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Aerospace

6:50 a.m. June 19, 2020 - By Steve Goldstein
This fund manager whose biggest short was Wirecard says he is the most bullish toward stocks since 2009Why one fund manager is the most optimistic he has been about the stock market in a decade.
9:06 a.m. June 10, 2020 - By Ciara Linnane
Coronavirus update: Global death toll passes 412,000, as Dr. Fauci warns that COVID-19 is far from over Starbucks expects to be profitable again by the fourth quarter, and Best Buy is letting customers back into its storesThe coronavirus pandemic that has cost more than 412,000 lives globally took just one month to span the globe and is still far from over, even as countries around the world move to lift quarantines, stay-at-home orders and other restrictions on movement.
4:21 a.m. June 10, 2020 - By Tomi Kilgore
DPW's stock more than doubles on heavy volume after announcing defense ordersShares of DPW Holdings Inc. more than doubled toward a 9-month high in very active premarket trading Wednesday, after the diversified holding company said its Gresham Worldwide Inc. defense business received $3.2 million in purchase orders from four different defense contractors. Volume jumped to 3.6 million shares, compared with the full-day average of about 848,000 shares. The company had recorded revenue of $21.1 million in 2019. "This recent uptick in orders reflects the confidence and the trust that Gresham has with long life cycle platform programs of 'blue chip' customers in defense, aerospace and commercial sectors across the globe. We anticipate that strong demand and customer confidence will enable us to achieve significant growth in 2020 and 2021," said Jonathan Reed, chief executive of DPW's Gresham Worldwide. The stock soared 153% ahead of the open, and was on track to open at the highest price seen during regular-session hours since Sept. 13, 2019. The stock has gained 19.3% year to date through Tuesday, while the S&P 500 has slipped 0.7%.
2:06 a.m. May 29, 2020 - By Barbara Kollmeyer
European stocks fall on rising U.S.-China tensions Renault and Rolls-Royce shares tumbleEuropean stocks fell on Friday, ahead of a press conference by U.S. President Donald Trump over China and amid rising tensions between the countries, first over the coronavirus and now over Beijing’s fresh crackdown on Hong Kong.
8:49 a.m. May 28, 2020 - By Tomi Kilgore
GE's stock pulls back after CEO Culp presents at analyst conferenceShares of General Electric Co. pulled back 2.9% in midday trading, after running up 13.7% over the past two sessions, as the industrial conglomerate provided an update on its business at analysts conference. The selloff reverses and earlier intraday gain of as much as 2.7% soon after the opening bell. Chief Executive Larry Culp said at the Bernstein Strategic Decisions Conference that second-quarter free cash flow (FCF) was expected to be negative $3.5 billion to $4.5 billion, according to report in The Wall Street Journal. That follows in the first quarter. In the post-earnings conference call with analysts on April 29, Chief Financial Officer Carolina Dybeck Happe said looking forward, she expected "continued free cash flow pressure," according to a FactSet transcript. Culp also said Thursday at the Bernstein conference that business in its Aviation segment remained slow, and expects increased costs in the "hundreds of millions" in the second quarter as the value of long-term service contracts are reduced, as they are now expected to be less profitable, the WSJ report said. GE's stock has slumped 35.0% over the past three months, while the Dow Jones Industrial Average has gained 1.3%.
4:59 a.m. May 14, 2020 - By Tomi Kilgore
Delta to retire its entire Boeing 777 fleet by the end of the yearShares of Delta Air Lines Inc. dropped 4.2% in premarket trading Thursday, putting them on track to open at a 7-year low, after the air carrier disclosed that it will remove all of its Boeing 777 aircraft by the end of the year to help stem cash burn amid the COVID-19 pandemic. Delta said it also expects the MD-90 aircraft, which are made by Boeing Co. subsidiary McDonnell Douglas, to exit its fleet in June. Boeing's stock fell 2.3% ahead of the open. Delta expects to record impairment charges of $1.4 billion to $1.7 billion as a result of the aircraft retirements. Delta said the 777 fleet included 18 aircraft. Chief Executive Ed Bastian said the decision was made as international travel is expected to return slowly. "[P]arking this fleet will provide significant cost savings over the next several years," Chief Executive Ed Bastian wrote in a memo to employees. "Delta is burning about $50 million every day, and steps like this help us stem the bleeding, in an effort to safeguard Delta jobs and our future." Bastian said the more fuel-efficient and cost-effective A330s and A350-900s made by Airbus SE will be used when international demand returns. Bastian said since the pandemic hit, has it parked more than 650 jets total. Delta's stock has plunged 67.1% over the past three months through Wednesday, while Boeing shares have tumbled 64.3% and the Dow Jones Industrial Average has declined 20.9%.
