Delta Air Lines drew attention with its earnings beat but disappoints investors with 2026 guidance
Delta Air Lines Inc (NYSE:DAL) shares are down 2% to trade at $69.55, at last check. Although the company beat fourth-quarter earnings expectations, revenue missed estimates, while investors are disappointed in the 2026 guidance. The air carrier behemoth's order increase is also drawing attention, with the company now preparing for 30 Boeing 787 Dreamliner jets.
The shares are moving away from their recent Jan. 5 record high of $73.16. It looks like support is emerging at the $68 region, however. Over the past nine months, the equity has tacked on 72.8%, and now sports an 8.4% year-over-year lead.
So far, 30,000 calls and 24,000 puts have already traded hands -- four times the volume typically seen at this point. The most popular contract by far is the January 2026 70-strike call followed by the 70-strike put in the same series.
Options are looking attractive for the airliner giant. DAL's Schaeffer's Volatility Index (SVI) of 41% stands higher than just 10% of all other readings from the past year, implying that near-term option traders are pricing in low volatility expectations.