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Delta Earnings: Upside Helps Sector Take Off

Delta Air Lines (DAL) is climbing Thursday on strong second-quarter earnings, and it's also lifting legacy peers.  The airline earned $1.77 a share, a nickel better than analysts' estimates, on revenue of $11.78 billion, just above the $11.73 billion consensus estimate. Delta also issued updated guidance, as the airline sees third-quarter EPS between $1.65 and $1.83, while consensus calls for EPS of $1.83. Capacity will come down by 50 to 100 basis points. For the full year, Delta lowered guidance, saying it now expects EPS between $5.35 and $5.70, down from a previous range of $6.35 to $6.70, compared with the $5.69 consensus estimate.