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Today in the Market (4/10/2024)

Good Morning! On Wednesday, U.S. markets saw a decline after the release of inflation data that revealed an unexpected increase in consumer prices for the month of March. 

It was a similar performance across the board, with the NASDAQ falling by 0.84%, the S&P 500 decreasing by 0.95%, and the Dow Jones sliding by 1.09%.

FLYING HIGH FOR 2024

Delta Air Lines’ (DAL) first-quarter profits were above forecasts as demand remained strong, fueled by a sustained recovery in business travel. Let’s see the numbers!

  • Revenue: $12.6 Billon vs. $12.5 Billon Expected
  • Adjusted Earnings Per Share: $0.45 vs. $0.36 Expected
  • Net Income: $288 Millon vs. $235 Millon Expected

Big bets for Q2! Delta said that it anticipates achieving its greatest second-quarter revenue ever. This is attributed to the strong demand for spring and summer travel. This is also backed by the TSA’s passenger throughput in 2024, which has been surpassing the previous year’s travel numbers, even after air traffic completely recovered to levels higher than those before the pandemic in 2023.

For example… 4.7 billion passengers are expected to fly in 2024, up from 4.5 billion in 2019, according to the International Air Transport Association (IATA). The trade association Airlines for America (A4A) predicts that passenger traffic in the US will hit a record high this year.

MAY I TAKE YOUR ORDER... FROM ZOOM?

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While working from their homes in the Philippines, cashiers at Sansan Chicken and the locations of two sibling companies in the New York City region connect with customers via Zoom video conferencing. All of them are hired by the firm Happy Cashier, which provides restaurants with the ability to increase their profits by outsourcing labor overseas.

However, customers might not like this approach… Freshii, a Canadian chain of fast-casual restaurants, found itself in a difficult situation when it was revealed that its remote cashiers in Nicaragua were allegedly earning $3.75 per hour in 2022.

Sometimes you have to put yourself in the shoes of others. According to Mohammad Rahman, a management professor at Purdue University, workers in the Philippines may be earning more than the average salary in their country. On top of that, according to a statement made to the New York Post by a remote Sansan employee, the company does collect tips, which are then divided among the service professionals who operate at the location.

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