9:15 a.m. May 13, 2020 - By Tomi Kilgore
GE stock tumbles toward 3-decade low on heavy volumeShares of General Electric Co. tumbled 5.8% on heavy volume in afternoon trading Wednesday, putting them on track for a 29-year closing low, amid growing concerns over the troubled aerospace industry as the COVID-19 pandemic continues. Trading volume swelled to 149.2 million shares, to make GE's stock the most actively traded on the NYSE. The industrial conglomerate's stock is on track for the lowest close since December 1991. The stock's new low comes a day after Boeing Co. said on NBC's "Today" show that it was this year, given the strain caused by the COVID-19 pandemic, and that it would take 3-to-5 years for the industry to recover to post-COVID-19 levels. A earlier this month has also weighed on investor sentiment. That , which is among the largest jet engine makers. GE Aviation is GE's largest business segment. For the , the unit reported a 39% drop in profit to $1.01 billion and a 13% decline in revenue to $6.89 billion. GE's stock has plunged 56.3% over the past three months, while the U.S. Global Jets ETF has shed 61.6% and the Dow Jones Industrial Average has dropped 20.8%.
9:30 p.m. May 12, 2020 - By Barbara Kollmeyer
Beware of ‘foreign tourists’ pushing up the S&P 500, then bailing when things get bumpy, says Citi Critical information for the U.S. trading day Wall Street wariness is spreading. After Goldman’s warning of an 18% stock drop earlier this week, Citigroup warns that foreign investors may be getting interested in U.S. stocks, and history shows that could be a problem.
4:13 a.m. May 6, 2020 - By Tomi Kilgore
Spirit AeroSystems' stock surges after swinging to narrower-than-expected loss, beating revenue forecastShares of Spirit AeroSystems Holdings Inc. surged 4.3% in premarket trading Wednesday after the aircraft components maker swung to a narrower-than-expected loss on revenue that fell less than forecast. The company reported a net loss of $163.0 million, or $1.57 a share, after net income of $163.1 million, or $1.55 a share, in the year-ago period, as the suspension of Boeing Co's production of the 737 MAX plane led to lower margins as given "abnormal" costs associated with the COVID-19 pandemic. Excluding non-recurring items, the company swung to a per-share loss of 79 cents from a profit of $1.68, but beat the FactSet consensus for a loss of $1.27 a share. Revenue dropped 45% to $1.08 billion, but was above the FactSet consensus of $1.02 billion, as beats by its fuselage systems wing systems businesses offset a miss by its propulsion systems business. Among actions the company has taken preserve liquidity and cut costs amid the COVID-19 pandemic include cutting the dividend, suspending share buybacks, deferring repayments of an advance from Boeing and cutting jobs and work schedules. The company said it will not provide 2020 financial guidance given the continued uncertainties surrounding the 737 MAX grounding and the COVID-19 pandemic. The stock has plunged 73.2% over the past three months through Tuesday, while the S&P 500 has declined 14.3%.
4:12 a.m. May 6, 2020 - By Tomi Kilgore
Spirit AeroSystems' stock surges after swinging to narrower-than-expected loss, beating revenue forecastShares of Spirit AeroSystems Holdings Inc. surged 4.3% in premarket trading Wednesday after the aircraft components maker swung to a narrower-than-expected loss on revenue that fell less than forecast. The company reported a net loss of $163.0 million, or $1.57 a share, after net income of $163.1 million, or $1.55 a share, in the year-ago period, as the suspension of Boeing Co's production of the 737 MAX plane led to lower margins as given "abnormal" costs associated with the COVID-19 pandemic. Excluding non-recurring items, the company swung to a per-share loss of 79 cents from a profit of $1.68, but beat the FactSet consensus for a loss of $1.27 a share. Revenue dropped 45% to $1.08 billion, but was above the FactSet consensus of $1.02 billion, as beats by its fuselage systems wing systems businesses offset a miss by its propulsion systems business. Among actions the company has taken preserve liquidity and cut costs amid the COVID-19 pandemic include cutting the dividend, suspending share buybacks, deferring repayments of an advance from Boeing and cutting jobs and work schedules. The company said it will not provide 2020 financial guidance given the continued uncertainties surrounding the 737 MAX grounding and the COVID-19 pandemic. The stock has plunged 73.2% over the past three months through Tuesday, while the S&P 500 has declined 14.3%.
