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The S&P 500 declined 0.7% and the Nasdaq Composite fell 1%. Turbulence for airline stocksAirline stocks have also been pummeled this week, as years of safety issues at Boeing continue to plague the industry. The NYSE Arca Global Airline index, which tracks the performance of major American and overseas airlines, is on track to end the week 2.2% lower. But Liz Young, head of investment strategy at SoFi, notes that the S&P 500 hasn’t seen a one-day decline of 2% or more since last February. AI up-and-comer Super Micro Computer will join the benchmark S&P 500 index on Monday.
Persons: New York CNN — Stocks, shrugged, Gold, Bitcoin, Dow, Price, , Ken Tjonasam, Max, Robert Jordan, Liz Young, Young, “ It’s, What’s, Jensen Huang Organizations: New, New York CNN —, Federal Reserve, Nasdaq, Dow, Global, Airline, Boeing, Latam, Wall, Southwest Airlines, Airbus, “ Boeing, , JPMorgan Chase, NYSE Arca, Nvidia, Computer, Investors, Federal, Market Committee, Fed, National Association of Home Builders, Census Bureau, National Association of Realtors Locations: New York, Australia, New Zealand, Wells Fargo
DALLAS (AP) — Southwest Airlines' third-quarter profit fell 30% to $193 million despite record revenue as leisure travel boomed over the summer. The airline's labor costs rose sharply, however, more than offsetting the increase in revenue. Shares of Southwest Airlines Co. slid nearly 5% before the opening bell. That helped the airline last year, but international travel has been stronger this year, boosting other airlines more than Southwest. All of the airlines face higher labor costs, but unlike its three closest rivals, Southwest has not reached agreement with its pilots on a new labor contract.
Persons: Robert Jordan Organizations: DALLAS, Airlines, Southwest, Southwest Airlines Co, Revenue, Labor Locations: United States, Southwest
Consumers have more cash on hand now than before the pandemic, according to a July analysis from the JPMorgan Chase Institute. So, what do corporate earnings reveal about the health of the consumer? “The consumer is in good financial shape, particularly the premium consumer base that we target,” Ed Bastian, chief executive of Delta Air Lines (DAL), said last month. “Both the lower-income consumer and our higher-income consumers are showing really good strength,” said Brian Niccol, chief executive of Chipotle, during the company’s post-earnings call. “The macro effects of higher inflation and a slowing US economy have put increased pressure on the price-sensitive consumer,” said Chip Bergh, chief executive of Levi Strauss.
Persons: Taylor Swift’s, ” Ed Bastian, , Robert Jordan, “ We’re, Laxman Narasimhan, Chipotle, Brian Niccol, Levi Strauss, LEVI, Chip Bergh, , Tarang Amin, Zachary Kirkhorn, Peter Valdes, Kirkhorn, Tesla, Elon Musk’s, Vaibhav, Read, Jennifer Korn, it’s, Google Organizations: CNN, JPMorgan Chase Institute, Airlines, Consumers, Delta Air Lines, DAL, Southwest Airlines, Papa Johns, Apparel, Tesla, Google Locations: United States, Pacific, Papa Johns ’ North, bitcoin
July 28 (Reuters) - Southwest Airlines (LUV.N) has exercised options for the delivery of 30 Boeing 737 MAX 7 planes next year, and converted 24 existing MAX 7 orders to MAX 8, the company said in an SEC filing on Friday. Southwest's decision to convert some MAX 7 orders to the MAX 8 model, which is already in operation, would buffer the impact of the delivery delays. On Thursday, Southwest Airlines issued disappointing forecasts for the current quarter and full year after missing estimates for second-quarter results, fueling concerns about the strength of domestic travel demand in the United States. Southwest Airlines has plans to fly the MAX 7 "at some point next year", but if not, it would take MAX 8 orders instead, CEO Robert Jordan said on a post-earnings call on Thursday. (This story has been corrected to say Southwest, not Boeing, issued forecast on Thursday in paragraph 4)Reporting by Savyata Mishra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
Persons: Robert Jordan, Savyata Mishra, Devika Organizations: Southwest Airlines, Boeing, SEC, Federal Aviation Administration, Thomson Locations: United States, Bengaluru
Pete Buttigieg gave the airline a deadline for refunds, but it came and went. John Erickson, a Southwest passenger who was stuck in Denver for three days after Southwest canceled his flight, told WFLA the airline told him it would take months to receive his refund. In a statement provided to Insider, Southwest rebuked the possibility it engaged in unrealistic flight schedules. Southwest previously told Insider last week it was still working daily to process refund and reimbursement requests from passengers. The spokesperson said DOT "will hold Southwest accountable if it fails" to issue timely refunds or reimbursements.
Two teachers from Wauwatosa, Wisconsin, were among thousands to have Southwest flights canceled. Marcus and Andrea Grasenick said they missed their honeymoon cruise after a canceled flight. Eleven days later, Andrea Grasenick was still waiting on her two suitcases to be returned. "I could see our bags outside in the snow from inside the airport," Andrea Grasenick told Insider. The airline canceled over 2,900 flights on December 26, accounting for about half of all canceled flights across the world that day.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI'm proud we're the first airline to reinstate its dividend in full, says Southwest CEO Bob JordanSouthwest CEO Robert Jordan joins 'Power Lunch' to discuss reinstating the company's dividend, airline demand estimates for 2023 and the supply chain struggles with Southwest's Boeing delivery plan.
Robert Jordan and Olivia Wagner, authors of "Right Leader, Right Time," say there are 4 leadership styles: fixers, artists, builders, and strategists. In their book "Right Leader, Right Time: Discover Your Leadership Style for a Winning Career and Company," they identity four types of business leaders: fixers, artists, builders, and strategists. Here are the four types of business leaders Jordan and Wagner identified:The fixerWhen things are turbulent, it's time to bring in the fixer. Like the fixer leader, the builder doesn't usually stick around forever, often leaving for another organization once the job is done to start over again. Knowing who is right — and whenTo make the best leadership decisions, companies should frequently take stock of where they're at and where they're headed.
Pilots talk as they look at the tail of an American Airlines aircraft at Dallas-Ft Worth International Airport. American Airlines ' pilots union is weighing an offer for higher raises in a new two-year contract proposal, the latest attempt to seal up a labor deal at the country's largest airline. The total would be higher than the raises American offered in June. Pilots are in short supply and regional airlines, where the shortage is most acute, have raised wages sharply this year. Those hikes included American Airlines' subsidiaries where pilots got 50% increases through August 2024.
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