it is 5:00 a.m. here at cnbc global headquarters. i'm frank holland and here is your "five@5." earnings central. investors gearing up for the mag seven with two of the big ones reporting today. and the s&p 500's best day since june. we will see if the same holds true for the red-on the small cap trade. breaking news. vice president kamala harris closes in on the democratic nomination for president and the donor cash that pours into the campaign. and delta airlines still

reeling from the crowdstrike outage and congress wants answers. it's tuesday, july 23rd, 2024. you're watching "worldwide exchange" right here on cnbc. ♪ good morning and welcome to "worldwide exchange." thank you so much for being here with us. let's get you ready for the trading day ahead. we kickoff with the u.s. stock futures check with the s&p and nasdaq snapping a three-session losing streak yesterday for the best day since early june. take a look at the futures. you can see they're in the red across the board. right now, it looks like the dow would open up fractionally lower. the nasdaq is under more pressure right now. it's down. the s&p down fractionally as well. investor attention on the earnings. a quarter of the s&p 500 reporting over the next four days.

u.p.s., tesla, alphabet and visa today alone. we will dig into the names later in the hour and look at the one big number to watch in each of the reports. we are looking at key housing data. look at the yields on the benchmark at 4.32%. we are looking at energy and specifically oil coming off the close in more than a month. look at the oil market this morning. that is the morning set up. let's turn back to the campaign trail. less than 48 hours after getting the endorsement from biden, nbc news has projected that kamala harris has enough delegates to lock in the nomination. harris is not yet the presumptive nominee. harris has the spoken or written support of 1,992 delegates. that is above the threshold needed to win the nomination. the flurry of support coming

following a massive wave of online and major donor donations since tpresident biden ended hi campaign. actblue reports it has received $106 million and the super pac has $150 million in the last 24 hours. we want to bring you the latest on the crowdstrike update. delta airlines is still the last major airline struggling to get back on track. between friday and sunday, delta has been forced to cancel 146 flights and 96 more yesterday alone. that is 23% of the mainline operations. ceo ed bastion apologized adding he believes the worst is behind

them. crowdstrike stock is bouncing back a bit today. up 1.25%. yesterday, it fell double digits as analysts like guggenheim were worried about the bottom line. they were calling in on the ceo george kurtz to go to capitol hill to testify. we watch palo alto and others post modest gains since the outage. you see cloudflare up 3%. now time for the check of the other corporate stories with silvana henao. silvana, good to see you. >> frank, good tuesday morning. sources tell cnbc that wiz has turned down the $$23 billion takeover bid from alphabet. the deal would have been alphabet's largest acquisition and nearly doubled wiz's $12 billion private market

valuation. u.s. security regulators have given the green light to the batch of ether tracking eetfs with trading to begin today. the spot etfs from blackrock and vaneck comes six months since the launch of bitcoin etfs. and activist investor trian has a new target. solventum. shares are popping in the pre-market. in the statement, trian wants to unlock the company potential with restoring growth and simplifying its portfolio. frank. >> silvana, thank you. back to the markets. the s&p coming off the best day in more than a month as tech stocks rebound from the selloff.

investors looking at the developments in the 2024 presidential campaign. vice president harris is the best for international business. >> i don't want to generalize touc too much from her because she just started running. those who talked to her seemed to respect her as a case by case adjudicator. you can see her having an honest conversation with tim cook or andy jassy. that is probably not going to ever happen under president trump and it didn't happen under president biden. >> joining me now is jimmy lee. >> good morning. >> you heard jim cramer. he said kamala harris is good for big tech and others that do business in the u.s. and

overseas. do you agree with them and do you think you hear anything coming up with big tech? >> i agree with jim. investors should be careful about trying to place bets on who they think is in the white house next. i think, you know, investors who focus on earnings and what's going to happen between now and the end of the year, i would really, you know, focus investors positioning on the lower interest rate vuenvironme. we are starting to see that with small caps rallying against mega-cap tech selling off recently. >> it sounds like you are a believer in that rotation. somewhat out of mega cap tech, but other areas that were quote/unquote unloved. >> our side has been on the no recession all year long and last year. we think cyclicals and sectors like industrials and financials that we have seen popping lately

