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☆ Boeing got the easy part done. Now comes the tougher, existential problems
▼ + stars: | 2024-11-12 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

But its more serious problems – ongoing massive losses, quality and safety problems – are as bad as ever, and could even get worse. Renewed problems in ChinaAmong the most serious problems Boeing faces is President-elect Donald Trump’s promise to impose large tariffs on imports from China. “There needs to be a full accounting for everything they do.”Need for new planesAnd there’s yet more mess Boeing needs to sort out. Ortberg told investors last month that Boeing needs to reduce its portfolio and repair its balance sheet so that Boeing has “a path to the next commercial aircraft.”The good news for Boeing is it is in little danger of going out of business, despite its many problems. And Airbus has a backlog of orders stretching back years, as does Boeing, so airline customers can not easily switch orders from one to the other.

Persons: New York CNN —, It’ll, Kelly Ortberg, “ We’re, Donald Trump’s, Trump’s, ”, Richard Aboulafia, Max, “, Ortberg Organizations: New, New York CNN, Boeing, Trump, Airbus, Federal Aviation Administration, Alaska Airlines, FAA, Alaska Locations: New York, China

☆ I've flown on Singapore's world's longest flight in business class. It was nice, but the new seats will be a game changer.
▼ + stars: | 2024-11-08 | by ( Taylor Rains | ) www.businessinsider.com time to read: +4 min

I'm exited Singapore Airlines is adding doors to business class after flying the current seat. AdvertisementIn early 2023, I flew Singapore Airlines on the world's longest flight to experience what is considered a top-tier business class. Taylor Rains/Business InsiderSince then, I've flown in door-equipped business class on Japan's All Nippon Airways and British Airways. The carrier announced plans in November to retrofit 41 Airbus A350 planes with a new door-equipped business class. Air India launched its new pod-like business class in January as it completely overhauls its brand.

Persons: I'm, —, Taylor Rains, I've, Goh Choon Phong, Skytrax's Organizations: Singapore Airlines, Service, All Nippon Airways, British Airways, Boeing 777X, Air India, Air, Turkish Airlines, American Airlines, Korean Locations: Singapore, Qatar

Unionized Boeing workers on Monday voted to accept a contract proposal, ending a seven-week strike. AdvertisementBoeing union workers approved a labor contract proposal on Monday that will increase pay by 38% over four years and end a seven-week strike. This was after Boeing union leaders endorsed the offer on Thursday. The first was when over 30,000 union workers voted to strike after being displeased with the 25% pay increase they were originally offered. The company's second offer with a 30% pay increase was withdrawn after talks broke down.

Persons: —, Jon Holden, Brandon Bryant, Boeing machinists, Brian Bryant, Kelly Ortberg, Ortberg Organizations: Bank of America, Boeing, Service, International Association of Machinists, Aerospace Workers, IAM, BI Locations: Seattle

☆ One of the world's best airlines is adding a flyer-favorite feature to its business class as premium competition heats up
▼ + stars: | 2024-11-04 | by ( Taylor Rains | ) www.businessinsider.com time to read: +5 min

Five-star carrier Singapore Airlines is investing $830 million to retrofit 41 Airbus A350 planes. Business class doors are increasingly popular as flyers demand more privacy in high-dollar cabins. The privacy door, a flyer favorite, is an increasingly popular perk in business class. Singapore opted for privacy wings instead of a door on its existing A350 business class, which Business Insider flew in January 2023. Singapore's A350-900ULR will add three business class seats but lose 36 premium economy seats to make room for first class.

Persons: —, Taylor Rains, Goh Choon Phong Organizations: Singapore Airlines, Boeing 777X, Service, Airbus, Singapore, Business, Insider Airlines, Air, American Airlines, British Airways, Korean Air, Turkish Airlines, Boeing, Qatar Airways, Cathay Locations: Qatar, Air India, Singapore, New York City, Singapore Airlines Singapore, London, Hong

☆ Boeing is looking for a $19 billion boost
▼ + stars: | 2024-10-28 | by ( Aditi Bharade | Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing is looking to raise nearly $19 billion to combat its lack of cash. It comes after Boeing reported a net loss of $6.1 billion in the third quarter. AdvertisementBoeing needs cash, and it's trying to raise almost $19 billion as the company looks to boost its liquidity. The planemaker announced Monday that it is offering 90 million common shares and about $5 billion of depositary shares for sale. Last Wednesday, Boeing reported a net loss of $6.1 billion in its third-quarter earnings.

