• 5 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and how Delta lost a half a billion dollars.

Category

🥇
Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:03Here's what we're watching on the street today.
00:05The Federal Reserve held interest rates steady and indicated that while a rate cut will be
00:09its next move, it wants to have, quote, greater confidence inflation is moving toward its
00:152% target before doing so.
00:17The decision comes amid signs the labor market continues to slow.
00:21Private payrolls rose by only 122,000 in July, which was the weakest hiring number since
00:27January, according to payroll company ADP.
00:31The report sets the stage for the labor department's deeper dive into the jobs market due on Friday.
00:37In other news, Delta Airlines says the massive computer meltdown that forced it to cancel
00:43over 6,000 flights blew a half-a-billion-dollar hole in its budget, and it wants that money
00:49back.
00:50Media reports say Delta has gone as far as hiring star attorney David Boies in an attempt
00:54to recoup losses from CrowdStrike and Microsoft.
00:58Delta was not alone as the botched security software upgrade by CrowdStrike knocked Microsoft
01:03computers offline globally, but it fared the worst.
01:07Delta CEO Ed Bastian is hopping mad at the way Delta has been treated by the two software
01:12companies which have been quiet about a potential lawsuit.
01:15Bastian, however, is not.
01:17He told CNBC, quote, we have to protect our shareholders, we have to protect our customers
01:23and our employees for the damage, not just the cost, but the reputational damage.
01:29Delta was forced to pay out tens of millions of dollars in hotel vouchers and other costs
01:34in order to compensate the estimated half-a-million passengers disrupted over the five-day period.
01:41That'll do it for your daily briefing from the New York Stock Exchange.
01:43I'm Conway Gittins with The Street.

Recommended

1:07
I
Up next
How lower interest rates will impact housing market
The Street
0:33
CFPB Orders Google Payment Supervision, Cites Consumer Risks
Benzinga
0:40
2024 Confirmed Hottest Year On Record Driven By Extreme Weather Events
Benzinga
0:34
Nvidia Shares Drop 2% Amid China Antimonopoly Probe
Benzinga
1:52
Delta officially sues CrowdStrike over July meltdown
The Street
2:08
Delta customers sue for refunds over flight cancellations
The Street
1:56
Delta turns profit in Q3, but hurt by CrowdStrike glitch
The Street
1:44
Southwest Airlines says it will no longer offer open seating
The Street
1:43
More than 5,000 Delta flights cancelled due to IT outage
The Street
1:59
Spirit Airlines files for Bankruptcy
The Street
1:54
Spirit Airlines won’t file for bankruptcy
The Street
2:01
Southwest Airlines reveals how new boarding process will work
The Street
2:01
Boeing door incident causes hundreds of flight cancellations
The Street
1:54
Boeing to borrow $10 billion and raise an additional $25 billion
The Street
1:51
Major U.S. airlines sue DOT over new transparency rules
The Street
2:00
Airlines under fire for 'unnecessary' ticketing fees
The Street
1:59
Another Boeing plane was found to have structural issues.
The Street
1:58
32,000 Boeing employees may go on strike
The Street
2:05
Boeing plea deal with U.S. government rejected
The Street
1:43
Boeing pleads guilty to defrauding the FAA
The Street
1:50
NFL ordered to pay billions in 'Sunday Ticket' case
The Street
1:55
Boeing could lose billions due to ongoing strike
The Street
1:45
United Airlines is switching up its boarding process to save time
The Street
1:53
More affluent Americans are living paycheck to paycheck
The Street
1:42
Meta to pay $1.4 billion over biometric data lawsuit
The Street