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Elon Musk's Banner Year: Milestones on Earth and in Space

  • Elon Musk's Banner Year: Milestones on Earth and in Space Elon Musk's Banner Year: Milestones on Earth and in Space 6:38
    SpaceX Launches NASA Crew to Orbit for Fourth Time SpaceX Launches NASA Crew to Orbit for Fourth Time 1:22
    Boeing's Starliner Spaceship Delays, Explained Boeing's Starliner Spaceship Delays, Explained 5:50
    Boeing Dreamliner: A Timeline of the 787's String of Production Problems Boeing Dreamliner: A Timeline of the 787's String of Production Problems 8:07
9:31 a.m. Jan. 12, 2022 - By Tomi Kilgore
U-Haul rates show migration trends to the Southeast, Texas and Florida continueAn analysis of U-Haul rental rates suggests the migration trends to Southeast cities, Texas and Florida has continued in January and is broad based, according to analyst Rafe Jadrosich at BofA Securities. Jadrosich said he believes higher U-Haul rental rates for one-way routes compared with different routes with the same mileage, such as reverse moves, is an indication of migration shifts from city to city. "U-Haul rates are significantly higher moving to Southeast, Florida, Texas and inland Western cities compared to Midwest, Northeast and West Coast cities," Jadrosich wrote. in a note to clients. One-way rentals to Southeast cities, such as Atlanta, Charlotte, Nashville and Raleigh, cost 4.1 times the return routes, with the highest relative costs originating from Northeast cities including New York, Boston and Philadelphia. He said higher relative rates for moves to inland Western cities, such as Phoenix, Denver, Las Vegas and Boise, are being primarily driven by migration from West Coast cities, including San Francisco, Los Angeles and Seattle. And relatively high U-Haul rates show migration to Florida and Texas from a broad range of cities across the Northeast, Midwest and the West Coast. Jadrosich said homebuilders D.R. Horton Inc. , Lennar Corp. and Toll Brothers Inc. are best positioned to benefit from this migration.
4:18 a.m. Jan. 5, 2022 - By Tomi Kilgore
Boeing stock gains after Allegiant orders 50 737 MAX jets, with options for another 50 jetsShares of Boeing Co. rose 0.9% in premarket trading Wednesday, after the aerospace and defense giant said Allegiant Travel Co.'s Allegiant Air has ordered 50 737 MAX jets, with options to buy an additional 50 jets. Allegiant's stock fell 2.1% ahead of the open. The order, Boeing said represents its first deal with an ultra-low cost carrier (ULCC), includes two models, the 737-7 and 737-8-200. The companies didn't disclose a value of the deal. "This deal further validates the economics of the 737 MAX family in the ULCC market and we're excited to stand alongside Allegiant as they integrate these new airplanes into their fleet," said Stan Deal, chief executive of Boeing's commercial airplanes unit. The announcement comes after late Tuesday, citing people familiar with the matter, that Allegiant was poised to order 50 Boeing 737 MAX jets, which would be worth $5 billion at list prices. Boeing's stock has shed 4.8% over the past three months through Tuesday, while the Dow Jones Industrial Average has gained 7.2%.
4:50 a.m. Dec. 7, 2021 - By Tomi Kilgore
Boeing's stock extends bounce after receiving additional order for 30 737 MAX jets from 777 PartnersShares of Boeing Co. rose 1.4% in morning trading Tuesday, after the aerospace and defense giant said investment firm 777 Partners has ordered 30 additional 737 MAX jets, to nearly double its original order. The additional order brings 777's aircraft portfolio to 68 737 MAX aircraft, which are valued at a total of $3.7 billion at list prices. "We have long been confident in the economics of the 737 MAX family but we are especially excited about the 737-8-200 variant which represents the bulk of our additional orders," said Josh Wander, managing partner at 777. "As travel demand returns, 777 has accelerated our quest for efficiencies in both operating cost and carbon footprint at our operating carriers." Boeing's stock has now bounced 10.9% since closing at a 13-month low of $188.19 on Dec. 1. It has still lost 2.6% over the past three months, while the Dow Jones Industrial Average has gained 1.6%.
3:30 a.m. Nov. 29, 2021 - By Tomi Kilgore
Hertz stock surges after new $2 billion repurchase program launched, effective immediatelyShares of Hertz Global Holdings Inc. surged 6.8% in premarket trading Monday, after the car rental company announced a new stock repurchase program of up to $2.0 billion. The company said the new program, which is effective immediately and has not time limit, includes the $200 million remaining in the previous program. The program represents nearly 18% of the company's market capitalization of $11.30 billion as of Friday's close. "The repurchase program allows for ongoing and profitable investment in the business while utilizing moderate balance sheet leverage and facilitating opportunistic share repurchases," the company said in a statement. Hertz's stock , after trading over the counter since the company emerged from bankruptcy. Hertz's stock has dropped 23.1% over the past month while shares of rival Avis Budget Group Inc. have soared 66.7% and the S&P 500 has inched 0.2% lower.
