|Bid||146.36 x 800|
|Ask||146.84 x 1000|
|Day's Range||142.94 - 152.00|
|52 Week Range||89.00 - 391.00|
|Beta (5Y Monthly)||1.45|
|PE Ratio (TTM)||N/A|
|Earnings Date||Jul. 22, 2020 - Jul. 27, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Feb. 13, 2020|
|1y Target Est||156.72|
What happened Shares of Embraer (NYSE: ERJ) spiked 17% on Friday following a report that a Chinese manufacturer has expressed interest in joining forces with the world's third-largest commercial airplane manufacturer.
Aircraft makers are circling Brazil's Embraer <EMBR3.SA> weeks after Boeing <BA.N> ditched plans for a historic commercial aviation tie-up, people familiar with the matter said. Boeing axed plans to buy 80% of Embraer's commercial unit in April, ending a planned move into regional jets that mirrored rival Airbus' <AIR.PA> purchase in 2018 of a competing model developed by Canada's Bombardier. China's state-owned COMAC planemaker has voiced informal interest in co-operation with the world's third-largest jetmaker, two of the people said.
In the latest trading session, Boeing (BA) closed at $149.82, marking a +0.2% move from the previous day.
Yahoo Finance's Adam Shapiro breaks down the latest from the major airlines amid coronavirus.
Yahoo Finance’s Sibile Marcellus joins Akiko Fujita to break down how companies like Delta Airlines are changing the flight experience for travelers amid the coronavirus.
General Electric (NYSE: GE) forecasted negative free cash flow for the full year this week. The new CEO, Larry Culp, took over the company's sprawling asset portfolio 18 months ago, and still has work to do. Proceeds from that sale raised the company's liquidity position by over 20% during Culp's first year on the job, which should help offset this year's negative free cash flow.
(Bloomberg) -- The European Union may have no option but to impose retaliatory tariffs against the U.S. over its illegal aid to Boeing Co. in order to settle the longstanding transatlantic dispute over aircraft subsidies, according to a senior EU official. Sabine Weyand, the EU’s top civil servant for trade policy, signaled the U.S. government feels it has leverage over the bloc after hitting $7.5 billion of European goods with duties last October in retaliation over unlawful support for Airbus SE.Washington won the green light for the penalties from the World Trade Organization, which in a tit-for-tat case is due to determine as soon as next month the damages the EU can seek over market-distorting state help for Boeing. While awaiting that verdict, the EU says it has proposed a settlement that Washington is shunning.The U.S. “is very comfortable in the current situation because they got their award before we got ours,” Weyand said on Thursday in Brussels during an online panel debate about international trade. “I’m afraid that we will have to wait for our award -- and for the imposition of sanctions by the EU on the U.S. side -- in order to re-balance the level playing field in terms of the negotiation.”The coronavirus-induced worldwide economic slump this year has raised the prospect of the EU and U.S. de-escalating their aircraft-aid battle, not least because aviation has been one of the hardest-hit industries.Weyand offered little sign on Thursday that such a scenario will play out before the WTO decision on damages the EU can claim in the Boeing case. The bloc has drawn up a plan for countermeasures worth $12 billion.“We will probably have a few more difficult months ahead of us before we manage to get everyone to the negotiating table,” she said. “It is more urgent in the context of the need for economic recovery.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg Opinion) -- The amount of new debt issued this year in the U.S. investment-grade corporate bond market will reach $1 trillion today, by far the fastest pace in history. The implications of that milestone depend on how you look at it.For businesses that had been ravaged by the coronavirus pandemic and the ensuing nationwide lockdowns, access to capital markets was a lifeline to get through the worst of the economic collapse. Sure, Carnival Corp. had to offer interest rates like a junk-rated borrower and Boeing Co. needed to include a so-called coupon step-up provision to offset jitters that it could lose its investment grades. But, in the words of Federal Reserve Chair Jerome Powell, these deals avoided turning “liquidity problems into solvency problems” for brand-name American companies.It’s worth remembering that until the Fed stepped in with extraordinary support for credit markets, averting widespread failures was far from guaranteed. Investors pulled a staggering $35.6 billion and $38 billion from investment-grade funds in the weeks ended March 18 and March 25, respectively. Before 2020, the previous record was $5.1 billion of outflows. I wrote on