but what bastian doesn't control and will never control are the lousy companies in his industry, competitorsthat are always doing things wrong. in recent years we've convinced ourselves that the airline industry has discipline on pricing but that's not usually the case and now there's a skunk at the garden party. delta the company's terrific. delta the airline stock is only as good as their weakness competitors because they're leading a race to the bottom and that's killing it. so if you have one big takeaway from tonight's show let it be this. if you're going to buy a stock, any stock, first see how it's done over time. second see how its cohort has done. you can take one look at the jam-packed plane and want to buy delta airlines stock or you can take one look at the pathetic chart and know for sure that the stock's sadly simply not worth owning. i like to say there's always a bull market somewhere i promise to try to find it for you right here on "mad money." i'm jim cramer. see you next time. a special early edition of "last call" starts now. >>> good evening, everybody. i am brian sulli

ed bastian, ceo of delta.re going to talk about the reason the stocks are under be pressure, the unit revenue. before we get to that, you're coming off record revenue for the second quarter. this is one of those cases where you've put up good numbers. the question is the street was expecting a little bit more. the. >> absolutely. we'll talk about the demand outlook. second quarter was great. our team did an amazing job. kudos to them. starts with the operations. stellar performance across the board. best reliability in the industry month in and month out as we're doing all year long. best in our history in terms of operations. demand was healthy. when you couple great operations with strong demand, we hit our aps that we guided to right on the number. the consensus was i think right with where our number is. free cash flow in the first six months of the year, close to $3 billion. guided full year, close to 3. we've had a really great summer that we're looking towards, yet at the same time we've got to talk abo

here's ed bastian. >> the industry's already correcting for the oversupply so that by the end of augustthat 8% is already back down to 4%, more in line and in balance with the consumer demand and as a result of that, we expect in september, our domestic unit revenues will be back inflecting positive once again. >> take a look at shares of delta in the last year and you see there's another issue here that perhaps is putting a little pressure on shares not only of delta but the other airline stocks. it's the third quarter guidance. delta coming in with guidance of 1.70 to $2 a share. well, the street going into today was expecting 2.50 in the third quarter and revenue expected to be lower than previous expectations that are out there on the street. overall, what you're seeing, guys, is an industry that is grappling with something we talked about for months, that there's an oversupply of seats, particularly on the coach, lower end of the market, not the premium seats, the lower end of the market and because of that, it's brought fares down. fares right now are much lower than they were a y

over the weekend, delta's ceo ed bastian writing to customers in part, "i want to apologize to everyou who have been impacted. delta is in the business of connecting the world, and we understand how difficult it can be when your travels are disrupted." >> it is july. we are in the middle of the summer travel season. that is the peak season. >> juju: the cancelations and delays hitting airports abroad as well, from dubai to madrid to paris where the olympic games are set to get under way in a few days. in india, passengers in new delhi snapping this photo of an airline worker manually writing flight information on a white board after the computer crashed. in amsterdam, family pastor michelle norman found herself unexpectedly stuck with 13 students on their way back to oklahoma. >> we were traveling back from africa. we'd been there on a mission trip with 13 students and seven sponsors. we were sitting on the tarmac, getting ready to take off for atlanta, georgia. on the runway, they came on board and said, "there is a worldwide ip shut down." >> juju: chaos erupting after the group de

congress in which he had 58 avations by genocidal supporters in the house in the in the in the so-called bastian of american democracy or global democracy, 58 standing avations for a genocidal psychopath, 25 mentions of iran took place in that uh in that speech, so it means about half... of his speech was taken up by uh applause for his genocide of gazans and it seems a quarter of the rest of his speech or at least half of the rest of his speech was all about iran and he just wants to constantly shoot his arrows his torpedos iran he's he's he's a unique in that sense because he can't actually fire all the kind of hypersonic weapons that he wants all the time because he knows iran will give that response in kind and i think that that response in this instance less look at it, what have they done? the israelis have killed a leader of the palestinian movement, the leader of the palestinian movement. what is an eye for an eye or tooth for tooth? if the iranians really wanted to do this now? the eye for an eye, tooth for tooth is to missile bomb net ben yahu, that would be parity, but of course if we

