U.S. Markets closed

Three Dead After Boeing Jet Splits Open on Landing in Turkey

Tugce Ozsoy
Three Dead After Boeing Jet Splits Open on Landing in Turkey

(Bloomberg) -- At least three people were killed when a Turkish jetliner broke apart after landing in wet weather in Istanbul.

All 180 other people on board were injured when the Boeing Co. 737-800 operated by Pegasus Airlines veered off the runway at Sabiha Gokcen airport on Wednesday, Turkish Health Minister Fahrettin Koca said. Video footage showed passengers fleeing through gaps in the fuselage. The rear of the jet caught fire, while the front detached and came to rest upside down.

Sabiha Gokcen airport, located on the Asian side of Istanbul, was closed following the incident but resumed flights early Thursday, authorities said.

The single-aisle jet had flown from Izmir on Turkey’s Aegean coast, authorities said. It appeared to have plowed down a slope from the runway and stopped short of a busy road, one of the main highways going into the city, based on photos of the aircraft. The plane was traveling at 117 kilometers an hour (72 miles an hour) near the end of the runway, according to Flightradar24.

All Pegasus aircraft have “high technical reliability” and are young jets with an average age of 5.3 years, CEO Mehmet Nane said at a press conference in Istanbul on Thursday. Visibly shaken and speaking with a trembling voice, Nane said he acknowledges journalists have “many questions,” but then ended the press conference without taking any.

A Pegasus spokeswoman confirmed that the narrow-body was a Boeing plane, part of a fleet that includes Airbus SE A320 aircraft.

The 737-800 model, which has a good safety record, predates the 737 Max version that has been grounded worldwide since March after two fatal crashes.

“We continue to receive reports out of Istanbul, Turkey, regarding the accident involving Pegasus Airlines,” Boeing said in a statement. “Our top concern right now is for the safety and well-being of the passengers and crew onboard. We are in contact with our airline customer and have offered them our support. We stand ready to assist in any way possible.”

The accident wasn’t the first such incident for Pegasus. Last month, one of the airline’s 737-800s ran off the edge of a runway at the same airport after landing in bad weather, resulting in no injuries.

In January 2018, a Pegasus jet carrying 168 people slid off a runway at Turkey’s Trabzon Airport. There were no injuries reported, but one of the engines fell into the Black Sea as the Boeing aircraft slid down an embankment.

Pegasus dropped as much as 6.6% at Thursday’s open in Borsa Istanbul, its biggest decline in three weeks. The airline was trading down 4.1% at 71.7 liras as of 1:31 p.m. in Istanbul.

(Updates with CEO comments in fifth, stock move in final paragraph.)

--With assistance from Richard Clough and Selcan Hacaoglu.

To contact the reporter on this story: Tugce Ozsoy in Istanbul at tozsoy1@bloomberg.net

To contact the editors responsible for this story: Riad Hamade at rhamade@bloomberg.net, Onur Ant, Taylan Bilgic

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

  • Business
    MarketWatch

    Groupon plans reverse-stock split, names new CFO

    Trading of Groupon Inc. (GRPN) shares were halted in extended trading Tuesday before the online marketplace reported fourth-quarter revenue and said it planned to exit the Goods category so it can focus on the $1 trillion "local experiences" market. The company also named Melissa Thomas its chief financial officer, and said it plans to pursue a reverse-stock split to boost the price of its stock. Groupon reported net income of $77 million, or 13 cents a share, in the quarter, compared with net income of $46.2 million, or 8 cents a share, in the year-ago fourth quarter.

  • Elon Musk Calls Bill Gates Underwhelming After Billionaire Buys a Porsche
    Business
    Bloomberg

    Elon Musk Calls Bill Gates Underwhelming After Billionaire Buys a Porsche

    If he was expecting kind words in return from Elon Musk, he apparently shouldn't have spoken about challenges that still lie ahead -- or about his new Porsche. Gates, the billionaire co-founder of Microsoft Corp., spoke with a YouTube influencer last week about the challenges of reducing emissions to slow climate change. “And certainly Tesla, if you had to name one company that's helped drive that, it's them,” Gates told YouTuber Marques Brownlee.

  • Billionaire Ray Dalio Pulls the Trigger on 3 “Strong Buy” Stocks
    Business
    TipRanks

    Billionaire Ray Dalio Pulls the Trigger on 3 “Strong Buy” Stocks

    On top of this, he pointed out, “Debunking 'too big to grow fears,' BLK delivered 7%-plus organic asset growth for the full year 2019, which is an acceleration from 2.1%-plus organic growth in 2018 and 4.3%-plus average growth rate over last five years. Importantly, strong net new money growth translated into 5% organic base fee growth in 2019, better than the 2% growth in 2018. Based on this report, Cyprys expects other analysts to make adjustments to their outlooks for 2020.

  • The Wuhan Virus and Research-Focused Biotech Companies
    World
    GuruFocus.com

    The Wuhan Virus and Research-Focused Biotech Companies

    The problem with these companies is that their low or nonexistent revenues result in a weak investor perception as the qualitative benefits of their research cannot be measured tangibly. However, with the outbreak of the Wuhan coronavirus, the importance of investing in the research of such companies is suddenly a hot topic in the investor community, which is why many of these stocks have seen their prices rise. Warning!

  • Business
    Benzinga

    Susquehanna Upgrades Mellanox Technologies Ahead Of Chinese Decision On Nvidia Deal

    If the deal receives regulatory approval before June 10, this will mean a takeout price of $125 per share, representing a gross return of over 3.1% and annualized return of more than 9.5%, Rolland said in the upgrade note. See his track record here. In the event that China does not grant regulatory approval by June 10 and Mellanox decides to cancel the deal, the market could value its stock as high as $160 per share in time, and this translates to return of around 32%, he said.

  • Bloomberg's new plan to crack down on Wall Street includes a financial transaction tax
    Business
    Yahoo Finance

    Bloomberg's new plan to crack down on Wall Street includes a financial transaction tax

    Bloomberg has been campaigning as a more moderate alternative to candidates like Sen. Elizabeth Warren (D-MA) and Sen. Bernie Sanders (I-VT) and has been courting business leaders and Wall Street executives — who will likely cringe at the idea of a financial transaction tax. But the more progressive wing of the party has championed even tougher regulations and taxes on Wall Street on the wealthiest Americans. Bloomberg's financial transaction tax would be phased in gradually, starting at 0.02% to “monitor and minimize unintended consequences.

  • Business
    GuruFocus.com

    SpaceX: Starlink IPO Should See Hope Trump Economics

    GuruFocus has detected 8 Warning Signs with IRDM. Click here to check it out. IRDM 30-Year Financial Data The intrinsic value of IRDM Peter Lynch Chart of IRDM An expensive endeavor Musk made Starlink the key pillar of his pitch to investors during SpaceX's most recent funding round, espousing his belief that it will be the profit engine that will drive the company's more ambitious, but less lucrative, pursuits.

  • Roku, Inc. Just Released Its Yearly Results And Analysts Are Updating Their Estimates
    Business
    Simply Wall St.

    Roku, Inc. Just Released Its Yearly Results And Analysts Are Updating Their Estimates

    Revenues came in at US$1.1b, in line with forecasts and the company reported a statutory loss of US$0.52 per share, roughly in line with expectations. Following the result, analysts have updated their earnings model, and it would be good to know whether they think there's been a strong change in the company's prospects, or if it's business as usual. So we gathered the latest post-earnings forecasts to see what analysts' statutory forecasts suggest is in store for next year.

  • Walmart expects to save $60 million annually on shopping bags
    Business
    MarketWatch

    Walmart expects to save $60 million annually on shopping bags

    Walmart Inc. is saving big bucks on an unexpected part of the business: shopping bags. The world's largest company by revenue expects to save $60 million annually on plastic shopping bags, “just by changing our buying process and better utilizing our scale,” Chief Financial Officer Brett Biggs said. The remarks were made after the retail giant announced its fourth-quarter earnings on Tuesday.

