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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTransportation Sec. Buttigieg on airline mergers, Boeing's woes and Pres. Biden's economic recordTransportation Secretary Pete Buttigieg joins 'Squawk Box' to discuss the state of airline industry after the termination of the JetBlue-Spirit merger, the troubles facing Boeing, President Biden's economic record, and more.
Persons: Pres, Pete Buttigieg, Biden's Organizations: Transportation, JetBlue, Spirit, Boeing Locations: Buttigieg
The Federal Aviation Administration said on Monday that a six-week audit of Boeing and one of it key suppliers, Spirit AeroSystems, found “multiple instances” in which the companies failed to comply with quality-control requirements. As part of the audit, which looked at production of the Boeing 737 Max, the F.A.A. said that it had “identified noncompliance issues in Boeing’s manufacturing process control, parts handling and storage, and product control.” The regulator did not publicly release further details. initiated the audit after a door panel came off a 737 Max 9 jet while at about 16,000 feet in early January, raising new questions about quality-control practices at Boeing and Spirit, which makes the fuselage, or body, of the 737 Max. A spokesman for Spirit, Joe Buccino, said the company was reviewing the findings and was “in communication with Boeing and the F.A.A.
Persons: AeroSystems, Max, Joe Buccino, Organizations: Federal Aviation Administration, Boeing, Max
“The FAA identified non-compliance issues in Boeing’s manufacturing process control, parts handling and storage, and product control,” the FAA said in a press release, but did not immediately provide further details. The FAA said the findings of both this audit and the separate report should be part of Boeing’s quality improvement plan. But in January Boeing CEO David Calhoun conceded Boeing needed to improve its quality controls. Without giving details, the FAA said it found multiple instances where both companies allegedly failed to comply with manufacturing quality control requirements. The agency is not the only government body looking into Boeing’s quality issues.
Persons: David Calhoun, , Calhoun, , Mike Whitaker, Jennifer Homendy Organizations: Washington DC CNN, Federal Aviation Administration, Alaska Airlines ’ Boeing, FAA, Boeing, Spirit, Max, National Transportation Safety, Alaska Air, NTSB, Justice Department, Alaska, Senate Locations: Renton , Washington
Super Micro Computer , Deckers Outdoor — Shares of Super Micro Computer and Deckers Outdoor jumped 12% and 5%, respectively, after S & P Dow Jones Indices said Friday the two companies would be added to the S & P 500 later this month. They will replace Whirlpool and Zion Bancorp, which will move to the S & P MidCap 400 index as of the March 18 open. Macy's — Macy's stock skyrocketed nearly 17% after Arkhouse Management upped its buyout offer for the department store chain to $24 from $21 a share, or about $6.6 billion. Crypto stocks – Companies whose performance is tied to the price of bitcoin rose in premarket trading after the cryptocurrency touched another two-year high . Spirit AeroSystems , Boeing — Shares of the fuselage maker rose nearly 3%.
Persons: Dow, CleanSpark, AeroSystems, Lyft, Morgan Stanley, Li Auto, Piper Sandler, Brian Mullan, — CNBC's Lisa Han, Fred Imbert, Tanaya, Hakyung Kim, Jesse Pound, Michelle Fox Organizations: Micro Computer, Dow Jones, Whirlpool, Zion Bancorp, Arkhouse Management, Apple, European Commission, Marathon, Iris Energy, RBC, Boeing —, Boeing, Max, , Citi, Li Auto, Li, Mobile
JetBlue Airways and Spirit Airlines announced on Monday that they would walk away from their planned $3.8 billion merger after federal antitrust regulators successfully challenged the deal in court. JetBlue said it would pay Spirit $69 million to exit the deal. A federal judge in Boston blocked the proposed merger on Jan. 16, siding with the Justice Department in determining that the merger would reduce competition in the industry and give airlines more leeway to raise ticket prices. “We wish the very best going forward to the entire Spirit team.”JetBlue and Spirit appealed Judge Young’s decision. JetBlue filed an appellate brief last week arguing that the deal should be allowed to go through.