9:00 a.m. Nov. 26, 2021 - By Robert Schroeder
White House announces restrictions on travel from South Africa, 7 other countries The White House on Friday announced the U.S. will restrict travel from South Africa and seven other African nations starting Monday. Senior administration officials said the policy is being put in place "out of an abundance of caution in light of a new COVID-19 variant circulating in Southern Africa." The Dow Jones Industrial Average fell about 900 points on Friday on concerns over the new variant, which the World Health Organization . The seven other countries are Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi. Administration officials said the new policy doesn't apply to U.S. citizens or permanent residents. A White House official said President Joe Biden has been briefed on the new COVID variant.
2:43 a.m. Nov. 18, 2021 - By Tomi Kilgore
Boeing's stock gets a boost after J.P. Morgan gets bullish againShares of Boeing Co. got a 1.6% boost in premarket trading Thursday, after the aerospace and defense contractor was upgraded at J.P. Morgan, with analyst Seth Seifman saying, "a deep breath and diving in." Seifman raised his rating to overweight, after downgrading it to neutral in March 2020. He raised his stock price target to $275 from $260. "With the market near a record, we like that BA has company-specific catalysts that should help, provided we avoid a recession or eternal COVID-19 waves," Seifman wrote in a note to clients. "[B]oeing's position at the center of global air travel offers confidence that it will recover financially over time and we believe risk-reward now skews favorably." He said China's certification of Boeing's 737 MAX planes is "critical," and recent reports suggest it is approaching. Another overhang is the 787 delivery halt, which Seifman said seems likely to persist in to the first quarter of 2022. Boeing's implied stock price gain would add about 24 points to the Dow Jones Industrial Average's price, while Dow futures gained 35 points, or 0.1%.
7:10 a.m. Nov. 17, 2021 - By Claudia Assis
Boeing stock 'lagging' the S&P, gets upgrade to buy from Wells FargoAnalysts at Wells Fargo raised their rating on Boeing Co. stock to the equivalent of buy, saying in a note Wednesday they see "a positive risk/reward balance with the stock lagging the S&P 500 by (about) 30% since its March high." Boeing stock likely benefits from China re-certificating the 337 Max, resumption of 787 deliveries, higher fuel prices driving more aircraft retirements, and easing international travel restrictions, the analysts said. Moreover, there's "limited downside" as Boeing is less susceptible to supply-chain disruptions given a large inventory of completed aircraft, they said. "(Boeing) is most levered to the post-COVID recovery among our coverage, and should outperform as air travel continues to normalize," they said. Shares of Boeing have gained nearly 6% this year, compared with gains of around 25% for the S&P 500 index.
7:20 a.m. Nov. 9, 2021 - By Tomi Kilgore
Hertz stock receives downbeat reception on Nasdaq, as it opens below the recent share-offering priceHertz Global Holdings Inc. received a rather downbeat reception on the Nasdaq, as the car rental company's stock opened 9.5% below where its share-offering just priced. The company said late Monday that an upsized offering by selling stockholders of priced at $29 a share, compared with previous expectations that the would price between $25 and $29 a share. The stock's first trade on the Nasdaq was at $26.25 at 12:14 p.m. Eastern for 2.82 million shares. It has since recovered slightly to trade down 6.3% at $27.19. The stock, which had traded over the counter under the ticker symbol "HTZZ" since the company emerged from bankruptcy through Monday, had closed Monday at $32.62. Before Hertz filed for bankruptcy in May 2020, the stock had traded on the NYSE under the ticker symbol "HTZ." Including it's time as an OTC stock, Hertz's stock has run up 62.2% over the past three months, while shares of rival Avis Budget Group Inc. have rocketed 242.4% and the S&P 500 has gained 5.6%.
2:40 a.m. Nov. 9, 2021 - By Tomi Kilgore
Hertz stock set to start trading on the Nasdaq, after upsized share offering priced at top of expected rangeHertz Global Holdings Inc.'s stock is set to begin trading on the Nasdaq Tuesday, after the car rental company, which emerged from bankruptcy in July, announced overnight that an upsized public offering of shares priced at the top of the expected range. The company said selling shareholders raised about $1.29 billion as 44.52 million shares were sold at a price of $29.00 a share, compared with of a 37.10 million-share offering that was expected to price between $25 and $29 a share. Hertz said it will not receive any proceeds from the share sale, but plans to repurchase from the underwriters of the offering 10.34 million shares for $300 million. Hertz's stock is expected to begin trading on the Nasdaq under the ticker symbol "HTZ," after previously trading over the counter under the ticker "HTZZ." The stock has soared 94.8% over the past three months through Monday, while the S&P 500 has tacked on 6.1%.
