the number is good is ed bastian smiling? >> he has not walked into the operations center yet. > i think he is smiling probably give us the numbers, phil. >> let's explain why ed would be smiling. this is the beat on the top and bottom line. well better than expected. a couple of weeks ago, they raised guidance at 225 to 250 a share. 268 against 240 estimate revenue up 19% at $14.6 billion. the street was at $14.5 billion. operating margin is 17.1%. free cash flow of $1.1 billion revenue per set mile 1.3% compared to the second quarter of last year you get jet fuel costs which say help to the bottom line. dropping 34% compared to the same quarter last year let's talk about the q3 guidance this is new from delta coming in at 220 to 250 for the third quarter. that is the expectation. the street is at 207 we will see if they change revenue expected to grow 11% to 14% in the quarter revenue per seat mile expected to be down to 4% finally, 2023 guidance, they are raising it couple of weeks ago, they expected the high end of $5 a share. they expect it to be between $6 and $7 a share t

delta up sheila, great to see you catch the interview with the delta ceo ed bastian >>> coming up onldwide exchange," the morning call sheet and one fintech player taking a hit on a ti cl.rangal we have more coming up in just a bit. >>> welcome back to "worldwide exchange." time for the morning call sheet. this is the fintech company faces the revenue growth ahead with the rising credit los angeless -- credit losses. sofi down 1% and jpmorgan chase saying it believes carvana is disconnected from the fundamentals. shares down 2.5% and barclays downgrading coinbase which is likely a long-term winner in the ecosystem of crypto, but the fundamentals are challenged. that stock is down 1%. >>> and dow transports rising 19% compared to the 16% gain for the s&p. it has been a choppy run the freight recession in the spring, recession concerns for the broader economy and decreased spending on goods and inconvenient after is adding to the concerns trucking makes up 75% of the transport market has taken a step back from the highs last year rates falling 20% more year over year we are talking gen

you listen to guys like ed bastian at delta airlines.tinuing to grow as you have fuel coming down that's actually the sweet spot right now airline traffic. u.p.s.'s woes is the goods to services transfer. it won't last forever. right now is the time to be investing in airlines. >> this is the complicated debate the federal reserve has i know you've been on air talking about you hope the federal reserve doesn't go too far in raising rates, does it look at a strong commercial air traffic, or does the federal reserve see what's going on with companies like u.p.s., with the trucking industry and fedex and realize it's time to not just skip but to actually pause for an extended period of time >> will have to see the fed minutes after 2:00 p.m. eastern time will give us a lot of insight. the markets may stall ahead of that >>> up next, mike santoli joins us with his "midday word." >> announcer: "grade my trade. the investment company will debate it and grade it ♪ ♪ connecting to opportunity is just part of the hustle. ♪ ♪ opportunity is using

i do want to make one comment continuing on here ed bastian at the investor day two weeks ago gave acations that he thinks it's no longer a cyclical stock, a secular story here i personally find that hard to believe. but at the same time we're really, i think, halfway through where the stock needs to go in terms of reflecting the cycle that is a lot better than people expected the stock was soft yesterday, too, scott, and that was on fears that price declines, ticket price declines, as evidenced in the cpi, would hurt earnings obviously that's not the case. demand is strong it looks like it's going to remain strong for quite some time i'm going to ride this for now but this is not a permanent stock. >> if only our resident airline stock hater, steve weiss, had these stocks at the beginning of the year, weiss. i had to give jim a little something. >> i've traded them in the past. i agree with jim these aren't sustainable and the difference between what we're seeing there and the economy overall is that when you book your airfares, you're booking them a long time in advance. to the ext

the preannouncement was incredibly positive i'm not sure it's right, by the way, but that's what ed bastian says this is not a phase that will continue -- >> did raise their eps forecast. >> this is not what the naysayers would say, revenge travel my point is what steve is saying, it is uncertain. and there's something for everyone to look at. now i'm not a pollyanna who hues bullish. in baseball the tie goes to the runner, and i think in investing the tie goes to the bulls. the markets want to go up over time the market wants to expand over time >> josh? >> one other thing in the employment number. the downward revision was substantial, 100,000 jobs. >> from may you're saying? >> from may. so look, bulls just want to have fun, right, and they have reasons to do it and bears want to be grouchy, and they have reason to do it. so jim is exactly right. markets have a tendency to go up 90% of the time. so the tie will always go to the bull >> josh, i want to come over to you. what do you make of what andy jassy had to say and bounce that fundstrat note off it has to be next week >> i mean, yeah

they're flying delta, we learned that from ed bastian, but that plays into this recession/no recessionand, listen, we've been hearing for the whole year that we're going to be going into a recession. there's just too much capital out there. people are looking at an 8% increase if you're a retiree in terms of increases for your payments in terms of social security. people are actually seeing increases in terms of their pay. and, let's face it, we've had gasoline come down, commodity prices have come down, that's really a tax break for the consumer. cheryl: real quick before you go, we've got to talk about earnings. obviously, this is day one -- >> right. cheryl: but the buzz right now is financials. regional banks, maybe. [laughter] and then, obviously, you know, the cruise lines, the airlines, etc. what else are you kind of expecting here? the buzz for you? >> well, revenues have been better than expected as we're moving into this earning period. the big thing we're keeping an eye on is margins because if we ended up having companies that went through we'll tall it -- call it a rolling

expecting any good numbers from the banks, but i just think that that's got to -- their last bastion, ed bastianthe last bastion is the banks must be bad, because on a day when you have delta good and pepsico good, and carvana, you get a $10 target, and disney, where we basically get the, you know, what we're worried about right out there, meta, stock just going higher. i just find that there's a lot of good news you read the research, and the area that i think is really starting to percolate, people fixing up their homes. i keep hearing that. good notes today about lowe's. good notes today about azac, the stuff you use with faux wood that i like very much. trex i see a lot of things going right about people making their homes better, because they can't -- they want to keep that mortgage, and then travel and leisure. >> that's interesting. i know ppg yesterday, 52-week high >> that was a good example of raw costs coming down. >> people thought we kpais exhausted that trade, jim. people had retrofitted their homes for covid. >> they're back. they're making their homes look great. they can't lose

ed bastian saying this, there is significant growth ahead.number one priority for discretionary spending. that stock up by 3%. tom: i wonder where we are in 12 months. i say this because to me it is almost -- this economic battle -- babble we talk about, a jump condition. the acropolis in athens is overwhelmed with tourists. it is happening everywhere. how is that happening? from an airline standpoint how can they sustain that? is it a post-pandemic once off or something beyond that? jonathan: to that point there is a range of theories, a range of data points, and you get to decide how much weight you want to put on each. what we did with services was push it all out. we are experiencing that over the last couple of years. if you take the near debtor view of the world, inflation down, wage growth great, that is one thing. you can say, look at the savings pile dwindling and things make it harder this year. tom: this is some justin woofers, the economist from the university of michigan. he should go to the white house just to breathe some austr