inside the prisons as well, particularly because the palestinian prisoners movement has always been a bastian of leadership and resistance for the entire palestinian people um and they view the palestinian. prisoners as a revolutionary nucleus that is committed to struggle for the liberation of palestine and will never give up their commitment to palestine, no matter how much they are subjected to torture, abuse and and inhumane treatment, and this is why we are seeing dozens of palestinian prisoners murdered, and this includes also hundreds of palestinians whose bodies have not been turned over after they have been murdered because they are essentially being held hostage by the occupation, for example that of the well... rider scholar walicka who was murdered earlier this year after being systematically denied medical treatment for years on end inside a zionist prison and whose body continues to be held captive by the zionist regime today alongside hundreds of his fellow palestinian hostages and detainees. that's right, first your thoughts as well, mean i remember the palestinian bodybuilder

inside the prisons as well, particularly because the palestinian prisoners movement has always been a bastian of leadership and resistance for the entire palestinian people. um, first, your thoughts as well, i mean, i remember the palestinian bodybuilder who was just recently released from an israeli jail, it was an awful site to see. he was crippled beyond belief, he was bodybuilder, all this evidence and yet the systematic killing of palestinian continues, and it's been happening for decades now for us. yes, this is why october 7th was a justification for the palestinians, where the zinist region has never been exposed to this highest level, because they have no anger in management, they have no management of their anger, at this point the palestinians have built their resistance a strong level and were able. to puncture the zinust regime and now you can see the response of the signist regime and also everything is revealing right now, it's showing us exactly how ugly and how gruesome and how inhumane this zionist regime is. what they're doing to the prisoners inside the israeli jails and t

. >>> delta air lines ceo ed bastian out with an update on recovery from the crowdstrike global i.t. delays and cancellations down 50% on tuesday compared to monday. cancellations today will be minimum and expects operations to fully return to normal by tomorrow. better. better for you and for me. >> flying delta. >> delta air france, like, both. you fly saturday, i think. bastian, again, apologized to customers for the disruption saying the airline would take care of those impacted with meals, hotel rooms and ground transportation. he also said that those customers would be awarded sky miles and travel vouchers as a further gesture of an apology. >> i still don't understand why was it so much worse at delta other than they rely on microsoft more? most able to get things back under control that day. talking about days and days of these delays that then sort of -- i know what you said yesterday with the "wall street journal report"ed not able to find crew. and not figuring out scheduling on this. >> bastian did no offer initiative of a new spiffy lounge, which is what -- if you let ev

we get earnings from delta airlines with ceo ed bastian will speak on "squawk box" after 7:00 a.m.. we will hear from two central bank presidents later today. the cpi report is key to the market action with the nasdaq coming off another record and the s&p closing above 5,600 for the first time. this is not proving good for every investor. bob pisani explains. >> re . >> for passive investors, new highs with low volatility. it doesn't get much better than that for passive investors. for active investors, not such great times. active investors want high volatility so they can quickly profit from wagers. they want reversion to the meme trades. that's not happening. market volatility is near multiyear lows and the breadth has been moving down more if you understand move down for months. everything else is taking up the rear. with tech the only big play, momentum players are having a field day. momentum is a simple strategy. hold stocks on a winning streak and sell stocks in a down trend. itsimple, but there is a problem. stock prices trend toward the average price over a long period of

the ceo ed bastian said the industry is correcting for the oversupply it is seeing. >> the capacity is for the summer. particularly in the domestic marketplace. real demand in the summer, summer between june and august, is probably closer to 4% in terms of real organic demand growth. do you you do have an oversupply. the industry is overcorrecting. by the end of august, that 8% is back down to 4% and more in linr demand. we expect in september, the revenues back and reflecting positive once again. >> now, i'm going to let you in on a secret. it is friday. the newsroom is excited today, but because it is the start of earnings season. stateside, we hear from the u.s. lenders across the s&p 500 with earnings growth moving higher this quarter with names outside the magnificent seven expected to make a big contribution in the first quarter. america's biggest banks begin reporting today and analysts are projecting a mixed picture with higher deal making activity and boosting investment banking fee activity. commenting will be key as investors assess the impact of potential fed rate cuts late

this is historically a liberal bastian in terms of donations and where they tend to give their support that tends to be -- it's shifting now, you're seeing that reflected with elon musk, for example, supporting and endorsing former president trump. you've got some of the big tech names that also have ties to vance. that really goes back to his days as an investor. >> and kate, so what benefits and how much support has thiel given to j.d. vance? >> reporter: so peter thiel is actually among the names who have yet to endorse at least president trump. he's been a big gop donor in the past. it's really come in the sense of connections. you've got names that are close to peter thiel that are endorsing him. a lot of these gop, relatively new donors in some cases. i talked to one person who was a democrat, donated to democrats for about three decades, he said he's now shifting his support, and will be at the fundraiser j.d. vance is hosting ton in silicon valley. the reason they're doing this and what i hear from the big tech investors here is they see certain regulations that could be change

