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- A Massive Shakeup
Good Morning!
Happy Monday! Let’s have a great week:
👉Joe Biden drops from race
👉Verizon earnings are in
👉Delta massive cancellations
BIDEN: Drops From Race
President Joe Biden has withdrawn from the 2024 presidential race and endorsed Vice President Kamala Harris as the Democratic nominee. Facing pressure from his party, Biden decided to step aside. Harris expressed gratitude for Biden's endorsement and aims to secure the nomination.
Source: CNN
Former President Bill Clinton and former Secretary of State Hillary Clinton also endorsed Harris, pledging their support. Biden, recovering from Covid-19, spoke with Harris before announcing his decision. Biden’s campaign staff is transitioning to support Harris, with campaign co-chair Jen O’Malley Dillon calling for unity. Trump criticized Biden’s decision, suggesting he should never have run. Biden’s withdrawal mirrors President Lyndon Johnson’s 1968 exit due to low approval ratings and internal party pressure.
🎯GRIT TAKE: We believe Kamala Harris will be … upgrade to VIP now to read the full GRIT Take!
EARNINGS: Verizon
Verizon Communications missed quarterly revenue estimates due to slow phone upgrades, causing shares to drop 3.4% pre-market. Customers are keeping their old phones longer, impacting telecoms' upgrade rates.
Source: Verizon
Verizon reported second-quarter revenue of $32.8 billion, below the $33.06 billion expected. The company added 148,000 new monthly wireless subscribers, beating the forecast of 127,870, but lost 8,000 postpaid phone subscribers. Verizon's new myPlan, launched in May, lets customers pay only for what they need, helping it compete with AT&T and T-Mobile. They also partnered with streaming services like Netflix and Disney for promotional bundles.
DELTA: Massive Cancellations
Delta Air Lines CEO Ed Bastian apologized and offered frequent flyer miles after an IT outage caused massive flight cancellations. From Friday to Sunday, over 4,600 flights were canceled, with another 550 on Monday.
Source: Delta
Delta has struggled more than other airlines like American and United, which recovered faster. The outage hit Delta’s crew tracking tools, similar to Southwest's 2022 issue. A faulty software update from Crowdstrike has caused the problem.
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Source: @carbonfinance
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