and real estate. i think public real estate was hit hiard by higher interest rates. real estate rallied the last month. the best sector in the s&p 500. >> let's get to tech earnings. in recent months or years, communication services in tech is the leader when it comes to earnings. the big earnings forecasted. what is more snimportant? does the a.i. story have to show improved or can investors show the guidance? >> i think the guidance is really important. we had a great rally so far in the mag seven. that is backed up by great earnings. earnings are supposed to slow down and the rest of the markets are supposed to pick up. there is reason behind the interest rate environment looking better and rotation of fresh money going to assets looking for value. i think a lot of people are

worried they are a little bit late in the game buying into the tech trade. >> back to tech. earnings showing 17% higher year over year. that is pretty lofty. does comm services tech have to beat to keep the rally going? >> i think right now, you know, it has to be really good with also good guidance and forecasting going forward with the prices we have in terms of valuations. i think investors are concerned about the valuation side of that large tech trade. so, investors are looking for value in the parts of the market such as small caps. we are finally seeing small caps rallying against the market. the sectors beaten up with higher rates are coming back with real estate and financials and other cyclical sectors. >> you like industrials and financials as well. jimmy lee, thank you. for the latest, head to cnbc pro

for the inn ssights and analysi we have more to come on "worldwide exchange," including the one word investors need to know today and sounding off on president biden calling off his presidential bid. more on tech results and the mpiee things to watch with the coans reporting. still a youvery busy hour on "worldwide exchange." stay with us.

welcome back to "worldwide exchange." we are watching shares of snap-on with earnings last week. the company missed on the top and bottom lines. the tool and equipmentmaker saw strength in the military and aerospace business. it will expand 13 of the factories in the u.s. to take advantage for opportunities for growth. today, the flash pmi is expected to come in at 51.4. joining me now to discuss the business is the snap-on ceo. >> hi, how are you doing? >> i'm doing pretty good. nick, we will talk about the business in a second. i have to ask about the developments in the presidential race. what is your take on what is going on? how does it impact your business if it does? >> i don't know if it will

impact our business directly. we have to work with whoever is president. it can affect customers. one of the things about that is if you want to understand where the customers are, you have to look at the markets. almost through a dual lens. we call on 1 million techs directly every week. we see two economies. the financial economy, which you hear about on shows like this and shows all over and the physical economy where the people that work are. they are different. they become more disconnected lately. the financial economy, if you tuned in 18 months ago, you would have heard reacting to the fed. recession is coming. recession is coming like so many paul reveres. the physical economy resilient because of covid. now that reversed. >> you say it is reverse. nick, snap-on tool sales down 7.7% year on year. what is that a sign on in your

business and what is that a sign of in the physical economy? >> that is actually not the company. that is a group of the company. >> i understand. >> the company -- that is reflecting just what i was saying. what's happened is that particular business calls on the people who with work. the grassroots technicians. what's happened is the financial economy has set a soft landing. the physical economy is affected by the macros. they see two wars. they see, you know, the tit-for-tat with china and the red sea and the election. they see the ununcertainty. my people who call on these people say it is a fear of the technicians about the future. the garages are filled, but these people are cash rich and confidence poor. it is like paraphrasing doom. fear is the outlook killer.

they are pulling back on longer payback items and investing in quick payback items. you see in the 7.7% is the uncertainty. what i would say over what's happened with president biden switching with vice president harris is uit's not going to change the unsuncertainty. >> you are feeling certainty. you are expanding three of the u.s. manufacturing facilities. what are the opportunities? >> look at it this way. we know this business is going to come back. the garages are filled. people have cash. what we are going to do is we are going to be fully loaded when they come out. the other thing about it is you characterize our quarter differently. that is 40% of our business which was down 7.7%, but the other two businesses, which call on bigger businesses. the auto oems and repair garages opposed to the individuals and

people outside the garage like in the military and aviation. those businesses were at near record levels. it gave us an eps that was the highest we ever had. >> nick pinchuk, great commentary on main street and the physical economy. we have to have you back on. thank you for your time and insight. thank you. >> great to see you. coming up on "worldwide exchange," the fight over lucrative sports rights and the bids for key streaming players to lock up nba games. we'll have more on that coming up.

