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☆ 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 about company's future, while striking workers vote on new contract
▼ + stars: | 2024-10-22 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +7 min

Now, new CEO Kelly Ortberg has the chance to share his vision for the troubled manufacturer, from a potential strike-ending labor agreement to a slimmed-down future. 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. “I think it’s going to be a tight vote,” Jon Holden, president of the International Association of Machinists and Aerospace Workers District 751, told CNBC on Tuesday. Narrowing businessesOrtberg, a longtime aerospace veteran who previously ran Rockwell Collins, took the reins at Boeing in early August. Mending ties with workers, stabilizing supply chainThe results of the union vote will come out hours after the earnings call.

Persons: Kelly Ortberg, “, ” Jon Holden, RTX, Neil Mitchill, Collins, Rockwell Collins, Robert " Kelly, Ortberg, ”, Ken Herbert, Julie Su, Holden, ” Holden, Joe Biden, Biden, —, Phil LeBeau Organizations: Boeing, International Association of Machinists, Aerospace Workers, CNBC, GE Aerospace, AFP, Getty, Air Force One, Workers, Puget, Labor, Spirit, Aerospace Industries Association Locations: underperformance, Seattle, South Carolina

☆ 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

A Southwest Airlines plane takes off from Hartsfield-Jackson Atlanta International Airport (ATL) in Atlanta, Georgia, US, on Friday, July 12, 2024. Elliott Investment Management and Southwest Airlines have been discussing a settlement that would give the activist investor significant representation on the airline's board, according to people familiar with the matter. The settlement talks are predicated on a deal that would give Elliott less than full board control, said the people, who asked not to be named because the negotiations are confidential. Southwest's board will drop to 12 members after Chairman Gary Kelly steps down next year, meaning Elliott would likely end up wither fewer than six selections. The talks are in early stages, and it's possible that no deal could be reached, some sources said.

Persons: Elliott, Gary Kelly, Bob Jordan, Jordan Organizations: Southwest Airlines, Hartsfield, Jackson Atlanta International, Elliott Investment Management, Bloomberg News, Dallas Locations: Atlanta , Georgia, Atlanta

☆ 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 workers to vote on new proposal that could end strike
▼ + stars: | 2024-10-19 | by ( Leslie Josephs | ) www.nbcnews.com time to read: +2 min

Boeing and its machinists’ union have reached a new contract proposal, the union said Saturday, outlining a deal that could end a more than month-long strike that has hobbled the manufacturers’ aircraft production. The new proposal includes 35% wage increases over four years, a higher signing bonus of $7,000, guaranteed minimum payouts in an annual bonus program and higher 401(k) contributions among other changes. Acting U.S. Secretary of Labor Julie Su met with both parties earlier this week. Boeing later made a sweetened offer but the union blasted it saying it was not negotiated. On Oct. 11, he announced job cuts of 10% of Boeing’s workforce and that the company will stop making 767s when orders are fulfilled in 2027.

Persons: Labor Julie Su, Kelly Ortberg Organizations: Boeing, Labor, U.S, International Association of Machinists, Aerospace Workers

☆ Boeing machinists to vote on new proposal with 35% raises that could end strike
▼ + stars: | 2024-10-19 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

People hold sings during a strike rally for the International Association of Machinists and Aerospace Workers (IAM) at the Seattle Union Hall in Seattle, Washington, on October 15, 2024. Boeing and its machinists' union have reached a new contract proposal, the union said Saturday, outlining a deal that could end a more than month-long strike that has hobbled the manufacturers' aircraft production. The strike began Sept. 13 after more than 30,000 machinists overwhelmingly rejected a tentative agreement that included 25% wage increases over four years. Boeing later made a sweetened offer but the union blasted it saying it was not negotiated. "We look forward to our employees voting on the negotiated proposal," Boeing said in a statement.

Persons: Labor Julie Su, Kelly Ortberg Organizations: International Association of Machinists, Aerospace Workers, Seattle Union Hall, Boeing, Labor, U.S Locations: Seattle , Washington

☆ Spirit Airlines extends debt refinancing deadline hours before expiration
▼ + stars: | 2024-10-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Spirit Airlines on Friday said it reached an agreement with its credit card processor to again extended a debt refinancing timeline to December, hours before it was set to hit its deadline. Spirit said in a filing late Friday that earlier this week it drew down the entirety of its $300 million revolving credit facility and expects to end the year with just over $1 billion in liquidity. The deadline was previously set in September and had been extended until Oct. 21 before the Friday change. The airline's stock closed at a new low Friday, down roughly 3%, at less than $1.50 per share.

