Author: theparknews

Boeing shares (BA ) fell 2%.”Our business is in a difficult position, and the challenges we face together cannot be overstated,” CEO Kelly Ortberg said in a message to employees posted on Boeing’s website. ” he said. “Beyond navigating the current environment, rebuilding the company will require difficult decisions and structural changes that will enable us to remain competitive and serve our customers over the long term.”He added that the job cuts also include executives, managers and employees. Boeing had approximately 171,000 employees as of December 2023, according to SEC filings.”There are aircraft manufacturers that are in very deep trouble.…

When Amazon (AMZN) announced an expansion that included building a new headquarters in Nashville, the move marked the single largest job security by a company in Tennessee’s history.The data shows that the rise of tech giants has also changed the economy.”Like all economists, I was skeptical before seeing the results,” said Vikram Pathania, one of Amazon’s chief economists. “We see employment growth, income growth, and a positive trend in these indicators.”Amazon’s investments contributed $4 billion to Tennessee’s gross domestic product in 2023 and supported 15,000 indirect jobs, according to data provided by the company. Additional findings show that when a…

Stocks trade at record highs for another week as investors begin to digest quarterly earnings releases and debate intensifies over what the Federal Reserve will do at its November meeting. Finished.The Nasdaq (^IXIC), S&P 500 (^GSPC), and Dow Jones Industrial Average (^DJI) are all up more than 1% this week, with both the Dow and S&P 500 closing at all-time highs on Friday. .The monthly report on retail sales will dominate the economic calendar over the coming week as investors assess whether the economy is reaccelerating after a surprisingly strong September jobs report. In corporate news, results from Bank of…

They are the smartest guys in the room and can make billions of dollars with arcane trades that no one else will notice. So why are some of the top minds in business and investing so ignorant about politics?Billionaire investor Bill Ackman is currently inviting reviewers to critique the rationale for his 2024 voting plan. Ackman joins Elon Musk, Peter Thiel, Marc Andreessen and many other 1 percenters in publicly supporting Republican candidate Donald Trump in this year’s election.There’s nothing wrong with that! However, while conveniently ignoring multiple analyzes predicting higher inflation, wider budget deficits, and lower GDP growth under…

Boeing (BA)’s legal crisis seemed all but over, but it’s now in jeopardy as the company’s financial crisis deepens, adding further uncertainty to the aircraft maker’s restructuring efforts. There is.A federal judge in Texas is considering whether to approve a plea deal Boeing reached with the Justice Department in July. In the plea agreement, the company agreed to plead guilty to misleading FAA regulators ahead of two fatal 737 MAX crashes late last year.Lawyers for Boeing and the Justice Department urged U.S. District Judge Reed O’Connor last Friday to sign the agreement, but families of the crash victims objected.The families…

OpenAI and its biggest backer, Microsoft (MSFT), are debating how to divide the artificial intelligence startup’s spoils when OpenAI becomes a commercial company, but the equity in these assets remains uncertain. It will be a difficult task to agree on a fair market value. Legal experts say it all depends on who does the math. “The problem is there are probably six to 10 ways to value a company,” said Angela Lee, a professor at Columbia Business School. “And depending on who you ask, my guess is that it could be off by a factor of three to five, depending…

U.S. stocks were little changed on Monday, bracing for a week of potentially market-moving mega-events: the presidential election and Federal Reserve policy decisions. The S&P 500 (^GSPC) was trading near a flat line after a down week and recovery. The Nasdaq Composite Index (^IXIC), which has a high proportion of tech stocks, rose slightly, while the Dow Jones Industrial Average (^DJI) fell 0.3%. A solid earnings season so far and optimism about rate cuts give markets reason to be upbeat ahead of Tuesday’s election, a big risk event for markets. The new president, whether Kamala Harris or Donald Trump, will…

Oil futures rose on Monday as OPEC+ announced it would delay lifting production cuts by a month and traders understood a new report said Iran was planning a “strong and complex” attack on Israel. rose nearly 3%. West Texas Intermediate (CL=F) futures rose to settle at $71.47 per barrel, while international benchmark Brent crude oil futures (BZ=F) closed at $75.08 per barrel. Ta. The Organization of the Petroleum Exporting Countries, along with Russia and other countries, announced that it would continue to cut production for one month until the end of 2024. The decision to postpone an additional 180 billion…

Italian luxury automaker Ferrari (RACE) reported third-quarter financial results on Tuesday in line with expectations, but shares fell on Tuesday after vehicle deliveries were weaker than a year ago. Ferrari expects stronger sales in the fourth quarter to boost full-year results. In the quarter, Maranello-based Ferrari reported revenue of 1.64 billion euros ($1.79 billion), in line with expectations compiled by Bloomberg and up 7% from a year earlier. Third-quarter adjusted EPS of €2.08 ($2.27), also in line with expectations, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) of €638 million ($695 million). USD), up 7%, slightly above expectations.…

Tesla (TSLA) stock rose 3% in after-hours trading as election results continued to be reported Tuesday night. Further results are expected to be announced in the coming hours. Musk, a tech billionaire who is CEO of Tesla (TSLA) and SpaceX and also the owner of social media platform X (formerly Twitter), announced his support for Trump ahead of the election. It is expressed frankly. President Trump has said he would consider adding Musk to his cabinet, but the businessman even said he wouldn’t be able to do so “because of everything going on.” “It’s going to be a very interesting…