  • InMode Reverses Lower
    Business
    Investor's Business Daily Video

    InMode Reverses Lower

    InMode reported strong earnings, sales and guidance … but after surging at the open shares reversed lower. Has a 53.30 cup-with-handle buy point. Looked like an early entry at the open – but good idea to wait 5 minutes or even for topping first-hour high, especially with a volatile IPO like INMD.

  • What ‘Rothifying’ 401(k)s Would Mean for Retirees
    Business
    The Wall Street Journal

    What ‘Rothifying’ 401(k)s Would Mean for Retirees

    Research shows that switching 401(k)s to after-tax contributions would boost tax returns in the short term, but leave retirees worse off.

  • Here’s the reason Americans are saving so much of their income
    Business
    MarketWatch

    Here’s the reason Americans are saving so much of their income

    U.S. household wealth compared to income is near a record high. In the fourth quarter, savings as a percent of disposable income was 7.7%, more or less the post-crisis average. Some of the explanation can be boiled down to: Goldman's clients.

  • Morgan Stanley chief economist: Millennials are savvier than people think
    Business
    Yahoo Money

    Morgan Stanley chief economist: Millennials are savvier than people think

    A generation heavily burdened by student debt and taking longer to reach financial independence, millennials are often blamed for not managing their finances well. But this generation is financially savvier than many people think, according to Morgan Stanley's chief economist Ellen Zentner and author of a recent New York Times' op-ed on the topic. We've been able to compare my generation (Generation X) to the millennials,” Zentner, a member of Generation X, told Yahoo Finance's On the Move.

  • If you could buy only one stock for 5G and artificial intelligence exposure, this would be it
    Business
    MarketWatch

    If you could buy only one stock for 5G and artificial intelligence exposure, this would be it

    During the California gold rush, many miners went bankrupt. Most investors recognize that the gold rush is on in 5G and artificial intelligence. The picks and shovels for the present-day gold rushes are semiconductors.

  • Netflix Stock Is Nearing A Key Buy Point
    News
    Investor's Business Daily Video

    Netflix Stock Is Nearing A Key Buy Point

    The IBD Live Team discusses Netflix stock on Tuesday as it nears a key cup-based buy point.

  • Leon Cooperman's Top 6 Buys for the 4th Quarter
    Business
    GuruFocus.com

    Leon Cooperman's Top 6 Buys for the 4th Quarter

    GuruFocus ranks Ferro's profitability 7 out of 10: operating margins have expanded over the past five years despite outperforming just 57.46% of global competitors. Additionally, Ferro's three-year revenue growth rate of 15.90% outperforms 77.69% of global chemical companies. Mario Gabelli (Trades, Portfolio) also has a holding in Ferro.

  • Report: Sprint merger offers stability for JoCo office market
    Business
    American City Business Journals

    Report: Sprint merger offers stability for JoCo office market

    After months of speculation, the approval of the Sprint Corp. and T-Mobile US Inc. merger last week will lead to calmer waters in the Johnson County office market, according to a recent report. A report by JLL's office market team notes that the recently resolved antitrust case brought concerns about whether Sprint (NYSE: S) could continue to be stable as a stand-alone company without T-Mobile (Nasdaq: TMUS). Beyond the more obvious fears about the effects on employees and the company itself, it created concerns about what would happen to Sprint's already diminished presence in Overland Park.

  • Business
    TheStreet.com

    How Much Do Doctors Make?

    Doctors adhere to the Hippocratic Oath, which stems from Greek medical history, and calls for physicians to swear to uphold the highest ethical standards in the service of medicine. The numbers do vary for the average physician salary, depending on the source of the information. Data from ZipRecruiter notes the average annual pay for a "medical doctor" stands at $224,190 in 2018, with the highest salaries in the $397,000 range and on the lower end at $23,500.