Persons: Spirit, Perella Weinberg Organizations: Spirit Airlines, Austin, Bergstrom International Airport, Pratt & Whitney, JetBlue Airways, Street Journal, Perella Weinberg Partners Locations: Austin , Texas, Miramar , Florida

☆ Spirit AeroSystems to furlough 700 workers as Boeing machinist strike continues
▼ + stars: | 2024-10-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Airplane fuselages bound for Boeing's 737 Max production facility await shipment on rail sidings at their top supplier, Spirit AeroSystems Holdings Inc., in Wichita, Kansas, on Dec. 17, 2019. Boeing supplier Spirit AeroSystems will furlough some 700 workers as a strike by machinists at the planemaker enters its sixth week, a spokesman for the supplier said Friday. Spirit AeroSystems had been scrambling to cut costs after more than 32,000 Boeing machinists walked off the job Sept. 13 after overwhelmingly rejecting a tentative labor deal with Boeing. "If the strike continues beyond November, we will have to implement layoffs and additional furloughs," spokesman Joe Buccino told CNBC on Friday. Spirit workers on Boeing's best-selling 737 Max are not affected, he added.

Persons: machinists, AeroSystems, Boeing machinists, Joe Buccino, Buccino, Max Organizations: Spirit AeroSystems Holdings Inc, Boeing, Spirit, CNBC, Reuters Locations: Wichita , Kansas

☆ Embraer CEO says jet maker studying possibilities for a new aircraft
▼ + stars: | 2024-10-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Embraer CEO Francisco Gomes Neto speaks during the Embraer Media Day 2022 at the aircraft factory in Sao Jose dos Campos, Brazil, May 30, 2022. Brazilian plane maker Embraer SA is studying the market and new technology that could warrant it building an all-new jet, CEO Francisco Gomes Neto told CNBC. A new airplane could help the airplane manufacturer compete with much larger rivals Airbus and Boeing , which deliver hundreds of jets a year compared with Embraer's dozens of aircraft. But Gomes Neto noted that no decisions have been made yet. In the meantime, Gomes Neto said Embraer is focused on improving results and selling its regional planes, which won orders earlier this year from American Airlines , manufacturing its E2 jet and "delivering what we promise" customers.

Persons: Francisco Gomes Neto, Sao Jose dos Campos, Gomes Neto Organizations: Embraer, Embraer Media, Embraer SA, CNBC, Airbus, Boeing, American Airlines Locations: Sao Jose, Brazil, Brazilian

☆ Boeing to raise as much as $25 billion to shore up balance sheet
▼ + stars: | 2024-10-15 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

Striking Boeing workers and their supporters picket outside the Boeing Co. manufacturing facility in Renton, Washington, on Sept. 16, 2024. Earlier, Boeing separately said in a filing that it has an agreement with a consortium of banks for a $10 billion credit agreement. "The credit facility provides additional short term access to liquidity as we navigate through a challenging environment," the company said in a statement. Boeing shares are down nearly 43% this year through Monday's close. Boeing is trying to shore up its balance sheet as it faces warnings from credit ratings agencies that it could lose its investment grade rating.

Persons: Boeing's, Kelly Ortberg, Ortberg Organizations: Boeing, Boeing Co Locations: Renton , Washington, Monday's

☆ United Airlines plans $1.5 billion share buyback, forecasts fourth-quarter earnings above estimates
▼ + stars: | 2024-10-15 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

United Airlines said Tuesday that it is starting a $1.5 billion share buyback as the carrier reported higher-than-expected earnings for the busy summer travel season and forecast strong results for the last three months of the year. Here is what United reported for the third quarter compared with what Wall Street expected, based on average estimates compiled by LSEG:Earnings per share: $3.33 adjusted vs. $3.17 expected$3.33 adjusted vs. $3.17 expected Revenue: $14.84 billion vs. $14.78 billion expectedThe share buyback would be United's first since before the Covid-19 pandemic. Southwest Airlines announced a $2.5 billion share repurchase program last month. "Like other leading airlines and companies, we are initiating a measured, strategic share repurchase program," United CEO Scott Kirby said in a note to staff on Tuesday. "Importantly, my commitment to you is that investing in our people and our business will always be my top priority even while we institute this share repurchase program."