4:21 p.m. Nov. 8, 2021 - By Claudia Assis
Virgin Galactic sells space-tourism seats faster than it anticipatedVirgin Galactic Holdings Inc. stock edged lower in the extended session Monday after the space-tourism company reported a wider quarterly loss and said its $450,000 space-tourism seats are selling faster than it anticipated. Virgin said it lost $48 million, or 32 cents a share, in the third quarter, compared with a loss of $92 million, or 41 cents a share, in the third quarter of 2020 and FactSet consensus of a loss of 28 cents a share. The company had $2.6 million in revenue, compared with FactSet expectations of revenue around $1.4 million. Virgin Galactic said it is on track to launch its private-astronaut commercial service in late 2022. "Demand for space travel is strong, and we've been selling seats ahead of the pace we had planned," Chief Executive Michael Colglazier said in a statement. "This demonstrates the incredible market for our product and appreciation for the value of the unique experience we offer." Virgin had targeted the sale of 1,000 reservations before the launch of space-tourism service, and about 700 of these have been sold, the company said. The current price of $450,000 a seat "has been well received," Virgin Galactic said. Virgin and has sold about 100 seats since.
1:14 a.m. Nov. 8, 2021 - By Tomi Kilgore
CorePoint's stock tumbles after $1.5 billion buyout deal represents near 12% discount to Friday's closing priceShares of CorePoint Lodging Inc. tumbled 13.8% in premarket trading Monday, after the U.S. lodging real estate investment trust announced an agreement to be acquired in a cash deal valued at $1.5 billion by a joint venture between affiliates of Highgate and Cerberus Capital Management. Under terms of the deal, the per-share price paid is $15.65 a share, or 11.9% below Friday's stock closing price of $17.76 but 42% above the July 13 closing price, which was the last trading day before CorePoint announced its strategic alternatives process. The deal is expected to close in the first quarter of 2022. Separately, Wyndham Hotels & Resorts announced an agreement with CorePoint regarding the termination of all hotel management agreements once the CorpPoint merger is closed. CorePoint's stock has soared 158.1% year to date through Friday, while the SPDR Real Estate Select Sector ETF has rallied 31.9% and the S&P 500 has gained 25.1%.
2:30 a.m. Oct. 28, 2021 - By Ciara Linnane
Hertz swings back to profit in Q3 as leisure travel recoversHertz Global Holdings Inc. , which emerged from bankruptcy in July, said Thursday it had net income of $571 million, or $1.13 a share, in the third quarter, after a loss of $222 million, or $1.42 a share, in the year-earlier period. Revenue doubled to $2.226 billion from $1.268 billion. The FactSet consensus was for EPS of 85 cents and revenue of $2.225 billion. The revenue number reflects "the continued rebound in leisure travel and tight fleet inventory as Hertz executes against its strategic roadmap," the rental car company said in a statement. "While volume continued to be lower compared to 2019 levels, these headwinds were partially mitigated by improvements in pricing power." The company earlier this week announced plans for an "initial" order of a total of 100,000 Teslas by the end of 2022. The company also said it would invest in new EV charging infrastructure across its global operations in a bid to offer the largest EV rental fleet in North America. It ended the third quarter with $1.5 billion in outstanding non-vehicle debt, a $1.3 billion first lien revolving credit facility and $366 million of letters of credit outstanding. It had $3.8 billion in liquidity as of Sept. 30. Shares were not yet active premarket.
10:01 a.m. Oct. 14, 2021 - By Tomi Kilgore
Avis stock falls after Morgan Stanley recommends selling, saying it's too early for the 'mega-fleet bull case'Shares of Avis Budget Group Inc. dropped 2.5% in afternoon trading Thursday, after Morgan Stanley analyst Billy Kovanis recommended investors sell, saying it's too early for investors to be betting on the "mega-fleet bull case." The stock has now lost 4.8% since it closed at a record $153.39 on Tuesday, but has still more than doubled (up 103.6%) over the past three months and rocketed 291.6% year to date, while the S&P 500 has advanced just 18.1% this year. Kovanis downgraded Avis to underweight, after cutting the rating to equal weight in March 2021. Although he raised his tock price target to $110 from $85, the new target still implied about 25% downside from current levels. He said he just doesn't buy that investor suddenly view car rental as a high return-on-invested-capital (ROIC) business in the long run, and that pricing, which has been boosted recently by increased travel and lack of supply, will be permanently higher. "Pricing may very well be higher for a year or two, but we don't see this as a 3-to-5 year phenomenon," Kovanis wrote in a note to clients. He added that rental car stocks are "notably cyclical," so that means, "what goes up, must come down."