12:21 p.m. May 5, 2020 - By Claudia Assis
Virgin Galactic stock gains after Q1, new NASA dealVirgin Galactic Holdings Inc. shares rose more than 3% in the extended session Tuesday after the rocket company reported a wider-than-expected quarterly loss and sales missed Wall Street expectations, but investors cheered a new agreement with the National Aeronautics and Space Administration. Virgin said it lost $60 million, or 30 cents a share, in the first quarter, compared with a loss of $42.5 million, or 22 cents a share, in the first quarter of 2019. Revenue fell to $238,000 from $1.78 million a year ago. Analysts polled by FactSet had expected Virgin to report a loss of 15 cents a share on sales of $700,000. Virgin said it had a "strong" cash position, with cash and cash equivalents of $419 million as of March 31. Virgin said the "full impact" of the coronavirus pandemic "will depend on future developments, such as the ultimate duration and scope of the outbreak, the timing and impact of future stay-at-home orders and other government mandates, and the pace at which the company can resume normal course operations." Virgin Galactic said it will provide updates "as appropriate" but offered no outlook on Tuesday. In a separate press release, Virgin said it and a subsidiary had entered an agreement with NASA to develop technologies for high speeds with an eye for civilian applications. Shares of Virgin Galactic ended the regular trading day down 0.4%.
7:51 a.m. May 2, 2020 - By Ciara Linnane
Coronavirus update: More than a million people have recovered; Trump pushes China conspiracy theory Exxon Mobil posts first quarterly loss in decades, and Clorox produces a blowout report thanks to demand for disinfecting productsThe number of patients that have recovered from the coronavirus that causes COVID-19 rose to more than a million on Friday, offering a rare piece of good news in the pandemic that has caused more than 230,000 deaths and tanked economies around the world.
2:43 a.m. May 1, 2020 - By Tomi Kilgore
Honeywell tops profit expectations but misses on sales, suspends guidanceHoneywell International Inc. reported Friday a first-quarter profit that rose above expectations, but sales that fell more than forecast as the industrial conglomerate said the COVID-19 pandemic had a significant impact on its supply chain, customer sites and on the commercial aerospace and oil and gas end markets. Net income rose to $1.53 billion, or $2.21 a share, from $1.42 billion, or $1.92 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.96. Sales fell 5% to $8.46 billion, missing the FactSet consensus of $8.59 billion. Aerospace sales rose 1% to $3.36 billion, to top expectations of $3.27 billion. Honeywell said it was temporarily suspending its full-year guidance given the "evolving nature" of the COVID-19 pandemic. "The company expects ongoing top-line challenges due to the current market conditions, particularly in the aerospace and oil and gas sectors," the company said in a statement. The stock, which was little changed in premarket trading, has tumbled 18.1% over the past three months through Thursday, while the Dow Jones Industrial Average has declined 13.8%.
8:54 a.m. April 29, 2020 - By Claudia Assis
Boeing stock rallies as Wall Street focuses on plane maker’s cash flow Boeing surge helps give Dow industrials a boostBoeing Co. investors zero in on the few positives to be found in the aircraft maker’s first-quarter results Wednesday, with the fact that the company didn’t use up as much cash as Wall Street feared at the top of the list.
3:55 a.m. April 29, 2020 - By Tomi Kilgore
Boeing's stock surge is giving the Dow a 40-point boostShares of Boeing Co. are pacing all the premarket gainers among Dow Jones Industrial Average on Wednesday, after the aerospace and defense giant reported that weren't quite as bad as Wall Street was expecting. The stock rose 4.5% ahead of the open, while the implied price gain would add about 40 points to the Dow's price. Dow futures rallied 137 points, or 0.6%.