welcome back to "worldwide exchange." take a look at futures right now. take a look at the dow in the positive. it is looking like it would open up 20 points higher. the nasdaq down .3%. the s&p down fractionally. we will look at the s&p gainers. moving higher in the pre-market. at the top is honeywell. shares up 1.75%. cisco systems up .75%. coming up, what to watch when alphabet reports later today and how one tech says they have enough to weather the storm. check us out on other podcast apps. much more "worldwide exchange" coming up after this. " person. you need clem. clem needs benefits. work with principal so we can help you

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it is just before 5:30 a.m. in the new york city area. there is a lot more ahead on "worldwide exchange." here's what's on deck. we are getting ground after a wave of selling. futures pointing to more pressure at the open. speaking of tech, the spotlight at the open as two prepare to report quarterly numbers. alphabet and tesla. and not just check on the agenda, u.p.s. preparing to deliver with the stock keeping up the momentum after the lackluster start to the year.

it is tuesday, july 23rd, 2024 and you are watching "worldwide exchange" here on cnbc. wellencome back to "worldwi exchange." i'm frank holland. investors prepare for another big day of earnings. more on that in a moment. we look at the futsures. the dow is in the green. a short time ago, it was in the red. it looked like it would open 40 points higher. the s&p is moving higher as well. it is the nasdaq that is under pressure right now looking down .25%. we want to look at the biggest laggards on the nasdaq 100. nsp semiconductor is down 9% followed by illumina. down 5%. the third place is on

semiconductor. ahead of key housing data, we look at the treasuries. the benchmark is 4.23. we are also looking at energy and oil coming off the lowest close in more than a month. wti is up over .25 of 1%. that's the morning setup now. we turn attention back to the campaign trail. less than 48 hours after getting president biden's backing to become the nominee for president, nbc news is projecting that kamala harris has secured enough delegates to lock in the nomination. it is important to note she is not the official presumptive nominee. harris has the spoken or written support of 1,992 delegates. that's important. that is above the 1,976 threshold to win the nomination. this comes after a flurry of

online and major donor donations since president biden beowed ou of the race. actblue processed $106 million of contributions since midday sunday, the time that president biden ended his campaign. the super pac shows donors have donated $150 million in the last 24 hours. we want to update you on the latest on the global i.t. outage on crowdstrike and how is impacting delta airlines. delta is struggling to get back on track five days since the faulty rollout. delta has been forced to cancel 115 flights and more yesterday. that is 23% of the mainline operations. the c, eo apologiziapologizing. back to crowdstrike. the stock is unchanged this

morning. i believe it was rebounds ing higher, i want to correct myself. this is after it fell double digits yesterday as analysts like guggenheim is warning about the bottom line. congress is calling on george kurtz, the ceo, to come to capitol hill to testify. others are getting modest jumps since the outage. that's the money set up. let's get back to the top story. investors looking to report this week. alphabet and tesla report today and we get numbers from u.p.s. they expect a 28% jump in earnings from the quarter.

lseg's russell 2000 members show an 18% rise snapping the five-quarter streak of declines. let's look at alphabet with the stock up 30% this year and trading higher this morning. analysts expecting a fourth straight quarter of revenue growth. t this comes as wiz rejected the takeover offer from google citing anti-trust concerns as a reason it walked away. joining me now is the chief investment officer who is a long-term alphabet shareholder. >> good morning, frank. >> let's start off with an important metric with alphabet and amazon and the cloud business. estimates are for 30% of the

revenue growth. how important is that to the ad business? >> frank, it is very important. our base case is that alphabet can navigate the core advertising business and search business from gen-a.i. specifically cloud. they are offering artificial intelligence as a service now. they have their own tentative processing unit with the gpu. we think it is extremely important here. >> again, i want to talk about the ad business. estimates for that is for 12% revenue growth year over year. is that good enough? we have seen the ad business exaccelerate for other companie including amazon. as an investor, is that good enough growth? >> that's actually a very interesting question because if you think about it, our base case is that they can navigate this disruption to their core search business.