Persons: William G . Young, , Joanna Geraghty, , Judge Young’s Organizations: JetBlue Airways, Spirit Airlines, JetBlue, Justice Department, U.S, District of, Spirit Locations: Boston, District of Massachusetts
JetBlue Airways and Spirit Airlines on Monday said they are ending their agreement to merge, weeks after losing a federal antitrust lawsuit that challenged the deal. A federal judge in January blocked JetBlue's attempted takeover of budget carrier Spirit after the Justice Department sued to bar the deal last year. The Justice Department alleged the acquisition would stifle competition in the airline industry and eliminate Spirit as a discount alternative for price-conscious travelers. JetBlue and Spirit appealed the judge's decision a couple of days later, but JetBlue noted the appeal was required under the terms of the merger agreement. Spirit shares tumbled 17% in premarket trading, while shares of JetBlue were up roughly 4%.
Persons: JetBlue's, Joanna Geraghty, Department of Justice's Organizations: JetBlue Airways, Fort, Hollywood International Airport, Spirit Airlines, Justice Department, JetBlue, Spirit, Analysts, Frontier, Department of Locations: Fort Lauderdale, Fort Lauderdale , Florida
Jim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio. Super Micro Computer : Shares surged nearly 25% on Monday after the artificial intelligence server maker was selected late Friday to join the S & P 500 later in March. The gains push its year-to-date ascent to almost 300% and its 12-month increase to nearly 1,050%, amid booming interest in stocks that benefit from AI adoption. "This is too much," Cramer said, referring to Super Micro's stock surge. Arm Holdings is another Nvidia-adjacent investment idea, Cramer said.
Persons: Jim Cramer's, Cramer, it's Dell, Marc Bitzer, Tony Spring Organizations: CNBC, Club, Nvidia, AMD, Design Systems, Holdings, Cramer's Charitable Trust, Whirlpool, Arkhouse Management, Brigade Capital Management, JetBlue Airways, Spirit Airlines, Airlines Locations: Cramer's
The Federal Aviation Administration said Monday its audit of 737 Max manufacturing at airplane-maker Boeing and its key supplier turned up “multiple instances” of them failing to make sure manufacturing met quality standards. The FAA said it gave a summary of findings from its six-week audit to Boeing and supplier Spirit AeroSystems, but it did not make the summary public. Spirit spokesman Joe Buccino said the company welcomed the FAA audit and will review the findings. “We are in communication with Boeing and the FAA on appropriate corrective actions,” he said. Photos You Should See View All 60 ImagesSince then, Boeing replaced the executive in charge of the 737 Max program.
Persons: Max, Joe Buccino, , David Calhoun Organizations: Federal Aviation Administration, Boeing, FAA, Pilots, Alaska Airlines Locations: Oregon
JetBlue pulls out of deal to buy Spirit
  + stars: | 2024-03-04 | by ( Chris Isidore | ) edition.cnn.com   time to read: +1 min
New York CNN —JetBlue Airways announced Monday it is pulling out of its deal to purchase Spirit Airlines. The Justice Department had argued that airfares could go up if Spirit was no longer an independent airline. JetBlue agreed to pay Spirit $69 million as part of its decision to end the deal, JetBlue said. Spirit said it was always prepared to continue as an independent airline, given the regulatory challenges the deal faced. “We are disappointed we cannot move forward with a deal,” Spirit CEO Ted Christie said.
Persons: airfares, , Joanna Geraghty, Spirit, Ted Christie Organizations: New, New York CNN — JetBlue Airways, Spirit Airlines, Justice, JetBlue, Spirit, , Locations: New York
This is how collard greens have always been prepared in my family, often picked by my grandfather from his garden after carefully considering each bunch. There are few items as closely associated with a singular cuisine as collard greens are with the cuisine of Black Americans. Chef and cookbook author Adrienne Cheatham shows how to make a delicious salad using collard greens. With this wealth of health-supporting benefits, it’s a wonder collard greens don’t show up on the table more often, and in more ways. It wasn’t that long ago that kale was also relegated to preparations similar to traditional collard greens.
Persons: Adrienne Cheatham, James Beard, collard, CNN Collard, Sarah Zorn, Clarkson Potter Organizations: CNN, Tufts University, Stanford Medicine Locations: Black
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman al-Saud gesture upon his arrival at the 8th OPEC International Seminar in Vienna on July 5, 2023Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter. Saudi Arabia will stretch out its voluntary crude production cut of 1 million barrels per day until the end of the second quarter, the state-owned Saudi Press Agency said Sunday, citing an official source from the country's Ministry of Energy. Riyadh's crude production will be approximately 9 million barrels per day until the end of June, the announcement said. Back in November, OPEC+ countries had held a formal policy of collectively reducing their output by 2 million barrels per day until the end of 2024. Unlike formal policy changes, voluntary cuts do not require the group's unanimous consent during an official meeting and bypass the need to distribute production cuts or increases among OPEC+ members.
Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, , Prince Abdulaziz bin Salman Organizations: Saudi, Energy, OPEC, Organization for, Petroleum, Saudi Press Agency, country's Ministry of Energy, Tass, Moscow, Google, INA, Hamas, Saudi Energy Locations: Vienna, Saudi Arabia, Russia, OPEC, Riyadh, Moscow, Russian, Iraq, UAE, Iran, Gaza, China, Aramco
They hiked, jet-skied and spent much of the time listening to Scott’s favorite musician, reggae superstar Bob Marley. He found refuge, though, in Marley’s music. “But Bob Marley’s music is what got us through. These Marley fans and scholars say it’s time to stop glossing over or editing out Marley’s “subversive spirituality.”“The Bible was as important to Marley’s music as his guitar,” MacNeil says. Actor Kingsley Ben-Adir, who plays Marley in "Bob Marley: One Love," attends the movie's premiere on January 23, 2024, in Kingston, Jamaica.
Persons: CNN — Dean MacNeil couldn’t, , MacNeil, Scott, Bob Marley, , Marley, ” MacNeil, Bob Marley’s, Rita Marley, Kingsley Ben, Adir, Marcus Ingram, Matthew, Jesus, Luke, Vivien Goldman, Bob Dylan, Johnny Cash, Jimi Hendrix, Goldman, King James Bible, Judah, Haile Selassie I, Selassie, “ Jah, it’s, “ He’s, ” Rastafarians, Collin Reid, Adam Hochschild, ” Hochschild, Deepak Sarma, ” Marley, Marcus Garvey, Marley’s, didn’t, White, ” Marley didn’t, Jamaicia, Angela Weiss, Gibson Les Paul, John Lennon, John Blake Organizations: CNN, Time, BBC, Getty, Case Western Reserve University, National, Forbes Locations: Connecticut, Vermont, Jamaica, Kingston , Jamaica, America, Jerusalem, British, Ethiopia, “ Bury, United Kingdom, Jamacia, Ohio, ganja, Jamaican, Africa, Miami, Trench, Hollywood, Kingston
Why checked bag fees are at record highs
  + stars: | 2024-03-02 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +7 min
Checked bag fees are hitting record highs as airlines up the ante. So an airline can save $75 million in tax fees off its $1 billion revenue in domestic checked-bag fees. The introduction of bag fees was also a response to the rise of low-price carriers like Spirit in the United States and Ryanair in Europe. But airlines kept the bag fees in place and even raised them in an effort to make up for the lost revenue from change fees. Bag fees have been a political punching bag.
Persons: they’ve, Gary Leff, , Henry Harteveldt, Blaise Waguespack, Sen, Mary Landrieu, ” Leff, Pete Buttigieg, Leff, Organizations: New, New York CNN, United Airlines, American Airlines, JetBlue, Alaska Airlines, Airlines, Department of Transportation, Delta SkyMiles American Express, Airlines ’, “ Airlines, Atmosphere Research, Embry, Riddle Aeronautical University, Ryanair, The Transportation Department Locations: New York, Denver, Dallas, Daytona Beach , Florida, United States, Europe
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoeing buying Spirit AeroSystems makes a 'good deal of sense', says Yale's Jeffrey SonnenfeldHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.
Persons: Yale's Jeffrey Sonnenfeld, Brian Sullivan, Organizations: Boeing, CNBC
Boeing said on Friday that it was in talks to acquire Spirit AeroSystems, a struggling supplier that the manufacturer spun out nearly two decades ago and that makes the bodies of the 737 Max jet. In reabsorbing Spirit, Boeing would be seeking to rescue and restructure a troubled but important partner that has been battered by years of losses and quality control problems. Spirit’s problems have also at times limited how fast Boeing can produce Max planes, its most popular commercial jet. Bringing Spirit, one of the company’s key suppliers, back in house would be a significant strategic shift for Boeing, which has long relied on outsourcing to make its planes. Experts say the episode could have been catastrophic had it happened at a higher altitude with passengers moving about the cabin.
