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GE shares were up 6% at $113.14 in pre-market hours. The Boston-based group now expects 2023 adjusted profit per share of $2.55 to $2.65, compared with an earlier forecast of $2.10 to $2.30. "At GE Aerospace, we continue to experience rapid growth driven by robust demand and solid execution, largely in commercial engines and services," CEO Larry Culp said in a statement. GE's aerospace unit, which makes engines for Boeing Co (BA.N) and Airbus (AIR.PA) jets, posted double-digit growth in orders, revenue and profit from a year earlier. Shares of its aerospace unit will continue GE's listing on the New York Stock Exchange under the ticker symbol "GE", the company said.

Persons: Benoit Tessier, Larry Culp, RTX, Pratt, Whitney, Culp, Rajesh Kumar Singh, Sriraj Kalluvila, Jason Neely, Jan Harvey Organizations: Electric, GE, Boeing, Paris, REUTERS, General, GE Aerospace, Boeing Co, Airbus, New York Stock Exchange, AerCap Holdings, Thomson Locations: Le Bourget, Paris, France, Boston, Chicago, Bengaluru

☆ Stocks making the biggest moves premarket: Spotify, RTX, Coca-Cola and more
▼ + stars: | 2023-10-24 | by ( Pia Singh | ) www.cnbc.com time to read: +3 min

General Motors — General Motors shares were up more than 1% in the premarket after the automaker posted third-quarter earnings and revenue that beat analyst expectations. Spotify — Shares shed 2.5% in early morning trading, despite Spotify's third-quarter earnings topping expectations. Coca-Cola — Coca-Cola reported adjusted third-quarter earnings of 74 cents per share on revenue of $11.91 billion. RTX — The aerospace and defense company soared 8.1% after reporting higher-than-expected earnings and revenue, compared to forecasts from LSEG. RTX posted earnings per share of $1.25 on quarterly revenue of $18.95 billion, while analysts expected earnings per share of $1.21 on $18.59 billion in revenue, according to LSEG.

Persons: LSEG, Piper Sandler, RTX, Morgan Stanley, CNBC's Hakyung Kim, Sarah Min Organizations: Motors — General Motors, GM, United Auto Workers, Spotify, Bank of America, MoffettNathanson, —, 3M, Beverage, Barclays — U.S, Investors

The company also approved a $10 billion share repurchase program that will be funded through short and long-term debt. But profit at RTX's Collins Aerospace unit, which deals with commercial aftermarket service, rose 22% to $903 million. RTX reported an overall third-quarter adjusted profit of $1.25 per share, beating Wall Street estimates of $1.21, according to LSEG data. The company now expects reported sales of $68.5 billion, up from about $67.5 billion, and adjusted sales of $74 billion, up from $73 billion. Adjusted earnings per share - previously projected to be $4.95 to $5.05 - are now expected to be between $4.98 and $5.02.

Persons: Benoit Tessier, Pratt, Whitney, RTX, Neil Mitchill, Pratyush Thakur, Mike Stone, Valerie Insinna, Krishna Chandra Eluri, Mark Potter Organizations: Raytheon Technologies Corporation, International Paris Air, Le, REUTERS, Collins Aerospace, Reuters, RTX, RTX's Collins Aerospace, Wall, Intelligence, Services, Raytheon, Thomson Locations: Le Bourget, Paris, France, Arlington , Virginia, Bengaluru, Washington

☆ China reportedly ousts defense minister after two-month absence
▼ + stars: | 2023-10-24 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The Chinese government removed Gen. Li Shangfu from the post of defense minister and state councilor without appointing a replacement, state media CCTV reported Tuesday. Li, who was appointed to lead China's Defense Ministry during a broader Cabinet reshuffle in March, has not been seen in public for the past two months, according to Reuters. Reuters also reported that Li, 65, faced a corruption probe over the procurement of military equipment — which CNBC could not independently confirm. Li is the second high-profile minister from Xi's administration to be removed amid a storm of speculation. In July, Qin Gang — who was also stripped of his authority as state councilor on Tuesday — was dismissed from his role as foreign minister after a one-month absence.

