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Delta (DAL), Aeromexico ordered to unwind joint venture by start of 2026. (00:25) Trump’s pick Stephen Miran confirmed as Fed governor. (01:49) Webtoon (WBTN) soars as Disney (DIS) picks minority stake, unveils new comics platform. (02:58)
This is an abridged transcript.
Delta Air Lines (NYSE:DAL) and Aeromexico (AERO) must end their joint venture by January 1, 2026.
The Department of Transportation issued the final order citing ongoing anticompetitive effects in the U.S.–Mexico City air travel market that have given both airlines an unfair advantage over competitors.
Delta released a statement about the decision saying that it “will cause significant harm to U.S. jobs, communities and consumers traveling between the U.S. and Mexico.” The airline says it is “reviewing the Department’s order and considering next steps.”
The partnership was formed nearly a decade ago under a Joint Cooperation Agreement, which provided both airlines with antitrust immunity, allowing them to coordinate flight schedules, set pricing strategies, and adjust capacity for US-Mexico routes.
The Biden administration considered revoking antitrust immunity for the joint venture in early 2024, and the issue continued into 2025, driven by U.S. complaints about Mexican government restrictions.
In July, the Transportation Department proposed to unwind the venture; however, both airlines argued that their partnership generated $310 million for the U.S. economy and a termination would lead to a loss in economic benefits for the U.S.
The Senate has voted to confirm Stephen Miran, President Trump’s top economic adviser, to the Federal Reserve’s Board of Governors.
This means that he will join the Fed’s two-day policy meeting, which begins today, where it is widely expected to cut interest rates by 25 basis points.
Lawmakers voted 48-47 to approve the confirmation of Miran, who will fill the seat that Adriana Kugler stepped down from last month. He will serve for the remainder of the term that expires on January 31.
Miran said he plans to go on unpaid leave from Trump’s Council of Economic Advisers while he serves as Fed governor. He will be the first sitting White House official to serve on the Fed’s board since 1935.
This has raised concerns over potential political interference. Ahead of the vote, Senate Minority Leader Chuck Schumer (D-NY) said Miran would be “nothing more than Donald Trump’s mouthpiece at the Fed.”
Meanwhile, a federal appeals court has ruled 2-1 that President Trump cannot remove Federal Reserve Board Governor Lisa Cook from her position.
This means that Cook will be allowed to participate and vote in the meeting today and tomorrow.
Walt Disney (NYSE:DIS) is partnering with Webtoon Entertainment (NASDAQ:WBTN) to develop a digital platform featuring its iconic comics.
Disney has also agreed to acquire a 2% equity interest in Webtoon.
The financial details of the deal have not been disclosed.
The newly created offering will feature over 35,000 Disney comics spanning its current and past titles from across its portfolio. This will include comics from Marvel, Star Wars, 20th Century Studios and others. Some of these will also be localized for Webtoon’s Korean and Japanese platforms.
“The new platform will include a mix of vertical and traditional formats for archived comics, current comic book runs and original stories,” the press release added.
The service will be built and operated by Webtoon and will be available to current Marvel Unlimited subscribers. Disney+ subscribers will also be able to access the comic titles in the new app for free, as part of the Disney+ Perks program.
Premarket WBTN is up 48%.
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Catalyst watch:
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Workday (NASDAQ:WDAY) will host its financial analyst day as part of Workday Rising, the company’s annual flagship conference for finance, HR, and IT professionals.
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Ralph Lauren Corporation (RL) will host an investor meeting. At the event, CEO Patrice Louvet and other members of the leadership team will provide an update on the company’s strategic growth plan and key initiatives.
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Cimpress (CMPR) will host its 2025 annual Investor Day.
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The business of sports will be on display at the Front Office Sports Live event. Featured speakers include NBA Commissioner Adam Silver, MLB Commissioner Rob Manfred, ESPN (DIS) Chairman Jimmy Pitaro, and TNT Sports CEO Luis Silberwasser.
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Airbnb (ABNB) CEO Brian Chesky and Booking Holdings (BKNG) CEO Glenn Fogel will be speakers at the Skift Global Forum.
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The Las Vegas HR Tech Conference will take place in Las Vegas. Analysts tipped that the event could have some readthroughs for Workday (NASDAQ:WDAY), Oracle (ORCL), and Paycom Software (PAYC).
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Emerson (EMR), CSX (CSX), and Analog Devices (ADI) are some of the notable companies participating in the two-day J.P. Morgan 16th Annual U.S. All Stars Conference.
Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.6% at $62/barrel. Bitcoin is up 0.2% at $115,000. Gold is up 0.4% at $3,695.
The FTSE 100 is down 0.2% and the DAX is down 0.3%.
The biggest movers for the day premarket: Dave & Buster’s Entertainment (NASDAQ:PLAY) -17% – Shares tumbled after Q2 results missed expectations.
On today’s economic calendar: