337.75 +0.75 (0.22%)
After hours: 7:59PM EDT
|Bid||337.75 x 1000|
|Ask||337.75 x 800|
|Day's Range||334.46 - 341.48|
|52 Week Range||292.47 - 446.01|
|Beta (3Y Monthly)||1.27|
|PE Ratio (TTM)||38.64|
|Earnings Date||Oct 23, 2019|
|Forward Dividend & Yield||8.22 (2.48%)|
|1y Target Est||395.86|
Boeing’s Executive in Charge of Commercial Airplanes, Kevin McAllister, is leaving the company. He is the most senior official to depart as the airline maker struggles to contain the fallout from the crashes of two 737 Max. Yahoo Finance's Myles Udland breaks it down on The Final Round.
Boeing's new airplane boss is known and liked by aerospace workers inside and outside Boeing. "Stan is good people. He knows customers. He knows customer relations," aerospace analyst Scott Hamilton said.
Gulfstream Aerospace Corp President Mark Burns said on Tuesday he expected regulators to ask for more details on software when the company certifies its new G700 long-range corporate jet, following two crashes involving the Boeing 737 MAX. Gulfstream, a division of General Dynamics Corp , unveiled its widely expected G700 on Monday in Las Vegas, as the biggest business jet show in the world kicks off. In an interview, Burns said he believed the Federal Aviation Administration (FAA) and other regulators would seek more information during the G700 certification, following the crashes, although did not expect any unreasonable requests.
Earnings season continues to rage on with industrial heavyweights Caterpillar and Boeing reporting quarterly results ahead of the opening bell, and tech behemoth Microsoft and electric carmaker Tesla rounding things out after the market close Wednesday.
Boeing Co., Tesla Inc. and Microsoft Corp. headline an action-packed slate of Wednesday earnings. The aerospace giant will have to face investors Wednesday morning amid a new raft of controversy around the troubled 737 Max jets. Last week, reports surfaced indicating that Boeing (BA) misled regulators about the jets’ safety years before they were involved in two deadly crashes.
(Bloomberg Opinion) -- Someone had to take the fall for the latest disastrous turn in Boeing Co.’s 737 Max crisis and that someone appears to be commercial airplanes chief Kevin McAllister. Boeing abruptly announced on Tuesday afternoon — less than 24 hours before it's due to report third-quarter results — that McAllister is stepping down. He joined in 2016 from General Electric Co. and oversaw the unit responsible for the troubled Max, which has been grounded for seven months following two fatal crashes. He will be replaced by Stan Deal, formerly head of Boeing’s services division, effective immediately. The leadership shakeup comes as Boeing tries to counter the reputational damage from a bombshell release last week of instant messages that appeared to indicate internal hesitation over a flight-control system on the Max years before that same software would be implicated in the accidents. The messages have raised concern that it will be politically difficult for the Federal Aviation Administration to agree to put the plane back in the air by the end of the year, even as Boeing makes progress on a fix. Boeing has pushed back on the interpretation that the messages show it misled regulators, but its explanations are unlikely to curb the ire of angry lawmakers, some of whom have already called for the ouster of CEO Dennis Muilenburg.I would like to believe that Boeing is making a serious effort at holding itself accountable. But at the end of the day, like all of the company’s efforts at redemption in the wake of the Max crisis, it appears to be reacting to criticism, rather than doing the right thing on principle. The company last month unveiled an organizational overhaul meant to help insulate its engineers from profit concerns and the board stripped Muilenburg of his chairman title on Oct. 11. But those two changes book-ended an unflattering report from the Joint Authorities Technical Review (a body of experts including international and NASA delegates) that contended regulators lacked the resources and necessary information to properly evaluate the Max’s complex design and that Boeing exerted “undue pressures” on employees that had FAA authority to approve changes. This seeming inability to embrace full accountability and transparency remains the company’s biggest problem. Until it rectifies that, it will be impossible for Boeing to truly move on from this crisis. One cynical read of this leadership change is that McAllister is simply more expendable than Muilenburg right now, with the CEO reportedly set to testify before the Senate on Oct. 29, one day before a scheduled appearance in front of the House of Representatives. I would imagine Muilenburg has spent hours preparing for that grilling, and Boeing may not have time at this point to get a replacement ready. With regard to those troubling messages, Boeing has countered that the description of the Maneuvering Characteristics Augmentation System flight-control software as “egregious” was meant to refer to a bug in a flight simulator that was being tested. The Seattle Times reports that this explanation checks out, based on three experts’ perspective. However, the FAA has rightly taken issue with the fact that Boeing reportedly turned over these documents to the Department of Justice in February – one month before the second Max crash – and yet only recently gave the information to the regulator. Boeing’s claims that the regulator was informed “multiple times” about the expanded role of the flight-control software run counter to reporting from the Seattle Times and others, as well that JATR report.Meanwhile, all major Max customers have now pulled the plane from their schedules through at least January 2020, giving up hope that it will be recertified in time for the holiday season. In his job as head of the commercial unit, McAllister was tasked not only with helping oversee the development of a fix for the flight-control system, but with managing Boeing’s relationship with customers. He appears to have fallen short on both fronts. The New York Times published a damning portrayal of McAllister last week as not being proactive enough in addressing the Max crisis with airlines and unwilling to accept criticism for the plane’s issues, which he blames on his predecessors.He is unlikely to be the last Boeing executive to be shown the door. To contact the author of this story: Brooke Sutherland at firstname.lastname@example.orgTo contact the editor responsible for this story: Beth Williams at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Brooke Sutherland is a Bloomberg Opinion columnist covering deals and industrial companies. She previously wrote an M&A column for Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Boeing Company's stock (NYSE: BA) has fallen 32% since documents turned over to Congress and the U.S. Federal Aviation Administration on Oct. 17 revealed that a former Boeing test pilot kept quiet in 2016 about problems he encountered with the 737 MAX's flight control system since blamed in two fatal crashes. The chief technical pilot for the 737 also convinced the FAA at the time to remove mention of so-called MCAS software from the operating manual and pilot training for the MAX because it rarely would be activated.
