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Delta Air Lines and Bristol-Myers Squibb stocks are currently trading at discounts to their estimated fair values amid new operational catalysts. Bristol-Myers recently received EU approval for Opdivo, while Delta announced a $1 billion investment to retrofit its Airbus fleet starting in 2027. Despite carrying only 18% of passengers, Delta captures half of all U.S. airline profits, supported by customers paying a 20% premium for its reliable service.