Persons: Li Shangfu, Li, Xi Jinping, Qin Gang —, — Organizations: National People's, China's Defense Ministry, Reuters, CNBC, Renown, Chinese Communist Party, Central Military Commission, —, Qin

☆ Stocks making the biggest moves midday: Spotify, Coca-Cola, DraftKings, 3M and more
▼ + stars: | 2023-10-24 | by ( Alex Harring | ) www.cnbc.com time to read: +5 min

3M — The conglomerate jumped 5.8% after beating analyst expectations in the quarter and raising its earnings outlook. The company missed consensus estimates from analysts polled by FactSet on both lines in the quarter, while fourth-quarter revenue guidance was also lower than expected. It also raised its full year revenue guidance to $235 million to $238 million, greater than prior guidance of $230 million to $235 million. The Trade Desk — Shares advanced 3.2% after Loop Capital initiated coverage of the advertising technology stock with a buy rating. Criteo — The advertising technology stock traded 4.1% higher after KeyBanc initiated coverage with a buy rating.

Persons: DraftKings, Coinbase, bitcoin, Microstrategy, TrueBlue, FactSet, Hexcel, DA Davidson, Baird, Criteo, KeyBanc, Morgan Stanley, Calvin Klein, Tommy Hilfiger, —, Sarah Min, Samantha Subin, Hakyung Kim, Tanaya Macheel Organizations: Spotify —, LSEG, General, General Electric, 3M, Barclays — U.S, Microsoft, Google, Marathon, Apollo Capital, U.S . Securities, Exchange Commission, Monday, Loop, Rio Tinto, Barclays, FMC, JPMorgan Locations: Rio

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023. Aerospace major RTX (RTX.N) jumped 6.1% after it reported better-than-expected quarterly earnings. Of the 118 S&P 500 (.SPX) companies that have reported earnings so far, 81.4% have topped analysts' expectations, LSEG data showed. Ten of the 11 major S&P 500 sectors were trading higher, with energy (.SPNY) the sole outlier, down 1.0%, on weaker crude prices. HCA Healthcare (HCA.N) fell 4.9% after the hospital operator missed Wall Street estimates for quarterly profit as its physician-staffing joint venture missed internal growth targets.

Persons: Brendan McDermid, Hugh Anderson, what's, you've, Bitcoin, Shubham Batra, Shashwat Chauhan, Sruthi Shankar, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Big Tech, Verizon, Dow, Nasdaq, U.S, General, Aerospace, HighTower Advisors, P, Microsoft, Reserve, Dow Jones, Marathon, HCA Healthcare, NYSE, Thomson Locations: New York City, U.S, Israel, Gaza, Bengaluru

"Airbus remains committed to providing the U.S. Air Force and our warfighters with the most modern and capable tanker on the market," an Airbus spokesperson said. The Air Force has sought to replace hundreds of Eisenhower-era KC-135 tankers in three lots. "Lockheed Martin has decided not to respond to the U.S. Air Force's KC-135 fleet recapitalization Request for Information," Lockheed spokesperson Stephanie Stinn said in a statement. A Lockheed-Airbus victory would have landed Airbus its first aircraft contract with the U.S. Air Force after attempting to penetrate the U.S. defense market for two decades. In 2011, Boeing won the first of the three-phase procurement to replace the Air Force's aging tanker fleet, securing a contract for 179 KC-46s.

Persons: Cheney Orr, Eisenhower, Lockheed Martin, Stephanie Stinn, Lockheed's, Valerie Insinna, Mike Stone, Chizu Organizations: Lockheed, Association of, United States Army, Global, REUTERS, Rights, Lockheed Martin Corp, U.S . Air, KC, Air Force, Airbus, U.S . Air Force, The Air Force, Boeing, U.S . Air Force's KC, Pegasus, Refueling, recapitalization, Air, Thomson Locations: Huntsville , Alabama, U.S, Alabama, Georgia, Washington

☆ Stocks making the biggest moves midday: Chevron, Okta, Walgreens, Spirit AeroSystems and more
▼ + stars: | 2023-10-23 | by ( Hakyung Kim | ) www.cnbc.com time to read: +3 min

Chevron — Chevron shares fell 3% after the energy giant agreed to buy Hess in a $53 billion all-stock deal , or $171 per share. Walgreens Boots Alliance — Shares popped 5.4% on Monday after JPMorgan upgraded shares to overweight from neutral and raised its price target. Beauty — Shares added 5% after Raymond James upgraded shares to strong buy from outperform in a Monday note. Spirit AeroSystems — The aerospace company's shares gained 4.8% after Bernstein raised its rating on shares to outperform from market perform. FMC Corp — The insecticide company's shares tumbled 12% after FMC issued third-quarter guidance that's lower than what it originally called for.