Persons: —, Goldman Sachs, Max, Dave Calhoun, Ron Epstein Organizations: Boeing, Alaska Airlines, Service, planemaker, Bank of America, Citibank, JPMorgan Chase, Alaska Airlines Boeing

☆ Boeing had a tough 24 hours, but with CEO Kelly Ortberg's turnaround plan, analysts remain hopeful
▼ + stars: | 2024-10-24 | by ( Pete Syme | ) www.businessinsider.com time to read: +5 min

CEO Kelly Ortberg has vowed to turn around the company and laid out a four-point plan. CEO Kelly Ortberg vowed to "return Boeing to its former legacy" and said the company would focus on changing its culture. However, restoring the traditional defined-benefit pension plan — replaced with a 401(k) in 2014 negotiations — has been a key issue for many on the picket lines. Bank of America analysts estimated that restoring this pension plan would cost up to $400 million annually. Boeing's production has been limited as it faces supply-chain constraints and renewed scrutiny from regulators in the wake of January's Alaska Airlines blowout.

Persons: Kelly Ortberg, —, Manuel Valdes, William Blair, Peter McNally, China's, McNally, Morningstar's Nicolas Owens, Ortberg Organizations: Boeing, Service, CNBC, Wall Street, Labor, Seattle Times, Bank of America, Anderson Economic Group, AP, Alaska Airlines, Airbus Locations: Seattle, Pacific Northwest

☆ Boeing CEO says the company must fundamentally change as losses surge
▼ + stars: | 2024-10-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +10 min

That is the Boeing unit that has been the most troubled, but the strike affected only the last two weeks of the three-month period. Boeing reported a $2.4 billion operating loss in its space and defense business, which is not affected by the strike. “First and foremost on everybody’s mind today is ending the IAM strike,” Ortberg told investors. Members of the International Association of Machinists from Boeing hold a march during an ongoing strike in Seattle, on October 15. Fortunately for Boeing, it is not likely it will be forced out of business by its current financial crisis.

Persons: Kelly Ortberg, ” Ortberg, “ We’re, We’ve, ”, …, Starliner, “, Ortberg, Seth Seifman, Seifman, David Ryder, “ We’ve, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, CNBC, International, Station, NASA, SpaceX, IAM, JPMorgan Chase, Reuters, Alaska Airlines, Federal Aviation Administration, Airbus Locations: New York, ”, Seattle, Washington

☆ Union members reject deal with Boeing, prolonging strike
▼ + stars: | 2024-10-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —The strike by 33,000 workers at Boeing will continue after rank-and-file union members rejected an offer from the company in a vote on Wednesday and decided to remain on the picket lines instead. The membership of the International Association of Machinists voted 64% against the deal, the union announced late Wednesday. “Our members deserve more,” said Jon Holden, the president of the largest IAM local at Boeing and its chief negotiator. The offer would have raised wages for IAM members at Boeing by 35 percentage points over the four-year life of the contract, with an immediate 12% raise. Loss of pension a ‘sticking point’Among the major issues for many members was the loss of a traditional pension plan.

Persons: “, ”, Jon Holden, Holden, haven’t, Seth Seifman, Seifman, Kelly Ortberg, ” Ortberg, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, IAM, Union, JPMorgan Chase, Alaska Airlines, Federal Aviation Administration, Airbus Locations: New York

☆ New Boeing CEO sets sights on 'leaner' future as quarterly loss tops $6 billion
▼ + stars: | 2024-10-23 | by ( Leslie Josephs | ) www.cnbc.com time to read: +5 min

watch nowQuarterly lossesBoeing reported a more than $6 billion loss for the third quarter, its largest since 2020 when the pandemic halted most aircraft demand and its bestselling airplane was grounded after two crashes. It disclosed charges of more than $5 billion across its commercial and defense units and said it ended the third quarter with $10.5 billion in cash and marketable securities. Its commercial airplane unit's losses swelled to more than $4 billion from a $678 million loss a year before. Ortberg announced the departure of the defense unit's CEO, Ted Colbert, in September. He is expected to face questions on the call about which units or projects the company will consider shedding.

