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Today in the Market (4/13/2023)

Good Evening! There was a widespread surge in stock prices, with the technology sector taking the lead and the cryptocurrency ether (ETH-USD) surpassing the $2,000 mark for the first time this year.

The S&P 500 exhibited a positive performance of 1.33%, while the Dow Jones demonstrated a gain of 1.14%. Additionally, the Nasdaq Composite experienced a notable increase of 1.99%.

NOW BOARDING GROUP B

Delta Air Lines (DAL) reported Q1 2023 earnings that fell short of expectations. However, the company experienced its top 10 highest cash sales days to date, as passenger volumes surpassed pre-pandemic levels throughout the entire first quarter.

  • Revenue: $11.84 Billion vs. $11.99 Billion expected
  • Earnings Per Share: $0.25 vs. $0.29 expected

Even though the market wasn’t happy, the CEO was! According to Delta CEO Ed Bastian‘s statement to Yahoo Finance, the company’s revenues and earnings per share (EPS) were consistent with the guidance that was initially provided at the beginning of the quarter. Considering the prevailing uncertainty and volatility, particularly during the weakest quarter of the year, the performance was deemed satisfactory and commendable.

How about the overall industry? In the first quarter of 2023, the average TSA passenger volumes surpassed the pre-pandemic benchmarks. The leisure and hospitality businesses have witnessed a complete recovery from the sudden halt caused by COVID-19 as consumers have chosen to engage in the experience economy, thereby benefiting the travel industry.

HOW MANY CASES?

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Juul Labs Inc., a manufacturer of electronic cigarettes, has agreed to pay $462 million to six states and the District of Columbia. This settlement represents the most substantial agreement the company has made to date regarding its involvement in the increase of vaping among young people

What do they need to do now? Similar to other agreements reached by Juul, this recent settlement entails limitations on the advertising and dissemination of the corporation’s vaping merchandise. An instance of prohibition is observed in relation to any form of marketing, whether direct or indirect, that is aimed at the younger population, encompassing individuals below 35 years of age. Juul has implemented restrictions on the quantity of purchases that can be made by customers both in physical retail stores and through online channels.

Did you know… As of March 16, 2023, there have been numerous legal actions taken against Juul, including class action lawsuits and individual personal injury cases, which have been filed in four states across the United States. The total number of such lawsuits stands at 5,969. 

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