Persons: Hess, Okta, Pinterest, Raymond James, Olivia Tong, Tong, Bernstein, Pat Shanahan, EngageSmart, Stonepeak, CNBC's Pia Singh, Samantha Subin, Alex Harring, Sarah Min Organizations: Chevron — Chevron, Chevron, Exxon Mobil, Natural Resources, Citi, Evercore, Stifel, Walgreens, JPMorgan, Vista Equity Partners, Textainer, Clean Holdings, FMC Corp, FMC Locations: Guyana, U.S, America

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Persons: —, it's, doesn't, you'll Organizations: Service, Savings Locations: Savings isn't

Meanwhile, Boeing and Spirit, a supplier for the U.S. planemaker and European rival Airbus(AIR.PA), are contending with a lapse involving misdrilled holes on Boeing’s 737 MAX. Boeing is expected to report a loss of $2.23 per diluted share, compared with a loss of $5.49 a year ago. Spirit is projected to report a loss of $1.03 a share, compared to a loss of $1.22 a year earlier, according to LSEG data. The target may no longer be achievable if Boeing can no longer meet its goal of delivering 400 737s this year. Spirit, which reports Nov. 1, has already revealed preliminary results as part of a new price agreement with Boeing.

Persons: Benoit Tessier, Whitney, Rob Stallard, ” RTX, Ron Epstein, Vertical's Stallard, Patrick Shanahan, Pat, Michel Merluzeau, Shanahan, Valerie Insinna, Pratyush Thakur, Ben Klayman, Josie Kao Organizations: Boeing, International Paris Air, Le, REUTERS, Rights, Pratt, U.S, Airbus, Research, LSEG, ” Bank of America, Thomson Locations: Le Bourget, Paris, France, Washington, Bengaluru

☆ China's fighter jet fleet is growing in size and appears to have made a big jump in capability, new Pentagon report shows
▼ + stars: | 2023-10-23 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

US Department of Defense released its annual China Military Power Report to Congress last week. The Chinese fighter jet fleet appears to have not only grown in size but, more importantly, also in overall capability. AdvertisementAdvertisementA new report from the Pentagon details China's expanding military power, including the growth of its fighter jet fleet, which appears to have also experienced a jump in capability. The Pentagon's report notes that China's fighter jet fleet has both expanded and apparently improved. CFOTO/Future Publishing via Getty ImagesExamples of China's fourth-generation fighter aircraft include the Chengdu J-10, Shenyang J-16, and Shenyang J-15.

Persons: —, Xi, Liu Dawei, they've, Matthew P, Funaiole Organizations: of Defense, China, Service, US Department of Defense, People's Liberation Army, PLA, PLA Air Force, PLA Navy, PLAN, PLAN Aviation, DoD, The Air Force, Air, Air Force Aviation University, CFOTO, Publishing, Getty, Shenyang J, 14th China International Aviation, Aerospace Exhibition, Pentagon, China Power Project, Center for Strategic, International Studies Locations: People's Republic of China, China, United States, Nanjing, Jiangsu province, Shanghai, Jiangsu, Zhejiang, Anhui, Jiangxi, Fujian, Chengdu, Shenyang, Chinese, Liaoning, Zhuhai, Guangdong Province, Xinhua, Russian

☆ These are the House Republicans running for speaker
▼ + stars: | 2023-10-22 | by ( Jack Forrest | ) edition.cnn.com time to read: +8 min

CNN —The high-stakes race for House speaker enters a new phase this week, with a slate of new candidates vying for the gavel following Rep. Jim Jordan’s exit from the race. The former National Republican Congressional Committee chairman was first elected to Congress in 2014 and became majority whip earlier this year. Bergman is a member of the House Armed Services Committee where he chairs the Intelligence and Special Operations Subcommittee. Scott, who represents Georgia’s 8th Congressional District, serves on the House Permanent Select Committee on Intelligence, the House Armed Services Committee and the House Agriculture Committee. Johnson sits on the House Judiciary Committee, Select Committee on the Weaponization of the Federal Government and on the House Armed Services Committee.