Persons: David Ryder, Kelly Ortberg, Ortberg, CNBC's Squawk, Brian West, Ted Colbert, we've, LSEG, Rockwell Collins, Max, weren't Organizations: Boeing Co, Bloomberg, Getty, Boeing, KC, International, NASA, CNBC, Alaska Airlines Locations: Renton , Washington, US

☆ New Boeing CEO to give clues on company's future, while striking workers vote on new contract
▼ + stars: | 2024-10-22 | by ( Leslie Josephs | ) www.cnbc.com time to read: +5 min

When he takes the mic for his first earnings call as Boeing's CEO on Wednesday, more than 32,000 striking machinists will start voting on a new, sweetened contract proposal. Narrowing businessesOrtberg, a longtime aerospace veteran who previously ran Rockwell Collins, took the reins at Boeing in early August. Boeing's new CEO Kelly Ortberg visits the company's 767 and 777/777X programs' plant in Everett, Washington, U.S. August 16, 2024. watch nowMending ties with workers, stabilizing supply chainThe results of the union vote will come out hours after the earnings call. Meanwhile, the strike is costing Boeing $1 billion a month, according to S&P Global Ratings estimates.

Persons: Ryan Bergh, Jason Redmond, JASON REDMOND, Kelly Ortberg, Rockwell Collins, Ortberg, Marian Lockhart, Ken Herbert, Leslie Josephs Organizations: International Association of Machinists, Aerospace Workers, Seattle Union Hall, Getty, AFP, Boeing, Reuters, Air Force One, Workers, CNBC Locations: Everett , Washington, Seattle , Washington, AFP, underperformance, Everett , Washington , U.S, Seattle, Renton , Washington

☆ Emirates has placed a fresh order for Boeing freight planes, just days after its chairman criticized ongoing delivery delays
▼ + stars: | 2024-10-21 | by ( Nora Redmond | ) www.businessinsider.com time to read: +3 min

Emirates has ordered five Boeing 777 freighters, eventually expanding its fleet to 21 of the planes. The order comes days after Emirates' boss criticized a fresh delay to Boeing's new passenger jet, the 777X. AdvertisementEmirates has announced a fresh order for Boeing 777 freight planes, just days after its chairman publicly criticized the embattled planemaker. Emirates is one of Boeing's biggest customers, so a fresh order of Boeing planes is not unusual. Emirates' Sir Tim Clark criticized the latest delays to the Boeing 777X last week.

Persons: —, Sheikh Ahmed bin Saeed Al Maktoum, Tim Clark, Sir Tim Clark, BRENDAN SMIALOWSKI, Clark Organizations: Emirates, Boeing, Service, Emirates Airline and Group, Getty, Al, Al Maktoum International, Business Insider Locations: Dubai, Emirates, AFP, Al Maktoum

☆ Earnings playbook: More than 100 companies are slated to report this week, including General Motors
▼ + stars: | 2024-10-20 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

More than 70 S & P 500 names have posted their numbers, with 75% beating analyst earnings expectations. What history shows: General Motors has topped earnings estimates for eight straight quarters, Bespoke Investment Group data shows. What history shows: Coca-Cola has beaten analyst earnings expectations 73% of the time, Bespoke data shows. What history shows: Tesla has beaten earnings expectations 61% of the time, according to Bespoke. Thursday UPS is set to report earnings in the premarket, followed by a conference call at 8:30 a.m.

Persons: Michael Wayland, Mary Barra, Peter Grom, Leslie Josephs, Kelly Ortberg, TSLA, Dan Levy, Levy, Tesla Organizations: General Motors, Boeing, Netflix, CNBC, Detroit automaker, UBS, Management, Barclays, UPS, Amazon Logistics, Walmart, Citi Locations: China

☆ Boeing delays are wreaking havoc with the airline industry's plans, and flyers may well feel the pain
▼ + stars: | 2024-10-17 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

Several airlines have criticized Boeing for delivery delays. Ryanair CEO Michael O'Leary told Reuters Wednesday that the airline is likely to cut its traffic growth expectations for next year as it predicts delivery delays. Also on Wednesday, at an Irish think tank event, the head of the world's foremost airline trade group spoke out about delivery delays. AdvertisementLast Friday, Boeing announced further delays to its 777X jet, with its first delivery pushed from 2025 to 2026. AdvertisementThe Boeing 777X was delayed again last week, leading to sharp criticism from the boss of Emirates, one of Boeing's biggest customers.