Persons: Scott Kirby Organizations: Airlines, LSEG, Southwest Airlines Locations: U.S

☆ 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

☆ Delta pauses hot meal service on dozens of Detroit flights citing 'food safety issue' at caterer
▼ + stars: | 2024-10-14 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Delta Air Lines had to suspend hot meal service on more than 200 flights out of its Detroit Metropolitan Wayne County Airport hub over the past several days because of a "food safety issue." Delta said that operations from the facility were shut down and hot food will be managed by other kitchens. "During a recent inspection at a DTW kitchen, Delta's catering partner was notified of a food safety issue within the facility," Delta said in a statement on Sunday. "Delta and its catering partner immediately shut down hot food production and subsequently suspended all activity from the facility. Hot food and other onboard provisioning will be managed from other facilities."

Persons: Delta, didn't Organizations: Delta Air Lines, Tacoma International Airport, Seattle , Washington . Delta Air Lines, Detroit Metropolitan Wayne, Detroit Metropolitan Wayne County Airport, Drug Administration, Delta, Amsterdam Delta Locations: Seattle, Seattle , Washington, Detroit Metropolitan Wayne County, Detroit, Amsterdam, New York

☆ Elliott asks for December special meeting at Southwest Airlines, cuts board slate to 8
▼ + stars: | 2024-10-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Elliott Investment Management has requested a special meeting at Southwest Airlines , formalizing the launch of a long-signaled proxy fight for control of the carrier's board. Elliott has also trimmed the size of its board slate from 10 director candidates to eight, after Southwest shrunk its board size from 15 to 12. CNBC reported last month that Elliott was preparing to call a special meeting. David Hess, who joined Southwest's board in 2021, was also on the board of Arconic in the midst of its proxy fight with Elliott. Elliott has never before called for a special meeting, which at Southwest carries a higher threshold of approval compared with voting at a regularly scheduled shareholder meeting.

Persons: Elliott, Bob Jordan, Gary Kelly, David Hess, Elliott . Hess, Jordan, Southwest's, John Pike, Bobby Xu, — CNBC's Leslie Josephs Organizations: Hartsfield, Jackson Atlanta International, Elliott Investment Management, Southwest Airlines, Southwest, CNBC, Alcoa, Artisan Partners, Salesforce, Starbucks Locations: Atlanta , Georgia

☆ Trump or Harris? Here are the 2024 stakes for airlines, banks, EVs, health care and more
▼ + stars: | 2024-10-13 | by ( Hugh Son | ) www.cnbc.com time to read: +18 min

Former President Donald Trump and Vice President Kamala Harris face off in the ABC presidential debate on Sept. 10, 2024. The previous Trump administration didn't pursue those types of consumer protections. In contrast, Democrats, including Harris, have historically supported EVs and incentives such as those under the Biden administration's signature Inflation Reduction Act. Meanwhile, Harris, if elected, can build on existing efforts of the Biden administration to deliver savings to more patients, they said. Trump also led multiple efforts to repeal the Affordable Care Act, including its expansion of Medicaid to low-income adults.

Persons: Donald Trump, Kamala Harris, he's, Harris, Joe Biden's, Trump, Pete Buttigieg, Jonathan Kletzel, didn't, — Leslie Josephs Banks Big, JPMorgan Chase, Biden, Tobin Marcus, it's, Sen, JD Vance, they're, Lindsey Johnson, Hugh Son, Pablo Di Si, EVs, Joseph Spak, Harris hasn't, Mike Wayland, Drugmakers, Trump hasn't, Mariana Socal, Annika Kim Constantino, David Zaslav, John Malone, Time Warner, Simon, Simon & Schuster, Marc DeBevoise, Jonathan Miller, Elon Musk's, Musk, I'm, MAGA, I'm Dark MAGA, —, TikTok, — Lillian Rizzo, Alex Sherman, Michael Lynn, — Amelia Lucas Organizations: ABC, Getty, U.S, Trump, Treasury, Justice Department, Federal Trade Commission, Consumer Financial, Bureau, CNBC, The Biden Department of Transportation, Democratic, American Airlines, JetBlue Airways, Spirit Airlines, Industry, Boeing, JPMorgan, Securities and Exchange Commission, Currency, Federal Deposit Insurance Corporation, Biden, Wolfe Research, Bank, Republican, Bankers, Democratic Party, Consumer Bankers Association, Republicans, Volkswagen Group of America, Automotive News, Environmental Protection Agency, UBS, Mike Wayland Health, Commonwealth Fund, Medicare, Johns Hopkins Bloomberg School of Public Health, Annika Kim Constantino Media, Paramount Global, Skydance, Warner Bros, Discovery, Allen & Co, Sun, Media, Disney, Fox Corp, Time, Simon &, Random, MGM, FCC, Integrated Media, Twitter, Capitol, White, Lawmakers, Meta's Facebook, Alex Sherman Restaurants, National Restaurant Association, National Labor Relations Board, Social Security, Washington Post, Cornell University Locations: United States, PwC, JetBlue's, U.S, China, Ohio, Michigan, California