Organizations: Boeing, Alaska Airlines
Spirit Aerosystems had a market capitalization of $3.3 billion as of Thursday's close. "We do not comment on market speculation," a spokesperson for Spirit Aerosystems told CNBC. Boeing in 2005 spun off operations in Kansas and Oklahoma that became the present-day Spirit Aerosystems. It comes less than two months after a section of a Boeing 737 Max 9 plane blew out during an Alaska Airlines flight. It was the latest and most serious in a host of flaws on the Boeing 737 Max, Boeing's best-selling jet.
Persons: Aerosystems, Spirit Aerosystems, Boeing's, Max Organizations: Spirit AeroSystems Holdings Inc, Boeing, Spirit, CNBC, Airbus, Wall Street, Max, Alaska Airlines, Federal Aviation Administration, National Transportation Safety Board Locations: Wichita , Kansas, U.S, Kansas, Oklahoma, Boeing's Renton , Washington
Boeing and Spirit Aerosystems confirm merger talks
  + stars: | 2024-03-01 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoeing and Spirit Aerosystems confirm merger talksTony Bancroft, Gabelli Aerospace & Defense ETF portfolio manager, joins 'Closing Bell Overtime' to talk breaking news that Boeing is considering buying Spirit Aerosystems.
Persons: Tony Bancroft Organizations: Boeing, Gabelli Aerospace & Defense
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpirit Aerosystems needs to come in-house to be better managed by Boeing, says Jefferies' KahyaogluSheila Kahyaoglu, Jefferies analyst, joins 'Closing Bell' to discuss the business logic of Boeing bringing its supplier in-house, if Boeing feels like they need to acquire Spirit Aerosystems, and what it would mean for Boeing's earnings and cash flow.
Persons: Jefferies, Sheila Kahyaoglu Organizations: Boeing, Jefferies
DC and Marvel are reprinting coveted crossover comics
  + stars: | 2024-03-01 | by ( John Towfighi | ) edition.cnn.com   time to read: +9 min
CNN —Comic-book store owner Jermaine Exum couldn’t believe his ears when a customer asked to reserve a copy of the upcoming 960-page “DC versus Marvel” comics collection. The "DC Versus Marvel Omnibus," to be released August 6, 2024, is a collection of various crossover comics, and just the second collaboration by DC and Marvel in two decades. From 1976 to 2003, crossovers between the DC and Marvel universes (“Superman vs. Uslan recalled similar “interplay” among the companies, citing a regular DC vs. Marvel softball match in Central Park as evidence of camaraderie. The comic "Marvel and DC Present Featuring the Uncanny X-Men and the New Teen Titans #1", will be reprinted in the upcoming collection.
Persons: Jermaine Exum couldn’t, , , Lex Luthor –, ” Marvel, Exum, Michael Uslan, Carmine Infantino, Stan Lee, ” Uslan, Marvel, DC Walt Simonson, I’m, ” Simonson, Uslan, Walt Simonson, DC Ben Saunders, Denny O’Neil, George Pérez, Chris Claremont, John Romita Jr, Batman, Simonson, ” Saunders, Saunders, Federico Parra, James Gunn, Marvel’s, Peter Safran, Kevin Feige, ” Ethan Sacks, “ Jack Kirby, Steve Ditko, Jerry Siegel, Joe Shuster, Bob Kane, Bill Finger, William Moulton Marston Organizations: CNN, Marvel, DC, Warner Bros, Discovery, Disney, Hollywood, ” Comics, Teen Titans, New Teen Titans, University of Oregon, Acme Comics, , Marvel Studios, Guardians, Galaxy, DC Studios Locations: Greensboro, North Carolina, Central, Greensboro , North Carolina, Venezuela, Caracas, AFP, Greece, Rome, Egypt
Hewlett Packard Enterprise -- The technology stock rose almost 2% after fiscal first quarter earnings of 3 cents per share topped analysts' expectations, according to LSEG. Daimler Truck -- Shares of the commercial vehicle manufacturer soared more than 18% after reporting a record-high, full-year profit, and authorized a 2 billion euro ($2.16 billion) share buyback. Dell Technologies - Shares soared more than 25% after the laptop maker posted fourth-quarter results that beat analysts' estimates amid strong demand for its artificial intelligence servers. Advanced Micro Devices , Marvell Technology , Micron Technology -- AMD added 4% in midday trading as investors continue to signal excitement over stocks tied to implementing artificial intelligence. Shares of Micron Technology and Marvell Technology soared more 5% and 7%, respectively.
