EFTA01447935.pdf

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. 41 (vs Bloomberg consensus 41.03) * 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: bbv 11 rry McGowan in New York at or To contact t e e e for this story: Brad [killman at or Libby Sallaberry McGowan (Embedded image moved to file: pic16377.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 Tel. Fax Mobil Email (Embedded image moved to file: pic21776.gif) CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 102729 CONFIDENTIAL SDNY_GM_00248913 EFTA01447935