Persons: Michael O'Leary, —, O'Leary, Willie Walsh, Walsh, Tim Clark, GIUSEPPE CACACE, I've, Carsten Spohr, Spohr Organizations: Boeing, Service, Ryanair, Reuters, International Air Transport Association, Guardian, Airbus . Supply, Alaska Airlines, Emirates, Business, Getty, Lufthansa, Airlines, Europe, Financial Times, BI Locations: Irish, AFP, Emirates

☆ Boeing prepares layoff notices for thousands of workers as turmoil deepens
▼ + stars: | 2024-10-15 | by ( ) www.nbcnews.com time to read: +5 min

While Su has previously spoken with Boeing and the striking West Coast factory workers’ union, it is her first time in Seattle meeting both sides in person. Roughly 33,000 workers have been on strike since Sept. 13, seeking a 40% wage increase over four years. Boeing will next month send out 60-day notices to thousands of workers including many in its commercial aviation division, meaning those staff will leave the company in mid-January, one source familiar with the matter said. A Boeing spokesperson said the company had shared information with managers including plans for 10% reductions at its commercial unit involving both union and non-union workers. “Boeing just turned its back on 17,000 of its own workers — the same people who carried Boeing through crisis after crisis, year after year,” he said in a statement.

Persons: Julie Su’s, Su, Jon Holden, ”, Brian Bryant, Nick Cunningham, Tim Clark, “, ” Clark Organizations: Boeing, Labor, Department of Labor, International Association of Machinists, Aerospace Workers, ” Boeing, White, Society of Professional Engineering Employees, Aerospace, Rivals, Partners, Alaska Airlines, Emirates, Air Locations: U.S, Seattle, West Coast

☆ Boeing’s crisis is getting worse. Now it’s borrowing tens of billions of dollars
▼ + stars: | 2024-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

In a regulatory filing early Tuesday, the company announced plans to borrow $10 billion from a consortium of banks. The company’s debt surged in the last six years as Boeing reported core operating losses of more than $33 billion. On Friday, Boeing’s new CEO Kelly Ortberg announced plans to cut 10% of its worldwide staff of 171,000 workers. Boeing’s offer to increase the raises to 30% over the life of the deal was also rejected by union negotiators. And Airbus doesn’t have the capacity to take on Boeing’s orders.

Persons: New York CNN —, Boeing’s, Kelly Ortberg, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, IAM, Federal Aviation Administration, Alaska Airlines, Airbus Locations: New York

☆ Boeing's labor strike is so bad that the US Labor Secretary just flew to Seattle to help
▼ + stars: | 2024-10-15 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +4 min

Julie Su is in Seattle to mediate Boeing worker strike to resume negotiations. Boeing's strike began after workers rejected a 25% pay raise, demanding 40% and other benefits instead. AdvertisementBoeing's worker strike appears to be in such a stalemate that the US's top labor official flew to Seattle to mediate. In separate Monday meetings, Acting Secretary of Labor Julie Su urged both parties to move forward, the labor union for aerospace workers said in a statement. Su mediated a 75,000-person healthcare worker strike against Kaiser Permanente in October 2023.

Persons: Julie Su, Boeing's, —, Labor Julie Su, Su, Biden, Boeing Machinists Organizations: Boeing, Service, Labor, Anderson Economic Group, Reuters, Labour Union, International Association of Machinists, Aerospace Workers, Kaiser Permanente, United, Alaska Air, Emirates, RyanAir Locations: Seattle, Union, Gulf Coast, United Airlines

☆ CNBC Daily Open: Economic growth and inflation might remain strong
▼ + stars: | 2024-10-15 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nvidia's numbers aren't a hallucinationNvidia shares rose 2.4% to close at $138.07, a new record for the stock. Data on employment, inflation and economic growth have signaled that the "economy may not be slowing as much as desired," Waller said. [PRO] Small cap strategyMarket wisdom has it that the performance of small-cap stocks will outstrip that of big-cap stocks.

Persons: Dow, it's, Christopher Waller, Waller, Kelly Ortberg, Russell, Bob Pisani Organizations: CNBC, Dow Jones, Dow, Nasdaq, European Central Bank, Nvidia, U.S . Federal, Boeing, P Global

☆ CNBC Daily Open: The economy and inflation might stay strong
▼ + stars: | 2024-10-15 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Data on employment, inflation and economic growth have signaled that the "economy may not be slowing as much as desired," Waller said. A soft landing is the scenario in which inflation drops to the Fed's 2% target while economic growth and employment remain healthy. A "no landing," on the other hand, is when the economy continues expanding as inflation remains high.

