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The S&P 500 declined 0.7% and the Nasdaq Composite fell 1%. Turbulence for airline stocksAirline stocks have also been pummeled this week, as years of safety issues at Boeing continue to plague the industry. The NYSE Arca Global Airline index, which tracks the performance of major American and overseas airlines, is on track to end the week 2.2% lower. But Liz Young, head of investment strategy at SoFi, notes that the S&P 500 hasn’t seen a one-day decline of 2% or more since last February. AI up-and-comer Super Micro Computer will join the benchmark S&P 500 index on Monday.
Persons: New York CNN — Stocks, shrugged, Gold, Bitcoin, Dow, Price, , Ken Tjonasam, Max, Robert Jordan, Liz Young, Young, “ It’s, What’s, Jensen Huang Organizations: New, New York CNN —, Federal Reserve, Nasdaq, Dow, Global, Airline, Boeing, Latam, Wall, Southwest Airlines, Airbus, “ Boeing, , JPMorgan Chase, NYSE Arca, Nvidia, Computer, Investors, Federal, Market Committee, Fed, National Association of Home Builders, Census Bureau, National Association of Realtors Locations: New York, Australia, New Zealand, Wells Fargo
New York CNN —A terrifying plunge on a Latam Airlines Boeing 787 Dreamliner flight earlier this week might have been caused by a mistake made in the cockpit, and not any flaw in the Boeing jet, according to a report in the Wall Street Journal. Dozens of passengers were injured when the plane plunged, as some were thrown to the ceiling of the cabin. Boeing did not comment on the report. Latam on Monday said the plane “had a technical event during the flight which caused a strong movement,” adding it had landed as scheduled in Auckland. Asked about indications the problem with the flight was a cockpit mishap, the airline told the Journal the company is working with authorities on the investigation, but declined to comment further until the investigation is finished.
Persons: Latam, didn’t Organizations: New, New York CNN, Latam Airlines Boeing, Boeing, Street, CNN, Journal, CNN Tuesday Locations: New York, Auckland
50 people were injured when a Boeing 787 suddenly dropped in midair on Monday. The WSJ reports the pilot's seat was moved into the controls when a flight attendant hit a switch. AdvertisementMonday's Latam Airlines incident might have been caused by a flight attendant accidentally hitting a switch in the cockpit, The Wall Street Journal reported. The Boeing 787 Dreamliner was flying from Sydney to Auckland when it suddenly dropped. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Boeing, Latam Airlines, Service, Street Journal, New Zealand Herald, Business Locations: Sydney, Auckland
Boeing has told airlines to check the cockpit seats of its 787 Dreamliner plane, the company said on Friday, after a Latam Airlines plane suddenly plunged on a flight to Auckland, New Zealand, on Monday, injuring passengers. Aviation regulators are investigating the incident and have not released any findings. In a statement, Boeing said it had reminded airlines of a safety memo from 2017 that instructed them on how to inspect and maintain switches on flight deck seats. “The investigation of Flight LA800 is ongoing and we defer to the investigation authorities on any potential findings,” the company said. “We are recommending operators perform an inspection at the next maintenance opportunity,” it added.
Organizations: Boeing, Airlines, Street, Aviation Locations: Auckland , New Zealand
Boeing is telling airlines to inspect switches on pilots' seats in its 787 Dreamliner jets after a published report said an accidental cockpit seat movement likely caused the sudden plunge of a LATAM Airlines plane flying to New Zealand. Boeing said Friday it recommended that airlines inspect the motorized cockpit seats the next time they perform maintenance on their 787s. It did not link the memo to what happened this week on a LATAM Airlines flight between Australia and New Zealand. The Federal Aviation Administration said, however, that the Boeing memo was issued “in response to the incident on LATAM Flight 800." The version involved in the LATAM flight can carry up to about 300 passengers.