3:48 a.m. April 29, 2020 - By Tomi Kilgore
Boeing's stock surges after wider-than-expected loss and revenue miss, but free cash flow beatShares of Boeing Co. surged 5.0% in premarket trading Wednesday, after the aerospace and defense giant missed first-quarter profit and revenue expectations, as the company said the COVID-19 pandemic has affected every aspect of its business, but free cash flow was better than forecast. Boeing swung to a net loss of $641 million, or $1.11 a share, from net income of $2.15 billion, or $3.75 a share, in the year-ago period. Excluding non-recurring items, adjusted loss per share came to $1.70, wider than the FactSet loss consensus of $1.60. Revenue fell 26% to $16.91 billion, below the FactSet consensus of $17.33 billion. Free cash flow swung to a negative $4.73 billion from positive $2.29 billion, but that beat the FactSet consensus of negative $5.79 billion. Commercial airplane revenue fell 48% to $6.21 billion, but was above expectations of $5.94 billion, while defense, space and security revenue declined 8% to $6.04 billion versus expectations of a rise to $6.76 billion. Actions Boeing has taken to amid the COVID-19 pandemic include plans to reduce staffing levels with a voluntary layoff program, reducing commercial airplane production rates and additional workforce actions as necessary. Boeing said "abnormal production costs" from the suspension of 737 MAX production have increased by $1 billion to an estimated total of $5 billion. Boeing's stock had plunged 59.2% over the past three months through Tuesday, while the Dow Jones Industrial Average has lost 16.1%.
3:12 a.m. April 29, 2020 - By Tomi Kilgore
3M’s stock surges on earnings beat, that was nearly 20 years in the making Company to provide monthly update on business performance until visibility improves; CEO makes nice with President TrumpShares of 3M Co. surged Tuesday, after the maker of highly sought after N95 face masks reported first-quarter earnings that beat expectations, showing that preparation and patience pays off.
2:57 a.m. April 29, 2020 - By Ciara Linnane
Northrop Grumman shares slide 3.3% premarket after profit falls short of estimatesDefense contractor Northrop Grumman Corp. shares fell 3.3% premarket Wednesday, after the company missed profit estimates for the first quarter. The company posted net income of $868 million, or $5.15 a share, in the quarter, compared with $863 million, or $5.06 a share, in the year-earlier period. Sales rose to $8.620 billion from $8.189 billion. The FactSet consensus was for EPS of $5.51 and sales of $8.525 billion. Earnings were reduced by $56 million, or 33 cents a share, due to negative returns on securities relating to non-qualified benefit plans and other non-operating assets, the company said in a statement. Sales at the company's aeronautic systems division rose 1% to $2.843 billion, sales at defense systems rose 6% to $1.881 billion, sales at the company's mission systems division rose 6% to $2.347 billion, space systems sales rose 8% to $1.948 billion. The company's first-quarter net awards came to $7.9 billion and its backlog totaled $64.2 billion. The company said it is now expecting 2020 sales to range from $35.0 billion to $35.4 billion, compared with prior guidance of $35.3 billion to $35.8 billion, reflecting uncertainty relating to the coronavirus pandemic. Shares have gained 0.2% in the year to date, while the S&P 500 has fallen 11%.
4:18 a.m. April 27, 2020 - By Ciara Linnane
Arconic sees Q1 revenue down 12% to $1.6 billion after coronavirus disruption Aluminum sheet maker Arconic Inc. said Monday it expects first-quarter revenue of $1.6 billion, down about 12% from the year-earlier period, due to disruptions in the automotive, commercial transportation and aerospace markets caused by the coronavirus pandemic. The FactSet consensus is for revenue of $3.4 billion. Arconic split into two standalone companies - Arconic Corporation and Howmet Aerospace Inc. -- on April 1 and the guidance is based on preliminary unaudited financial results from Howmet reported on April 14. The Pittsburgh, Pa.-based company said it expects cost savings implemented to combat the effect of the virus are expected to improve its financial profile by $200 million in 2020. The company's China facilities are now back to normal product, while its Russian packaging facility is running at full operations due to strong end-market demand. The company's New York facility resumed operations on April 20 and the Tennessee plant is expected to ramp up activity this week. "We are pleased with the recent announcement on April 22(nd) by the ITC initiating antidumping and countervailing duties trade case against 18 countries on common alloy sheet products and we expect this will benefit our operations and others in industrial aluminum processing," Chief Executive Tim Myers said in a statement. Arconic has more than $1 billion in liquidity, including about $500 million in cash on its balance sheet, and its maturities are "well into the future." "Our business is flexible and cash requirements are countercyclical and we expect working capital will be a source of cash in the near team, and together with the benefit of the recent management actions to reduce costs, we believe we have adequate liquidity to operate the Company in spite of ongoing uncertainties," Chief Financial Officer Erick Asmussen said in the statement.
