STOCK NEWS

Delta Air (DAL) : reported Q3 EPS of $1.70 which beat expectations by 6 cents. Revenues were $10.48 billion which was down 5.7% year over year and missed expectations by $110 million. Adjusted pre-tax income for Q3 was $1.9 billion which was $278 million lower than Q3 2015. The technology outage it experienced for four days in August lowered pre-tax income by $150 million. CEO Ed Bastian stated “Delta's resiliency stood out this quarter as we worked through the outage, continued revenue headwinds, and volatile fuel prices to produce the industry's best operational reliability and service for our customers along with solid margins, cash flows and returns for our owners. With our focus on building a more sustainable and durable business, we will be taking a cautious approach to 2017 by keeping our capacity in line with the December quarter's 1 percent growth level."

Fenix Parts (FENX) : announced preliminary Q2 revenue of $34 million. It also announced a delay in filing its Q2 report because of a SEC subpoena. The firm stated "The SEC inquiry appears to be focused on the Company’s recent change in its independent registered public accounting firm, its previously announced business combinations and related goodwill impairment charge, the effectiveness of its internal control over financial reporting and its inventory valuation methodology."

Progressive (PGR) : reported Q3 EPS of 34 cents which is in-line with expectations. It was a 28% decline from last year’s results. Net premiums writer were $6.05 billion which was an 11.8% increase from last year. This beat expectations by $10 million. In terms of policies in force, total personal lines were up 6%, total commercial lines were up 12%, and the property business was up 11%.

Marriott Vacations (VAC) : missed Q3 EPS expectations by 19 cents, reporting earning 96 cents. Revenue was flat year over year and missed estimates by $39.83 million. Total company vacation ownership contract sales were $169.8 million, $10.1 million, or 6.3 percent, higher than the third quarter of last year. These results were driven by $8.2 million of higher contract sales in the company's North America segment and $4.3 million of higher contract sales in the company's Asia Pacific segment, partially offset by $2.4 million of lower contract sales in the company's Europe segment as it continues to sell through the remaining developer inventory. 

ECONOMIC NEWS

Chinese trade data has caused the market to sell off today because it missed expectations by a long shot. China Yuan exports declined 5.6% year over year while expectations were for 2.5% growth. China Yuan imports were up 2.2% while estimates were for 5.5% growth. China US Dollar exports were down 10% while they were only expected to fall 3.3%. China US Dollar imports fell 1.9% while they were expected to rise 0.6%. 

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