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Check out the companies making headlines in midday trading: Adobe — The software stock surged 14% on stronger-than-expected quarterly results. Adobe posted adjusted earnings of $4.48 per share on $5.31 billion in revenue and boosted its full-year guidance. JPMorgan also upgraded shares to overweight from neutral. Hasbro — The toymaker's shares jumped 4.8% on the back of an upgrade from Bank of America to buy from neutral. Dell Technologies — The PC maker fell more than 1% after CEO Michael Dell disclosed the sale of 5.7 million shares.
Persons: RH, LSEG, Zscaler, Keith Gill, Stellantis, Michael Dell, , Alex Harring, Michelle Fox, Pia Singh Organizations: Adobe, JPMorgan, Wall, Hasbro, Bank of America, Zero Trust Network Security, Boeing — Boeing, Federal Aviation Administration, Airbus, New York Times, GameStop, Dell Technologies Locations: Bank, U.S
Some recently manufactured Boeing and Airbus jets have components made from titanium that was sold using fake documentation verifying the material’s authenticity, according to a supplier for the plane makers, raising concerns about the structural integrity of those airliners. The falsified documents are being investigated by Spirit AeroSystems, which supplies fuselages for Boeing and wings for Airbus, as well as the Federal Aviation Administration. The investigation comes after a parts supplier found small holes in the material from corrosion. regarding procurement of material through a distributor who may have falsified or provided incorrect records,” the statement said. “Boeing issued a bulletin outlining ways suppliers should remain alert to the potential of falsified records.”
Persons: Spirit AeroSystems, , Organizations: Boeing, Airbus, Federal Aviation Administration, “ Boeing
CNN —Federal authorities and Boeing are trying to figure out why a 737 Max 8 experienced a rare, unsafe back-and-forth roll during flight. There were no injuries onboard Southwest Airlines flight 746 on May 25, according to the airline and a preliminary report by the FAA. It is unclear if the damaged unit led to or was a result of the roll. The plane has not flown since landing in Oakland, California after the incident, except to move it to a Boeing facility in Washington state. Southwest told CNN it referred the incident to the FAA and National Transportation Safety Board and is participating in and supporting the investigation.
Organizations: CNN, Federal, Boeing, Max, Federal Aviation Administration, Southwest Airlines, FAA, Southwest, National Transportation Safety Board, NTSB, Authorities Locations: Oakland , California, Washington, Dutch
Washington DC CNN —Federal Aviation Administration chief Mike Whitaker said his agency is partly responsible for the safety problems at Boeing, admitting that it had been “too hands off” in its oversight of the troubled aircraft manufacturer. But he also said that the FAA was not blameless in that incident. Whitaker said that the FAA previously had 24 inspectors at Boeing and Spirit and that the number was in the low 30s now. But Whitaker said that Boeing needs to make changes as well to improve the safety of its planes. “There must be a fundamental shift in the company’s safety culture in order to holistically address its quality and safety challenges,” he said.
Persons: Mike Whitaker, Whitaker, , , ” Whitaker, We’ve Organizations: Washington DC CNN — Federal Aviation Administration, Boeing, Senate, Alaksa Airlines, FAA, Boeing’s South Locations: Boeing’s, Boeing’s South Carolina, Renton , Washington
The Federal Aviation Administration’s top official acknowledged on Thursday that the agency failed to adequately oversee Boeing and that it should have had better visibility into the plane manufacturer’s safety practices long before a door panel blew off a plane while it was in flight on Jan. 5. Mike Whitaker, the agency’s administrator, appeared before the Senate Commerce, Science and Transportation Committee weeks after Boeing, which has experienced a spate of problems, submitted a comprehensive plan detailing how it would overhaul its quality control practices and safety culture. “The F.A.A.’s approach was too hands-off, too focused on paperwork audits and not focused enough on inspections,” Mr. Whitaker said. “We have changed that approach over the last several months, and those changes are permanent.”Mr. Whitaker said the changes included permanently increasing the agency’s use of in-person inspections and barring Boeing from increasing production of its 737 Max jets until the agency is satisfied with the company’s quality control and safety improvements. will also continue to maintain a presence at the company’s factories and one of its suppliers, Spirit Aerosystems.