2:52 a.m. April 27, 2020 - By Emily Bary
Tech’s trillion-dollar valuations are about to be tested by coronavirus-tainted earnings Earnings Watch: Amazon, Apple and Microsoft have maintained their 13-digit valuations, while Alphabet has fallen back amid concerns about ad-supported tech Only four U.S. companies have ever been valued at $1 trillion or more without adjusting for inflation, and all four will describe how their businesses have been weathering the COVID-19 pandemic in the coming week.
11:23 a.m. April 24, 2020 - By Ciara Linnane
Coronavirus update: Maker of Lysol warns against injecting it and Russia sees major spike in virus cases overnight Google is halving its marketing budget and Boeing’s 737 Max fleet is expected to see further delay in resuming flightsThe manufacturer of Lysol and Dettol, health experts, and even the Environmental Protection Agency rushed to warn consumers Friday that President Donald Trump’s suggestion to inject disinfectant or use ultraviolet light to treat COVID-19 could prove lethal.
6:36 a.m. April 24, 2020 - By Claudia Assis
Boeing faces a crisis not of its own making in coronavirus, but no less serious Boeing in the age of COVID-19: Already reeling from 737 Max grounding, airline industry’s decline amid pandemic is slamming aerospace giantBoeing Co. faces the coronavirus-wrought economic destruction on the heels of a crisis of its own making, but being one of two makers of large commercial airplanes aircraft and a prime U.S. defense contractor has its advantages.
3:43 a.m. April 21, 2020 - By Ciara Linnane
Lockheed Martin tops Q1 estimates, sticks with full-year EPS guidanceLockheed Martin Corp.'s shares rose 1.8% in premarket trade Tuesday, after the defense contractor beat earnings estimates for the first quarter and offered guidance for all of 2020, even as it cautioned that the coronavirus pandemic is creating great uncertainty. Bethesda, Md.-based Lockheed said it had net earnings of $1.7 billion, or $6.08 a share, compared with $1.7 billion, or $5.99 a share, in the year-earlier period. Sales rose to $15.7 billion from $14.3 billion. The FactSet consensus was for EPS of $5.80 and sales of $15.1 billion. The company is now expecting full-year EPS of $23.65 to $23.95, unchanged from guidance offered in January. It expects sales to range from $62.250 billion to $64.000 billion, slightly below the January guidance of $62.750 billion to $64.250 billion. "The ultimate impact of COVID-19 on the corporation's financial outlook for 2020 remains uncertain," the company said. Shares have fallen 1.6% in the year to date, while the S&P 500 has fallen 13%.
12:33 p.m. March 5, 2020 - By Max A. Cherney
Smith & Wesson-maker American Outdoor Brands stock falls 15% after earnings missSmith & Wesson maker American Outdoor Brands Corp. shares fell roughly 15% in the extended session Thursday after the company reported earnings that were below consensus estimates and weaker-than-expected fourth-quarter guidance. The company reported fiscal third-quarter net income of $5.7 million, or 10 cents a share, compared with a loss of $5.7 million, or 10 cents a share, a year ago. Adjusted for items such as amortization and chief executive separation, earnings were 13 cents a share. Revenue rose to $166.7 million from $162 million in the year-ago period. Analysts surveyed by FactSet had estimated adjusted earnings of 23 cents a share on revenue of $187.3 million; for the fiscal fourth quarter, analysts model adjusted earnings of 45 cents a share and sales of $224.3 million. AOBC said it expects fiscal fourth-quarter adjusted earnings of 33 cents to 37 cents a share on sales of $205 million to $215 million. The company said it plans to spin out its outdoor products and accessories business in the second half of calendar 2020, creating two public companies. AOBC stock has fallen 8.4% in the past year, as the S&P 500 index rose 12.2%.
