Upbeat Earnings Report Lifts Delta Stock

DAL stock is attempting to retake its 200-day trendline

Managing Editor
Apr 12, 2018 at 9:58 AM
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Delta Air Lines, Inc. (NYSE:DAL) stock is up 2.7% to trade at $52.90, after the airline company reported first-quarter earnings and revenue that surpassed analyst expectations. It was also Delta's third straight quarter with higher average fares and passenger traffic, with Delta President Glen Hauenstein touting the firm's "best revenue momentum since 2014."

Delta stock is currently on track to snap a four-day skid. The equity has struggled since touching a record high of $60.79 on Jan. 16, shedding 13% in the subsequent weeks, but found support atop its 320-day moving average. The news today has the shares trading back above their 200-day moving average, too. However, DAL is still lower so far in the historically tough second quarter

Analysts have remained overwhelmingly bullish on the airliner, even amid the stock's recent struggles. All 13 of the brokerages covering DAL rate it a "buy" or "strong buy." There aren't many short sellers to be found, either. Short interest fell in the most recent reporting period, and only represents 2.8% of the stock's total available float. 

In the options pits, calls have continued to dominate. DAL sports a 50-day call/put volume ratio of 2.96 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Not only does this indicate calls have nearly tripled puts in the past 10 weeks, but this reading ranks in the high 87th annual percentile, meaning call buying has been unusually popular in recent weeks, relative to put buying.

 

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