The airline cut growth plans for the second half of 2025, however
Delta Air Lines Inc (NYSE:DAL) stock is up 6.8% to trade at $38.32 at last check, after the company shared better-than-expected first-quarter earnings of 46 cents per share and met revenue expectations. The airline cut growth plans for the second half of 2025 and did not reaffirm its annual outlook, however, citing fewer bookings and global tariff tensions.
DAL is fresh off its worst weekly performance since March 2022, and carries a hefty 37.6% year-over-year deficit. Though shares are bouncing off their April 4, 52-week low of $34.73, they remain below the 20-day moving average, which has been acting as resistance since February.
Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 2.45 ranks in the 85th percentile of annual readings. This suggests options traders have been more bullish than usual.
Drilling down to today's options activity, 16,000 puts have already crossed the tape, which is double the volume typically seen at this point. The most active contract is the September 55 call, but new positions are currently being opened at the weekly 4/11 25-50 strike put.
Now looks like an excellent time to weigh in with options, as DAL has outperformed options traders' volatility expectations over the past 12 months. This is per its Schaeffer's Volatility Scorecard (SVS) of 98 out of 100.