8:03 a.m. Feb. 25, 2020 - By Tomi Kilgore
GE's stock falls toward 8th-straight loss as J.P. Morgan's Tusa calls out 10-K itemsShares of General Electric Co. dropped 2.1% in midday trading Tuesday, which puts them on track suffering an 8th-straight decline, after J.P. Morgan analyst Stephen Tusa said there were several items in the industrial conglomerate's 2019 annual report "worth calling out." The stock has tumbled 11.7% during the current 8-day losing streak, which would be the longest such stretch since the 9-day streak ending April 15, 2019. Among Tusa's talking points about GE's 10-K filing with the Securities and Exchange Commission after Monday's close, he said the headcount is basically unchanged from 2018, which raises questions about how the cost structure is supposed to improve. He said the results indicate that the $1.4 billion headwind from the issues with Boeing Co.'s 737 MAX wasn't the entire story for GE's aviation business after all, and that the entire free-cash-flow beat for 2019 was a result of restructuring and what he views as "unsustainable progress payment benefits." In addition, Tusa said the activity between GE and GE Capital Services "continues to show somewhat of a 'recycle' of capital there," with a "couple billion dollars" of cash positive transactions for GE Industrial. GE's stock has edged up 0.3% over the past three months, while the SPDR Industrial Select Sector ETF has lost 2.8% and the S&P 500 has gained 2.0%.
11:44 p.m. Feb. 12, 2020 - By Olivia Bugault
Airbus reports loss after corruption settlementAirbus said its full-year net loss was 1.36 billion euros ($1.48 billion) compared with a net profit of EUR3.05 billion in 2018.
9:22 a.m. Feb. 1, 2020 - By Therese Poletti
Tesla is finally delivering on Musk’s promises, which are only getting bigger After hitting an annual deliveries forecast for the first time, Tesla is looking for global expansion and the start of Model Y productionTesla Inc. justified Wall Street’s current exuberance over its stock with better-than-expected earnings, continuing the positive trend it started in the third quarter with a surprise profit, as Chief Executive Elon Musk is actually delivering on his promises.
2:55 a.m. Jan. 31, 2020 - By Tomi Kilgore
Honeywell profit rises above expectations, while sales fell shortHoneywell International Inc. reported Friday a fourth-quarter adjusted profit that topped expectations while sales fell a bit shy. The aerospace and industrial company's stock was little changed in premarket trading. Net income declined to $1.59 billion, or $2.16 a share, from $1.74 billion, or $2.31 a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share grew 11% to $2.06, above the FactSet consensus of $2.04. Sales fell 2% to $9.50 billion, below the FactSet consensus of $9.61 billion. Among business segments, aerospace and performance materials and technologies sales missed expectations, while building technologies and safety and productivity sales beat. For 2020, Honeywell expects EPS of $8.60 to $9.00, surrounding the FactSet consensus of $8.80, and expects sales of $36.7 billion to $37.8 billion, below expectations of $38.1 billion. The stock has gained 3.3% over the past three months, while the SPDR Industrial Select Sector ETF has advanced 5.8% and the S&P 500 has tacked on 8.1%.
3:34 a.m. Jan. 30, 2020 - By Tomi Kilgore
GE’s stock soars after earnings, as CEO Culp says turnaround is ‘gaining traction’ GE shares reach 15-month high on heavy volume; BofA analyst Andrew Obin turns bullish on upbeat free cash flow outlook Shares of General Electric Co. climb toward a more than one-year high Wednesday, after the long-struggling industrial conglomerate reported profit, revenue and free cash flow beats, and commentary from Chief Executive Larry Culp suggesting the worst is behind the company.