5:39 a.m. Oct. 8, 2021 - By Tomi Kilgore
Avis Budget stock surges to another record, has nearly doubled over the past three monthsShares of Avis Budget Group Inc. shot up 7.3% in morning trading Friday, putting them on track for an eighth record close in the past month, and enough to pace the Dow Jones Transportation Average's gainers. The auto rental company's stock has been by far the best performer among the Dow transports components over the past three months (up 92.4%), year to date (up 263.8%) and for the past year (up 335.3%), while the Dow transports has gained 0.9%, 16.8% and 24.2% over the same periods, respectively, and the Dow Jones Industrial Average has gained 1.0%, 13.6% and 22.3%. On a bright note for Avis, the out earlier Friday showed "notable job gains" in the leisure and hospitality and transportation sectors. And analyst Michael Linenberg at Deutsche Bank said after a recent pullback, corporate airline bookings are "once again on the upswing" and are now approaching levels last seen in early July before the most recent surge in COVID-19 cases. Growth recreational and business travel can be a good sign for car rental companies.
9:38 a.m. Oct. 1, 2021 - By Victor Reklaitis
Biden to meet Friday with House Democrats on Capitol Hill following delay for infrastructure billPresident Joe Biden is slated to travel to Capitol Hill on Friday to meet with Democratic House lawmakers around 3:30 p.m. Eastern, the White House said. His visit comes after Speaker Nancy Pelosi late Thursday on a $1 trillion bipartisan infrastructure bill, a key part of Biden's agenda, as Democratic lawmakers remained unable to agree on their spending proposals.
2:44 a.m. Sept. 14, 2021 - By Ciara Linnane
Boeing says aerospace market is recovering as it expected in 2020, sees strong demand for freighters Boeing Co. said Tuesday the commercial airplanes and services businesses are showing expected signs of recovery from the depths of the pandemic slowdown in 2020, while the global defense, space and government services markets have remained stable. The aerospace giant published its annual Boeing Market Outlook for 2021 and said it expects a $9 trillion market in the next decade for aerospace products and services, up from $8.5 trillion a year ago and from $8.7 trillion in 2019, before the outbreak of COVID-19. "We are encouraged by the fact that scientists have delivered vaccines more rapidly than imaginable and that passengers are demonstrating strong confidence in airplane travel," Boeing Chief Strategy Officer Marc Allen said in a statement. The commercial market is recovering as Boeing had predicted it would in 2020, with demand for domestic air travel leading the way. The company is expecting intra-regional markets to follow once health and travel restrictions are lifted, followed by long-haul flights, which are expected to return to pre-pandemic levels by 2023 to 2024. Boeing is expecting increased demand for freighters, given the growth in e-commerce and air freight's speed and reliability and expects the global freighter fleet to be 70% larger in 2040 than it is now. Vaccine supply and uptake will be key in the near-term recovery of passenger air travel and traffic is expected to increase by an average of 4% a year, unchanged from last year's forecast. Boeing shares were down 0.6% premarket, and have gained 0.2% in the year through Monday, while the Dow Jones Industrial Average has gained 14% and the S&P 500 has gained 19%.
5:38 a.m. Aug. 25, 2021 - By Tomi Kilgore
Rocket Labs stock tumbles on first day under new name, tickerThe company now named Rocket Lab USA Inc. didn't get a warm reception on Nasdaq, even after Chief Executive Peter Beck rang the Nasdaq's Opening Bell, as the between special purpose acquisition company (SPAC) Vector Acquisition Corp., with a previous ticker of "VACQ," and Rocket Lab was completed. Shares of the spacecraft and rockets builder, under the new ticker symbol "RKLB," tumbled 11.7% in morning trading, after they soared 15.6% over the past three days to close Tuesday at the highest price since March 31. Rocket Lab said Wednesday that it will receive $777 million in proceeds as the merger is completed, which it plans to use to accelerate growth in its space systems business. Meanwhile, shares of space travel company Virgin Galactic Holdings Inc. slipped 0.6% in morning trading, while the Nasdaq Composite gained 0.1% toward a record and the S&P 500 tacked on 0.1%.
