Times of crisis often reveal the character of leaders. At Yahoo Finance's Invest 2025 event, Pfizer (PFE) CEO Albert Bourla and Delta Air Lines (DAL) CEO Ed Bastian shared how their values have guided their decisions in turbulent times. "I'm very optimistic," said Bourla, who goes with a "nothing is impossible" mindset. "If there is something about me as a leader ... it is my optimism." Bourla, whose tenure at Pfizer spans over 25 years, has led the drugmaker through the COVID-19 pandemic. He attributes ...

It's been very disruptive when you go in with no notice and you just arbitrarily reduce the amount of flying in the system for all of us. Incredibly disruptive for customers. We had no advanced warning to be able to get people to different places.So there were delays. When you couple that with the amount of accelerated pace of staffing shortages in the towers, which I think was somewhat tied to what we were seeing with force reductions, you know, controllers are and and by the way, you know, hats off to the ...

Core Insights - The U.S. aviation industry is facing a significant shortage of air traffic controllers, exacerbated by the recent federal government shutdown, which has made recruitment and retention more challenging [2][8][26] Staffing and Operational Impact - The Federal Aviation Administration (FAA) reported that staffing levels were critically low during the shutdown, leading to delays and cancellations of thousands of flights, affecting over 5 million passengers [7][12] - Prior to the shutdown, the U.S. was short 3,903 fully certified air traffic controllers against a target of 14,633, with severe shortages at busy facilities [8][11] - The shutdown resulted in controllers working without pay, leading some to take second jobs, which increased stress and may deter new entrants into the profession [3][6] Financial Consequences - Airlines are projected to face a $150 million to $200 million operating income hit due to the shutdown, with smaller carriers experiencing less than $100 million in losses [16] - The FAA mandated a reduction of 4% of flights at 40 major airports due to safety concerns, which could have escalated to 10% if the shutdown continued [14][15] Legislative and Industry Response - Airline executives are urging Congress to ensure that air traffic controllers are paid during future shutdowns to prevent similar disruptions [17][23] - There is a push for legislation that would allow the FAA to utilize funds from the Airport and Airway Trust Fund to cover expenses during government shutdowns [25][26] Long-term Solutions - The aviation industry requires billions more to modernize the air traffic control system, despite a previous allocation of $12.5 billion [26] - The FAA is exploring ways to raise pay for air traffic controller academy students and expand educational programs to address the staffing crisis [27][28]

Investment Rating - The report recommends a "Buy" rating for the aviation sector, highlighting strong supply logic and elastic demand, with specific recommendations for several airlines and global aircraft leasing companies [4][104][105]. Core Insights - The global aviation market is experiencing steady recovery, with passenger turnover (RPK) increasing by 4.8% year-on-year in the first three quarters of 2025, driven by international routes [4][7]. - The report emphasizes the ongoing constraints in the aircraft manufacturing supply chain, predicting that the trend of aging aircraft will continue for the next 5-10 years, leading to significant supply limitations [4][104]. - Airlines are expected to see substantial improvements in profitability as they approach a pivotal moment in the industry, with a notable increase in international passenger traffic anticipated [4][104]. Summary by Sections Global Aviation Market Overview - The global aviation market is stabilizing, with RPK growth of 4.8% and ASK growth of 4.7% in the first three quarters of 2025, resulting in an overall passenger load factor increase to 83.5% [4][7]. - The Asia-Pacific region leads in RPK growth at 7.7%, while North America shows minimal growth [4][13]. U.S. Aviation Market Tracking - In Q3 2025, U.S. airline ticket sales saw a rebound with domestic passenger volume up by 7.4% and average ticket prices increasing by 4.1% [4][43]. - The report notes a divergence in performance among major U.S. airlines, with Delta Airlines showing significant profit growth while American Airlines reported losses [4][61][69]. European Aviation Market Tracking - The European aviation market has shown steady recovery, with passenger volumes returning to pre-pandemic levels and ticket prices experiencing slight increases [4][74][83]. - Lufthansa reported a 4% increase in revenue for Q3 2025, driven by strong demand for leisure travel [4][83]. Asian Aviation Market Tracking - Major airports in Southeast Asia and Japan are experiencing continued growth, with passenger volumes surpassing pre-pandemic levels [4][88][94]. - The report highlights the strong recovery in passenger traffic at key transit airports, benefiting from robust demand [4][94]. Investment Analysis - The report suggests that the aviation sector is at a turning point, with airlines likely to experience a "golden era" of profitability due to increasing international travel and effective capacity management [4][104]. - Specific airline recommendations include China Eastern Airlines, China Southern Airlines, and Spring Airlines, among others, with a focus on companies showing continuous improvement in performance [4][104][105].