Persons: AeroSystems, Hewlett Packard, Root, Billings, , Alex Harring, Yun Li, Michelle Fox, Samantha Subin Organizations: Boeing, Hewlett Packard Enterprise, Daimler, . New York Community Bancorp, Jefferies, Dell Technologies, Dell, Devices, Marvell Technology, Micron Technology, Facebook, Nasdaq Locations: .
Boeing reportedly in talks to buy Spirit Aerosystems
  + stars: | 2024-03-01 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBoeing reportedly in talks to buy Spirit AerosystemsJim Lebenthal, Chief Equity Strategist at Cerity Partners, joins CNBC's "Halftime Report" to discuss the potential deal between the two airlines as the companies face increasing pressure from regulators to improve quality issues.
Persons: Jim Lebenthal Organizations: Boeing, Cerity Partners
The men described in phone interviews unbearable cold, repulsive food, unsanitary conditions and beatings in Penal Colony No. 3 of the remote Yamalo-Nenets region, where Mr. Navalny arrived in December to serve out the remainder of his 19-year old prison sentence. The former inmates said the conditions were especially brutal in the solitary cells where Mr. Navalny is believed to have been confined on the day he was pronounced dead. But what made the prison, known as IK-3 or the Troika, dreaded even by Russia’s hardened inmates was the exceptional psychological pressure and loneliness, they said. “It was complete and utter annihilation,” said a former inmate named Konstantin, who spent time in the prison’s solitary confinement cells.
Persons: Aleksei A, Navalny, , Konstantin Locations: Russian
Lviv CNN —Few places ooze the pain Ukrainians have been subjected to over the decades more than Lychakiv Cemetery in the western city of Lviv. These days, Lychakiv has become the burial ground for hundreds of service men and women killed in the most recent wave of Russian aggression. I’ve been coming to Lychakiv since the early weeks of the war to get a better sense of the human cost. “There are such cemeteries as Lychakiv all over Ukraine,” Lviv resident and community activist Lesia Krepyakevych told me. (Under Ukrainian law, men between the ages of 18 to 26 can’t be drafted, though they can volunteer).
Persons: Michael Bociurkiw, Michael Bociurkiw Chrystia, Ivan Franko, Volodymyr Ivasiuk, Lychakiv, I’ve, Pavlo Palamarchuk, Volodymyr Zelensky, Lesia Krepyakevych, it’s, who’ve, can’t, Mike Johnson, Donald Trump, Johnson, Biden, Putin, Emmanuel Macon didn’t, David, Goliath Organizations: Atlantic Council, Organization for Security, Cooperation, CNN, Lviv CNN, Getty, West, , Senate, Republican, Ukraine – Locations: Europe, Lviv, Ukraine, Anadolu, ” Lviv, Red, Iranian, Russia, Kyiv, Washington, America
I met Wendy Williams for the first time in September 2009 on set at her old studio on West 53rd Street. I love Wendy and loved my experience working on her eponymous talk show, so watching Lifetime's recent documentary, "Where Is Wendy Williams?" Wendy Williams with former senior producer Yazmin Ramos. AdvertisementThe Wendy Williams I worked with was supportive, sharp, and prioritized funFormer senior producer Yazmin Ramos on set of "The Wendy Williams Show." Former senior producer Yazmin Ramos on set of "The Wendy Williams Show."
Persons: Wendy Williams, , Wendy, Yazmin Ramos, Wendy Watchers, Wendy What's, Yazmin Ramos Wendy, It's Organizations: Service, West, Trap Music Locations: Chelsea, New York City, The Bronx, Honduras, Atlanta
A quick internet search led me to pursue my dream bucket-list trip at Havasupai Falls. The first step in the journey was securing reservationsThe first part of planning my trip was securing permits to visit Havasupai Falls. We crossed the bridge one by one and ventured on until we got our first jaw-dropping look at the cascading Havasu Falls. AdvertisementOur favorite hike of the trip was on the Havasu Falls Trail, which stretches from Mooney Falls to Beaver Falls. We consoled each other by swearing that we'd be back again to see Havasupai Falls, a place we'd fallen hopelessly and insatiably in love with.
Persons: , van, Hilltop, Bernadette Rankin, I'm, Beyoncé, we'd Organizations: Service, First, Business, Las Vegas Locations: Havasupai, Las, Peach Springs , Arizona, Hilltop, Supai, Supai Village, Havasu, Little Navajo Falls, Navajo, Havasu Falls, Mooney Falls, Beaver Falls, Mooney, Havasu Creek
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