Persons: Jim Jordan’s, Kevin McCarthy, Tom Emmer Emmer, ” McCarthy, “ He’s, Tom, ”, ” Emmer, Donald Trump, Emmer, Kevin Hern The, Hern, McCarthy, Jack Bergman Bergman, –, Bergman, Austin Scott The, Austin Scott The Georgia Republican –, Scott, Byron Donalds The, ” Donalds, Francis Rooney, Donalds, Mike Johnson The, ” Johnson, Johnson, Pete Sessions, Colin Allred, Sessions, Trump, Rudy Giuliani, Ukraine –, Dan Meuser, Elise Stefanik, Meuser, Tom Corbett, Gary Palmer Palmer, Palmer, Steve Scalise Organizations: CNN, Republicans, GOP, Minnesota Republican, Press, Caucus, National Republican, Minnesota, Financial Services, Rep, Kevin Hern The Oklahoma Republican, Republican, Committee, McDonalds, Small Business, US Marines, Michigan’s, House Armed, Austin Scott The Georgia Republican, Jordan, California Republican, University of Georgia, Congressional, Intelligence, House Armed Services Committee, Agriculture, Byron Donalds The Florida Republican, Freedom Caucus, GOP Rep, Florida’s, Florida State University, Mike Johnson The Louisiana Republican, House Republican, House GOP, Federal Government, Pete Sessions Sessions, Texas, ”, Sessions, Trump, Pennsylvania Republican, Gov, Alabama’s, Energy, Commerce Locations: Michigan, Austin Scott The Georgia, Ohio, California, Georgia, Florida, Mike Johnson The Louisiana, House, Dallas, Waco , Texas, Ukraine, Pennsylvania, Alabama

☆ Where's the Su-57? The war in Ukraine is what fifth-generation fighter jets were made for, but Russia's Felon has largely been missing in action
▼ + stars: | 2023-10-21 | by ( Jake Epstein | ) www.businessinsider.com time to read: +10 min

Russian state media has touted the Su-57 fighter jet as a formidable, fifth-generation aircraft. Sukhoi Su-57 fighter jets perform at the MAKS 2019 air show in Zhukovsky, outside Moscow, Russia, August 27, 2019. Sukhoi Su-57 jet fighter performs during International military-technical forum "Army-2020" at Kubinka airbase in Moscow Region, Russia August 25, 2020. So why is it that the Su-57 isn't doing what a true fifth-generation stealth fighter should theoretically be able to do in Ukraine? AdvertisementAdvertisementSukhoi Su-57 fighter jets perform at the MAKS 2019 air show in Zhukovsky, outside Moscow, Russia, August 27, 2019.

Persons: it's, —, there's, Mike Dahm, Sukhoi Su, Aleksey Nikolskyi, haven't, They're, Assad, Sergei Shoigu, Maxim Shemetov There's, Su, Russia's, Justin Bronk, Bronk, Vladimir Putin, Recep Tayyip Erdogan, Maxim Shemetov, Dahm, There's, that's Organizations: Aviation, intel, Service, NATO, US, Mitchell Institute for Aerospace Studies, Sputnik, REUTERS, Russian, Ukraine, International, Army, Sukhoi, Royal United Services Institute, Aircraft Locations: Ukraine, Russia, Moscow, Zhukovsky, Kremlin, Syria, Kubinka, Moscow Region, Russian, Ukrainian, NATO

☆ Bezos' Blue Origin sees third executive departure amid restructuring
▼ + stars: | 2023-10-20 | by ( Joey Roulette | ) www.reuters.com time to read: +3 min

Eilola's departure follows plans announced last month by Bezos to replace Smith, who has been Blue Origin's CEO since 2017, with longtime Amazon executive Dave Limp by the end of the year. Blue Origin did not respond to a request for comment. Bezos founded Blue Origin in 2000 with the vision of having millions of people living and working in space. In the past several months, Blue Origin's corporate structure has changed substantially as its leadership gets a revamp. Blue Origin this year also spun its moon lander program into a new independent business unit.

