EFTA01461844.pdf

is accurate or complete or that any returns indicated will be achieved. Changes to assumptions may have a material impact on any returns detailed. Past performance is not indicative of future returns. Price and availability are subject to change without notice. Additional information is available upon request. Delta Sell-Off 'Seems Aggressive' Given Margin Guidance: Cowen 2014-07-02 15:06:16.177 GMT By Libby Sallaberry McGowan July 2 (Bloomberg) -- Delta June traffic was in-line, while unit rev. was lower, driven by lower intl yields, Cowen analyst Helane Becker says in a note. * Says weakness specifically came from Brazil, where world cup has caused decline in business traffic; expects situation to improve once world Cup ends * Reiterates outperform rating and 2Q EPS est. $1 (vs Bloomberg consensus $1.03) * DAL reiterated qtr margin guidance of 14%-16% * DAL down as much as 5.7%, UAL down as much as 6.5%, AAL down as much as 5.6% after Delta guidance earlier For Related News and Information: First word scrolling panel: FIRST<GO> First word newswire: NH BFW<GO> To contact the reporter on this story: Libby Sallaberry McGowan in New York at or lsallaberrygbloomberg.net To contact the editors res onsible for this story: Brad at or bskilt!!!!!!oomberg.net Libby Sallaberry McGowan (Embedded image moved to file: pic02210.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & wealth Management 345 Park Avenue, 10154-0004 New York, NY, USA (Embedded image moved to file: pic31281.gif) CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0124111 CONFIDENTIAL SDNY_GM_00270295 EFTA01461844