alphabet is the 800-pound gorilla. from that perspective, we think there might be air pockets here and there with alphabet actually grows lower than the search market overall ad market. for right now, expectations are that inflection point hasn't been achieved. we wouldn't be surprised in a quarter or two you get that data point specifically, frank, this is the first quarter that they have launched their search bot or the a.i. search experience box up top when you do a google search. you get that box. you don't have to click on other things on the links so far. from that perspective, we really think that we would expect alphabet to keep pace with them overall advertising market which is expected to grow nicely here this year because of the elections and also a recovering

market. you know, there is a fair chance that they might lag that overall market just because of the disruption that's going on. >> nimrit, i am looking at the price target of 197. do you see a run up so far? >> frank, we are long-term shareholders in alphabet. our base case is this company has so many levers to win. not just what they are doing with gen-a.i. and youtube and cloud. there's multiple levers here to win and they also have $1 billion they are losing every quarter on what we call their other bets. imagine at some point they stop bleeding that. that is all creative to margins and earnings. long term, this company is cash generative and can continue to do well. >> thank you very much for your ins insight. we want to turn to tesla.

wall street expects 62 cents a share on revenue of $25 billion. stock is up 20% since better than expected q2 deliveries. let's bring in will ryan of granite shares. good morning. >> good morning, frank. >> i'm just looking at the numbers. delivery numbers were better than expected. we already have that in here. i'm looking at selling price down 3.5% year over year in q2. what else is there to think about when it comes to this report? >> i think it is not just the deliveries for q2, frank, but the way they talk about the deliveries for the rest of the year. we have had that decline on decline on delivers because last quarter was the quarter before. it is signaling what's going forward. key things to watch out for over what happens in china regarding the commentary where the company

faced a lot of pressure from local manufacturers like byd where they cut prices and margins under pressure there. a lot of comments of what is going on in china. lastly, the sizzle which always comes at the end which is about what the new projects and the things to be excited about. you have $25,000 car. you have the potential for -- >> we're in line. i was going to ask you when it comes to the numbers, we have a sense of how that will go with the base deliveries. the robotaxi event and the $25,000 test release. some call it a model 2. then the humanoid robot. are you expecting to hear comments on any of these things? you are smiling. how do you see that impacting the stock?

>> very much so. i think we've already heard about robotaxi specifically. that was -- >> it looks like we are having difficulties with will. we want to talk about the robotaxi event and the $25,000 tesla, the possibilities there and the humanoid row robots. coming up on the show, if you are in the market for the 911, you may have to wait. details on the challenges facing porsche's production. that's coming up next.

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safely in as little as one treatment. welcome back to "worldwide exchange." u.p.s. set to report at the top of the hour. eps is expected to fall for the quarter and revenue expected to be flat. the sale of the brokerage business last month coming in weaker than expected raises concerns. ken baxter is here with us. good morning. >> thanks, frank. good morning. glad to be here. >> let's start with price c target. why are you less bullish than anybody else? >> the company hasstruggled with losses.

there are battles in the market that is in the press market. as you know, you and i talk about the state of the economy. we have been in a freight recession now for two years. we start the third year. it remains a tough back drop. you raise an important point. u.p.s. with flattish revenue after six quarters. the back drop is you did have the union negotiations a year ago. u.p.s. is battling a lot with the slow freight economy. >> i have talked to a lot of transport investors with the earnings and these companies. i think across the board, you are expecting revenues or volumes to be flat. the real key network is margins. the u.s. domestic package margin according to the street account is 8.3%. is 8.3% good enough for this quarter as you mentioned with a freight recession and also a slowdown in consumer spending

that hits the ecommerce business? >> look, you know, the company is targeting ebit to be down about 20% to 30% in the first half year overefrver year. it dropped 31.5% in the first quarter. they are expecting a 20% decline year over year in the second quarter. that is hitting what you are talking about without volumes. it does pressure your margins. it is looking to take a bit of cost out with the cost cutting program. they are trying to fix that. it is a struggle in transports when you lack volumes with the ebit. >> we talked about fedex and losing the post office contract. they won the contract. is that meaningful with the company? that is the volume that can go into the fixed asset network. >> yeah, that's great volume. remember, for fedex, it went

from a profitable contract when they were getting about $1.5 billion of revenue. it dropped to $1.2 billion. it ran at cost. that is the volume that u.p.s. is winning. they claim they will take about half of that and put it into the ground network and half in the air network. they believe they can run at a better cost. this will switch over in september and october. it will remain to be seen if they do that profit tably. if you are running more business over it, no doubt that becomes additive to the potential on margins. this is at the lower end of the margin just given the volumes for the post office. it comes down to u.p.s. needs to move the core freight. >> last question, u.p.s. made an announcement of the acquisition of mexican delivery company. the company, obviously, expects to be a big part of the near-shoring story.