Organizations: Boeing, LATAM Airlines, LATAM, Federal Aviation Administration, FAA, ” Passengers, Auckland Airport, United Airlines, American Airlines, Street Journal, Alaska Airlines, Max, National Transportation Safety Board, Justice Department Locations: New Zealand, Australia, Chile, Auckland, Oregon
So how does CEO Dave Calhoun still have a job? Boeing said it is working closely with regulators’ investigations and has plans in place to improve safety measures at its production facilities. Boeing’s 737 Max problems would be egregious enough on its own. But Dave Calhoun, Boeing’s chief executive since 2020, remains in his job, as does the entire C-suite at the time of this writing. Boeing hired Calhoun to right the ship.
Persons: New York CNN —, Dave Calhoun, “ It’s, ” Richard Aboulafia, , Max, John Barnett, Barnett’s, , Calhoun, ’ ”, Aboulafia, McDonnell Douglas, , ” Aboulafia, Boeing hasn’t, haven’t, ” Gad Allon, Allon isn’t Organizations: New, New York CNN, Boeing, ” Boeing, Airbus, CNN, University of Pennsylvania’s Wharton School of Business Locations: New York, Australia, New Zealand, Calhoun
How do we solve a problem like Boeing?
  + stars: | 2024-03-13 | by ( Allison Morrow | ) edition.cnn.com   time to read: +6 min
New York CNN —It took decades for Boeing to build a reputation as one of the most reliable companies on the planet. The latest headache for Boeing came Monday, when a 787 Dreamliner flying from Australia to New Zealand plunged suddenly mid-flight, injuring several passengers. It’s not clear what, if any, culpability Boeing has here — it said it’s gathering information about what went wrong. So, how do we solve a problem like Boeing? “This can be really as big as a financial crisis,” considering how many businesses around the world rely on Boeing planes.
Persons: CNN Business ’, Tesla, Brian Jokat, it’s, can’t, ” Gad Allon, , ” Allon isn’t, Matt Stoller, ” Stoller, that’s, “ There’s, ” Allon Organizations: CNN Business, New York CNN, Boeing, American, Regulators, Latam Airlines, CNN, Wall Street Journal, FAA, Airbus, Pilots, University of Pennsylvania’s Wharton School of Business, American Economic Liberties, Boeing isn’t Locations: New York, Australia, New Zealand, American
New York CNN —Dealmaking is the lifeblood of Wall Street. But analysts say that funding cuts in the plan could end up harming mergers and acquisitions on Wall Street, squashing hopes of a recovery in dealmaking. The bad news: Recent regulations and proposed budget cuts threaten to step on those green shoots before they’re able to flower. Why it matters: Dealmaking isn’t just good for Wall Street. Shares of the stock are down nearly 30% so far this year after its seemingly nonstop streak of bad luck.
Persons: New York CNN — Dealmaking, Joe Biden, squashing, It’s, Goldman Sachs, , Lucille Jones, Jones, Mitch Berlin, Biden, , ” Berlin, That’s, Hewlett Packard, , TikTok —, Brian Fung, TikTok, Shou Chew, Nadya Okamoto, Okamoto, Teddy Siegel, Siegel, David Goldman, LATAM, it’s, Max Organizations: CNN Business, Bell, New York CNN, Wall, LSEG, Federal Reserve, Federal Trade Commission, Department of Justice, Congressional, Office, CNN, Discover Financial Services, Hewlett, Juniper Networks, Target, Boeing, Alaska Airlines, United Airlines, The National Transportation Safety, Federal Aviation Administration, FAA, NTSB Locations: New York, dealmaking, EY, Berlin, , LSEG, Australia, New Zealand, Newark
The black boxes hold data crucial to understanding what caused the Boeing jet to suddenly drop during the flight from Australia to New Zealand, causing dozens of passengers to be treated for injuries. The US manufacturer has faced harsh criticism for a series of recent safety and quality issues in its aircraft. A series of investigationsChile’s Directorate General of Civil Aeronautics (DGAC) is leading the investigation into the black boxes as the plane was registered in the country. The Boeing jet remains in Auckland and will also be assessed by the Chilean investigators. “I immediately engaged with him and said, ‘What was that?’ And he openly admitted, he said, ‘I lost control of the plane.
