|Bid||362.75 x 1000|
|Ask||363.00 x 800|
|Day's Range||362.00 - 362.75|
|52 Week Range||292.47 - 446.01|
|Beta (3Y Monthly)||1.33|
|PE Ratio (TTM)||20.76|
|Earnings Date||Jul 24, 2019|
|Forward Dividend & Yield||8.22 (2.27%)|
|1y Target Est||416.38|
United Airlines' Q2 earnings of $4.21 surpassed Wall Street analysts’ consensus estimate of $4.09 and marked YoY growth of 30%.
It’s now likely Boeing’s troubled 737 MAX jets won’t return to service until 2020. But the stock’s reaction has been muted. Should investors be thinking about a life for Boeing without the MAX?
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.At the heart of Chief Executive Officer Christian Sewing’s turnaround plan for Deutsche Bank AG is a contrarian bet: that he can cut spending on technology while gaining ground on the competition.Even with the digital revolution in finance accelerating, Deutsche Bank expects to trim its annual outlays on tech to 2.9 billion euros ($3.3 billion) in 2022 from a peak of 4.2 billion euros this year.“Deutsche Bank would probably love to be spending more on technology, but they need money for other parts of their restructuring,” said Pierre Drach, managing director of Independent Research in Frankfurt. “It’s pretty much impossible for European banks to catch up with the Americans at this stage.”Sewing’s team says it’s made progress in fixing information networks that his predecessor called “antiquated and inadequate.” Years of expansion left it with systems that couldn’t communicate with each other and didn’t adequately track its business. The bank, which has spent almost $18.5 billion on legal settlements and fines since 2008, has also suggested that the past breakdown in controls stemmed in part from weak systems.The 4.2 billion euros Deutsche Bank has budgeted this year to maintain and modernize its systems represents a fraction of the $11.5 billion JPMorgan Chase & Co. shells out. "You have to spend to win" with new technologies, Jamie Dimon, the bank’s CEO, said Tuesday.The gap is set to widen as the German chief executive wants to cut technology costs by almost a quarter. European banks, meanwhile, are forecast to increase tech spending at a 4.8% annual rate through 2022, according to the consulting firm Celent.“We continue to invest in IT to serve clients better, become safer, more efficient and better controlled,” Senthuran Shanmugasivam, a Deutsche Bank spokesman, said in response to questions from Bloomberg. “Despite our smaller footprint, our investment plans in 2019 are broadly unchanged as we reallocate resources to our core businesses.”It’s all part of a retrenchment Sewing announced last week to exit equities sales and trading and eliminate 18,000 jobs. Deutsche Bank aims to cut adjusted costs to 17 billion euros in 2022 from 22.8 billion euros last year; the share of technology expenses would remain stable over that time period.The company can modernize systems while spending less, for example by moving most of its applications to the cloud, according to Frank Kuhnke, who oversees its technology. He said Deutsche Bank has already cut the cost of crunching data by more than 30% since 2016 even as it increased computing capacity by about 12% a year to meet regulatory demands.Still, Deutsche Bank needs “to make a further step change in embracing technology,” Sewing told analysts last week.New HiresThe CEO has brought in new talent to do that. Bernd Leukert, who left the management board of software company SAP SE earlier this year, will start in September. Neal Pawar will join as chief information officer from AQR Capital Management the same month.Hiring outsiders hasn’t been a panacea in the past. Kim Hammonds, a former Boeing Co. executive, spent about four and a half years rebuilding the bank’s systems only to be ousted in 2018 after reportedly calling the bank “the most dysfunctional company” she’d ever worked for.Deutsche Bank expects its retrenchment from businesses to allow it to focus on its core operations. It will also save about 300 million euros by 2022 by shedding almost 5,000 external IT contractors and replacing them with internal staff at a lower cost. The integration of consumer lender Postbank will avoid duplication of expenses.The digital revolution is upending all aspects of finance -- from taking deposits to bond trading, a traditional Deutsche Bank strength. Citigroup Inc. has created a fintech division to invest in debt-market technologies while Spain’s Banco Bilbao Vizcaya Argentaria SA has created a unit to automate trade processes and generate intelligence from data. Dutch bank ING Groep NV has used artificial intelligence to win 20% more bond trades and cut costs.Cutting tech costs is also notoriously difficult.A three-year initiative announced in 2012 failed to stop technology spending from ballooning 44% by 2015. That was the year that then-CEO John Cryan said he would reduce the number of operating systems from 45 to four in 2020. Deutsche Bank still has 26, Sewing told investors in May. He kept the goal of eventually cutting them to four, but says the lender will need to run 10 to 15 systems for the foreseeable future.“Everyone knows that Deutsche Bank’s systems are a mess and I think they will have to end up spending more,” said Drach. “The fact that their new technology head hasn’t come on board yet gives them a good narrative for increasing the ultimate amount.”\--With assistance from Katie Linsell.To contact the reporter on this story: Nicholas Comfort in Frankfurt at email@example.comTo contact the editors responsible for this story: Dale Crofts at firstname.lastname@example.org, James Hertling, Giles TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Smithsonian Institution’s National Air and Space Museum is projecting a life-sized, animated image of a Saturn V rocket on the launch pad onto the face of the Washington Monument in honor of the 50th anniversary of the Apollo 11 mission, which culminated with the first men walking on the moon.
As we celebrate the 50th anniversary of the Apollo 11 moon landing this month, much of our attention will be on the “what” and the “who” — the technology that took us there and the heroic teams of astronauts and engineers who did it. NASA didn’t achieve Apollo on its own. A simple piece of paper, it defined a reachable project goal, a technological endpoint.
