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Today in the Market (10/13/2022)

Good Evening. As Wall Street shrugged over inflation data indicating that consumer prices rose more than anticipated, U.S. equities soared Thursday following hefty early-session losses.

The S&P 500 rose 2.60%, marking its largest intraday recovery since February. The Dow Jones rose by 2.83%. The Nasdaq Composite rose 2.23%.

GOOD EARNINGS & GOOD OUTLOOK

Delta Air Lines (DAL) announced record revenue for the third quarter, with CEO Ed Bastian attributing the “tremendous demand” to a change in consumer spending from products to services.

  • Revenue: $12.84 Billion vs $12.83 Billion expected
  • Adj. Net Income: $966 Billion vs. $994 Billion expected
  • Adj. Earnings Per Share: $1.51 vs. $1.54

How does the company feel about the outlook? “Demand in the fourth quarter looks strong,” Bastian noted. “The booking traction we’re seeing is consistent with the momentum we’ve built over the past three or four months.”

During the December quarter, Delta Air Lines intends to operate at 92% of the equivalent 2019 capacity. The company’s leadership has set its sights on repairing its whole network over the next six to nine months, which would be good news for airfare pricing.

BASIC WITH ADS

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Netflix (NFLX) has disclosed important information about its forthcoming ad-supported tier (read more here).

The company’s ad-supported package, “Basic with Ads,” will cost $6.99 per month in the U.S. and launch on November 3just ahead of Disney’s ad-supported offering on December 8 (which will cost $7.99).

The business also dismissed concerns about people downgrading to the ad-supported plan, estimating that total revenue will be neutral to positive under the equivalent plan. Netflix COO Greg Peters stated on a call previous to the announcement, “We’re not trying to steer people to one plan or the other. We think the revenue model will be fine as a result.”

So how many ads will customers see? “Basic with Ads” will offer an average of 4 to 5 minutes of advertisements every hour, with strict frequency limitations to prevent subscribers from constantly viewing the same ads. At launch, advertisements will run for 15 or 30 seconds, with some appearing prior to the start of a show and others appearing mid-roll.

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