Delta Air Lines (DAL) CEO Ed Bastian wants travelers to forget the turbulence of travel — in exchange for a Netflix-like (NFLX) escape. "It will become a much more immersive entertainment experience," Bastian said at Yahoo Finance's Invest event. "We have 200 million customers a year on average, three hours a session. They're all seat-belted in, all facing the same way. If you can't figure out a way as a marketer to create value for those consumers as well as for yourself, you're not very good." Delta st ...

Key Takeaways DAL expects to restore full flight capacity after the U.S. government shutdown's 43-day disruption.Delta's third-quarter earnings rose 14% year over year, beating estimates on high premium revenues.Lower fuel costs and dividend hikes support DAL, though higher labor expenses pressure non-fuel costs.The longest federal government shutdown in U.S. history finally came to an end after President Donald Trump signed a spending bill. The 43-day shutdown caused financial stress for federal workers wh ...

The ongoing government shutdown has ensnarled US airports just weeks away from the holiday travel season. The shutdown officially ended Wednesday evening amid a House vote. "It's been very disruptive for the last week — when you go in with no notice and you just arbitrarily reduce the amount of flying in the system for all of us, it's incredibly disruptive for our customers," Delta (DAL) CEO Ed Bastian said at Yahoo Finance's Invest event on Thursday. Bastian added, "It's our industry that forces, I gues ...

Delta celebrating 100 years in business and suffice to say a lot has gone on in the 100 years within the aviation industry, within the consumer, within the world. I'm really excited to bring in our next guest here at Yahoo Finance Invest, Delta's longtime CEO, Ed Bash. Ed, good to see you here.Uh, 100 years, mind-blowing thing in corporate America, mind-blowing milestone. What does that mean to you. >> A lot of pride. A lot of pride in our people for getting there.First US airline to reach 100. Uh it's quit ...

Core Insights - Delta Airlines celebrates its 100th anniversary, marking a significant milestone as the first U.S. airline to reach this landmark, reflecting pride in its history and commitment to service [2][40] - The airline industry faces ongoing challenges, including staffing shortages and infrastructure issues exacerbated by government shutdowns, which have caused significant disruptions [4][5][8][10] Company Performance - Delta has reported record revenues this year, recovering from earlier economic uncertainties that affected bookings [18][19] - The airline has been investing heavily in modernizing its fleet, resulting in a younger aircraft age over the past decade [9][24] Customer Experience - Delta is focusing on enhancing the travel experience by investing in premium seating and services, with 50% of new international planes dedicated to premium categories [27][30] - The introduction of free Wi-Fi and partnerships with services like Uber and YouTube TV aims to create a more immersive in-flight experience [24][25] Industry Challenges - The aviation industry is dealing with an aging air traffic control system that has not kept pace with modern technology, leading to inefficiencies [11][12][13] - The recent government shutdown highlighted critical staffing shortages and the need for investment in infrastructure to ensure safety and efficiency [6][8][14] Future Outlook - Delta's leadership emphasizes the importance of resilience and values in navigating crises, aiming to maintain a strong brand reputation and community impact [38][40] - The airline's future growth strategy includes expanding international reach and enhancing customer service, with a focus on being a force for good globally [40][41]

Core Viewpoint - The Eleventh Circuit Court has granted a stay on the U.S. Department of Transportation's order that would have terminated the antitrust immunity for the Joint Cooperation Agreement between Aeroméxico and Delta, allowing the agreement to remain in effect while judicial review is pending [1][2]. Group 1 - Aeroméxico and Delta Air Lines jointly requested the stay from the Eleventh Circuit regarding the DOT's final order issued on September 15, 2025 [1]. - The DOT's termination of antitrust immunity was set to take effect on January 1, 2026, but the stay prevents this from happening until the judicial review is resolved [2].