Delta struggles to bounce back from the global IT outage
While other airlines were mostly back to normal yesterday...
While other airlines were mostly back to normal yesterday following the global IT fallout from CrowdStrike’s faulty software update, Delta was still stuck like a passenger on a canceled flight. The airline canceled at least 900 flights yesterday, accounting for about two-thirds of all cancellations worldwide (including most canceled US flights). The airline has been singled out by Transportation Secretary Pete Buttigieg, who said his agency received hundreds of complaints about Delta, and Delta’s CEO apologized to affected passengers. Delta’s difficulties stem from the outage impacting its crew tracking system, the same system that bedeviled Southwest when it stumbled after a storm.
Secret Service director refused to answer big questions before...
Secret Service director refused to answer big questions before Congress. Republicans and Democrats might not agree on much, but they were united yesterday, with lawmakers from both parties calling for Secret Service Director Kimberly Cheatle’s resignation. While testifying before the House oversight committee for more than four hours, Cheatle said she accepted responsibility for the failures that led to the attempted assassination of Donald Trump but declined to answer many questions seeking specifics about what had happened, citing an ongoing investigation.
Warner Bros. Discovery isn’t letting basketball go without a fight—the company said it plans to exercise its matching rights on Amazon’s prospective NBA broadcast deal, potentially setting up a legal battle with the league.
AMC struck a deal to restructure up to $2.45 billion of its debt, a win for the theater chain beloved by Reddit’s stock-pickers.
Ryanair said lower fares are coming after the budget European airline reported a 46% dip in profits last quarter.
Krispy Kreme sold its majority stake in dorm-room snack staple Insomnia Cookies but is holding onto a minority stake.
Priscilla Presley sued four of her former business partners, accusing them of elder abuse and plotting to steal “every last penny she had.”
A Florida man who called himself the “Wolf of Airbnb” was sentenced to more than four years in prison for defrauding landlords in NYC and a federal pandemic-relief program.
Talos Ups Buybacks, Pays Down Debt Post $1.29B QuarterNorth Deal
Offshore E&P Talos Energy...
Offshore E&P Talos Energy has updated its share repurchase program and ongoing debt paydown in a July 22 press release. Talos said it has repaid $325 million in debt since closing its $1.29 billion acquisition of E&P QuarterNorth Energy in March.
Talos issued approximately 24.4 million shares of common stock to QuarterNorth shareholders to help fund the cash-and-stock transaction.
While oil traders have been adding to their net long positions in recent...
While oil traders have been adding to their net long positions in recent weeks, the rate of increase has slowed. Last week, traders of WTI increased their net long positions by only 4.25% by increasing their long positions while decreasing their short positions. In contrast, traders of Brent crude decreased their net long positions by increasing their short positions.
The price of Brent crude ended the week at $82.63 after closing the previous week at $85.03. The price of WTI ended the week at $80.13 after closing the previous week at $82.21. The price of DME Oman crude ended the week at $81.88 after closing the previous week at $84.65. The price of Brent crude oil is now threatening to fall below its 200-day moving average, with the price declining from $87.34 on July 3.
Benchmark U.S. crude oil for August delivery fell 35 cents to $79.78 per barrel Monday. Brent crude for September delivery fell 23 cents to $82.40 per barrel.
Wholesale gasoline for August delivery rose 2 cents to $2.47 a gallon. August heating oil rose 2 cents to $2.43 a gallon. August natural gas rose 12 cents to $2.25 per 1,000 cubic feet.