3:03 a.m. Aug. 9, 2021 - By Tomi Kilgore
Hertz reports adjusted profit and sales that more than doubled, in 1st report since emerging from bankruptcyHertz Global Holdings Inc. reported Monday second-quarter that mroe than doubled from a year ago, citing strong leisure travel demand and tighter fleet inventory, in the auto rental company's first quarterly report since emerging from bankruptcy on June 30. The net loss for the quarter to June 30 narrowed to $168 million, or $1.05 a share, from $847 million, or $5.86 a share, in the year-ago period. Excluding nonrecurring items, such as $633 million of reorganization expenses, the company swung to adjusted earnings per share of $2.55 from a per-share loss of $3.51. Total revenue rose 125.1% to $1.87 billion, as Americas revenue grew 202.6% to $1.64 billion and international revenue increased 84% to $230 million. "With resurgent demand and tight supply across the industry, we remained agile in managing our fleet to meet customers' needs," said Chief Executive Paul Stone. "At the same time, we benefited from the important operational and financial improvements we made through our restructuring process." The stock, which trades over the counter, closed Friday at $16.44, down 39.1% since closing at $26.99 on July 1, the first day since emerging from bankrupty.
1:14 a.m. July 22, 2021 - By Tomi Kilgore
Dow swings to profit, revenue beats expectations as prices riseShares of Dow Inc. edged up 0.5% in premarket trading Thursday, after the chemicals company swung to a second-quarter profit and reported revenue that rose above expectations, boosted by sharp local price increases amid stronger demand. Net income was $1.93 billion, or $2.51 a share, after a loss of $217 million, or 31 cents a share, in the year-ago period. Excluding nonrecurring items, operating earnings per share was $2.72, beating the FactSet consensus of $2.47. Sales jumped 66.2% to $13.89 billion, above the FactSet consensus of $13.13 billion, as all three business segments topped sales expectations. Local price increased 70% in packaging and specialty plastics, rose 53% in industrial intermediates and infrastructure and grew 16% in performance materials and coatings. "Our second quarter results reflected strong demand in all our value chains and regions as we achieved substantial growth in sales and earnings both sequentially and year-over-year," said Chief Executive Jim Fitterling. "Looking ahead, we expect earnings momentum from additional improvements in consumer spending, international travel and industrial production." The stock has gained 7.6% year to date through Wednesday, while the Dow Jones Industrial Average has advanced 13.7%.
2:52 a.m. July 12, 2021 - By Tomi Kilgore
Virgin Galactic stock shoots higher after successful flight to suborbital spaceShares of Virgin Galactic Holdings Inc. shot up 6.0% in premarket trading Monday, a day after Founder Richard Branson and five crewmates successfully flew rocket-powered spaceplane. In a live-streamed flight on Sunday, the Unity crew before returning to earth. "Space is for all humanity, which is why we're giving YOU the chance to win 2 seats on one of the first @virgingalactic flights to space now!", . Truist analyst Michael Ciarmoli reiterated his buy rating and $50 stock price target, saying the successful completion of the Unity flight was a "significant milestone" for the company. "Near-term, we expect that publicity around the commencement of SPCE's commercial space tourism operations could also benefit from sweepstakes announced on Sunday, offering a chance to win two tickets on one of the company's earliest flights open to customers," Ciarmoli wrote in a note to clients. Virgin Galactic's stock has soared 107.3% year to date through Friday, while the S&P 500 has gained 16.3%.
5:53 a.m. June 29, 2021 - By Victor Reklaitis
Biden to visit location of Florida condo collapse on ThursdayThe White House said Tuesday that President Joe Biden and first lady Jill Biden plan to travel on Thursday to Surfside, Fla., where a condo building collapsed last week. The , but 150 people are still missing following the structure's collapse.
1:31 a.m. June 29, 2021 - By Ciara Linnane
UPDATE: United Airlines to add 270 Boeing and Airbus aircraft to fleet in its biggest order ever in strong bet on recovery for travelUnited Airlines Holdings Inc. said Tuesday it is purchasing 270 new Boeing and Airbus aircraft to its fleet, in its biggest ever order and the largest by an individual carrier in the last decade, making a strong bet on a recovery in travel. The company said its 'United Next' plan will also see it retrofit 100% of the remaining mainline, narrow-body fleet to improve the customer experience, increase premium seats per North American departure by 75%, create bigger overhead bins, put seatback entertainment in every seat and install the industry's fastest WiFi. The company expects to increase the number of available seats per domestic departure by almost 30%, significantly lower carbon emissions per seat and create 25,000 unionized jobs by 2026. Combined with its current order book, United will add more than 500 new narrow-body aircraft through 2024 and beyond. "That means in 2023 alone, United's fleet will, on average, add about one new narrow-body aircraft every three days," the company said in a statement. United is expecting to resume its full schedule of flights out of Newark by November when the FAA slot waiver ends, said the statement. United also offered financial guidance, saying it expects to achieve more than $2 billion structural cost savings by 2026, is planning to retire more than 200 single-cabin regional jets by that date, and is expecting adjusted capex of $4.5 billion in 2021, $4.2 billion in 2022 and $8.5 billion in 2023. Shares were down 0.6% premarket, but have gained 26% in the year to date, while the U.S. Global JETS ETF has gained 9% and the S&P 500 has gained 14%.