3:23 a.m. Jan. 30, 2020 - By Tomi Kilgore
Northrop Grumman's stock falls after adjusted profit beat, but revenue had guidance missesShares of Northrop Grumman Corp. sank 2.1% in premarket trading Thursday after the aerospace and defense company reported an adjusted profit that beat expectations but revenue and 2020 guidance that was below forecasts. The company swung to a net loss of $409 million, or $2.43 a share, from income of $356 million, or $2.06 a share, in the year-ago period. Excluding non-recurring items, such as a mark-to-market pension charge of $1.4 billion, adjusted earnings per share came to $5.61, above the FactSet consensus of $4.77. Sales grew 7% to $8.72 billion, below the FactSet consensus of $8.85 billion. Aerospace sales rose 10% to $3.52 billion to match the FactSet consensus; mission systems sales increased 6% to $3.22 billion to come up shy of expectations of $3.29 billion; innovation systems sales grew 9% to $1.60 billion, above expectations of $1.56 billion; and technology services sales fell 4% to $1.02 billion to miss expectations of $1.07 billion. For 2020, Northrop expects adjusted EPS of $22.75 to $23.15, below the FactSet consensus of $23.18, and projects sales of $35.3 billion to $35.8 billion, compared with expectations of $36.0 billion. The stock has climbed 36.3% over the past 12 months through Wednesday, while the S&P 500 has advanced 22.1%.
11:27 a.m. Jan. 29, 2020 - By Claudia Assis
Boeing’s ‘sea of red ink’ gets a pass after lower 737 Max charges Boeing shares gain as much as 3% in a relief rallyBoeing Co. stock gains as Wall Street looks past a surprise quarterly loss to focus on lower 737 Max-related charges.
6:03 a.m. Jan. 29, 2020 - By Tomi Kilgore
The Dow's earnings reporters are keeping the Dow in positive territoryEarnings are a key component of the stock market's rally Wednesday, as the stock price gains of the Dow Jones Industrial Average components that reported results are adding a combined 133 points to the blue-chip barometer, which would be down otherwise. The Dow rose 76 points in morning trading, with just 14 of 30 members gaining ground. Shares of Apple surged 1.8% after , with the price gain of $5.76 adding about 39 points to the Dow's price; Boeing Co.'s stock surged $7.75, or 2.5%, to boost the Dow by about 53 points even though the company by wide margins; Dow Inc. , and the shares jumped $2.21, or 4.7%, to add about 15 points to the Dow; and McDonald's Corp. reported , and the stock rose $3.90, or 1.9%, to add 26 points to the Dow.
3:49 a.m. Jan. 29, 2020 - By Tomi Kilgore
Boeing's stock rallies despite large surprise loss and revenue missShares of Boeing Co. rallied 1.7% in premarket trading Wednesday, although the aerospace and defense giant reported a large surprise loss for the fourth quarter and revenue that the dropped well below expectations, as the company struggles to adjust to the extended grounding of its 737 MAX planes. The company swung to a net loss of $1.01 billion, or $1.79 a share, from income of $3.42 billion, or $5.93 a share, in the year-ago period. Excluding non-recurring items, Boeing lost $2.33 a share after a profit of $5.48 last year, while the FactSet consensus was for earnings per share of $1.32. Revenue fell 37% to $17.91 billion, missing the FactSet consensus of $21.70 billion. Within Boeing's business segments, commercial airplanes revenue declined 55% to $7.46 billion, below the FactSet consensus of $9.40 billion; defense, space and security revenue fell 13% to $5.96 billion to miss expectations of $6.96 billion; and global services revenue slipped 5% to $4.65 billion, below expectations of $4.89 billion. Free cash flow was negative $2.67 billion, after a positive $2.45 billion last year, but that beat the FactSet consensus of negative $2.76 billion. "We recognize we have a lot of work to do," said Chief Executive David Calhoun. "We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public." Boeing's stock has tumbled 9.3% over the past three months through Tuesday, while the Dow Jones Industrial Average has climbed 6.1%.
3:37 a.m. Jan. 29, 2020 - By Ciara Linnane
Stanley Black & Decker to acquire Boeing supplier CAM for up to $1.5 billionStanley Black & Decker Inc. said Wednesday it has agreed to acquire Boeing supplier Consolidated Aerospace Manufacturing LLC for up to $1.5 billion. The deal is contingent on the Boeing 737 MAX returning to service and on the aerospace giant meeting certain production goals. CAM makes specialty fasteners and other parts for the aerospace and defense markets and generated revenue of $375 million in the last 12 months. The deal is expected to boost EPS by about 30 cents to 40 cents by the third year after closing. It will become part of Stanley Black & Decker's portfolio of engineered fastening and component business. The company unveiled the deal as it reported fourth-quarter earnings showing net income of $199.1 million, or $1.32 a share, after a loss of $106.0 million, or 72 cents a share, in the year-earlier period. Adjusted per-share earnings came to $2.18, matching the $2.18 FactSet consensus. Sales rose to $3.714 billion from $3.635 billion, below the $3.782 billion FactSet consensus. Shares were not active premarket, but have gained 33% in the last 12 months, while the S&P 500 has gained 24%.