Earlier on Tuesday, the S&P 500 and the Dow Jones Industrial Average had risen modestly as upbeat forecasts from Procter & Gamble Co and United Technologies Corp offset lower-than-expected results from McDonald's Corp and Travelers Cos Inc. With Tuesday's losses the S&P 500 fell below 3000, but remained within 1% of its record closing high in July. The Dow Jones Industrial Average fell 39.54 points, or 0.15%, to 26,788.1, the S&P 500 lost 10.73 points, or 0.36%, to 2,995.99 and the Nasdaq Composite dropped 58.69 points, or 0.72%, to 8,104.30.
Boeing Commercial Airplanes CEO Kevin McAllister is leaving the jet maker. Stanley Deal, CEO of Boeing Global Services, will succeed him.
The Boeing Co. on Tuesday announced that Kevin McAllister, president and CEO of its Boeing Commercial Airplanes unit, has been replaced in that role by Stan Deal, formerly CEO of Boeing Global Services.
The U.S. Department of Transportation awarded Space Florida a $90 million grant to revamp key local roadways. Here's what's next.
McAllister's ouster as the head of the Renton-headquartered Boeing Commercial Airplanes unit comes after less than three years on the job and a day after Boeing's board of directors met in Texas.
United Technologies earnings unexpectedly accelerated for a second straight quarter. The Dow Jones component moved above a buy point.
Boeing stock rebounded Tuesday on indications the 737 Max crisis may soon ease, ahead of Dow Jones giant's third-quarter earnings report Wednesday.
As Boeing continues to deal with the ongoing 737 Max crisis, the head of Plano-based Boeing Global Services is taking over the Commercial Airplanes segment for the aerospace giant, the company announced Tuesday. Stan Deal will succeed Kevin McAllister as president and CEO of Boeing Commercial Airplanes. Ted Colbert will step into Deal's role to lead Global Services, according to Boeing Co. (NYSE: BA).
Air New Zealand Ltd said on Wednesday it will launch a non-stop flight service between Auckland and New York in October 2020, in a bid to take advantage of strong visitor growth from North America. New Zealand's flag carrier said it will use its 787-9 Dreamliner models made by Boeing Co for the new route. In May, it had placed an order for eight Boeing 787-10 Dreamliner jets worth $2.7 billion in an effort to boost long-haul flight capacity.
The benchmark S&P 500 index gave up modest gains on Tuesday from earlier in the session after British lawmakers rejected the government's proposed timetable for passing legislation to ratify its deal to exit the European Union. Procter & Gamble shares rose gained 2.8% and United Technologies advanced 2.4%, while McDonald's shares fell 4.6% and Travelers shares declined 8.4%. Of the 98 S&P 500 companies that have reported results so far, more than 80% of them have beaten Wall Street estimates, according to data from Refinitiv.
SEATTLE/WASHINGTON, Oct 22 (Reuters) - Boeing Co on Tuesday ousted the top executive of its commercial airplanes division, Kevin McAllister, marking the first high-level departure since two fatal crashes of its 737 MAX jets. The company said it named veteran Boeing executive Stan Deal to succeed McAllister effective immediately as president and chief executive of Boeing Commercial Airplanes (BCA). Deal had led Boeing's Global Services division.
CHICAGO, Oct. 22, 2019 /PRNewswire/ -- The Boeing Company (BA) today named Stan Deal to succeed Kevin McAllister as president and CEO of Boeing Commercial Airplanes and Ted Colbert to succeed Deal as president and CEO of Boeing Global Services, effective immediately. Vishwa Uddanwadiker is appointed to Colbert's former role as interim chief information officer and senior vice president of Information Technology & Data Analytics.
UTC's outlook and other MAX news had shares of both Boeing Co. and Wichita's Spirit AeroSystems Inc. beginning to rebound on Tuesday.