in comments to employees monday, ed bastian says it's been a horrible weekend for us all. it is going to take another couple of days before we're in a position to say that the worst is clearly behind us. in miami, european vacationers have been stuck. >> we tried to fly home to switzerland saturday. and then we got rebooked on monday. and now they told us we are -- have to stay here for two more nights. >> nobody can tell me where my luggage is. i really need to get there. i cannot wait tomorrow and they cannot fly back to canada. i need my meds now. >> reporter: at many airports unclaimed luggage has been piling up. >> they know where my bag is right now. it's loading on a plane and they won't go get it, so that's disappointing. >> reporter: tom costello, nbc news. >>> time now for today's money minute. new research about what happens when you give people free money. >> mattel is introducing a new inclusive barbie doll. >>> google is scraping a plan to remove cookies from its chrome browsers. the reversal follows pushback from advertisers the loss of cookies limit their a

here's ceo ed bastian talking about the industry impact. >> the industry brought more capacity for thisummer. capacity is up 8% for the summer. i'm talking particularly in the domestic marketplace. real demand in the second -- in the summer, anyway -- i'm saying summer between june and august -- is probably closer to 4% in terms of real organic demand growth. so, you do have an oversupply. >> as you take a look at shares of delta, keep in mind guidance for the third quarter -- there's going to be some adjustment there. they did reaffirm their full year guidance. next up, what do we hear from the other airlines? keep in mind, guys, delta is the most profitable airline in the united states. and if they got dinged for coming in with lower than expected revenue per seat mile, what do you think we're going to be hearing from american, alaska, southwest, and united? by the way, we already heard from american and southwest in terms of adjusting their capacity. this quarter is going to be a rough quarter in terms of this revenue picture that the airlines are dealing with. and this is the impact

an observant -- after he came back from baffin island, he he worked with rudolf virchow and alfred bastian very strong, anti-racist in their own right, and so he was he was filled with that when. he came to the united states when, he came to the united states. and i think he immediately saw the racial conditions in the states and decided that this was something that he was really going to attack. go ahead. i'll add on that an interesting sort of little background where allan talked about him going to baffin island. he actually met and fell in love with his wife via abraham jacoby, who who he met. and jacoby was uncle by marriage, but also was the one who really brought the ideas. the 1848 revolutions to both houses family. so boaz grew in an upper middle class family in mende in germany and, a local cobbler's son was going to school with with their children and he decided he needed money for a school. so he tutored the family. and this sort of insinuated him the home. they became deep friends and brought his revolutionary ideas with him. he ended up marrying his mother's sister, but died l

listen wherever you get your podcasts delta airlines ceo ed bastian, it has arrived in paris for theopening of the olympics, as is carrier struggles to recover from a meltdown stemming from last week's global tech outage, but stranded and frustrated delta passengers finally have some good news. >> cancellations are slowing down after six days of disruptions and estimated half billion people have been impacted. piles of luggage still waiting to be reunited with their owners. but this morning, vastly and said the company expects tomorrow to be a quote, normal day with the airline fully recovered will follow all of that and everything that's happening here in washington. but in the meantime, thank you very much for joining me here in the cnn newsroom. i'm jim acosta, stay with cnn inside politics with dana bash starts after a short break. have a good day. >> how long have you been tracking the value of our car? >> should we sell it? we hold our low mileage is paying off. you think we should already sold the karwan? go to karwan and tracking your car's value today when they saw dust sett

and right after the results come out, you don't want to miss what ed bastian has to say.. we'll be at the delta headquarters in atlanta to get his perspective, not just on the rest of this summer, but then this question that is looming over the airline stocks, post-labor day, there's some capacity that needs to come out of the system. we heard this before. will they take it out of the system? there are certain markets where it's completely oversaturated, completely ridiculous, and we'll see if the industry can get some discipline. >> phil, we have to ask you about boeing pleading guilty to, you know, in connection to the two fatal crashes? >> right. and this is a felony charge that they are going to be pleading guilty to. the agreement with the doj is that they are pleading guilty to conspiracy to defraud the federal government. they are agreeing to pay $243.6 million as part of a fine and put an additional $455 million aside to invest in safety and compliance programs. by the way, there will be court-appointed outside corporate monitor who will be put in place to monitor

