.8)% | [Operating Segments](index=13&type=section&id=OPERATING%20SEGMENTS%20(unaudited)) Q2 2025 segment results show Alaska Airlines with **$2.37 billion** revenue and **$267 million** adjusted pre-tax income, Hawaiian Airlines with **$857 million** revenue and **$1 million** pre-tax income, and Regional with **$471 million** revenue and **$7 million** pre-tax income Adjusted Income Before Tax by Segment - Q2 2025 (in millions) | Segment | Operating Revenue ($ millions) | Adjusted Income Before Tax ($ millions) | | :--- | :--- | :--- | | Alaska Airlines | $2,373 | $267 | | Hawaiian Airlines | $857 | $1 | | Regional | $471 | $7 | | **Air Group Adjusted Total** | **$3,704** | **$295** | [Non-GAAP Reconciliations and Supplementary Information](index=4&type=section&id=Non-GAAP%20Reconciliations%20and%20Supplementary%20Information) Non-GAAP reconciliations for Q2 2025 show adjusted net income of **$215 million** (**$1.78**/share), with pro forma data indicating **2%** revenue growth but a decline in adjusted pre-tax margin from **10.3%** to **8.0%** GAAP to Adjusted Net Income Reconciliation - Q2 2025 (in millions) | Item | Amount ($ millions) | Per Share ($) | | :--- | :--- | :--- | | **GAAP Net Income** | **$172** | **$1.42** | | Mark-to-market fuel hedge adjustments | $(1) | $(0.01) | | Losses on foreign debt | $2 | $0.02 | | Special items - operating | $56 | $0.46 | | Income tax effect | $(14) | $(0.11) | | **Adjusted Net Income** | **$215** | **$1.78** | Pro Forma Financial Comparison - Q2 2025 vs Q2 2024 (in millions) | Metric | Q2 2025 (Actual) ($ millions) | Q2 2024 (Pro Forma) ($ millions) | % Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | $3,704 | $3,629 | 2% | | Adjusted Income Before Income Tax | $295 | $374 | (21)% | | Adjusted Pretax Margin | 8.0% | 10.3% | (2.3) pts | - Pro forma CASMex (unit cost ex-fuel) increased **6.5%** year-over-year, from **10.23¢** to **10.90¢**, indicating rising underlying operational costs for the combined entity[46](index=46&type=chunk) [Appendix](index=16&type=section&id=Appendix) The appendix defines key industry and financial terms in its Glossary and explains the rationale for non-GAAP measures like CASMex and adjusted pre-tax income, enhancing investor analysis [Note on Non-GAAP Measures](index=16&type=section&id=Note%20A) This note explains non-GAAP measures like CASMex and adjusted pre-tax income provide investors better visibility into core operational results by excluding certain costs, used by management for performance assessment - The company excludes certain costs (fuel, freighter, special items) from unit metrics to provide better visibility into controllable operational results and for comparability with other carriers[47](index=47&type=chunk) - CASMex is a key metric used by management and the Board to assess cost performance, and adjusted pre-tax income is important for employee incentive plans[47](index=47&type=chunk) [Glossary of Terms](index=17&type=section&id=GLOSSARY%20OF%20TERMS) This section defines key aviation and financial acronyms and terms used in the report, including ASM, CASMex, RASM, and EBITDAR - Defines key performance indicators such as ASMs (capacity), RPMs (traffic), Load Factor (percentage of seats filled), and Yield (revenue per passenger mile)[48](index=48&type=chunk) - Clarifies financial metrics including CASMex (unit cost), RASM (unit revenue), and various adjusted debt calculations[48](index=48&type=chunk)

Stock Market & Finance - Block's shares are significantly up following the announcement of its inclusion in the S&P 500, replacing Hess after its acquisition by Chevron [1] Aviation Industry - Alaska Airlines resumed operations after a systemwide ground stop lasting approximately 3 hours due to an IT outage [2] Trade & International Relations - China's exports of rare earth magnets to the US increased over sixfold in June compared to May, but were still about 40% lower than the same month last year [3] Politics & Economy - Trump administration officials are reportedly planning a visit to the Federal Reserve amid a probe involving headquarters renovation [4] Corporate Governance - Data company Astronomer's CEO Andy Brown resigned after a social media incident at a Coldplay concert, prompting a formal investigation [5]