United Airlines Holdings Inc on Tuesday reported a bigger-than-expected increase in second-quarter profit, driven by strong air travel demand and the ability to charge more for seats after the grounding of Boeing Co's 737 MAX reduced capacity. The three U.S. airlines that operate the MAX - United, American Airlines Group Inc and Southwest Airlines Co - are cancelling thousands of flights each month since a worldwide grounding in March following crashes in Ethiopia and Indonesia that killed a total of 346 people. Chicago-based United said net income rose 54% to $1.05 billion, or $4.02 per share, in the quarter ended June 30 from $683 million or $2.48 per share a year earlier.
The grounding of the Boeing 737 Max jet has forced Ryanair to halt expansion plans and look into cutting its services.
The Oslo-based airline says its compensation negotiations with Boeing are going well over delayed Max deliveries following a global grounding and two crashes that killed 346 people.
Before flying to Washington to climb the steps of Congress and testify to a crowd of aviation experts and lawmakers this week, Paul Njoroge spent a desolate weekend packing away toys his children would never play with again. All three of them - chubby baby Rubi, four-year-old songstress Kelli, and six-year-old Ryan, who dreamed of being an astronaut - were killed alongside his wife Carolyne and mother-in-law Anne on Ethiopia Airlines Flight 302 on March 10. The crash of the new Boeing 737 MAX model, six minutes after take-off, came months after the same model crashed in Indonesia.
Boeing Co NYSE:BAView full report here! Summary * Perception of the company's creditworthiness is negative * Bearish sentiment is low Bearish sentimentShort interest | PositiveShort interest is extremely low for BA with fewer than 1% of shares on loan. This could indicate that investors who seek to profit from falling equity prices are not currently targeting BA. Money flowETF/Index ownership | NeutralETF activity is neutral. ETFs that hold BA had net inflows of $6.46 billion over the last one-month. While these are not among the highest inflows of the last year, the rate of inflow is increasing. Economic sentimentPMI by IHS Markit | NeutralAccording to the latest IHS Markit Purchasing Managers' Index (PMI) data, output in the Industrials sector is rising. The rate of growth is weak relative to the trend shown over the past year, however. Credit worthinessCredit default swap | NegativeThe current level displays a negative indicator. BA credit default swap spreads are near their highest levels of the last 3 years, which indicates the market's more negative perception of the company's credit worthiness.Please send all inquiries related to the report to email@example.com.Charts and report PDFs will only be available for 30 days after publishing.This document has been produced for information purposes only and is not to be relied upon or as construed as investment advice. To the fullest extent permitted by law, IHS Markit disclaims any responsibility or liability, whether in contract, tort (including, without limitation, negligence), equity or otherwise, for any loss or damage arising from any reliance on or the use of this material in any way. Please view the full legal disclaimer and methodology information on pages 2-3 of the full report.
Shares of General Electric Co. dropped Monday, after UBS backed away from its bullish stance, citing significant outperformance in the face of continued power market weakness and a significant decline in interest rates.
Ryanair remains confident in the Boeing 737 MAX and believes the plane will be "warmly welcomed" by customers, Chief Executive Michael O'Leary said on Tuesday after he was forced to half the airline's 2020 growth plans due to the plane's grounding. "As soon as we can reasonably organise these deliveries with Boeing we would intend to take all of the 135 firm aircraft we have ordered over the next five years," he said.
Investing.com – Wall Street was flat on Tuesday after mixed earnings from Goldman Sachs (NYSE:GS), JP Morgan and Wells Fargo (NYSE:WFC) reminded investors of uncertainties to the economic outlook - and of some negative consequences of interest rate cuts from the Federal Reserve.
Paul Njoroge says he believes Boeing should scrap the 737 Max, and he wants the company’s top executives to resign and face criminal charges for not grounding the plane after a deadly accident last October.
Low-cost airline Ryanair will cut flights next summer and potentially close some European bases as a result of the grounding of Boeing’s 737 Max jets after two fatal crashes. Michael O’Leary, Ryanair’s chief executive, said the company was starting a series of discussions with its airports to determine which of its underperforming or lossmaking bases would take a hit from November 2019.
Europe's largest budget carrier Ryanair has cut its forecast for growth in traveller numbers next summer due to the possibility of further delays in deliveries of Boeing 737 MAX planes. Ryanair cut its summer 2020 growth rate to 3% from 7%, which means full year traffic growth for the year to March 2021 will be cut from 162 million passengers to around 157 million. The airline expects the grounded aircraft to return to service before the end of the year, with the first of new aircraft ordered by Ryanair to be delivered in January and February 2020.
Ryanair has halved its growth plans for next year due to delays in deliveries of Boeing's grounded 737 MAX jet, lifting shares in rival European airlines which had feared a surge in new capacity would drag down ticket prices. Ryanair is one of Boeing's biggest customers and was due to have 58 737 MAX planes in time for its 2020 summer season. The aircraft was grounded in March after crashes in Ethiopia and Indonesia that killed a total of 346 people, and Boeing is working on a software fix that people familiar with the matter have said it hopes to present to regulators in September.
Two of the three U.S. airlines that own Boeing 737 MAX jets recently acknowledged that the plane won't return to service until at least November.
Families still grieving after deadly Boeing 737 Max plane crashes are expected to testify on Capitol Hill for the first time Wednesday morning. Two recent crashes in Indonesia and Ethiopia left 346 people dead -- and there’s growing concern the MAX won't be ready to fly again until 2020. Kris Van Cleave reports.