phil below spoke with ed bastian today.expects unit remove thes for the company will turn positive in september. delta, tim, is the best of them. they've got more premium seating, they make a lot off their loyalty program. and this is what happened to them. >> yeah, well, again, airlines is the greatest trading stocks in the market, and sometimes you dance by the door. delta, a 75% move from october, through the highs in may at some point, the stock's pulled back. intraday, it was a 20% pull-back off those numbers. it was the third quarter guide that was terrible. and it gets back to what we worry about airlines. when the getting started to get good, capacity increases, and inefficiencies go down, margins go down, and at some point, it's a lot harder to change that dynamic. that's exactly what we got here. there's also a new post-pandemic dynamic just in terms of seasonality. second quarter, a lot better than third quarter. and that's also what we heard. so, i think -- yes, best of the group gives you this kind of guide, it

cascading cancellations to their final destination as intended you mentioned the ceo of delta, ed bastian saying that today he's expecting minimal disruptions and cancelations and everything back to normal regular delta by tomorrow, i did speak with a newly weds pair of newly weds who had to ditch delta for spirit airlines in order to save their honeymoon. so the reputational hit here for the company will be longstanding. listen to this the found a flight from orlando to st. >> lucia, not on delta, not to not do dressing of delta at the moment. so yeah we did did sour your feelings for delta like, would you fly delta again or how are you feeling about that? >> maybe in the field? future. but once they've figured it out, i would say not in the near future as of right now, yes, i would i would roll with that sentiment. note, no delta for me. >> yeah. sure one of the big questions from passengers and the department of transportation is why is it taking deltas so many days, six days out to man? >> any only reboot and repair their systems that internal scheduling system that's at the crux of t

doesn't agree secretary pete buttigieg today launching an investigation into delta, the airline ceo ed bastianologized to passengers. the airline responded in a statement saying in part delta is in receipt of the department's notice of investigation and is fully cooperating. we remain entirely focused on restoring our operation. delta teams are working tirelessly to care for and make it right for customers impacted by delays and cancellations such meltdowns are not new earlier this year, dot reached a $140 million settlement with southwest airlines following an investigation into similar systems problems triggered by weather over the 2022 holiday, like with that meltdown, delta system schedules cruz for flights failed. >> that would cancel the lay bump and then it would start all over again and it could be several more days of headaches for passengers dealing with delays, these cancellations, and lost luggage, just like this, we've also gotten a clear picture of the impacts what's become now a delta meltdown pete buttigieg does secretary of transportation, saying that half 1 million delta pass

secretary buttigieg today launching an investigation into delta the airline's ceo, ed bastian, has apologizedengers the airline responded in a statement saying in part delta is in receipt of the department's notice of investigation and is fully cooperating. we remain entirely focused on restoring our operation. delta teams are working tirelessly to care for and make it right for customers impacted by delays and cancellations such meltdowns are not new earlier this year, dot reached a $140 million settlement with southwest airlines following an investigation into similar systems problems triggered by weather over the 2022 holiday like with that meltdown delta system that schedules cruz for flights failed, that would cancel the way bump and then it would start all over again. >> and jake, this may ease of luggage right here. this is the end result of all these delays and cancellation woes for delta, right now in the u.s. two out of every three flights happening right now, there or canceled rather, they are delta flights or delta connected flights and by the way, if you work curious, charles bar

meanwhile, the ceo of delta, ed bastian is saying that they're going to make it right, that they're working around the clock on this. and also so offering passengers skymiles, vouchers, and refunds as well. brianna all right. >> isabel and i bet some folks are looking at your live shot here saying that's my bag. there it is. we've spotted it for you here, stepping. have no fear. all right. isabel, what a nightmare. all right. thanks for that report from june gin and juice to wine and the gaetz the one and only snoop dogg has earned the honor of being an olympic torch bearer ahead of the paris games. >> or details next my father chose me to succeed him. he held to his deficient until we have the budget, the dragon the war will be fooled. and many will die house of the dragon streaming exclusively on max payne means pause on the things you love but breen means go cool the pain with bio free and keep on going bio freeze. green means go you know what's brilliant think about it boring is the unsung catalyst for bolt. what straps bold do a rocket and hurdles and into space oregon's boring makes v

