Midday Report: Delta Cuts Quarterly Forecast; Brexit Woes Weigh on Markets

Uncertainty over the timeline and execution of the United Kingdom's exit from the European Union left markets rattled. The S&P 500 pulled back from gains achieved last week in what was its best five-day performance of the year. Delta (DAL) - Get Report cut its profit margin forecasts for its June quarter. The airline pointed to a five percent decline in passenger revenue last month and the higher cost of fuel as reason for the weaker-than-expected quarter. Harley-Davidson (HOG) - Get Report declined, giving back much of the gains achieved on Friday. Shares had surged on speculation of a possible takeover deal from private-equity firm KKR in the pipeline. Netflix (NFLX) - Get Report was downgraded to HOLD from BUY at Needham. The firm said exposure to Europe should either accelerate subscriber churn or slow subscriber growth.