2:15 a.m. June 23, 2021 - By Tomi Kilgore
Winnebago stock gains after record results beat expectations, as towable revenue nearly tripledShares of Winnebago Industries Inc. rose 0.7% in premarket trading Wednesday, after the recreational vehicle company swung to a fiscal third-quarter profit that beat expectations, as revenue more than doubled to record levels. For the quarter to May 29, the company reported net income of $71.3 million, or $2.05 a share, after a loss of $12.4 million, or 37 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share came to $2.16, beating the FactSet consensus of $1.77. Revenue rose 138.7% to $960.7 million, well above the FactSet consensus of $836.8 million. Towable revenue nearly tripled, rising 194.2% to $555.7 million to top the FactSet consensus of $409.5 million, while motorhome revenue increased 89.2% to $385.3 million to beat forecasts of $356.5 million. Gross profit as a percentage of total revenue improved to 17.7% from 8.0%. The stock has gained 11.0% year to date through Tuesday, while the S&P 500 has advanced 13.1%.
8:46 a.m. June 4, 2021 - By Tomi Kilgore
GE CEO Culp sees Q2 aviation shop visits in line with Q1, but sees a 'step down' in marginsShares of General Electric Co. shed 1.0% in afternoon trading Friday, as Chief Executive Larry Culp spoke at the Bernstein Strategic Decisions Conference. The stock has now slipped 2.8% since closing at a three-year high of $14.35 on May 27. Regarding the aviation business, Culp said, according to a FactSet transcript, that the industrial conglomerate is positioning to be "ready for the snapback" in air travel that is expected, as vaccine rollouts lead to diminished lockdown measures. Meanwhile, Culp said he expects shop visits "to more or less be in line" with the sequential first quarter, but sees a "step down" in margins as GE works through some contract margin reviews. However, Culp said there is no change to the full-year outlook, "that's really predicated on the second-half recovery," which he thinks he sees "taking root." GE's stock has run up 29.1% year to date, while the SPDR Industrial Select Sector ETF has climbed 18.8% and the S&P 500 has gained 12.5%.
2:27 a.m. May 20, 2021 - By Tomi Kilgore
Virgin Galactic stock soars after confirming SpaceShipTwo Unity test flight this weekShares of Virgin Galactic Holdings Inc. soared 14.9% in premarket trading Thursday, putting them on track for a fifth straight gain, after the aerospace and space travel company confirmed that the next test flight of SpaceShipTwo Unity will be conducted on May 22. The test flight will be subject to weather and technical checks. The confirmed test comes after the completion of a maintenance review of VMS Eve, which is the "mothership" jet aircraft that will carry SpaceShipTwo to an altitude of 50,000 feet. The stock has jumped 11.4% amid a four-day win streak through Wednesday, after closing at an 11-month low of $15.50 on May 13. It has tumbled 66.3% over the past three months through Wednesday, while the S&P 500 has gained 5.4%.
12:49 p.m. May 12, 2021 - By Myra P. Saefong
Colonial Pipeline initiates restart of pipeline operations, says it'll take several days for product delivery to return to normalColonial Pipeline that it has "initiated the restart of pipeline operations" as of 5 p.m. Eastern time, following a ransomware-related operational shutdown late last week. The company operates the 5,500-mile pipeline that transports 2.5 million barrels a day of fuel consumers from Houston, Texas to the New York Harbor. It said it will take several days for the to return to normal and some markets service by the pipeline "may experience, or continue to experience, intermittent service interruptions during the start-up period." Colonial pledged to move "as much gasoline, diesel and jet fuel as is safely possible." Many gas stations in the Southeast have suffered from shortages as drivers have rushed to fill up their tanks in the wake of the shutdown, according to GasBuddy. The average price for a gallon of regular gasoline for the first time since 2014, GasBuddy reported, but the travel and navigation app also said that prices would have likely reached that level even without the pipeline issue as demand has started to recover from weak pandemic levels.