Persons: Mike Whitaker, Mr, Whitaker, , Aerosystems Organizations: Federal Aviation, Boeing, Senate Commerce, Science, Transportation
Boeing 737 MAX airplanes are pictured outside a Boeing factory on March 25, 2024 in Renton, Washington. The results released Tuesday compared unfavorably with Europe's Airbus, which reported orders for 27 new planes in May. Boeing also saw Aerolineas Argentinas cancel an order for a single Max jet, bringing its net sales for the month to three. The dismal results followed poor figures for April, when Boeing reported seven sales — none of them for the Max. Despite the slow pace of recent sales, Boeing still has a huge backlog of more than 5,600 orders.
Persons: , Aerolineas, Max Organizations: Boeing, Airbus, Federal Aviation Administration, Alaska Airlines Max, Ryanair, Alaska Airlines Locations: Renton , Washington, Arlington , Virginia
CNN —SpaceX’s Starship, the most powerful launch vehicle ever built has lifted off on its fourth flight test on Thursday. The flight test comes two days after the Federal Aviation Administration, which licenses commercial rocket launches, gave SpaceX its approval. “The fourth flight of Starship will aim to bring us closer to the rapidly reusable future on the horizon,” according to SpaceX. After the explosive first and second Starship test flights, the company immediately sought to frame these mishaps as successes. But both the Starship spacecraft and booster made it farther into flight than the two previous tests in 2023.
Persons: CNN — SpaceX’s, , “ We’re, Chandan Khanna, Elon Musk, Topping, Artemis —, Artemis Organizations: CNN, SpaceX, Federal Aviation Administration, NASA’s, Program, Boeing, NASA, International Space, Super, Getty Locations: Boca Chica , Texas, Gulf, Mexico, United States, China
One expert said eVTOLs fly at low altitudes and could create airspace and security challenges. The US's first electric vertical-takeoff and -landing aircraft are expected to fly commercial passengers as soon as 2025. It still needs further approvals to fly for airlines like United, but the latest certificate puts it one step closer. Archer's Midnight aircraft are typically shorter range, with the Midnight flying up to 100 miles on one charge. Joby plans to use the four urban vertiports as a citywide commercial eVTOL air link around Dubai.
Persons: eVTOLs, , Archer, Bryan Bernhard, Bernhard, Archer's, Pete Syme, Henry Harteveldt, Joby, Rani Plaut, Harteveldt, Bernard, Archer Aviation's, Archer Aviation Bernhard Organizations: Infrastructure, Service, Royal Aeronautical Society, American Airlines, United Airlines, Virgin Atlantic Airways, US Air Force, JPMorgan, Newark Liberty International, O'Hare International, Archer, Midnight, Joby Aviation, FAA, NASA, Joby, Air, Delta Air Lines, Federal Aviation, Archer Aviation Locations: Manhattan, New Jersey, Chicago's, Henry, Dubai, Japan, New York City, San Francisco, Washington, London, Paris
CNBC Daily Open: Nvidia pushes past $3 trillion
  + stars: | 2024-06-06 | by ( Abid Ali | ) www.cnbc.com   time to read: +3 min
CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia passes AppleArtificial intelligence chipmaker Nvidia surpassed the $3 trillion market capitalization mark, pushing past Apple to become the second most valuable company behind Microsoft. Baron backs Musk's pay dealBillionaire investor Ron Baron has publicly defended Elon Musk's controversial $56 billion Tesla pay package. Elliott retakes SoftBank stakeElliott Management, an activist investor, has taken a $2 billion stake in SoftBank and is pushing for a $15 billion share buyback. In 2020, at Elliott's urging, SoftBank launched a $20 billion share buyback and asset disposal program.