March 19 that bond markets were veering into a vicious cycle that could get ugly in a hurry — four days later, the Fed announced what would end up becoming a $750 billion backstop for corporate America.Now, the Fed hasn’t actually had to buy any individual bonds yet, a fact that Powell seems proud to share. “We may have to be lending money to those companies, but even better, they can borrow themselves now, and a lot of that has been happening and that’s a really good thing,” he said during May 19 testimony before the Senate Banking Committee.Most people would probably agree with that assessment, at least for the immediate future as the country grapples with restarting the world’s largest economy. But what about the longer-term view?Here, the rampant borrowing paints a more sobering picture. As of late April, 1,287 issuers worldwide rated between AAA and B- by S&P Global Ratings were considered at risk of a potential downgrade, up from 860 in March and 649 in February. That surpasses the previous all-time high set in 2009. “Generally, we expect heavy credit erosion in coming months as issuers, especially those in the lower-rated spectrum come under heavy fire from poor earnings, continued difficulties in managing cost structures, and market volatility creating limited funding opportunities,” said Sudeep Kesh, head of S&P’s credit markets research.That’s bad enough, but doesn’t even strike at the heart of the issue. Last year was supposed to be the beginning of a broad “debt diet” among companies that borrowed huge sums to finance mergers and acquisitions during the longest expansion in U.S. history. That didn’t end up taking place on a wide scale. Even a success story like AT&T Inc., which made headway in trimming its debt stack, still found itself back in the bond market recently, borrowing $12.5 billion on May 21 in what was the biggest deal since Boeing’s $25 billion blockbuster offering.When it comes to companies directly impacted by the coronavirus pandemic or structural changes to their industries, the “big three” of S&P, Moody’s Investors Service and Fitch Ratings haven’t shied away from taking action. Ford Motor Co., Kraft Heinz Co., Macy’s Inc. and Occidental Petroleum Corp. are just a few of the “fallen angels” that lost their investment grades earlier this year.The rating companies haven’t been quite as keen to react to high leverage metrics. I frequently refer back to this feature from Bloomberg News’s Molly Smith and Christopher Cannon, which found that of the 50 biggest corporate acquisitions in the five years through October 2018, more than half of the acquiring companies increased their leverage to a level that would seemingly merit a junk rating but remained investment grade on the assumption that they’d take that leverage down in the coming years. Those expectations seemed ambitious in 2018, when the economy was seemingly invincible. Now, no one can truly expect companies to focus on right-sizing their debt. Corporate leaders are rightfully eager to raise cash to get to the other side of the pandemic, especially with all-in yields not far off from record lows. The vast majority of the $1 trillion in borrowing so far this year was by no means imprudent.In the years ahead, however, the overhang from this issuance spree will inevitably weigh down credit ratings. A company with more debt presents a greater risk of missed interest payments than if it had fewer fixed obligations. Fortunately, for much of the previous expansion, firms had no issue finding investors willing to buy their long-term securities. That practice of rolling over debt and extending maturities might very well be the norm in the months and years ahead, too. Still, if the first five months of 2020 are any indication, investment-grade bondholders will have to get comfortable with even more bloated balance sheets and the prospect of further credit downgrades. For better or worse, with the confidence that the Fed has their back, that seems like a risk investors are willing to take.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brian Chappatta is a Bloomberg Opinion columnist covering debt markets. He previously covered bonds for Bloomberg News. He is also a CFA charterholder.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Boeing (NYSE: BA) said late Wednesday that it has restarted 737 Max production, meeting its self-imposed May 31 deadline to resume building its troubled airplane. The 737 Max has been grounded since March 2019 after a pair of fatal crashes, and Boeing halted production in January after stockpiling a large number of finished, but undeliverable, aircraft. Boeing has missed several internal deadlines to return the plane to the air, but even with delays caused by the COVID-19 pandemic, company officials are confident the plane will be recertified to fly in the second half of 2020.