Persons: Jeff Bezos's, Ivan Pierre Aguirre, Origin's, Jeff Bezos, Bob Smith, Mike Eilola, Bezos, Smith, Dave Limp, Brent Sherwood, Shepard, Limp, Joey Roulette, Will Dunham Organizations: Shepard, REUTERS, Rights, Reuters, Elon, SpaceX, Blue, Amazon, Honeywell Aerospace, Glenn, NASA, Space Systems, Thomson Locations: Van Horn , Texas, U.S, United States

☆ Analysts' comments on China's export permits for some graphite products
▼ + stars: | 2023-10-20 | by ( ) www.reuters.com time to read: +3 min

Here is what analysts are saying about the measure:IVAN LAM, SENIOR ANALYST, COUNTERPOINT RESEARCH:"In addition to China, other countries and regions also implement graphite export controls. Graphite has a wide range of applications in industry, and the demand for its use is growing. KANG DONG-JIN, ANALYST AT HYUNDAI SECURITIES IN SEOUL:"It's not that China would suddenly stop export graphite, but it would be more intensely regulated and reviewed. It is still unclear how far China would take this graphite export curb, which would determine the supply chains. "With this new graphite export curb, South Korean firms - or South Korea in general, which heavily rely on China for graphite imports, would need to seek alternatives, such as mines from the United States or Australia, but it would likely increase cost burden for many."

Persons: Aly, IVAN LAM, CHRISTOPHER RICHTER, you've, KANG DONG, JIN, Brenda Goh, Daniel Leussink, Heekyong Yang, Miyoung Kim, Nivedita Organizations: REUTERS, Rights, EU, Thomson Locations: Port, Shanghai, China, Rights SINGAPORE, Russia, Ukraine, TOKYO, SEOUL, South Korea, United States, Australia, Tokyo, Seoul

☆ China restricts exports of graphite as it escalates a global tech war
▼ + stars: | 2023-10-20 | by ( Juliana Liu | ) edition.cnn.com time to read: +3 min

“At the moment both China and Western countries are engaged in a tit for tat, highlighting how protectionist measures often spread. China, which dominates the world’s production and processing of graphite, says export permits will be needed, starting in December, for synthetic graphite material — including high-purity, high-strength and high-density versions — as well as for natural flake graphite. China was the world’s leading graphite producer last year, accounting for an estimated 65% of global production, it said. Gallium, germanium restrictionsThe export curbs were announced as China faces pressure from multiple governments over its commercial and trade practices. In July, Beijing imposed export restrictions on gallium and germanium, two minerals essential for making semiconductors.

Persons: ”, Stefan Legge, carmakers, Ivan Lam Organizations: Hong Kong CNN, Ministry of Commerce, Administration, Customs, “, University of St, Institute for Energy Research, EV, International Energy Agency, Geological Survey, Counterpoint Research, US Department of Energy Locations: China, Hong Kong, United States, University of St Gallen, Switzerland, Washington, DC, Europe, Asia, Beijing, Russia, Ukraine

[1/4] Tesla China-made Model 3 vehicles are seen during a delivery event at its factory in Shanghai, China January 7, 2020. To prevent demand from waning, market leader Tesla, with industry-leading profit margins, has been the first and most aggressive in slashing prices, forcing others to follow suit and squeezing margins. "If interest rates remain high ... it's that much harder for people to buy the car. They simply can't afford it," Musk said, adding he would "accelerate" expansion of the Mexico factory if interest rates come down. That is not expected in the United States until June 2024, based on current market estimates , with recent robust economic data suggesting the central bank might leave interest rates higher for longer.

