Tesla’s
record winning streak may have come to an end but another all-time stock run is still going.
Delta Air Lines
(ticker: DAL) stock rose for a record-extending 14th day Wednesday, as it survived the Federal Reserve’s rate pause and subsequent hawkish comments to close 1.5% higher.
The streak appeared under threat Thursday even after the airline said it is resuming its quarterly dividend payment, for the first time since suspending it in March 2020. The carrier declared a quarterly dividend of 10 cents per share to be paid on August 7. After pointing more than 1% lower in early premarket trading, the shares regained some ground but were still down ahead of the open.
The shares have climbed around 21% during the streak, which dates back to the Thursday before Memorial Day weekend. The holiday weekend, seen as the unofficial start of the summer season, was a bumper one for air travel. Investors have since been warming to the idea of continuing strong demand. Carriers are also confident.
It’s not just Delta.
United Airlines
(UAL) and
American Airlines
(AAL) both extended their winning streaks to seven days Wednesday.
But
Tesla’s
(TSLA) streak, which also began on May 25, came to an end at 13 days as the stock fell 0.7%. The electric-vehicle maker’s shares surged 41% over the course of its winning run.
The stock looked on course to extend its run to 14 days after the company raised prices for its Model Y crossover, giving the shares an early boost Wednesday. But the stock fell back after the Fed’s rate pause.
Tesla looked unlikely to start a new streak early Thursday, as the stock fell more than 3% in premarket trading.
Delta stock was also lower ahead of the open, raising the prospect of its record run coming an end Thursday.
Write to Callum Keown at [email protected]
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