Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through its biggest hubs in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta has historically earned most of its international revenue and profits from flying passengers over the Atlantic Ocean.

After a spike in market volatility last spring, as the war in Iran kicked into higher gear and oil prices jumped, the closely watched VIX Volatility Index has declined back below its historical average of 20 and appears calm ahead of the next earnings season. Meanwhile, stock prices generally continue to crawl ahead; the S&P 500 is within 1% of all-time highs and the Nasdaq Composite recently reached a new record level. The low VIX in some respects is a bit of a surprise, given the war in Iran, the high price of oil, stubborn inflation trends, upcoming mid-term elections, and a new upcycle in the fed funds rate. That said, our 2026 "base case" has called for the bull market to soldier on, supported by solid growth in the U.S. economy (and no recession) and double-digit EPS growth. Valuations also appear reasonable, supported by the strong profit growth trend. Back to the market, the current VIX reading is south of 15.0, which is well below historical average of 20 and is consistent with a bull market. Indeed, during the long bull market in the 2010s, the VIX averaged 18 and even touched lows below 10 in 2017. We continue to think that the S&P 500 is in the mid-stage of a bull run that dates to October 2022. And while the path for equities won't be straight up, we suggest investors favor high-quality domestic stocks in their portfolios at the current market and economic juncture.

Vickers Stock Research, a subsidiary of Argus Research Group, tracks and analyzes insider trading and institutional stock ownership trends. Form 13-Fs, which institutions must file to report their holdings, are due 45 days after the end of calendar quarters, and have now come in for 2Q26. We like to review the 13Fs of the major investors -- including Two Sigma, Ark Investments, Citadel, and Berkshire Hathaway, among others -- in order to determine their core holdings and new purchases. Here are some recent new purchases and key holdings of some of the bigger institutional investors, according to Vickers. The ratings noted are the Argus rating.

Atlanta-based Delta Air Lines is one of the world's largest airlines, with a network of over 300 destinations in more than 50 countries. Delta operates a hub-and-spoke network, where it gathers and distributes passengers across the globe through its biggest hubs in Atlanta, New York, Salt Lake City, Detroit, Seattle, and Minneapolis-St. Paul. Delta has historically earned most of its international revenue and profits from flying passengers over the Atlantic Ocean.