2:08 a.m. April 27, 2021 - By Tomi Kilgore
Raytheon's stock gains after profit beat and upbeat outlook, but revenue came up a little shortShares of Raytheon Technologies Corp. edged up 0.6% in premarket trading Tuesday, after the aerospace and defense contractor reported a first-quarter profit that beat expectations, and provided an upbeat outlook, while revenue came up a little short. The company swung to net income of $753 million, or 50 cents a share, from a net loss of $83 million, or 10 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 90 cents, above the FactSet consensus of 82 cents. Sales jumped 34.3% to $15.25 billion, just below the FactSet consensus of $15.36 billion, as Collins Aerospace and Raytheon Missiles & Defense sales were just shy of expectations wile Pratt & Whitney and Raytheon Intelligence & Space sales topped forecasts. The company expects second-quarter adjusted EPS of 90 cents to 95 cents, above the FactSet consensus of 84 cents, while revenue guidance of $15.5 billion to $16.0 billion surrounds expectations of $15.7 billion. "We are confident in our outlook for the remainder of 2021," said Chief Executive Greg Hayes. "With our strong defense backlog and continued recovery in commercial air travel, we are well positioned to deliver profitable growth and return cash to drive significant value for shareowners." The stock has run up 23.7% over the past three months, while the Dow Jones Industrial Average has gained 12.1%.
6:29 a.m. April 23, 2021 - By Victor Reklaitis
Biden to visit U.K., Belgium in June for first overseas travelPresident Joe Biden plans to travel to the U.K. and Belgium in June for his first overseas trips since taking office, the White House said Friday. He plans to attend a G7 summit in Cornwall on June 11-13 and then take part in a NATO summit in Brussels on June 14.
4:11 a.m. April 9, 2021 - By Dave Sebastian
Boeing flags potential 737 MAX electrical issue on some jets Southwest removes 30 aircraft affected by notification but expects minimal disruptionBoeing Co. said it has flagged a potential electrical issue in certain 737 MAX aircraft, asking 16 customers to address it before further operations.
1:14 a.m. March 30, 2021 - By Ciara Linnane
Munich-based electric take-off and landing jet maker Lilium to go public via merger with SPAC QellLilium GmbH, a Munich-based maker of an electric vertical take-off and landing jet, said Tuesday it is going public via a merger with special purpose acquisition corporation Qell Acquisition Corp. in a deal with an implied $3.3 billion pro forma equity value. Qell, a SPAC or blank-check company, is led by Barry Engle, a former president of General Motors North America, and aims to invest in next-generation sustainable mobility. Once the deal closes, the company will be renamed Lilium and trade on Nasdaq under the ticker symbol "LILM." "Lilium can revolutionize regional travel, saving people hours not minutes," the companies said in a joint statement. "Using its 7-Seater Lilium Jet, revealed today, Lilium's regional shuttle service will enable sustainable, high-speed transportation." Lilium is expected to receive about $830 million of gross proceeds from a PIPE offering of $450 million along with $380 million cash held in trust by the SPAC. The deal is expected to close in the second quarter.
6:50 a.m. March 28, 2021 - By Quentin Fottrell
‘I feel un-American’: I was broke in my 20s, and live in fear of debt. My wife wants to upgrade our home and life. What do I do? ‘During my 20s, I was broke. I had three maxed-out credit cards and lived paycheck to paycheck’‘During my 20s, I was broke. I bought my first house and lived alone, stretched to my limits. I had three maxed-out credit cards and lived paycheck to paycheck.’
6:01 a.m. March 22, 2021 - By Riley Adams
Investing in real estate during COVID-19 Investment opportunities will come after the pandemic passesInvestment opportunities will come after the pandemic passes
1:28 p.m. March 20, 2021 - By Quentin Fottrell
‘I have tried to be kind’: I gave my ex half of the first two stimulus checks for our child. He still calls me a ‘monster.’ What do I do with the third? ‘I am bugged by him paying nothing while also going on trips and buying vehicles when he gets extra money, instead of paying anything to me for our child. Maybe I am being petty’‘I am bugged by him paying nothing while also going on trips and buying vehicles when he gets extra money, instead of paying anything to me for our child. Maybe I am being petty.’
