Industry Overview - Many big airlines are losing money from flying passengers [1] - A vast loyalty business props up airlines, consumers, and credit-card issuers [1]

Many airlines now award loyalty status based on how much customers spend, rather than how often they fly. Today a customer can reach American’s top loyalty tier without ever having stepped on one of its planes https://t.co/vXuC95GvSU ...

Core Viewpoint - IAG has demonstrated strong financial performance in Q2, with significant revenue growth and profitability, but faces challenges in the North American market that may impact future performance [4][10][12]. Financial Performance - Total revenue increased by 6.8% to €8.86 billion, driven by a 4.9% rise in passenger revenue to €7.77 billion and a 9.9% increase in cargo revenue to €311 million [5]. - EBIT surged by 35.4% to €1.68 billion, exceeding consensus estimates, primarily due to lower fuel costs, with fuel CASK down 12.7% to 1.99¢ [8]. - Pre-tax profit rose by 33.0% to €1.51 billion, and EPS increased by 27.6% to 23.6¢ [8]. Passenger and Cargo Dynamics - Passenger growth was impacted by a 0.8% decline in passenger numbers to 31,624k, leading to a load factor decrease of 1.3% to 85.4% [6]. - The growth in passenger revenue was supported by a combination of capacity expansion and yield improvement, although the growth rate in RASK slowed to 2.6% [6][7]. North American Market Concerns - The North American market showed its first contraction in RPK in nearly three years, with passenger numbers down 1.6% to 3,655k, raising concerns about overcapacity and potential downward pressure on ticket prices [10][11]. - Management noted a stabilization in NA ticket yields and flat capacity expectations for Q3, which may help preserve yields [12]. Future Outlook - The company anticipates a rebound in yields in other regions, particularly Iberia, driven by strong demand between Spain and LATAM [14]. - The introduction of a new revenue management system is expected to enhance yield management and customer spending [17]. - Despite current challenges, the company remains optimistic about long-term growth, projecting a price target of 470p, close to its historical high [18].

Alaska Air is building out its Seattle hometown hub, envisioning a top-tier global gateway letting it serve hot spots in Europe and Asia. There’s just one problem: Delta. https://t.co/kpQzIOPg3v ...

A lack of competition begets poor service quality on Africa’s airlines. But there is some hope for the continent’s flyers https://t.co/DPaF9t9oHp ...

Group 1: Market Overview - The S&P 500 is expected to have an above-average year in 2025 following a rapid recovery from a steep sell-off in April, with gains of over 20% in both 2023 and 2024 [1][2] Group 2: WM (Waste Management) - WM has outperformed the S&P 500 over the last five and ten years, despite the S&P's gains being driven by megacap tech stocks [4][6] - The company has a stable business model focused on waste management, which is essential as population and economic growth increase the demand for waste collection and processing [5][6] - WM reported a 29.9% total company margin under adjusted EBITDA, with a 7.1% growth in its legacy business and 19% overall revenue growth due to the acquisition of Stericycle [7][9] - The Stericycle acquisition, valued at $7.2 billion, enhances WM's position in the healthcare waste market, while a previous acquisition of Advanced Disposal for $4.6 billion expanded its geographic coverage [8][9] - WM has a premium valuation at 29.9 times forward earnings, supported by stable free cash flow used for dividends, stock repurchases, and reinvestment [9][10] - The company has raised its dividend for 22 consecutive years, with a recent 10% increase, resulting in a yield of 1.5% [10][11] Group 3: IBM (International Business Machines) - IBM, despite being over a century old, is characterized as a growth stock due to its strong exposure to AI, with a generative-AI book of business valued at $7.5 billion since 2023 [12][14] - The stock offers an attractive forward dividend yield of 2.6%, making it a solid option for passive income while benefiting from AI market growth [13][18] - IBM's five-year average payout ratio of 156% raises concerns, but its strong free cash flow covers the dividend, alleviating investor worries [16] Group 4: Delta Air Lines - Delta Air Lines offers a dividend with a current yield of 1.4% and is positioned as a growth stock, contrary to traditional views of airlines as cyclical businesses [19][20] - The company's focus on sustainable premium cabin revenue and loyalty programs reduces earnings cyclicality, contributing to long-term growth potential [20][21] - Delta is well-positioned to manage rising airport costs, as these costs represent a smaller portion of its business compared to low-cost carriers, and the airline industry is exhibiting more disciplined behavior [22]

These days the frequent-flyer schemes of America’s big airlines command valuations in the tens of billions of dollars, sometimes exceeding the equity value of the company itself https://t.co/ytn0H00hh7 ...