Persons: Ron Baron, Elon, Baron, Elliott retakes SoftBank, Elliott, SoftBank, Son's, Archer, Goldman Sachs Organizations: New York Stock Exchange, CNBC, Nvidia, Nasdaq, Hewlett Packard Enterprises, Dow Jones, Treasury, Apple, Microsoft, Baron Capital, Elliott Management, Electric, FAA, Archer Aviation, Federal Aviation Administration, United Airlines Locations: New York City, U.S, Tesla, Delaware, SoftBank, Elliott's
Check out the companies making headlines in midday trading: CrowdStrike — The cybersecurity company popped 9% after posting a strong outlook and a first-quarter results beat. Dollar Tree — Shares of the discount retailer fell more than 4% after second-quarter guidance came in below expectations. Dollar Tree said it expected between $1 and $1.10 in adjusted earnings per share, while analysts surveyed by FactSet had penciled in $1.19 per share. Verint reported adjusted earnings of 59 cents per share on revenue of $221.3 million in the first quarter. Analysts surveyed by LSEG had anticipated just 54 cents in earnings per share and $214.5 million in revenue.
Persons: CrowdStrike, LSEG, FactSet, Kerrisdale, Brown, Forman, Verint, Tommy Hilfiger, PVH, Fadi Chamoun, Goldman Sachs, Goldman, KeyBanc, Lisa Kailai Han, Pia Singh, Yun Li, Sean Conlon, Jesse Pound, Samantha Subin Organizations: Hewlett Packard Enterprise, GameStop, AMC, Kerrisdale, FactSet, SAP, Archer Aviation, Federal Aviation Administration, Systems, Materials, KLA, Barclays, Taiwan Semiconductor Manufacturing, Authentic Brands, Old Dominion, BMO Capital Markets, Nvidia, America's, Jazz Pharmaceuticals Locations: China
The pilots of the Delta flight aborted their takeoff run following a frantic call from the air traffic controller in the tower. The two planes came within 1,400 feet of colliding, NTSB data released earlier this year found. It also follows two recent runway incursions at Ronald Reagan Washington National Airport, including one being investigated by the NTSB. Known as ASDE-X, the NTSB says the system helped stop the impending collision at JFK, but it is deployed at only 35 major airports in the United States. Such a recording would have provided key details about what happened, the NTSB said.
Persons: John F, Ronald Reagan, we’ve, Jennifer Homendy, Homendy Organizations: CNN, Kennedy International, National Transportation Safety Board, American Airlines Boeing, Delta Air Lines Boeing, NTSB, Federal Aviation Administration, JFK, Thursday’s NTSB, FedEx, Ronald Reagan Washington National Airport, FAA Locations: JFK’s, Thursday’s, Austin , Texas, Southwest, Ronald Reagan Washington, JFK, United States
Boeing CEO to testify in Senate hearing June 18
  + stars: | 2024-06-05 | by ( Leslie Josephs | ) www.cnbc.com   time to read: +2 min
Boeing CEO Dave Calhoun will testify before a Senate panel on June 18 to answer lawmaker questions about whistleblower allegations and quality control at the aircraft maker as it navigates a safety crisis. The hearing comes after a company engineer alleged the assembly of Boeing's 787 Dreamliners put excessive stress on the planes and reduce their lifespans, allegations Boeing called inaccurate. "We are committed to fostering a culture of accountability and transparency while upholding the highest standards of safety and quality." Boeing has been trying to regain its footing in the wake of two deadly crashes of its bestselling 737 Max in 2018 and 2019. Calhoun in March said he would step down by year's end, part of a broad executive shake-up at the plane maker.
Persons: Dave Calhoun, Sen, Mark Warner, Calhoun's, Richard Blumenthal, Conn, Dreamliners, Max, Calhoun Organizations: Capitol, Washington , D.C, Boeing, Investigations, Federal Aviation Administration, Alaska Airlines, FAA Locations: Washington ,
Midnight, an all-electric aircraft from company Archer Aviation, is seen at the Salinas Municipal Airport in Salinas, California, on Aug. 2, 2023. The Federal Aviation Administration has granted Archer Aviation a key certification that gets the electric air taxi maker closer to eventually flying travelers, the company said Wednesday. United is working with Archer on what it would look like to enter the electric aircraft into service. Archer has partnered with automaker Stellantis to produce hundreds of the electric air taxis. On Tuesday, Joby said it plans to acquire the autonomy division of autonomous aviation company Xwing.