☆ Earnings playbook: The first big week of the season includes reports from Netflix and big banks
▼ + stars: | 2024-10-13 | by ( Fred Imbert | ) www.cnbc.com time to read: +6 min

Last quarter: Bank of America jumped after saying a rebound in net interest income was coming . What history shows: Bank of America shares have risen in 10 of the last 12 earnings days, according to Bespoke Investment Group. What history shows: Netflix tends to struggle on earnings days, averaging a slight decline, according to Bespoke. Shares have also fallen in two of the last three earnings days, including a 9.1% drop in April. What history shows: Bespoke data shows Procter & Gamble beats earnings expectations 85% of the time.

Persons: Goldman Sachs, Wells, Hugh Son, Goldman, Leslie Josephs, Wednesday Morgan Stanley, Morgan Stanley, Bryan Kraft, Kraft, Procter & Gamble, Procter, Lauren Lieberman Organizations: Netflix, Procter, Gamble, Big, Bank of America, JPMorgan Chase, BlackRock, Tuesday Bank of America, CNBC, Investment, LSEG, JPMorgan, United Airlines, U.S, Delta, Wednesday, Deutsche Bank, Procter &, Barclays Locations: Wells Fargo, U.S, China

☆ 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

☆ Delta says travelers are trading scorching summer Europe trips for fall getaways
▼ + stars: | 2024-10-10 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A woman uses an umbrella to protect herself from the sun as she passes past the Colosseum during an intensely hot day in Rome, Italy, on July 11, 2024. Summer trips to Europe are getting too hot for thousands of tourists. Delta Air Lines President Glen Hauenstein said travelers are opting out of flying to Europe during the traditional summer peak travel season. Corporate [travel] we haven't seen much change year over year but it's continuing to shift travel to Europe in particular from July and August peak to a September and October peak." Summer this year in the Northern Hemisphere was the hottest on record, according to the European Union's climate monitor.

Persons: Glen Hauenstein, Hauenstein Organizations: Delta Air Lines Locations: Rome, Italy, Europe, Northern Hemisphere

☆ Delta expects higher earnings in fourth quarter despite lower demand around the election
▼ + stars: | 2024-10-10 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Delta Air Lines expects to grow earnings in the fourth quarter, thanks to resilient travel demand and strong bookings for year-end holidays. The Atlanta-based carrier on Thursday forecast fourth-quarter adjusted earnings of $1.60 to $1.85 per share, compared with Wall Street estimates of $1.71, according to LSEG, and above the adjusted $1.28 per share it reported a year earlier. Revenue will likely rise between 2% and 4% from a a year earlier, though the carrier warned it expects a 1-point revenue hit from lower demand before and after the Nov. 5 U.S. presidential election. The incident was a $380 million hit to revenue, Delta said. Delta said it still expects its full-year adjusted earnings to come in between $6 to $7 a share, excluding the CrowdStrike impact.

Persons: we've, Ed Bastian, Delta, Bastian, Glen Hauenstein Organizations: Delta Air Lines, Revenue, Delta, Microsoft, CNBC Locations: Atlanta

☆ United plans flights to Greenland, Mongolia and northern Spain in search for next 'it' destination
▼ + stars: | 2024-10-10 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

United airplanes are seen at the Newark Liberty International Airport in Newark, Unitted States on July 16, 2024. United is planning to launch daily, nonstop service to Dakar, Senegal, from Washington Dulles International Airport on May 23. United has been beefing up service from Tokyo and will offer year-round nonstop flights to Koror, Palau, from there. "The more unique content, the more we differentiate ourselves from our competitors and the more people are going to spend on United," Quayle said. United is also planning to expand flying from the West Coast, but it didn't disclose any details on Thursday.