>> look, that explains why you are doing something like that. the cross border traffic will continue to grow. you want to control it. it is part of the strategy. we will hear more about that when they report in 20 minutes it is certainly the story they talk about, but also talked about getting rid of under performing assets. that has proven valuable. they sold coyote. it has gone up 40% since the acquisition. u.p.s., let's see if they made the quality acquisitions at the r right time. let's hear from them and see how it goes. >> reken, thank you very much. coming up on "worldwide exchange," the one word every investor needs to know today and the fight on the streaming sports rights. the latest on the two tsector

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energy fuels, a leading american uranium producer, is ramping up production to supply expanding nuclear markets and diversifying into rare earth elements, key ingredients in many clean energy and defense technologies. energy fuels. welcome back to "worldwide exchange." shares of porsche shifting into reverse in overseas trading. one of the big stocks on the move this morning. carolin roth has more from the london newsroom with the early trade in europe. carolin, good morning. >> good morning, frank. we're seeing a lot of green on the charts here. looking a lot better than first thing this morning. we're a few hours in the trading

session. dax, where much of the earnings news is happening, up 1%. adding on the robust gains we saw in yesterday's trading session. the stoxx 600 up 1%. bouncing back from the weakness from last week. the ftse 100 is under performing because of the mining stocks dragging us lower. the downgrade from citi and hsbc. i want to get back to the best perp fperformer which is s.a.p. putting the cloud backlog at 14.8 billion euro. jpmorgan saying the backlog is impressive. porsche is a tale of two stories. shares of the company off 3.7%. the company has cut full years sales forecast warning a shortage of aluminum alloy could lead to production shutdowns.

the carmaker also said it expects the transition to electric vehicles to take longer than previously anticipated citing weak consumer demand. on that note, back to you. >> carolin roth, thank you. we are watching shares of warner bros. discovery. the media company has told the nba it is matching the offer for the games. alex sherman has been following the ongoing developments and has a story up on cnbc.com. >> good morning, frank. >> alex, i was watching when you broke this story. i thought that warner bros. discovery matched and it was a done deal. bottom line. is the nba coming back to tnt and, of course, charles barclay? >> frank, if it were only thats easy. this is the saga of the media

rights negotiations. although warner bros. discovery used the matching rights, it does not mean it is coming back to tnt because of the language around this matching clause. the league, the nba, has spent the last several weeks and months poring over contractual language with the lawyers in preparation for today. they expected warner would use the matching rights and that package would likely be amazon's package because it was the least expensive of the three. there were three packages. disney pay be $2.6 billion a year for a group of nba games. regular season, playoff, finals. those games will air on abc and e espn. comcast nbc universal will pay $2.5 billion a year for another package of games.

that means the nba will come back to nbc. that's good news for people that have knostalgia. the third package was earmarked for amazon at $1.8 billion a year. that is the package that warner bros. targeted. we have the matching rights that came along with the last deal. we're going to use them on that. the problem is that the league has said that is a streaming only package. we designed that package specifically to go to amazon because they have over 200 million amazon prime users and we want a package with as big a reach as possible. warner says we have our own streaming service. it's called max. therefore, we should stream that if we want even though previously those games aired on tnt, lineal tv and not

streaming. >> alex, i believe warner bros. ceo said they didn't need the nba. has something dramatically changed with all this and also how important could the nba not only be to tnt, but max? the deal is that the games air on max. you mentioned amazon prime has 200 million. max has about 100 million roughly. >> correct. the warner bros. discovery argument is, look, it doesn't matter amazon prime has more rights because what we're bidding on is the u.s. only thing. the apples to apples is how many subs subscribers. amazon's argument is if we get the package, it can be global. it isn't apples to apples. you have one deal for warner bros. discovery and a different deal for us. in terms of david's comments about not needing the nba. this all has to do with price.

i think early on the reporting and coverage was if tnt or warner bros. would watch the package. warner said that was too expensive. s that's when you hear the comments we don't need them. then it was three packages. months after his comments. then i think warner bros. discovery decided that package at $1.8 billion per year might be something that makes more financial sense. >> saga continues. we know you will be on top of it. alex, thank you. coming up on "worldwide exchange," lineup of earnings to fwu fuel trading day ahead. why our next investor says it is a bumpy week ahead.

much more "worldwide exchange" coming up after this.