. >> and we saw over the weekend, the ceo of delta, ed bastian put out a statement apologizing for all of this messaging that they are working around the clock to fix it. >> and john at the crux of the problem here, is that the tool that delta uses to track their cruiser planes pilots for flight attendants, that was deeply impacted by this outage are trying to find a fixed to that. so the same way that a lot of these passengers are stranded, show to our deltas crew members all right. >> isabel rosales at the airport in atlanta. by the way, people at that airport get very upset when i suggest that the experience there is anything less than optimal. it's a wonderful place and i can't wait to go back again. what that's last week when it was all happening, we had people at atlanta and i suggest that sometimes it's slow getting through atlanta. they didn't like that. so i'm retracting well, i won't but i mean, the fact that he's not going to get ironed out until the end of this week. that's a problem that i hope i hope there's an update yes. on that one. >> coming up for us kamala harris wi

th that's where we're going to continue to lead. >> ed bastian, thank you for coming in.nk you. >>> when we come back, the u.s. women's gymnastics team dominating the competition last night to bring home the gold. up next, we will talk to someone who knows that story well. the former captain of the u.s. women's olympic gymnastics team. stay tuned. "squawk box"ilbeig bk. wl rhtac at aes, our energy solutions have powered the world forward for more than 40 years. and as demand continues to scale, so do our solutions. introducing maximo - our new ai-enabled solar robot. max makes construction faster, safer and more cost effective than ever before. and with max doing the heavy lifting, even more people can join the team. solar energy is changing the world, aes is changing the world of solar. >>> welcome back to "squawk box." we're live at the summer olympics here in paris. and athletes using social media more than ever. check out this video that has gone viral. >> everybody wants to know what i would do if i didn't win. i guess we'll never know. >> that was kind of my favorit

agree secretary pete buttigieg today launching an investigation into delta, the airline's ceo, ed bastian has apologized to passengers. the airline responded in a statement saying part delta is in receipt of the department's notice of investigation and is fully cooperating. we remain entirely focused on restoring our operation. delta teams are working tirelessly to care for and make it right for customers impacted by delays and cancellations such meltdowns are not new. earlier this year, dot reached a $140 million settlement with southwest airlines following an investigation into similar systems problems triggered by water over the 2022 holiday, like with that meltdown, delta system that schedules cruz for flights fail that would cancel the lay bump and then it would start all over again and wolf, we are now looking right here at the effects of what has become a delta meltdown here in the last couple of hours, we heard directly from the department of transportation secretary pete buttigieg, who gave us a clearer picture as to the impacts half 1 million delta passengers have been impacted,

is about -- this is not about the lawsuit, but the delta was the one -- now, delta, by the way, ed bastian-- >> he is. he's at the olympics, i believe. >> i hope they ask him about this one mile at a time at the olympics. i guess he's got a lot of time on his hands. people have a lot of time on their hands. me, i ain't going anywhere. >> you're staying right here. >> yeah. i was up at 3:30 trying to do this darn job. >> i'm glad to hear that. >> i'm not at the olympics. >> you're not. >> you could be there working. no. this is go time. >> apple. let's talk about apple because yesterday the story -- i set it up, then you talk. >> you're right. >> i set it up. >> hanging curve and i have my bat on my shoulder. >> this is where i set it up. are you ready? >> sure. >> yesterday we had the story from bloomberg indicating in some way there was a delay in a.i. that really wasn't the right word to be using. but there was a question as to whether it would be released with the new iteration of the iphone and then later in the day, we get apple releases first preview of the long awaited phone a.i. >>

today, great show with the chiefs of mcdonald's, coca-cola, our bosses at comcast, and delta where ed bastianalked about what kind of recourse they might have after losing half a billion dollars in five days. take a listen. >> i think this is a call to the industry. everyone talks about making sure big tech is responsible. well, guys, this cost us a half a billion dollars, so that's what's -- >> what's going to happen? you're suing. >> we're going -- we have no choice. over a period of five days, between not just the lost revenue but the tens of millions of dollars per day in compensation and hotels and we did everything we could to take care of our customers over that time frame, we have nowhere -- if you're going to be having priority access to the delta ecosystem in terms of technology, you've got to test the stuff. you've got to -- you can't come into a mission critical 24/7 operation and tell us we have a bug. it doesn't work. >> went on to say they had to physically reset some 40,000 servers. >> social it's unbelievable. it's just unbelievable. we have some of the companies that have do