Persons: Jefferies, Kelly Ortberg, Christopher Waller, Waller, Fed Governor Waller, Henry Allen, Ohsung Kwon, BofA, Kwon, –, Jeff Cox, Sarah Min, Lisa Kailai Han, Yun Li Organizations: Shoppers, Miami Design District, CNBC, Grand View Research, Boeing, P Global, U.S . Federal, Fed, Deutsche Bank, Bank of America Securities Locations: Miami , Florida, U.S

☆ Boeing is raising $10 billion from 4 major banks — and could sell another $25 billion in securities
▼ + stars: | 2024-10-15 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Boeing said it has entered a $10 billion credit agreement with four banks, it said in a filing Tuesday. In a separate filing, the planemaker said may also sell up to $25 billion in securities. AdvertisementBoeing plans to raise up to $35 billion to help steady its finances as a machinists' strike enters its fifth week. In a Tuesday regulatory filing, the planemaker said it had entered a $10 billion credit agreement with Bank of America, Citibank, Goldman Sachs, and JPMorgan Chase. Boeing also filed a prospectus stating that it may sell up to $25 billion in securities, including bonds, new shares, and stock options.

Persons: planemaker, —, Goldman Sachs, Ron Epstein, Julie Su, Sir Tim Clark, Max midflight, Dave Calhoun, Kelly Ortberg, Starliner Organizations: Boeing, Service, Bank of America, Citibank, JPMorgan Chase, Business, CNN, Anderson Economic Group, Labor, Emirates, Alaska Airlines, Space, NASA, SpaceX Locations: Seattle

☆ Why another delay of Boeing's new 777X plane is such a big deal
▼ + stars: | 2024-10-14 | by ( Taylor Rains | ) www.businessinsider.com time to read: +8 min

Boeing's 777X, its largest passenger plane, is delayed yet again. AdvertisementBoeing's future is dependent on the upcoming 777X, the world's largest passenger plane in production, which has been delayed once again. Boeing's last completely new widebody plane was the 787 way back in 2003. Qatar and Etihad have ordered 94 and 25 777-9s, respectively, for a collective 324 777X planes across the three airlines. The Boeing 777X's 10-abreast cabin mockup on display at Aircraft Interiors Expo in 2022.

Persons: —, planemaker, Kelly Ortberg, it's, Thiago B Trevisan, Julien de Rosa, ROSLAN RAHMAN, Max —, Max, Georg Wendt, Tim Clark, isn't, Clark, Richard Aboulafia, Aboulafia Organizations: Service, Boeing, British Airways, Emirates, Singapore Airlines, Airbus, Korean Air, Delta Air Lines, Lufthansa, Air New Zealand, Getty, Aviation, Etihad Airways, Etihad, Aircraft, Airlines Locations: Qatar, Emirates, Korean, AFP

☆ Emirates really isn't happy with Boeing — and will be having a 'serious conversation' about the latest 777X delay
▼ + stars: | 2024-10-14 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Emirates' president criticized Boeing over further delays to the 777X jet delivery. Emirates has ordered 262 of the 777X, making it the biggest customer of the much-delayed jet. AdvertisementThe president of Emirates, one of Boeing's biggest customers, has slammed the planemaker after it announced a further delay to its much-anticipated 777X jet. The Boeing 777X has revolutionary folding wingtips that are a first in commercial aviation. Related storiesSheikh Ahmed bin Saeed Al Maktoum, the Emirates CEO, previously said the 777X delays would force it to use existing jets for longer than planned, Reuters reported.

Persons: Tim Clark, —, Sir Tim Clark, Taylor Rains, Kelly Ortberg, Clark, Sheikh Ahmed bin Saeed Al Maktoum, Ortberg Organizations: Boeing, Emirates, Service, Business, Alaska Airlines, Boeing 777X, Reuters Locations: Seattle

☆ Stocks making the biggest moves premarket: Flutter Entertainment, Boeing, SiriusXM, Caterpillar and more
▼ + stars: | 2024-10-14 | by ( Sean Conlon | ) www.cnbc.com time to read: +2 min

Crypto stocks – Stocks linked to cryptocurrencies rose as Bitcoin soared above $64,000 to start the week. Flutter Entertainment – The FanDuel parent company popped 4% after Wells Fargo upgraded shares to overweight , saying that investors should consider buying the stock following the recent sell-off. Boeing also postponed the delivery of its still-uncertified 777X wide-body plane and forecasted a wider-than-expected loss for the third quarter. Sirius XM Holdings – The audio entertainment company rose 3.5% after Warren Buffett's Berkshire Hathaway disclosed that it purchased more of the stock. Caterpillar – The industrial company slipped more than 2% after Morgan Stanley downgraded shares to underweight from equal weight.