5:05 a.m. March 15, 2021 - By Andrea Riquier
'Reopening' ETFs rally MondayExchange-traded funds tied to the sectors of the economy most likely to benefit as coronavirus vaccines help Americans get back to more normal activities jumped Monday. The U.S. Global Jets ETF , the only pure-play airline ETF, was up 2.7% mid-morning. That may have been in part thanks to bullish guidance from JetBlue Airways Corporation , but JetBlue shares were up 3.3%, compared to a 10.2% jump for American Airlines Group, Inc. and 6.5% for United Airlines Holdings Inc . The TFMG Travel Tech ETF , which has broader travel-sector exposure, was up 1.1%, as was the Invesco Dynamic Leisure & Entertainment ETF . AWAY has gained 31% in the year to date, while the Invesco fund is up more than 35%.
4:11 a.m. March 10, 2021 - By Tomi Kilgore
Rideshare vehicle provider EVmo, formerly YayYo, takes part in fleet acquisition of Tesla EVsRideshare vehicle provider EVmo Inc., formerly known as YayYo Inc. , said Wednesday that through its subsidiary Rideshare Car Rentals LLC it is taking part in a fleet acquisition of Tesla Inc. vehicles. The move was part of EVmo's new commitment to go all electric by the end of 2021. Shares of Tesla surged 3.8% in premarket trading, after to snap a five-day losing streak in which they shed 21.6%. EVmo shares were still inactive ahead of the open, while futures for the S&P 500 rose 0.5%. "The future of mobility is electric. Tesla is an obvious choice and we are excited to be one of the first Tesla rideshare fleet partners in the US that will deploy electric vehicles rather than gasoline-powered vehicles, for services like Uber and Lyft," said EVmo Chief Executive Steven Sanchez.
9:22 a.m. March 7, 2021 - By Quentin Fottrell
‘Warren Buffett and Harry Potter couldn’t get those two retired early’: When financial advisers can’t make their clients see the light ‘We put our spendthrift neighbors in touch with our financial adviser. They called her lousy. So how come WE are the ones who retired early?’‘We put our spendthrift neighbors in touch with our financial adviser. They called her lousy. So how come WE are the ones who retired early?’
9:22 a.m. March 7, 2021 - By Quentin Fottrell
My husband and his brother inherited a property. Our son moved in. We paid $60K in taxes and repairs. Do we split it 50/50? ‘The house is probably 90 years old, and needed quite a lot of work before they could move in’‘The house is probably 90 years old, and needed quite a lot of work before they could move in.’
2:46 a.m. March 6, 2021 - By Catey Hill
These Arizona retirees ‘couldn’t afford’ America — now they live their dream life on $2,000 a month in Ecuador They haven’t been back to the U.S. in years, and say they don’t miss it much — except for Home Depot and some friendsThey haven’t been back to the U.S. in years, and say they don’t miss it much (except for Home Depot and some friends).
6:18 a.m. March 5, 2021 - By Claudia Assis
Boeing stock still has more upside, analysts says in upgrade to buy Analysts at Canaccord Genuity on Friday upgraded their rating on Boeing Co. stock to buy, increasing their price target to $275 from $200, based on the 737 Max return to service, improved outlook for travel, and as the market for wide-body, long-haul planes stabilizes, they said. "While the stock has had a significant move off its March 2020 lows, we see further upside," the analysts said. Shares of Boeing have lost 16% in the past 12 months, contrasting with gains around 24% for the S&P 500 index .
1:39 a.m. March 2, 2021 - By Ciara Linnane
Hertz files plan of reorganization that includes up to $4.2 billion investment by Knighthead and CertaresHertz Global Holdings Inc. on Tuesday filed a plan of reorganization with the U.S. Bankruptcy Court for the District of Delaware and said it expects to emerge from Chapter 11 bankruptcy by early to mid summer. The plan provides for Knighthead Capital Management LLC and its affiliates and Certares Opportunities LLC and its affiliates to sponsor the plan and invest up to $4.2 billion to purchase up to 100% of the new company. "This proposed investment, if consummated, will, together with a new $1 billion first-lien financing, a new $1.5 billion revolving credit facility, and a new asset-backed securitization facility to finance Hertz's U.S. vehicle fleet, provide the basis for the proposed Plan and the funding needed for Hertz to complete its financial restructuring and emerge from Chapter 11 in early to mid summer," the car rental company said in a statement. The plan would "substantially" reduce Hertz's debt and provide for a less leveraged vehicle debt structure, said the statement. It would provide for payment in cash in full of all of the company's first- and second-lien debt and all administrative and priority claims, including the money owed under a $1.65 billion debtor-in-possession facility. The plan must now be approved by the court at a hearing scheduled for April 16. Knighthead and Certares recently created the CK Opportunities Fund, a co-managed vehicle that will invest in travel and leisure. Hertz shares were not active premarket, but have fallen 87% in the last 12 months, while the S&P 500 has gained 26%.
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