Boeing reports $6 billion loss ahead of pivotal union vote
Boeing Co. reported losses of more than $6 billion in the last quarter as a vote on a labor contract that could end a week-long strike that paralyzed the aviation giant begins Wednesday. “Returning Boeing to its former heritage will take time, but with the right focus and culture, we will once again be an […]
Satellite made by Boeing a ‘total loss’ after space ‘anomaly’
See what's being clicked on FoxBusiness.com. The Boeing satellite was deemed a “total loss” due to a space “anomaly,” its operator Intelsat said in a statement on Monday. The problem with the IS-33e, which was launched in August 2016 and entered service in January 2017, was first made public by Intelsat on Saturday. The McLean, […]
Boeing machinists to vote on contract as company faces uncertain future
Striking Boeing machinists are scheduled to vote Wednesday on a temporary labor agreement that could end a weeks-long strike, but the company's future will not be questioned. The stakes of voting are high. The strike has cost companies, shareholders and employees billions of dollars since workers were fired on September 13th. Financial strain puts additional […]
Boeing is expected to report a big Q3 loss, then wait for results of vote by striking workers
Wednesday is shaping up to be one of the most important days in a volatile year for Boeing. Boeing reported huge losses in the third quarter, will introduce a new CEO in its first earnings conference and learn whether its machinists will call off their strike. The company's aircraft production was paralyzed for more than […]
Boeing strike costliest in economic damage of 2024 so far
Peter McNally, Head of Global Analyst at Third Bridge, talks about how the Boeing factory workers' strike is impacting business on The Big Money Show. The ongoing strike by Boeing machinists could end this week, but estimates suggest it could cause more economic damage than any other work stoppage in the U.S. so far this […]
Why Boeing is trying to sell off assets
Boeing Co. is considering asset sales to improve its weak financials by selling off non-core and unprofitable units, the Wall Street Journal reported on Sunday. The newspaper reported, citing people familiar with the deal, that the company reached an agreement last week to offload a small defense unit that makes surveillance equipment for the U.S. […]
Boeing burns billions, now begs for a $15 billion lifeline
Boeing is a company in crisis and plans to return to capital markets to raise up to $15 billion in cash to address liquidity issues. Unfortunately, Boeing has wasted more than $43 billion on stock buybacks over the past decade, cash it could desperately use now. I'm not here to debate the pros and cons […]
Boeing, union reach tentative agreement to halt strike
Boeing and the roughly 33,000 machinists who went on strike last month have reached a tentative agreement, the union announced Saturday. The International Association of Machinists (IAM) said: “We are finalizing the strike settlement agreement and expect to close it soon, along with additional contract details to provide a clear understanding of the proposal. I […]
Boeing supplier Spirit Aero to furlough employees amid strike
Spirit Aero Systems announced Boeing plans to furlough 700 employees for 21 days on Friday as the company's employee strike continues. Hourly direct, support and administrative employees at the company in Wichita, Kansas, will face a suspension of paid employment on October 28th. “Given the pressures from our customers, we are implementing additional cost containment […]
FAA opening Boeing safety review
The Federal Aviation Administration (FAA) announced Friday that it will begin a review of Boeing's safety processes to ensure they meet government requirements. “This review will focus on key areas of Boeing's safety processes, including response times, quality of risk assessments, resource allocation, and compliance with regulatory requirements and FAA policy,” the FAA said in […]