Persons: Archer, Adam Goldstein, Goldstein, couldn't, Andrew Chang, Joby Organizations: Archer Aviation, Salinas Municipal Airport, Federal Aviation Administration, United Airlines, CNBC, FAA, Joby Aviation, U.S . Air Force, Delta Air Lines Locations: Salinas, Salinas , California, Manhattan, Newark , New Jersey
CNN —SpaceX has received a launch license authorizing the fourth test flight of its massive moon rocket. A livestream of the flight test will be available on SpaceX’s website about 30 minutes before liftoff. “In addition, the FAA approved the mission profile that included a controlled and uncontrolled entry of the Starship vehicle. After the explosive first and second Starship test flights, the company immediately sought to frame these mishaps as successes. The nearly hour-long third test flight, conducted in March, achieved several milestones before breaking apart after reentry, rather than splashing down in the Indian Ocean.
Persons: , “ We’re, Elon Musk Organizations: CNN, SpaceX, Federal Aviation Administration, Super, FAA, NASA Locations: Boca Chica , Texas, Gulf, Mexico, United States, China
Boeing 737 Max 8 fuselages manufactured by Spirit Aerosystems in Wichita, Kansas are transported on a BSNF train heading west over the Bozeman Pass March 12, 2019 in Bozeman, Montana. The FAA ordered the report following a near-catastrophic blowout of an airplane door panel on a new 737 Max 9 earlier this year. The FAA also barred Boeing from increasing 737 Max production until the agency was satisfied with Boeing's quality control improvements. The crisis has again tarnished Boeing's reputation, opened it to more federal scrutiny and forced it to slow 737 Max output. Boeing Chief Financial Officer Brian West last week said the company expects to burn cash this year, instead of generating cash.
Persons: Spirit Aerosystems, Dave Calhoun, Max, Mike Whitaker, Brian West, Calhoun, , West Organizations: Boeing, Max, Spirit, Federal Aviation Administration, FAA, Alaska Airlines, United, Southwest Locations: Wichita , Kansas, Bozeman, Bozeman , Montana
An Amazon delivery drone is on display at Amazon's BOS27 Robotics Innovation Hub in Westborough, Massachusetts, on Nov. 10, 2022. The company said it will expand its delivery area in College Station, Texas, one of the cities where it has been conducting tests. The technology has been a key tool for other drone delivery companies, such as Zipline, looking to operate beyond visual line of sight, or BVLOS. The e-commerce giant's drone delivery service, Prime Air, has struggled since Amazon founder Jeff Bezos laid out his vision for the program more than a decade ago. Last month, Amazon said it would end its drone operations in California and begin deliveries in Phoenix, Arizona, later this year.
Persons: Amazon, Jeff Bezos Organizations: U.S, Amazon, Federal Aviation, College Station ,, Prime Air, Station ,, Prime Locations: Westborough , Massachusetts, College Station, College Station , Texas, Station, Station , Texas, Houston, Sacramento, California, Phoenix , Arizona
Donald Trump has reportedly sold one of his personal jets to a Republican donor. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementDonald Trump has seemingly sold one of the planes from his prized fleet of private jets to a Republican donor. As Business Insider previously reported, on May 13, Trump's 1997 Cessna Jet was deregistered from the Trump Organization's DT Air Corp. This story is available exclusively to Business Insider subscribers.