even delta, which was a really well run company, ed bastian, fantastic ceo, i say, look, until the airlineit where they can discount very much, with jetblue, i don't want to touch these stocks. you can own that. i don't care. i've got other fish to fry like abbott that we have in the next -- >> you're going to stay with us for the interview at the 10:00 a.m. hour. meanwhile, jim, talking about consumer weakness, beigebook, five of seven districts saw flat to negative activity. >> rate cut, rate cut, rate cut. there are people who are still clinging to the july -- again, that july story, no go. but september rate cut is so good for so many companies that i would tell you small and medium-size business would benefit. >> let's get the opening bell and the cnbc realtime exchange. at the big board, it is health care provider ardent health, celebrating an ipo today. at the nasdaq, insurance broker twfg, also celebrating an ipo. >> that's why the morgan stanley conference call was so important. they were talking about triple the number of deals that they had last year. we're going to be very busy

if you want to know what's going on with airfares, listen to the delta ceo, ed bastian, yesterday, andade it clear, excess capacity equals price cuts and that's what's going on in the industry. >> we mentioned lufthansa. they were at 2.2 billion euro, now down to 1.4 to 1.8 billion euro. i don't know. they're talking about elevated costs and yield pressure. delta was more about yield than cost. >> on the supply side. yeah, you put it together, and it's disinflationary. from both of them. at in what pepsi said yesterday about consumers really being focused on value. this is a company that's been able to raise prices quarter after quarter after quarter, so some of these stronger parts of pricing pressure economy, airlines, packaged food, are now sounding the alarm about the consumer and are now talking about reinvesting in price to take it lower, and that's also another positive sign for fed chair powell. >> do want to come back to the banks, which we led the show with. all the banks that reported earnings this morning have their stocks down. jpmorgan, of course, the largest by market ca

c, ceo ed bastian offered customers frequent flyer miles.nt expects delta to provide prompt refunds for people who called off the trips. he said they should provide timely reimbursements for customers affected by the delays and cancellation. >>> shares of ryanair are falling shortstop sharply after a 46% drop in quarterly profits and fares would be low near the summer months. also said weaker than expected fares played a role. passenger traffic increased in the quarter to 50.5 million. the u.s. court ruling in ryanair's favor. booking.com violated the computer fraud and abuse act by accessing the web site without its permission. the ruling would help unauthorized screen scraping by booking sites. it's been an issue across the board. >>> when we come back, axios co-founder mike allen will join us to talk about the big shakeup in the presidential race and what it means and what comes next. >>> later, verizon is set to report. we will bring you those numbers and interview with ceo hans vestberg. all and that as "squawk box" rolls on. is it me..

is a bastian, a mini haven in a european dislocated picture. dani: what a world. who would have thought we would talk about u.k. stability? coming up peter oppenheimer of goldman sachs with stocks rising and hitting new records. and eurasia group as pressure mounts for president biden to end his reelection bid? and expecting a cooling u.s. labor market? global stocks trading at all-time highs ahead of the u.s. payrolls report due edit: 30 a.m. eastern. a string of softer economic readings for the fed to cut rates in september. peter, it is great to speak with you this morning. what are you expecting from this jobs data and will it matter for equity markets? peter: first, our economists are forecasting 190,000. that is below the consensus and below the three-month average that has been just under 250,000 and reflects the cooling you've been discussing. it matters because alongside some of the other macro data in the u.s., you are seeing a macro softening broadly reflected in our macro surprises index that has turned negative. to some degree, that raises the expecta

ed bastian has ties to aircraft. he has already paid for those aircraft.es and be more dynamic in terms of his pricing. the aircraft are paid for and is he did not -- and he does not have to keep theirs as high. that is where the competition is and it is interesting to see ryanair suggesting similar things are happening in europe. if you look at the back end of the statement, demand is strong. there is a capacity story in europe as well. we will see how that story develops. annmarie: i also notice this airshow is not immune to u.s. politics. glenn youngkin was there. donald trump calls him prime time. is there a sense he is are trying to get ahead of the election and get in front of each camp? who are they betting on? guy: uncertainty was a word i heard a lot yesterday and continuing this morning. i spoke to the ceo of airbus and he is kind of hoping the alabama plant he has. will be able to insulate him from a tariff story. everybody is talking about the potential for tariffs. this is an industry that has been upended by supply chain issues. you throw tar