Persons: Hato Hone, Hato Hone St John, Brian Jokat, , ” Jokat, STCLA, ” STCLA, Max, Chris Isidore, Kathleen Magramo, Manveena Suri, Alex Stambaugh Organizations: CNN, New, Boeing, LATAM, Civil Aeronautics, Investigation, LATAM Airlines, Hato, Hato Hone St, Hato Hone St John Ambulance, Chilean Boeing, , Alaska Airlines, US National Transportation Safety, National Transportation Safety Board, Federal Aviation Administration, FAA Locations: New Zealand, Australia, Auckland, Chilean
The incident aboard LATAM Airlines flight 800 from Sydney to Auckland is the latest to hit troubled aircraft manufacturer Boeing, which has been rocked by years of quality and safety issues. After landing in Auckland, Jokat said the pilot checked on the passengers and explained he had temporarily lost control of the jet. “I immediately engaged with him and said, ‘What was that?’ And he openly admitted, he said, ‘I lost control of the plane. “He said for that brief moment he couldn’t control anything and that’s when the plane did what it did. Meanwhile, the Federal Aviation Administration in February flagged safety issues with engine anti-ice systems on the 737 Max and larger 787 Dreamliner.
Persons: Brian Jokat, ” “, I’m, , CNN’s Erin Burnett, Jokat, , ” Jokat, , LATAM, Dean Purcell, Max, Mike Whitaker, Whitaker Organizations: CNN, Boeing, LATAM Airlines, CNN Tuesday, Alaska Airlines, Federal Aviation Administration, FAA Locations: Australia, New Zealand, Sydney, Auckland
But the company also had three canceled orders in January, giving it zero net orders for that month, the worst month for sales in years. Rebound from worst month since pandemicJanuary had been the worst month for sales for Boeing since airlines were struggling with massive losses during the pandemic. The last time Boeing had between one and three gross orders was in June, 2020, when it had only one jet order. The company sold 10 of the troubled 737 Max jets in February, all to unidentified customers. Southwest had planned to also take delivery of a total of 79 737 Max jets, but it no longer expects to get any of the 737 Max 7 jets it had hoped to get this year.
Persons: That’s, Max Organizations: New, New York CNN, Boeing, Alaska Airlines, Alaska Air, Southwest, Royal Brunei Airlines, United Airlines, Ryanair, Sun Express, , China Southern, FAA, Max, Federal Aviation Administration Locations: New York, Alaska, Singapore, United, Southwest, Air India, flydubai, Korean, – Air China, China Southern, Xiamen, Shandong, Donghai, China
A Boeing 737 MAX sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington. In a statement Monday, ​Boeing said: ​​"We are saddened by Mr. Barnett's passing, and our thoughts are with his family and friends." A former Boeing quality inspector who filed a whistleblower complaint over alleged plane safety flaws was found dead "from what appears to be a self-inflicted gunshot wound," officials in Charleston, South Carolina, said Monday. Boeing said then that it was following the ruling and would look to improve the design of the nut, but also said it wasn't a flight safety issue. After his retirement in 2017, Barnett filed a whistleblower complaint to federal regulators about his experiences at the South Carolina plant.
Persons: Barnett, Mitch, , Barnett's, Bobbi Jo O'Neal, John Barnett, , I'd, John, Vicky Melder Stokes, Mike Barnett, Robbie Barnett, Rodney Barnett Organizations: Boeing, ​ Boeing, NBC, The New York Times, FAA, Times, Department, Alaska Airlines, Max, Prevention Locations: Renton , Washington, Charleston , South Carolina, Charleston County, South Carolina, Charleston, Sydney, Auckland , New Zealand
At least 50 people were injured Monday by what LATAM Airlines described as a “strong movement” on the Chilean plane traveling from Sydney to Auckland, New Zealand. “Some of the roof panels were broken from people being thrown up and knocking through the plastic roof panels in the aisle ways. Passengers were met by paramedics and more than 10 emergency vehicles when the flight touched down in Auckland. “If you were in your seat, you went straight up to the ceiling and bounced off the roof. I just happened to be one of the lucky ones who was strapped in for that incident,” Jokat told ABC.
