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The price of the XRP token fell by as much as 11% Thursday following the Securities and Exchange Commission's (SEC) decision to appeal a federal court ruling last year that found XRP (XRPUSD) is not a security when algorithmically sold to retail investors via exchanges. XRP has since given up some of those losses and was trading roughly 3% lower at 52 cents in recent trading.

This ruling had been seen as a partial victory for XRP's developer, Ripple Labs, and the broader crypto industry, with U.S. District Judge Analisa Torres stating in the July 2023 order that the XRP token itself is not a security. However, the the court did view institutional XRP sales as unregistered securities offerings.

The SEC’s renewed push against Ripple continues after it initially sought $2 billion in damages in the case, although the court ordered Ripple to pay only a $125 million penalty.

"The SEC's decision to appeal is disappointing, but not surprising," Ripple Chief Legal Officer Stuart Alderoty posted late Wednesday on the social media platform X in response to the SEC's court filing.

This legal development came just hours after crypto asset manager Bitwise filed to offer for the first spot XRP ETF Wednesday. The SEC's appeal likely weakens the potential for the proposed spot XRP ETF to be approved anytime soon.

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Delta Air Lines (DAL) reports third-quarter results before the bell next Thursday, Oct. 10, its first report since July's worldwide IT outage caused by a CrowdStrike (CRWD) software update forced the carrier to cancel thousands of flights, costing it an estimated $500 million.

Analysts expect a slight year-over-year gain in revenue to $15.69 billion, with net income projected to tick lower to $1.10 billion, according to analysts' consensus estimates compiled by Visible Alpha.

All 10 analysts covering Delta tracked by Visible Alpha have a "buy" or equivalent rating on the airline's stock, with an average target price of $61.40, about 30% above Thursday afternoon's share price of $47.38.

In July, Delta posted record second-quarter revenue, but a number of costs rose at least 20%, leading profit to come in well below what analysts had expected, and shares fell 4% that day.

Revenue could continue its strong pace set in the first two quarters of the year, as airlines have said travel demand has remained strong, with July 4 travel setting TSA checkpoint records. However, Delta is also likely to have lost out on some revenue and incurred costs handling the mid-July IT outage.

Delta's Q2 results came about a week before the IT outage that hindered Delta's operations for several days. Chief Executive Officer (CEO) Ed Bastian estimated that the canceled flights and compensation for passengers cost the airline at least $500 million.

Delta was the hardest hit of the major airlines, and said it has considered legal action against CrowdStrike and Microsoft (MSFT), but the tech companies have said they aren't responsible for the age of Delta's IT infrastructure or how the airline responded to the outage.

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Shares of Hims & Hers Health (HIMS) sank Thursday after the Food and Drug Administration (FDA) said Eli Lilly’s (LLY) popular weight-loss treatments, Mounjaro and Zepbound, were no longer on its list of drugs in short supply.

The change could hurt Hims & Hers, which makes copycat weight-loss drugs, and has benefited from the limited availability of some obesity medicines.

The FDA allows companies to produce compounded drugs, which combine the key ingredient in the patented version with other drugs, when the originals are hard to obtain. However, the FDA's latest decision will prohibit other companies from making copycat versions of Eli Lilly's drugs.

Hims & Hers shares had also taken a hit in August after Eli Lilly said that it would be selling its two lowest doses of the medicine in vials that patients could measure themselves, saving money compared to pre-filled injectables. 

Shares of Hims & Hers were down 11.4% at $16.77 in Thursday afternoon trading, though despite Thursday’s decline, they've gained close to 90% since the start of the year.

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Constellation Brands (STZ),  the maker of Corona and Modelo beers, posted mixed second-quarter results as wine and spirits sales sank.

The company reported second-quarter fiscal 2025 diluted earnings per share of $4.32, above estimates from analysts surveyed by Visible Alpha. However, revenue was short of forecasts, rising 2.9% to $2.92 billion.

Constellation Brands shares were down 3.9% in mid-afternoon trading, leading S&P 500 decliners on Thursday.

Beer sales mainly increased. Second-quarter sales of Modelo Especial, the top selling beer in the U.S., rose 5% and those of Pacifico surged around 23%, while those of Corona Extra dropped 3%.

Wine and spirits sales fell 12% to $388.7 million, however, dragged down by a 9.8% slide in shipment volumes. 

CEO Bill Newlands said “the current macroeconomic backdrop has weighed on demand for beverage alcohol,” as well as overall consumer packaged goods.

The company said it sees full-year net sales growth in the range of 4% to 6%, with beer sales up 6%-8% and wine and spirits sales down 4% to 6%.

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U.S. equities were mixed at midday as a report on initial jobless claims came in higher than expected one day ahead of the release of the September employment report. The Dow Jones Industrial Average was lower, the Nasdaq was higher, and the S&P 500 little changed.

Constellation Brands (STZ) shares dropped as the alcoholic beverage maker reported a drop in wine and spirits sales and cut its guidance on lower demand for those drinks.

Shares of Tesla (TSLA) declined following news the electric vehicle (EV) maker had recalled more than 27,000 of its Cybertrucks because of a problem with the rearview camera.

Stellantis (STLA) shares sank as the carmaker's U.S. unit saw a big decline in sales, and the stock was downgraded by Barclays.

Shares of Valero (VLO), Diamondback Energy (FANG), and others in the oil industry gained as crude prices continued to rise on concerns about a possible escalation of fighting in the Middle East.

EVgo (EVGO) shares soared as the EV charging station provider received a $1 billion government loan guarantee.

Southwest Airlines (LUV) shares advanced when billionaire board member Rakesh Gangwal bought more than $100 million worth of the carrier's stock.

Gold prices were little changed. The yield on the 10-year Treasury was up. The U.S. dollar gained on the euro, pound, and yen. Most major cryptocurrencies traded down.

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Starbucks (SBUX) added to its efforts to protect its supply chain from the effects of climate change Thursday, announcing the acquisition of two new Central American "innovation farms."

The coffee giant, which said it buys 3% of the world's coffee, noted the farms in Costa Rica and Guatemala will focus on growing hybrid varieties of coffee beans at different elevations and soil types, which Starbucks says "is a critical step in the research of new genetic material."

Starbucks, which EVP of Global Coffee and Sustainability Michelle Burns said works with more than 450,000 farms that grow Arabica coffee, plans to share the information it learns about developing disease-resistant coffee with other producers.

"Our promise to those farmers and their communities is that we will always work to ensure a sustainable future of coffee for all," Burns said. "Our solution is to develop on-farm interventions, share seeds, research and practices across the industry to help farmers mitigate the impacts of climate change."

Climate change has made coffee more difficult to grow by shifting temperatures and rain patterns, which can reduce supply and increase prices for consumers. Starbucks said it has plans to invest in more farms across Africa and Asia as it works to grow its "coffee innovation network."

New Starbucks Chief Executive Officer (CEO) Brian Niccol, who took over the top job last month, faces issues including recent struggles in the U.S. and China, and pressure from activist investors to improve sales and its stock price. Starbucks shares, which fell about 1% to $95.62 Thursday morning, are little changed on the year.

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