Persons: Donald Trump, Trump, Organizations: Cessna, Service, Trump Organization's DT Air Corp, Fleet Holdings, Federal Aviation Administration, Business Locations: Dallas, Dallas , Texas
Boeing’s top executives delivered a plan to improve quality and safety to the Federal Aviation Administration on Thursday, vowing to address systemic issues that have damaged the company’s reputation and put the aircraft manufacturer at the center of several federal investigations. Boeing detailed these and other steps during a three-hour meeting with the F.A.A.’s administrator, Mike Whitaker, where the company submitted a “comprehensive action plan” that the regulator ordered in February. Mr. Whitaker had given Boeing 90 days to develop a plan to make sweeping safety improvements after a midcabin panel known as a door plug blew out of a 737 Max 9 jet flying at about 16,000 feet on Jan. 5. No one was seriously injured during the flight. said in a statement on Thursday that “senior” leaders from the agency would “meet with Boeing weekly to review their performance metrics, progress, and any challenges they’re facing in implementing the changes.”
Persons: , Mike Whitaker, Whitaker Organizations: Federal Aviation Administration, Boeing
It is unclear if Boeing will actually release its plans to the public; FAA chief Mike Whitaker is slated to speak about the Boeing plan later on Thursday. The plan is seen as a crucial step to rebuilding the safety culture and practices of the nation’s single largest exporter. Whitaker ordered the plan from Boeing after reviewing the findings of FAA auditors who visited the company’s 737 Max assembly line. The auditors were deployed in response to the January 5 door plug blowout on Alaska Airlines flight 1282, a months-old Max. The plan may be one of Boeing’s last major milestones under Calhoun, who announced in the wake of the blowout he would join other senior managers in leaving the company this year.
Persons: Dave Calhoun, Mike Whitaker, Dave Calhoun –, Whitaker, Max, Calhoun, , Organizations: Washington CNN — Aircraft, Boeing, Federal Aviation Administration, FAA, CNN, Max, Alaska Airlines, National Transportation Safety Board Locations: Renton , Washington, Wichita , Kansas, Boeing’s Renton
Washington CNN —Boeing is expected to release a plan this week to fix its endless string of safety issues that have been under federal investigation following a midflight fuselage blowout in January. Since then, the FAA and Boeing have met multiple times about the company’s progress and the plan’s scope. FAA Administrator Mike Whitaker said last week he sees the plan as only the “beginning” of a process for Boeing. Boeing later agreed to financial penalties and a deferred prosecution agreement to settle a criminal charge of defrauding US regulators. Its marching orders for the plan include addressing the audit and expert panel findings and explaining how it will integrate safety and quality assurance policies into practice.
Persons: Mike Whitaker, “ It’s, ” Whitaker, Max, Dave Calhoun, David Ryder, Whitaker, AeroSystems, Brian West, “ We’re, we’ll Organizations: Washington CNN, Boeing, Aviation Administration, FAA, ABC, Air Force, Alaska Airlines, Transportation Safety, Department of Justice, CNN, Employees, Locations: Portland , Oregon, Wichita , Kansas, Renton , Washington
Memorial Day weekend, the traditional launching pad of the summer travel season, is shaping up to set a scorching pace. United is expecting the biggest Memorial Day and summer travel season in the airline’s 98-year history, according to Andrew Nocella, United’s executive vice president and chief commercial officer. Air traffic controller shortageThe air traffic control tower at Los Angeles International Airport is a busy place. The United States is still short thousands of air traffic control personnel. Markus Mainka/imageBROKER/ShutterstockDespite a surge in hiring last year, air traffic control stations nationwide are still about 3,000 controllers short, according to new FAA numbers.