Persons: United, Patrick Quayle, United's, Quayle, " Quayle Organizations: Newark Liberty International Airport, United Airlines, United, Washington Dulles International Airport, Federal Aviation Administration Locations: Newark, Unitted States, Senegal, Mongolia, Greenland, Palau, Paris, Rome, Tokyo, United, Newark , New Jersey, Palermo, Sicily, Faro, Portugal's Algarve, Madeira, Bilbao, Spain, Italy, Portugal, Nuuk, Madrid, U.S, Corpus Christi , Texas, Cape Town , South Africa, Dakar, Narita, Ulaanbaatar, Koror, Bergen, Norway, West Coast

☆ Boeing withdraws contract offer after talks with union end without a deal
▼ + stars: | 2024-10-09 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Workers picket outside a Boeing Co. facility during a strike in Everett, Washington, US, on Monday, Sept. 16, 2024. Boeing Co. factory workers walked off the job for the first time in 16 years, halting manufacturing across the planemaker's Seattle hub after members of its largest union voted overwhelmingly to reject a contract offer and go on strike. Boeing withdrew a contract offer for 33,000 machinists who have been on strike since mid-September, and said further negotiations "do not make sense at this point." Boeing later sweetened the offer, increasing pay raises, a ratification bonus and other improvements, which the union turned down, arguing that it was not negotiated. The union, the International Association of Machinists and Aerospace Workers, said Tuesday that Boeing refused to improve wages, retirement plans and vacation or sick leave.

Persons: Stephanie Pope, Pope Organizations: Boeing Co, Boeing, Puget, International Association of Machinists, Aerospace Workers Locations: Everett , Washington, US, Seattle

☆ Airlines, theme parks, cruise lines warn travelers about Hurricane Milton disruptions
▼ + stars: | 2024-10-08 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

A message board at the Tampa International Airport shows all American Airlines departing flight canceled Tuesday, Oct. 8, 2024, in Tampa, Fla., due to the possible arrival of Hurricane Milton. Airlines canceled hundreds of flights, theme parks prepared to close some areas and cruise lines shifted routes as Floridians braced for Hurricane Milton's landfall. Tampa International Airport suspended operations at 9 a.m. Orlando International Airport will close at 8 a.m. on Wednesday. Southwest Airlines , which has about a fifth of the market share in Orlando, has struck 402 flights from its total Wednesday schedule, according to FlightAware data.

Organizations: Tampa International Airport, American Airlines, Airlines, Milton's, National Oceanic, Atmospheric Administration, Southwest Airlines Locations: Tampa, Tampa , Fla, Hurricane Milton, Florida, Orlando

☆ White House 'in touch' with airlines as hurricanes Helene, Milton spark price-gouging fears
▼ + stars: | 2024-10-08 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Price gouging is the practice of retailers artificially inflating prices dramatically when the retailer's costs have not increased. In times of crisis, when urgent demand vastly outpaces supply, consumers can be especially vulnerable to price gouging. Florida is preparing for Hurricane Milton to make landfall on its western coast Wednesday, deepening the wounds left by the devastation of Hurricane Helene, which ravaged the southeastern U.S. about a week earlier. The attorney general's office has received more than 450 consumer contacts alleging price gouging related to Helene, which "mostly concern fuel," a spokesperson told CNBC. Though the price-gouging panic is normal during natural disasters, just the term "price gouging" has political implications, less than a month out from a presidential election that is extremely close.

Persons: Pete Buttigieg, Joe Biden, Hurricane Helene, Hurricane Milton, Milton, Helene, Kamala Harris, Harris, Howard Stern, — CNBC's Leslie Josephs Organizations: White, The Department of Transportation, Hurricane, CNBC, Transportation, —, Tampa International, Orlando International Airport, . American Airlines and United Airlines, Florida Attorney General's, Democratic Locations: Washington ,, Florida, Hurricane, U.S, Tampa, Milton

☆ Boeing delivers 33 jets in September but strike impact looms
▼ + stars: | 2024-10-08 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Boeing delivered 33 airplanes in September, six more than during the same period a year earlier, as the company and its customers keep an eye on the impact of a machinist strike, now in its fourth week. Through September, Boeing has handed over 291 aircraft, well below the 371 it had delivered in the first nine months of 2023. Deliveries are key to Boeing. It's already burned through more than $8 billion this year since customers pay the bulk of the price when they receive the airplane. The two sides are back at the negotiating table this week, though the union dismissed a sweetened offer from Boeing last month.

Persons: machinists Organizations: Boeing, Airbus, United Airlines, Ryanair, Southwest Airlines Locations: Renton , Washington

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