Persons: MicroStrategy, Mara, Mara Holdings —, Coinbase, Wells, Warren Buffett's Berkshire Hathaway, Morgan Stanley, Goldman Sachs, AppLovin, Eli Lilly's, —, Alex Harring, Samantha Subin, Jesse Pound, Sarah Min, Hakyung Kim, Pia Singh Organizations: Mara Holdings, Boeing –, Boeing, Sirius XM Holdings, Berkshire, Sirius, Caterpillar, Walmart, Food and Drug Administration

☆ Boeing factory strike crosses 1-month mark as pressure mounts on new CEO
▼ + stars: | 2024-10-14 | by ( Leslie Josephs | ) www.cnbc.com time to read: +6 min

There's no doubt about that," said Harry Katz, a professor who studies collective bargaining at Cornell University's School of Industrial and Labor Relations. Late Friday, Jon Holden, president of the striking workers' union, IAM District 751, pushed for a return to negotiations. However, unlike during the last Boeing factory strike in 2008, there is more contract work in the Seattle area to help workers fill the gaps. Slashing workforceA Boeing 737 MAX aircraft is assembled at the Boeing Renton Factory in Renton, Washington, on June 25, 2024. Boeing 737 fuselages on railcars at Spirit AeroSystems' factory in Wichita, Kansas, US, on Monday, July 1, 2024.

Persons: Stephen Brashear, It's, Boeing machinists, Kelly Ortberg, bookends, Max, wasn't, Harry Katz, Jon Holden, Ortberg, Jennifer Buchanan, hasn't, they're, Richard Aboulafia, Ron Epstein, Nick Oxford Organizations: Boeing, Getty, Cornell University's School of Industrial and Labor Relations, National Labor Relations Board, International Association of Machinists, Aerospace Workers, IAM, Boeing Renton Factory, AFP, of America, Bloomberg, & $ Locations: Renton , Washington, Seattle, Friday's, underperformance, Wichita , Kansas

☆ Stocks making the biggest moves midday: SoFi, Caterpillar, SiriusXM, Boeing and more
▼ + stars: | 2024-10-14 | by ( Pia Singh | In | ) www.cnbc.com time to read: +2 min

Check out the companies making headlines in midday trading: SoFi Technologies — Shares of the online personal finance company jumped 9.8% after SoFi announced a $2 billion agreement with Fortress Investment Group to grow its loan platform business. Crypto stocks — Stocks tied to cryptocurrencies surged as bitcoin gained more than 5% to top $66,000. Ibotta — Shares advanced 5.5% after Goldman Sachs upgraded Ibotta, a mobile platform that offers cash-back rewards, to buy from neutral. Flutter Entertainment — The online gambling stock rose 4% after Wells Fargo upgraded shares to overweight from equal weight, urging investors to buy the recent dip. Caterpillar — The industrial stock fell 1.7% after Morgan Stanley downgraded shares to underweight from equal weight.

Persons: SoFi, Warren Buffett's Berkshire Hathaway, Stocks, cryptocurrencies, bitcoin, AppLovin, Goldman Sachs, Goldman, Wells, Morgan Stanley, Eli Lilly's, —, Alex Harring, Brian Evans, Samantha Subin, Yun Li, Lisa Kailai Han, Pia Singh, Michelle Fox Organizations: Fortress Investment Group, Sirius XM Holdings, Berkshire, Sirius, Mara Holdings, Boeing, Walmart, of America, Caterpillar, U.S . Food, Drug Administration Locations: U.S

☆ Boeing to cut 17,000 jobs as losses deepen during factory strike
▼ + stars: | 2024-10-11 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +1 min

Boeing will cut 10% of its workforce, or about 17,000 people, as the company’s losses mount and a machinist strike that has idled its aircraft factories enters its fifth week. Boeing expects to report a loss of an $9.97 a share in the third quarter, the company said in a surprise release on Friday. “Our business is in a difficult position, and it is hard to overstate the challenges we face together,” Ortberg said. He was tasked with restoring Boeing after safety and manufacturing crises, but the labor strike has been the biggest challenge yet for Ortberg. Tensions have been rising between the manufacturer and the union, and Boeing withdrew a contract offer earlier this week.

Persons: Kelly Ortberg, ” Ortberg, machinists Organizations: Boeing Locations: Ortberg

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