Persons: Aly, Elon Musk, Musk, Tesla, Ford, Tom Narayan, Narayan, Abhirup Roy, Ben Klayman, Jamie Freed Organizations: REUTERS, FRANCISCO, Wednesday, General Motors, Ford, EV, GM, Chevrolet Silverado, GMC, Air, RBC Capital Markets, Reuters, Thomson Locations: China, Shanghai, Mexico, Michigan, Detroit, U.S, United States, San Francisco

☆ Tom Lee highlights the top picks in his winning portfolio that’s beating the S&P 500
▼ + stars: | 2023-10-19 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Fundstrat Global Advisors founder Tom Lee recently completed the quarterly rebalancing for his Granny Shots portfolio, a list of his top 36 stock picks which has consistently outperformed the market since its inception on Jan. 10, 2019. The Granny Shots portfolio, on the other hand, is up 157.3% in the same period, according to Fundstrat's website . This year alone, the Granny Shots portfolio's 19.33% rally has also outpaced the S & P 500's 13.9% gain. The portfolio takes its name from a style of underhanded shot in basketball that's considered to be highly efficient. Here are a few of the newest additions to Lee's Granny Portfolio.

Persons: Tom Lee, that's, Lee, Fundstrat's Mark Newton, Newton, Hess, Morgan Stanley, Oracle Organizations: Fundstrat Global, Granny, Jan, UST, Washington, Everest, Insurance, ISI, Oracle, CNBC, Caterpillar Locations: Fed

Electronic boards showing stock information are pictured at the stock market, in Dubai, United Arab Emirates, November 5, 2020. "Such an escalation could lead to increased oil prices, concerns about oil supply, and the potential for a global economic downturn." In the unlikely event the United States sends troops into the Middle East, Belote expected a $20 jump in oil prices, "if not more". "Israel has better relations with other Arab countries compared to then," JP Morgan private bank strategist Madison Faller said in a note, "and global oil supply is not as concentrated." Reuters Graphics5/ TECH JITTERSWhat's good for oil stocks can be bad for big tech.

Persons: Abdel Hadi Ramahi, Hamza Meddeb, Malcolm H, Brent Belote, Belote, JP, Madison Faller, Nadia Martin Wiggen, Alessia Berardi, Amundi's Berardi, Trevor Greetham, Morgan Stanley, Jeff, London's Greetham, Naomi Rovnick, Nell Mackenzie, Marc Jones, Dhara Ranasinghe, Sharon Singleton Organizations: United Arab Emirates, REUTERS, Kerr Carnegie Middle East Center, Oil, JP Morgan, Svelland, Reuters Graphics Reuters, U.S, Reuters, Swiss, Royal, Aegon, Deutsche Bank, Aerospace, Thomson Locations: Dubai, United Arab, Israel, Gaza, Beirut, IRAN, Iran, U.S, United States, Arab, Turkey, Ukraine, Egypt, Jordan, Iraq, Saudi Arabia, Qatar, Bahrain, Suez, London

☆ What the Israel-Hamas war means for defense stocks
▼ + stars: | 2023-10-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest. Defense stocks typically rise after military conflicts but soon lose those gains. Following Russia’s invasion of Ukraine, the iShares defense ETF surged by 5%, with Lockheed Martin and Northrop Grumman’s shares jumping about 20%. Goldman Sachs announced third-quarter results on Tuesday morning, reporting earnings of $5.47 per share, which beat the $5.31 expected by analysts.

Persons: Lockheed Martin, Northrop Grumman, ”, Jim Taiclet, “ That’s, JPMorgan Chase, Jamie Dimon, “, ” Sam Stovall, Joe Biden’s, Northrop Grumman’s, Raffi Boyadjian, Goldman Sachs, David Solomon, “ David, Goldman, Tony Fratto, Solomon, DJ, ” Solomon, it’s, Lloyd Blankfein, they’re, Elon Musk’s, Elon Musk, X, Clare Duffy Organizations: CNN Business, Bell, New York CNN, U.S . Aerospace & Defense ETF, Raytheon, Lockheed, Boeing, General Dynamics, Northrop, “, Lockheed Martin Corporation, titans, Hamas, JPMorgan, Defense, XM, Treasury, CNN, Revenue, Twitter Locations: New York, Israel, U.S, Ukraine, Kippur, Kuwait, South Beach, New Zealand, Philippines

The move is the latest sign that electric vehicle production and demand may not be as strong as forecast. GM had been set to begin production of the electric Chevrolet Silverado and GMC Sierra in late 2024 at the suburban Detroit plant. Ford said in July it would slow the ramp-up of electric vehicle production and forecast a full-year loss of $4.5 billion on its EV unit. GM still plans a significant boost in EV production in 2024 including adding a new shift at a Detroit-Hamtramck factory that is currently building EV SUVs and pickup trucks. General Motors said on Tuesday it still plans to end production of the Chevrolet Bolt EV at the end of 2023.

