ALK News & Events

Tensions in the Strait of Hormuz are percolating again as Iranian officials have walked back its messaging of a deal being reached and President Trump upped his bellicose rhetoric, stating that it is unlikely that Wednesday's deadline for ceasefire will be extended.  Oil prices jumped on the news toward $90 per barrel and Energy was the best performing sector in the S&P 500, though the impact on broader sentiment was relatively mild, with U.S. indices finishing lower by less than 0.3%.  Communication Services was the worst performing area of the market as Netflixremained weak after last week's post-earnings selloff and Metaalso turning in the worst performance among the MAG-7.In the opening hour of the evening session, index futures are more upbeat - S&P e-minis are up a decimal and Nasdaq 100 contract is up 0.2%.  Of note afterhours, Amazon.comhas continued its climb toward record highs after announcing an expanded investment in Anthropic.  Applemeanwhile is laying the groundwork for a leadership transition, announcing John Ternus will be the company's next CEO while  Tim Cook transitions to a role of Executive Chairman effective September 1.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -RBB Bancorpup 4.2%CNB Financialup 2.0%Flexsteel Industriesup 1.6%Steel Dynamicsup 0.5%NETSTREITup 0.5%ALSO HIGHER -Amazon.comup 2.6% after announcing expanded investment in AnthropicDOWN AFTER EARNINGS -Washington Trust Bancorpdown 7.1%Alaska Air Groupdown 5.4%Zions Bancorporationdown 3.0%AMCON Distributingdown 1.8%ALSO LOWER -Spruce Biosciencesdown 14.2% after equity offeringAXT, Inc.down 11.9% after Q1 pre-announcement, equity offeringApple (down 0.5% after announcing succession plan for CEO Cook

Alaska Air (ALK) and Bank of America (BAC) announced a multi-year extension of their co-branded credit card agreement - a continuation of the bank's largest co-brand partnership. The renewed agreement will deepen integration between Alaska and Bank of America by: increasing investment in the Atmos Rewards brand, Alaska and Hawaiian's lounge program, and enhancing the suite of credit cards; enhancing technology and the cardholder experience, including expanded benefits across multiple card offerings. Alaska and Bank of America are working toward BofA becoming the single issuer of all co-brand credit cards for the Atmos Rewards program. The expansion of the card portfolio is expected to accelerate the growth of Alaska's loyalty platform beyond the incremental $150M in profit outlined in the Alaska Accelerate strategy.

Alaska Air down 2% at $42.71 after Q1 earnings miss, suspended guidance

Reports Q1 CASM ex up 6.3%.