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Bear Stearns Upgrades Delta Air


Bear Stearns upgraded Delta Air Lines (DAL) to peer perform.

Analyst David Strine says Delta's deal with pilots and 11th-hour financing from American Express (AXP) should allow the company to avert Chapter 11. He says the deal with pilots likely provides for $1 billion in annualized savings and estimates $1.8 billion in savings in 2005.

He notes the $600 million in liquidity from American Express should provide the company with $1.7 billion in cash at year-end, vs. his prior estimate of $1.4 billion, not including potential financing from lessor creditors. Strine says the balance sheet remains deeply troubled, however, with the impact of high oil prices to cash flow still high.


The Aging of Abercrombie & Fitch
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