Persons: Rebecca Cook, Ford, General Motors, Ben Klayman, David Shepardson, Will Dunham, Franklin Paul, Chizu Organizations: General Motors, REUTERS, Rights, General Motors Co, GM, Silverado, GMC Sierra, Reuters, United Auto Workers, Detroit -, GMC Sierra EV, General, Chevrolet, Thomson Locations: Detroit , Michigan, U.S, Orion, Detroit, Ohio, Detroit - Hamtramck, United States, Washington

☆ U.S. government wants to move conversation around UFOs from speculation to science
▼ + stars: | 2023-10-17 | by ( Magdalena Petrova | ) www.cnbc.com time to read: +2 min

Unidentified flying objects, or UFOs, have captured the imagination of Americans for decades. But much of the conversation has been confined to science fiction movies and novels. A big one suggests the U.S. has been concealing alien life and technology in secret compounds like Area 51 in Nevada. A 2019 poll found 68% of respondents believed the U.S. government knows "more about UFOs than it is telling us." Then, in June 2022, NASA convened an independent expert panel to help study UAP incidents and advise the Department of Defense on how to gather and interpret data on UAPs.

Persons: Ryan Graves, Graves Organizations: UAP, Safe Aerospace, U.S . Navy, UAPs, National Intelligence, Pentagon, NASA, of Defense, DoD Locations: Nevada, U.S, Washington

☆ Rolls Royce: Aircraft engine maker plans up to 2,500 job cuts worldwide
▼ + stars: | 2023-10-17 | by ( Hanna Ziady | ) edition.cnn.com time to read: +3 min

London CNN —Aircraft engine maker Rolls-Royce will slash up to 2,500 jobs worldwide in a bid to streamline its operations and tackle years of underperformance. (Rolls-Royce is a separate company from Rolls-Royce Motor Cars, a wholly owned subsidiary of BMW. The two businesses bearing the Rolls-Royce name were part of the same firm until the 1970s.) “This is another step on our multi-year transformation journey to build a high-performing, competitive, resilient and growing Rolls-Royce,” Erginbilgic said. “Its transformation plan is faring well, with improving operations, the post-pandemic rebound in international flying and increased defense spending.”

Persons: Royce, Tufan Erginbilgic, Germany Nadja Wohlleben, Erginbilgic —, ”, “, Erginbilgic, Grazia Vittadini, ” Erginbilgic Organizations: London CNN — Aircraft, Boeing, Airbus, Royce, Rolls, BMW, BP, “, Victoria Scholar, Interactive Locations: Dahlewitz, Berlin, Germany, London’s

☆ Industrial metals to remain vulnerable to more softness near-term, says Goldman
▼ + stars: | 2023-10-16 | by ( ) www.reuters.com time to read: +1 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 16 (Reuters) - Goldman Sachs on Monday said it expects industrial metals markets to remain vulnerable to incremental softness in the near term due to deteriorating demand and the impact from higher interest rates. "Building and construction activity remains the weakest segment, but there were downdrafts now noted in volume appetite from most other sectors, with the exception of aerospace," analysts at Goldman Sachs said. The copper market could face near-term pressure from the likelihood that Chinese imports of the metal could be restrained, the bank said. Three-month nickel on the London Metal Exchange was trading around $18,710 per metric ton by 1425 GMT on Monday.

Persons: Goldman Sachs, Andrew Kelly, downdrafts, Goldman, Brijesh Patel, Tina Parate, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, Goldman, London Metal Exchange, Thomson Locations: New York City , New York, U.S, China, Bengaluru

☆ RBC: The defense sector is in the early stages of what will be a significant restocking era
▼ + stars: | 2023-10-16 | 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 EmailRBC: The defense sector is in the early stages of what will be a significant restocking eraKen Herbert, aerospace & defense analyst at RBC Capital Markets, discusses the run-up in defense stocks over the past week, whether the dysfunction in Congress will impact the military budget, and which names are head & shoulders above the rest in the sector.

Persons: Ken Herbert Organizations: RBC, RBC Capital Markets

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