2:40 p.m. Jan. 28, 2020 - By Emily Bary
Coronavirus continues to infect earnings as Tesla, McDonald’s and Boeing highlight busiest day Earnings Watch: Nearly 10% of the S&P 500 is scheduled to report Wednesday as investors continue to look for effects from virusCoronvirus fears are being raised in earnings calls throughout different sectors as Wall Street looks for any effects from the virus spreading within and outside of China, which should lead to a lot of talk on what could be the busiest single day of the earnings season.
3:39 a.m. Jan. 28, 2020 - By Ciara Linnane
Lockheed Martin shares jump 2% premarket after earnings beatLockheed Martin Corp. shares rose 2% in premarket trade Tuesday, after the aerospace and defense company beat estimates for the fourth quarter. Bethesda, Md.-based Lockheed said it had net income of $1.5 billion, or $5.29 a share, in the quarter, up from $1.3 billion, or $4.39 a share, in the year-earlier period. Sales rose to $15.9 billion from $14.4 billion. The FactSet consensus was for EPS of $5.03 and sales of $15.3 billion. The company is now expecting 2020 EPS of $23.65 to $23.95 and sales of $62.750 billion to $64.250 billion. The FactSet consensus is for 2020 EPS of $24.23 and sales of $62.623 billion. Shares have gained 50% in the last 12 months, while the S&P 500 has gained 23%.
3:38 a.m. Jan. 28, 2020 - By Tomi Kilgore
Stock drops of earnings reporters nearly 50 points off the Dow's priceShares of the three Dow Jones Industrial Average components that reported fourth-quarter earnings early Tuesday are falling in premarket trading, and shaving a combined 49 points off the Dow's price. Dow futures rose 135 points. 3M Co.'s stock dropped 2.6% ahead of the open after the company , with the implied price decline acting as a 30-point drag on the Dow. United Technologies Corp.'s stock lost 1.6% despite . The stock's price decline would lower the Dow by about 16 points. Pfizer Inc. shares shed 1.2% to cut about 3 points off the Dow, after the drugmaker .
3:00 a.m. Jan. 28, 2020 - By Ciara Linnane
United Tech tops profit and sales estimates for latest quarterUnited Technologies Corp. said Tuesday it had net income of $1.143 billion, or $1.32 a share, in the fourth quarter, up from $686 millin, or 83 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.94, ahead of the $1.84 FactSet consensus. Sales rose 8% to $19.6 billion, also ahead of the $19.4 billion FactSet consensus. "Operational separation activities for Otis and Carrier are substantially complete, and we are executing the final steps required to spin both businesses as independent companies early in the second quarter," Chief Executive Gregory Hayes said in a statement. The company is expecting the merger of its aerospace business with Raytheon to create Raytheon Technologies to close at the same time as the portfolio separation. The company is now expecting sales at Pratt & Whtieny to rise in the mid single digits in 2020, while sales at Collins Aerospace fall in the low single digits. Shares were slightly lower premarket, but have gained 31% in the last 12 months, while the Dow Jones Industrial Average , which counts the company as a member, has gained 16%.
7:59 a.m. Jan. 26, 2020 - By Emily Bary
The Dow is about to face its stiffest test in years Earnings Watch: Nearly half of index, 14 out of 30 companies, expected to report holiday-season results in busiest week of the season, which also includes Facebook, Tesla and AmazonThe Dow Jones Industrial Average increased more than 22% in 2019 and is already up 2.2% through three weeks of 2020, but it is about to face its biggest test of the young year, and potentially many years.
10:07 a.m. Jan. 25, 2020 - By Claudia Assis
Boeing’s earnings could be ‘an absolute disaster,’ analyst says Analysts dial back expectations after Boeing delays expected 737 Max returnBoeing Co.’s fourth-quarter earnings are shaping up to be “an absolute disaster” after the aerospace company pushed back its 737 Max return to service timeline to possibly midyear.
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