Core Viewpoint - Joby Aviation's acquisition of Blade Air Mobility's passenger business is seen as a strategic move to enhance its position in the urban air taxi market, despite concerns about the valuation and market reaction [1][9]. Financial Terms of the Deal - Joby will pay Blade up to $125 million in cash or stock, providing immediate market access in New York City and Southern Europe, and ownership of a business that served over 50,000 passengers in 2024 [2][6]. Market Reaction - Following the announcement, Joby’s stock surged 18.8%, adding $2.7 billion to its market cap, but later fell 5% after Blade's second-quarter earnings report, indicating mixed investor sentiment [3][10]. Blade's Business Performance - Blade's second-quarter revenue decreased by 13.2% to $25.7 million, partly due to exiting the Canadian market, while the passenger segment's adjusted EBITDA improved from $0.8 million to $2.4 million [7][8]. Industry Context - The deal highlights the challenges in scaling urban air mobility, where price and access remain significant barriers, as evidenced by Blade's pricing structure [12][13]. Valuation Concerns - Joby, with a market cap exceeding $16 billion, is valued higher than established airlines despite being in a development stage with no material revenue, raising questions about market expectations [10][11]. Strategic Implications - The partnership with Blade, excluding its medical division, positions Joby as a preferred VTOL partner for organ transport, indicating a focus on niche markets within urban air mobility [6].

The FAA has proposed extending flight reductions at Newark Liberty International Airport through October 2026 https://t.co/wNBVhTmEah ...

Core Insights - Grupo Aeromexico reported a total of 2,298 thousand passengers in July 2025, reflecting a 5.1% year-over-year decrease, with international passengers increasing by 3.4% and domestic passengers decreasing by 9.5% [2][5] - The airline's total capacity, measured in available seat kilometers (ASKs), increased by 3.3% year-over-year, with international ASKs rising by 9.7% while domestic capacity fell by 10.3% [2][5] - Demand, measured in revenue passenger kilometers (RPKs), saw a slight increase of 0.4% year-over-year, with international demand up by 5.7% and domestic demand down by 11.1% [2][5] - The load factor for Aeromexico in July 2025 was 88.5%, a decrease of 2.5 percentage points compared to July 2024, with international load factor decreasing by 3.3 percentage points and domestic load factor decreasing by 0.8 percentage points [2][5] Passenger Statistics - Domestic passengers transported in July 2025 totaled 1,437 thousand, down from 1,588 thousand in July 2024, marking a 9.5% decline [2][5] - International passengers reached 860 thousand in July 2025, compared to 832 thousand in July 2024, indicating a 3.4% increase [2][5] - Cumulatively, from January to July 2025, total passengers were 14,355 thousand, down 3.1% from 14,808 thousand in the same period of 2024 [2][5] Capacity and Demand Metrics - Total ASKs for July 2025 were 5,401 million, a 3.3% increase from 5,228 million in July 2024 [2][5] - Domestic ASKs were 1,495 million, down 10.3% from 1,666 million in July 2024, while international ASKs increased to 3,905 million, up 9.7% from 3,561 million [2][5] - Total RPKs for July 2025 were 4,774 million, a marginal increase of 0.4% from 4,755 million in July 2024 [2][5] Load Factor Analysis - The domestic load factor for July 2025 was 88.7%, down from 89.5% in July 2024, reflecting a decrease of 0.8 percentage points [2][5] - The international load factor was 88.3%, down from 91.6% in July 2024, representing a decrease of 3.3 percentage points [2][5] - The overall load factor for the cumulative period from January to July 2025 was 84.7%, down from 86.7% in the same period of 2024, indicating a decline of 1.9 percentage points [2][5]