Boeing Focuses on 787 Fix; 4Q Profit Tops Estimate
Boeing Co. said Wednesday that its top priority this year is fixing the battery problems that grounded its 787. The company made the pledge while reporting a fourth-quarter profit that topped Wall Street estimates, as rising profits from commercial jets offset a smaller profit from defense work. “Our first order of business for 2013 is to resolve the battery issue on the 787 and return the airplanes safely to service with our customers,” said Jim McNerney, Boeing’s chairman, president, and CEO. It’s not clear how long that will take, and Boeing didn’t make any predictions on Wednesday. The 787s are grounded while investigators try to figure out what caused two battery incidents earlier this month, including a fire on a plane parked in Boston. (MORE: Boeing 787 Probe Shifts to Monitoring System Maker) U.S. aviation officials have asked Boeing for a full operating history of the batteries on the 787s. Japan‘s All Nippon Airways confirmed that it had replaced batteries on its 787 ...
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Is the Dreamliner Becoming a Financial Nightmare for Boeing?
The Federal Aviation Administration issued an “emergency airworthiness directive” late Wednesday following a string of incidents with Boeing’s precocious problem child, the 787, grounding the plane indefinitely until the reason behind two recent fires — attributed to faulty batteries — could be determined and the problem solved. The 787, also called the Dreamliner, is already a hugely expensive project for Boeing. The F.A.A.’s action increases the challenges that the manufacturer faces in trying to recoup its investment. Following an unscheduled landing in New Orleans in December and a fire in Boston earlier this month, an All Nippon Airways flight had to make an emergency landing yesterday after a battery malfunction and reports of smoke in the cabin. Both ANA and Japan Airlines, the other carrier that has the most 787s in service, grounded their fleets voluntarily on Thursday ahead of the F.A.A. action while they attempt to figure out what went wrong. Industry analysts and ...
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PODCAST: Too big to fail or too big to succeed?
Monday, October 22, 2012 - 08:36 Dan Kitwood/Getty Images Tonight's final presidential debate is focused on foreign policy. No doubt a big chunk of that will be foreign economic policy -- and in particular China is likely to come up a lot. In previous debates, Obama and Romney seemed eager to see who could be toughest on the world's second-largest economy. Caterpillar says third quarter earnings got a boost from construction activity in the U.S. The maker of heavy construction equipment posted a $1.7 billion profit. But Caterpillar says slowing global growth means a lower outlook for 2012. More earnings today from Hasbro : Sales of toys to girls were up 17 percent. But the big money is in boys, where Transformers fell out of popularity and boys' toy sales dropped 12 percent, cutting into profits. Microsoft hopes to breathe new life into the weak PC market when it puts out its new Windows operating system on Friday. Get ready to learn Windows all over again. When the CEO of Citigroup resigned ...
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PODCAST: Consumer confidence, health care spending jump up
Tuesday, September 25, 2012 - 09:51 Andreas Rentz/Getty Images A doctor examines a patient. Some important economic data has rolled our way this morning, including the latest read on consumer confidence . Markets closed moderately higher in Europe, amid the usual rhetorical fireworks: Germany's Angela Merkel warned Spain, Greece and company need to cut their spending. The head of the Euroepean Central Bank says he stands by to rescue them if they get into trouble. Health care spending grew more than 4 percent last year, according to a new report out this morning. Workers at Yahoo! are expecting to hear from the company's new CEO today , on her plans to jump-start growth. There's already been one big change insde the company: Yahoo! employees are all getting free smartphones and free meals at work. China today officially put its first aircraft carrier into service. China says the timing has nothing to do with its recent tiffs with Asian neighbors over naval territory. One of those -- a dispute ...
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Dish Network Offering to Buy Sprint in $25.5B Deal
(NEW YORK) — Dish Network is offering to buy Sprint Nextel Corp. in a cash-and-stock deal it values at $25.5 billion, saying its bid is superior to that of Japanese phone company SoftBank. Sprint’s stock jumped in premarket trading Monday. SoftBank Corp. is seeking approval from U.S. authorities for its $20 billion purchase of a 70 percent stake in Sprint Nextel Corp. that would be Japan’s biggest foreign acquisition ever. Sprint previously said that it expected the deal with SoftBank to close during the summer. (MORE: Is the Blockbuster-Dish Network Streaming Service a Better Value Than Netflix?) The transaction, which was announced in October, was looked at as a way to position Sprint as a stronger competitor against rivals AT&T and Verizon. Dish, an Englewood, Colo., satellite television company, said Monday that its proposed transaction includes $17.3 billion in cash and $8.2 billion in stock. Sprint stockholders would receive $7 per share, which is a 13 percent premium to its ...
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