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welcome back to "worldwide exchange." time for the "wex wrap-up." wiz walking away from the $23 billion buyout offer from google and planning for the ipo.

that plan would have doubled the wiz valuation and marked the google's largest acquisition ever. berkshire started to reduce shares in byd. the shares are down over 3%. and shares of solventum after it is taking a larger stake in the trian spinoff. there is an opportunity to make a stand alone company. shares up 3% in the pre-market. here is what to watch today. philly non-fed manufacturing and home sales data this morning. we are watching for spot ether etf. they begin trading today. also, another busy day with earnings from tesla and alphabet and coca-cola and comcast. the ramp up with the

earnings season with the focus on the big tech results is a driver in the day ahead. look at the futures. the dow would open up 35 points higher. it is the nasdaq that continues to be under pressure. the s&p is flat. fractionally higher. let's bring from keith lerner from truist wealth. >> hey, frank. great to be with you. >> how do you see today shaping up? what is your "wex" word of date? >> the word of the day is inflection. we have big cap tech earnings after the bell and the pce report later this week. we have a lot of markets, especially in the nasdaq that you discussed, around support level. we are looking to see if buyers step in. >> keith, this is our first time talking to you since sunday and president biden ending his presidential campaign. vice president kamala harris seen as the frontrunner for the democratic nomination.

in your mind, does that change anything about the market? >> not that much, frank. it is really on the margin. there is a lot of discussion in the last couple weeks of the trump trade. moving into financials and small caps. our view is washington has been overstated in the recent trade. we think it is all about the economy and inflation report from back in early july. since thens, we had the out performance in big tech. a lot of our work shows conventional wisdom with the elections is often wrong. >> back to the small caps. up about 11%. i know you are in the near term bullish on small caps because they haven't quite reached their highs they hit back in 2022. we will show you the three-year chart. just under the levels from 2022. it is such a different economy and so many factors at play.

>> the first thing i will say on one small cap prior to the cpi report i mentioned, they were under reported 20%. that is an historic extreme. that happened two times. during covid and the tech bubble. that rubber band still has further to go with positioning. i think this is a shorter-term one-to-three month type of trade. you will see rotation back to tech. in the short-term, this trade has further to go. >> one thing from your notes, since the great financial crisis, a great chart here. the average rebound after a pullback, we saw that pullback in april, has been 19.5%. the median is 17.5% basically. you are seeing a rebound of 14%. in your mind, does that mean there's a lot more room to run with the markets? >> actually, a little bit of the

opposite, frank. during april, that pullback, we upgraded stocks to overweight. once you have a turn from the pullback, the rebound tends to be shortarp. we are approaching that normal return of 17% or 18%. i think we can squeeze a little bit higher. as we move into the weaker period of august and september, we will have more of a chop. i think the bull market trend is in tact, but two steps forward and one step back. we are moving into a choppy period with the weak months. >> last question. big tech earnings begin today. we have alphabet and tesla reporting. how important are the earnings to the overall alrally? >> i think they are important because tech is a big component as we know. they need to hold here and show some conviction and bounce off the support levels. it is very important.

>> keith lerner, thank you very much. one more look at futures before we let you go. we mentioned earlier today, we saw the futures in the red. a bit of the move to the upside. the dow looks like it would open 30 points higher. the s&p is lower. that does it for "worldwide exchange." "squawk box" starts right now. good morning. lots of earnings headed our way this morning. we will hear from u.p.s., gm, coca-cola and comcast before the opening bell. two members of the magnificent seven after the close today. delta airlines is still reeling from the global computer outage that has now canceled more than 5,000 flights since last friday. vice president kamala harris has secured, it looks like, the backing of the majority of dnc delegates. moving closer to locking up her party's nomination for

president. it's tuesday, july 23rd, 2024 and "squawk box" begins right now. good morning, everybody. welcome to "squawk box" here on cnbc. we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and andrew ross sorkin. and we are talking amongst ourselves about the delta outage. hard to say why delta has been hit harder than any other carriers at this point. lots of flights coming on this. we are all flying delta in the next few days. we have concerns. >> a little bit concerning if you are flying delta. de delta's having trouble figuring out where pilots and flight attendants are