Persons: Brian Jokat, , LATAM, LA800, ” Jokat, Organizations: SYDNEY, LATAM Airlines, Boeing, Auckland Airport, ABC, ” LATAM Airlines, Passengers Locations: Australia, New Zealand, Sydney, Auckland , New Zealand, Santiago, Chile, Auckland
Boeing 's recent troubles have put some pilots on high alert when they enter the cockpit. On Tuesday, Southwest and Alaska Air said their flying plans were at risk amid Boeing's ongoing quality-control concerns. "Every airline is basically fighting to ensure that their network plan is not undermined by this failure of Boeing," said Tajer, a Boeing 737 captain. Despite the time he spent flying Boeing 707s in Desert Storm for the U.S. Air Force, Tajer said he thinks about the dangers of flying more than he ever has before. "I was in the military and Boeing planes saved my tail many times in combat," Tajer said.
Persons: Dennis Tajer, CNBC's, Tajer Organizations: Boeing, Allied Pilots Association, American Airlines, LATAM Airlines, Alaska Air, U.S . Air Force Locations: Australia, New Zealand, Southwest, Desert Storm
A prominent Boeing whistle-blower, a former quality manager who raised concerns about manufacturing practices at the company’s 787 Dreamliner factory in South Carolina, was found dead on Saturday with what appeared to be a self-inflicted gunshot wound, according to local officials. The whistle-blower, John Barnett, was in Charleston for a deposition for a lawsuit in which he accused Boeing of retaliating against him for making complaints about quality and safety. Quality problems involving both design and manufacturing have plagued Boeing for years — most prominently after the crashes of two Boeing 737 Max jets in 2018 and 2019, and again since a fuselage panel blew out on a Max flight shortly after takeoff two months ago. Mr. Barnett filed the complaint against Boeing with the U.S. Labor Department in 2017 under the AIR21 Whistleblower Protection Program, which protects employees of plane manufacturers who report information pertaining to air carrier safety violations. He left the company that year.
Persons: John Barnett, Barnett Organizations: Boeing, Max, U.S . Labor Department, AIR21 Locations: South Carolina, Charleston
A LATAM Airlines pilot reportedly told a passenger that he had momentarily "lost control" of the plane. A passenger told CNN the pilot said the plane's gauges "just kind of went blank on me." AdvertisementAfter the flight landed, passenger Brian Jokat told CNN that he spoke to the pilot, who he said told him: "My gauges just kind of went blank on me." Jokat told CNN that he had been sleeping when the plane "dropped something to the effect of 500 feet instantly." The flight landed in Auckland on schedule, the airline said in its statement, while apologizing for "any inconvenience and discomfort" from the incident.
Persons: , Brian Jokat, Jokat, I'm, Lucas Ellwood, Ellwood Organizations: LATAM Airlines, CNN, Service, LATAM Airways, Boeing, New Zealand Herald, ABC Locations: Sydney, Auckland, New Zealand
A former Boeing manager who raised safety questions about the aircraft maker has been found dead outside a hotel in South Carolina, according to local authorities. Police noted “the global attention this case has garnered.”Barnett was a longtime Boeing employee and worked as a quality-control manager before he retired in 2017. “He said that Boeing had a culture of concealment and was putting profits over safety.”Rodney Barnett said working at Boeing created stress for John. In 2019, Barnett told The New York Times about quality issues at Boeing’s factory in South Carolina, where the 787 jetliner is assembled. ___James Pollard in Columbia, South Carolina, contributed to this report.