Persons: it’s, Andrew Nocella, Markus Mainka, Scott Keyes, , ” Keyes, Tayfun, Bob Thomas, haven’t, Elijah Nouvelage, Keyes, , Antonio Masiello, he’s, Angela Fritz Organizations: CNN, Federal Aviation Administration, Transportation Security Administration, TSA, American Airlines and United Airlines, Airlines for America, Airlines, America, Air, Los Angeles International, FAA, CNN Travel, San Francisco International, Anadolu Agency, Embry ‑ Riddle Aeronautical University, Aircraft, Travelers, Hartsfield, Jackson Atlanta International Airport, Getty Locations: United States, New York City, Florida, New York, Miami, Chicago, Atlantic, AFP, Rome, Europe, Mexico, Australia, Paris, Iceland, Dublin, CNN’s
Road trips, in particular, are expected to set a record, which could send gas prices higher. But, just as a US president cannot solely take the blame for surging oil prices, nor can he or she, in most cases, be entirely credited for steadying prices. “This is a non-starter and won’t do much to lower gas prices,” GasBuddy’s Patrick DeHaan said. In the wake of Russia’s invasion of Ukraine in 2022, Biden attempted to stem rising oil prices by authorizing the release of 180 million barrels of oil in coordination with US allies overseas. Gas prices have remained steady in recent weeks after rising sharply at the end of winter.
Persons: Biden, Jennifer Granholm, , ” GasBuddy’s Patrick DeHaan, Obama’s, Sandy, Tom Kloza, , Kloza, Matt Egan Organizations: CNN, AAA, Federal Aviation Administration, Gasoline Supply, , Congress, US Energy Information Administration, US Department of Energy, Oil Price Information Service Locations: New York, Maine, Ukraine
New York CNN —Buying or selling a stock is about to get a lot snappier starting next Tuesday. But that doesn’t mean it’ll get smoother, at least right away — and some financial firms are preparing to handle any possible bumpiness. Clearinghouses, which sit between buyers and sellers, collect margins from traders as evidence that they can afford to make the transaction. Baird has had a T+1 committee in place since last summer to ensure such hiccups don’t happen, Lee said. “The existing two-day period to settle trades exposes investors and the industry to unnecessary risk and is ripe for change,” Robinhood CEO Vlad Tenev said in a February 2021 release.
Persons: , That’s, ” Gary Gensler, , Rich Lee, Baird, Lee, Reddit, Vlad Tenev, Max, Gregory Wallace, Brian West, Mike Whitaker, ” “, ” Whitaker, Read, Meta, that’s, Clare Duffy, Patrick Collison, Nat Friedman, Tobi Lütke, Charlie Songhurst, White, OpenAI Organizations: CNN Business, Bell, New York CNN, Securities and Exchange Commission, Employees, GameStop, AMC Entertainment, AMC, Robinhood, Investors, Boeing, FAA, Federal Aviation Administration, Wolfe Research, ABC, Microsoft, Meta Locations: New York, OpenAI
A month ago, West forecast Boeing would generate free cash flow "in the low single-digit billions." The company's aircraft deliveries in the first quarter fell to the lowest level since the pandemic. Other problems have also sprung up, including a pause on deliveries of 737 Max planes to China to review batteries for the cockpit voice recorder. Parts shortages have also slowed deliveries of 787 Dreamliners, Boeing has said. American Airlines last month said it would cut some international flights because of delays of the wide-body jets.
Persons: Brian West, West, Dave Calhoun, Max Organizations: American Airlines Boeing, Reagan National, FAA, Boeing, Wolfe Research, Federal Aviation Administration, Civil Aviation Administration, China, American Airlines, United Airlines, Southwest Airlines Locations: Los Angeles, United States, Washington , U.S, China
CNN —Boeing will present its plan to fix quality problems with its assembly line to US regulators next week, the company said Thursday. The FAA said it audited the production line at Boeing and its key 737 Max supplier and found “multiple instances where the companies allegedly failed to comply with manufacturing quality control requirements.” It gave Boeing 90 days to present a plan — and that deadline is next week. Boeing chief financial officer Brian West said Thursday that Boeing and the FAA have had “lots of dialogue” including two check-ins during the preparation of the plan. “Our objective is to make sure the mechanic is fully prepared to do the work as intended,” West said. “We have frustrated and disappointed our customers because of some of the production supply chain issues that we’re up against,” West said.
Persons: Max, Brian West, , , Mike Whitaker, ” “, ” Whitaker, West, ” West, AeroSystems Organizations: CNN, Boeing, Federal Aviation Administration, FAA, Wolfe Research, ABC News, , Airbus
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