  • The No. 1 IBD 50 Stock Just Crushed 2020 Guidance Expectations, But Lost Ground
    Business
    Investor's Business Daily

    The No. 1 IBD 50 Stock Just Crushed 2020 Guidance Expectations, But Lost Ground

    InMode crushed 2020 guidance expectations Tuesday following a fourth-quarter beat — but INMD stock went from a massive gain to losses in early action. For the fourth quarter ended Dec. 31, adjusted InMode earnings of 46 cents per share more than doubled year over year, rising 109%. On average, analysts polled by Zacks Investment Research expected InMode to earn 39 cents a share.

  • How a small S.F. design-build software firm could help unlock a coronavirus vaccine
    Business
    American City Business Journals

    How a small S.F. design-build software firm could help unlock a coronavirus vaccine

    If a lab in Australia succeeds in developing a potential vaccine for the deadly coronavirus outbreak in China, a small San Francisco DNA design-build software company will have played a big role. Sixteen-employee TeselaGen Biotechnology Inc. has worked for much of its nine years to use the genetic code for the protein jacket surrounding viruses to create viral shells that look, walk and talk like viruses — provoking the body's immune system to respond. Amid coronavirus Covid-19's spread, TeselaGen's work caught the attention of Claudia Vickers, director of the future science platform in synthetic biology at Australia's Commonwealth Scientific and Industrial Research Organization and an associate professor at the University of Queensland.

  • 10 Stocks' Profit Will Soar More Than Anyone Dreamed, Analysts Say
    Business
    Investor's Business Daily

    10 Stocks' Profit Will Soar More Than Anyone Dreamed, Analysts Say

    Analysts' forecast for S&P 500 profit for 2020 has declined all year, says FactSet. Digging further shows you just how much. Analysts Souring On S&P 500 Earnings Most S&P 500 companies are expected to make less than thought in 2020, not more.

  • Why Agnico Eagle Mines Is a Buy
    Business
    GuruFocus.com

    Why Agnico Eagle Mines Is a Buy

    Gold price outlook On Monday, Feb. 17, gold closed at $1,580.80 per troy ounce on the London bullion market and at $1,587.05 per troy ounce on the Comex gold futures market, gaining on average about 19% from the same period a year ago. But the rally in the gold price is not over. Economic weakness will likely spread due to factors such as trade tensions and the new coronavirus outbreak in China, which might even spread globally.

  • Shades of Detroit? Germany's auto heartlands in peril as 'golden age' fades
    Business
    Reuters

    Shades of Detroit? Germany's auto heartlands in peril as 'golden age' fades

    At the Schmitts' plant in Hallstadt, workers are trying to avoid forced layoffs; at a Bosch factory in nearby Bamberg, pay cuts and reduced hours have been agreed, as has investment in new fuel cell technology. With pockets of rising joblessness in the affluent, auto-producing heartlands of Bavaria and Baden-Wuerttemberg in southern Germany, there are serious implications for a country which relies on the car industry for roughly 5% of its economic output and, and an important part of its national identity. "Germany is entering uncharted waters.

  • This simple math means stock-market returns will be anemic over the next decade
    Business
    MarketWatch

    This simple math means stock-market returns will be anemic over the next decade

    It's virtually certain the stock market over the next decade will not come anywhere close to equaling its historical total return of 6.9% annualized above inflation. And it's even more certain that the S&P 500 index (SPX) won't match the 11.5% annualized real total return it produced over the last decade. The reason for this confidence: There are only a few ways in which the stock market can grow faster than the overall economy, and none of them appears likely.

  • David Tepper's Top 5 Buys in the 4th Quarter
    Business
    GuruFocus.com

    David Tepper's Top 5 Buys in the 4th Quarter

    David Tepper (Trades, Portfolio), founder of Appaloosa Management, disclosed last week that his fund's top five buys during the fourth quarter of 2019 included a new holding in Intelsat SA (NYSE:I) and position boosts in four companies: Alibaba Group Holding Ltd. (NYSE:BABA), Micron Technology (NASDAQ:MU), Energy Transfer LP (NYSE:ET) and Amazon.com Inc. NASDAQ:AMZN). Warning!