Persons: John Barnett, ” Barnett, “ John, , Rodney, , ” Rodney Barnett, John, Barnett’s, Barnett, Max, ___, ___ James Pollard Organizations: Boeing, Coroner’s, Police, Associated Press, New York Times, BBC, Alaska Airlines Locations: South Carolina, Charleston, Louisiana, Boeing’s, Columbia , South Carolina
Boeing is in big trouble
  + stars: | 2024-03-12 | by ( David Goldman | ) edition.cnn.com   time to read: +4 min
LATAM called it a “technical event.” Boeing said it’s working to gather more information. Between lawsuits, potential fines and lost business, Boeing could lose billions more dollars from the blowout. In February, pilots on a United Airlines 737 Max reported that the flight controls jammed as the plane landed in Newark. The FAA is allowing the planes to continue flying and Boeing said the problem does not pose an immediate safety risk. And the FAA said Boeing’s safety and quality problems extend beyond its inability to produce paperwork.
Persons: CNN —, LATAM, it’s, Max, Mike Whitaker, ” Whitaker, Whitaker, , ” Boeing’s, It’s, CNN’s Colin McCullough, Greg Wallace Organizations: CNN, Boeing, Alaska Airlines, United Airlines, The National Transportation Safety, Federal Aviation Administration, FAA, NTSB Locations: Australia, New Zealand, Newark
John Barnett, 62, worked for over three decades at Boeing, including as a quality manager at a 787 plant. AdvertisementA former Boeing manager who flagged concerns about the aircraft manufacturer's quality standards was found dead in South Carolina on Saturday. Boeing told Business Insider in a statement: "We are saddened by Mr Barnett's passing, and our thoughts are with his family and friends." AdvertisementBarnett's lawyer, Brian Knowles, said the former Boeing manager was supposed to report for the third day of his deposition on Friday, per the Corporate Crime Reporter. Barnett's lawyers asked his hotel to check on the whistleblower, and he was found dead in his vehicle, Knowles told the Corporate Crime Reporter.
Persons: John Barnett, Barnett, , Mr Barnett's, I'd, Barnett's, Brian Knowles, Knowles Organizations: Boeing, Service, BBC, Business, New York Times, Federal Aviation Administration, Alaska Airlines, Latam Airlines Locations: South Carolina, Charleston, North Charleston
A Latam Airlines Boeing 787 experienced a "technical event" that caused a sudden drop. AdvertisementAt least 50 passengers were injured on a Latam Airlines flight on Monday, the New Zealand Herald first reported. The Boeing 787 Dreamliner traveling from Sydney to Auckland experienced a technical problem that caused the jet to drop suddenly, the newspaper reported. In its statement, Latam said 10 people were taken to hospital with no serious injuries reported. Although, the ambulance service told the Herald it had treated 50 people, of whom 12 were sent to the hospital.
Persons: , Latam Organizations: Latam Airlines Boeing, New Zealand Herald, Service, Latam Airlines, Boeing, Business, Herald, Auckland Airport Locations: Sydney, Auckland, Santiago, Chile
Latam, a Chilean airline, provided no specifics about the technical problem that it said had caused the disturbance. One passenger, who said she was a former flight attendant, told The New Zealand Herald that there had been a “quick little drop” during the flight, Latam Airlines Flight 800. Aircraft tracking information from Flight Aware showed a gap of roughly an hour for which no data was available. The plane, a Boeing 787-9 Dreamliner, was met at Auckland International Airport by 14 emergency vehicles, including seven ambulances, according to the city’s ambulance service, Hato Hone St. John. Ambulance crews treated about 50 people at the scene, including the person in serious condition; the others were in “moderate to minor condition,” the service said.
