EFTA Document EFTA01479641

Subject: Airlines stocks weak [C] From: Tazia Smith sz: > Date: Wed, 02 Jul 2014 11:56:37 -0400 To: Cc: Paul Morris < Vahe Stepanian Nav Gupta Classification: Confidential Hi Rich - I'll let you decide whether you want to highlight to Jeffrey. Airline stocks are down today (American is off over 3% and Delta is down -4.75% right now). This is driven by Delta's traffic and margin commentary (see below). I spoke with our Airline analyst team and bottom line, they believe near-term press