In this episode of MarketFoolery, Chris Hill chats with Motley Fool analyst Jim Gillies about the latest headlines from Wall Street. They talk about some stock offerings and there is news on the work-from-home front.
EDGEWOOD, N.Y., May 28, 2020 -- CPI Aerostructures, Inc. (“CPI Aero®”) (NYSE American: CVU) announced today the receipt of purchase orders totaling approximately $14 million.
Safran <SAF.PA> shares rose on Thursday after Boeing <BA.N> said it would restart production of its 737 MAX jet and announced further cost-cutting measures. Shares in the French aerospace firm, which co-produces the 737 MAX's engines with General Electric <GE.N>, were up 2.2%, while Airbus <AIR.PA> shares were 0.7% higher. Boeing said on Wednesday it was eliminating more than 12,000 U.S. jobs, including 6,770 involuntary layoffs, as the largest American planemaker restructures in the face of the coronavirus pandemic.
Boeing announced on Wednesday (May 27) it's cutting over 12,000 U.S. jobs - with more on the way. They include nearly 7,000 involuntary layoffs this week. The largest American planemaker is trying to restructure over the global health crisis. Boeing also disclosed several thousand more layoffs in the months to come but did not say where those would take place. The company is slashing costs as a sharp drop in travel demand pulls Boeing's falling fortunes down even further. The company grounded its 737 MAX jet last year after two fatal crashes of the plane. The job cuts include nearly 10,000 employees in Washington state. And in April, Boeing said it would cut 10% of its worldwide workforce, made up of some 160,000 employees, by the end of the year. However, Boeing also raised $25 billion in a bond offering last month which allowed it to avoid taking government aid. That's despite the company recording zero orders for its planes for the second time this year -- marking the worst start to the company's year since 1962.
May.27 -- Chad Anderson, managing partner of Space Capital, discusses what the scrubbed launch of Elon Musk's SpaceX rocket delay means for NASA and SpaceX on "Bloomberg Technology."
Shares of Spirit AeroSystems (NYSE: SPR) gained 10.7% on Wednesday, as key customer Boeing (NYSE: BA) restarted its 737 Max production line. Spirit's fortunes are closely tied to Boeing, its former parent, and the restarted production is good news for beleaguered Spirit shares. Spirit AeroSystems makes the fuselages for the 737 Max, and the company was having troubles well before the COVID-19 pandemic, due to the aircraft being grounded after a pair of fatal crashes.
The aircraft maker's best-selling plane was grounded in March 2019 after the second fatal 737 MAX crash in five months. Boeing declined to say what the current production rate is. Boeing said last month it expected to resume 737 MAX deliveries in the third quarter following regulatory approvals, with production restarting at low rates in the second quarter before gradually increasing to 31 per month in 2021.
Boeing is laying off over 6,700 of its U.S. workers, with "several thousand” more layoffs planned. Yahoo Finance’s Emily McCormick and Akiko Fujita discuss.
Optimism surrounding the reopening of the U.S. economy appears to be the driving force, although it remains to be seen whether that optimism is warranted. Disney put forth plans to reopen some of its parks in July, while Boeing disclosed that it would layoff nearly 7,000 U.S. employees this week in a bid to cut costs. The pandemic has been a disaster for Disney, which relies on its parks for a significant portion of revenue and profits.
Qingyan 'Yan' Chen joins Yahoo Finance's Alexis Christoforous and Brian Sozzi to discuss how COVID-19 could change future plan designs, how passengers can stay safe, his work with Boeing on a future ventilation system and more.