Organizations: Latam, New Zealand Herald, Aircraft, Boeing, Auckland International Airport, Hato Hone St, John . Ambulance Locations: Auckland, New, Chilean, Hato Hone
Even though the same jet model had crashed soon after taking off from Indonesia less than six months earlier, aviation authorities around the world had allowed the 737 Max to keep flying with passengers. A third incidentThis year, on January 5, a part of a 737 Max 9 flown by Alaska Airlines blew out, leaving a gaping hole in the side of the plane. Boeing’s production problems went beyond the design flaw that led to the crashes. “Within days of the first crash, Boeing knew there was a design defect,” Robert Clifford, one of the plaintiff attorneys in the case, told CNN. Last month, Boeing removed executive Ed Clark, the head of its 737 Max passenger jet program.
Persons: New York CNN — Michael Stumo’s, Samya Rose Stumo, , , ” Michael Stumo, Michael Stumo Samya Rose, Max, Michael Stumo, We’d, ” Stumo, ” Zipporah, Joseph, ‘ something’s, ’ ” Joseph Kuria, Olivia Kuria, “ It’s, haven’t, Kruia, ” Kuria, ” Robert Clifford, people’s, Olivier Douliery, Dave Calhoun, Ed Clark, Stephen Brashear, Eduardo Soteras, David Calhoun, Mike Delaney, ” Joseph, Zipporah, Dennis Muilenburg, Calhoun, Stumo, “ I’m, Kuria, there’s Organizations: New, New York CNN, Boeing, Max, CNN, Copenhagen School of Public Health, Ethiopian, Alaska Airlines, National Transportation Safety Board, Alaska, Federal Aviation Administration, Transportation Safety Board, NTSB, Alaska Airlines Flight, Alaska Air, , US Justice Department, FAA, Justice Department, Getty, Ethiopian Airlines, Lion Air, Airline Pilots, Association of Ethiopia Locations: New York, Addis Ababa, Ethiopia, Kenya, Indonesia, Alaska, Portland , Oregon, Arlington , Virginia, AFP, , Renton , Washington, Washington
Washington DC CNN —The Federal Aviation Administration has flagged more safety issues for two troubled families of Boeing planes, the latest in a series of issues at the embattled aircraft maker. The issues involve engine anti-ice systems on the 737 Max and larger 787 Dreamliner. But it’s not a solution.”The FAA said the newly disclosed Max issue could cause the jet’s engines to stop working. The 2021 discovery lines up with the company’s order that year to ground some Max planes because of a different electrical problem. A different issue with the DreamlinerLess than a week after publicly publishing the 737 Max notice, the FAA reported a separate anti-icing issue with the 787 Dreamliner.
Persons: Max, , Mother Nature’s, , Dennis Tajer, aren’t, it’s, Jessica Kowal, Boeing Max —, Jennifer Riordan, Kowal, Dave Calhoun Organizations: Washington DC CNN, Federal Aviation Administration, Boeing, FAA, Seattle Times, Alaska Air, American Airlines, Allied Pilots Association, Southwest Airlines, National Transportation Safety, Justice Department, NTSB
The speeds — Virgin's plane reached 802 mph and United at 838 mph — are some of the fastest speeds recorded in recent years. According to the National Weather Service in the DC area, winds reached speeds of 265 mph. AdvertisementThe challenges come when the plane needs to leave the jet stream, Bangs said. On turbulent flights, passengers might notice the plane's wings bending and flexing, and that's on purpose, Bangs told BI. Ultimately, Bangs said, "if that 260 mph jet stream is acting as a tailwind on your flight, it's a lot of fun."
Persons: , Kathleen Bangs, Domenic, Bangs, LaFauci Organizations: Service, Boeing, Virgin Airlines, United Airlines, National Weather Service, NPR, Business, Getty, Southern New Hampshire University, Airline
Tour Etihad’s newest plane with the airline’s CEO
  + stars: | 2024-02-23 | by ( Dan Murphy | ) 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 EmailTour Etihad’s newest plane with the airline’s CEOAntonoaldo Neves, CEO of Etihad Airways, gives CNBC's Dan Murphy an exclusive tour inside the airline's latest plane, the 787-9 Dreamliner.
Persons: Antonoaldo Neves, Dan Murphy Organizations: Etihad Airways
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