This morning investors are putting pressure on Boeing and one of its biggest suppliers after a catastrophic malfunction at 16,000 feet this weekend in which a door panel tore off a new 737 Max 9 airliner in mid-flight Gave.
Air safety officials have ordered the grounding of the Max 9, one of Boeing’s best-selling models, and airlines around the world have canceled hundreds of flights as they wait for guidance from regulators in the US and elsewhere. Has been.
latest update: A piece of the fuselage that fell from the plane was found in a backyard in Portland, Ore., the NTSB said yesterday.
Boeing shares fell nearly 9 percentand Spirit AeroSystems, which makes the Max 9’s door panels, or “plugs.” Plunged in premarket trading. The stock of Boeing, a major defense contractor, had risen sharply since the outbreak of war between Israel and Hamas in October. But its shares remain well below their levels in early 2019 due to heavy talk about the fuel-efficient Max.
The latest accident could deal a blow to Boeing’s turnaround plans as well as its reputation. No one was injured on an Alaska Airlines flight Friday night. But it is the latest in a series of safety lapses before and after two deadly crashes involving Indonesia’s Lion Air and Ethiopian Airlines in 2018 and 2019. The crashes, of various versions of the Max, were linked to a malfunctioning computer system that overrode pilots’ commands. , Planes were grounded worldwide for nearly two years following the accidents.
737 delivery delayed after boeing Found problems in work spirit Did it on planes last year. Boeing’s wide-body Dreamliner was also grounded while the company worked to address FAA safety concerns. “The issue is what’s going on at Boeing,” John Goglia, an aviation safety consultant and airplane crash investigator, told The Times.
Boeing CEO David Calhoun expects 2024 a comeback year, Instead, the company has canceled the leadership retreat, Bloomberg reported, and was working over the weekend with the FAA to instruct its airline customers to get their planes inspected. Boeing is set to hold a companywide meeting tomorrow, at which Calhoun said it will focus on safety.
Questions are also circling on Alaska Airlines, The company stopped flying that plane long distances over water after concerns about pressure indicators.
What’s going on over here
Congress leaders reached agreement on government spending. The agreement limits top-line spending to about $1.66 trillion, in line with the agreement President Biden reached with former House Speaker Kevin McCarthy last year. But it is unclear whether that will be enough votes to win over the conservatives and avert a partial government shutdown in less than two weeks.
“Oppenheimer” and “Succession” win big at the Golden Globe Awards. The film about the inventor of the atomic bomb won five awards, making it an Oscar favorite, while “Succession” took top honors for a television series, winning four. It is too early to declare whether the awards show’s broadcaster, CBS, or its organizers, Penske Media and investor Todd Boehly, will come forward.
A commercial spacecraft is heading towards the Moon. A Vulcan rocket lifted off this morning carrying a robotic lander (and the remains of “Star Trek” creator Gene Roddenberry). The spacecraft, built by a joint venture of Boeing and Lockheed Martin, is the first of several launches planned this year, as several companies hope to topple SpaceX’s dominance in the space launch industry.
A radio and podcast giant files for bankruptcy protection. Audacy, America’s largest radio company, owns WFAN Sports Radio and New York’s 1010 WIN, Filed for Chapter 11 This weekend in Texas to cut down on your debt. The company has been badly hit by the advertising recession.
Growing conflict between Ackman and Business Insider
Bill Ackman’s fight against elite universities has broadened in an unexpected way: The parent company of Business Insider, the publication that last week accused his wife of plagiarism, said it would suspend its journalists’ reporting in light of that coverage. Was reviewing.
And Ackman, who has loudly called for the removal of Claudine Gay as Harvard president, stepped up his campaign against his wife’s alma mater, MIT—including both its senior leaders and its faculty.
Media giant Axel Springer said it would investigate Business Insider’s procedures, After Ekman criticized articles that said his wife, former MIT professor Neri Oxman, had plagiarized other scholars in her 2010 dissertation. While Oxman apologized for any academic violations and said she was requesting corrections, Ackman Questioned the motivations Behind the coverage.
Although Springer is known for taking a hands-on approach to its media holdings, which also include Politico and Germany’s Die Welt and Bild, the publisher said it “wants to ensure that our standards are met as well as our Journalistic values should also be ensured.” has been maintained, ,Semaphore reported Some Springer executives were concerned that coverage by Oxman, who was born and raised in Israel, might be seen as anti-Semitic and anti-Semitic.)
Business Insider defended itself. The outlet’s global editor-in-chief, Nicholas Carlson, wrote in an internal memo That he stands by the publication’s coverage. It was motivated by “truth and accountability”, he said.
Meanwhile, Ekman has called for the MIT faculty’s papers to be investigated for plagiarism, Using Artificial Intelligence Tools To review their work. He also suggested that similar efforts should be made in other universities also on business insider,
The demand continues her campaign against MIT President Sally Kornbluth, whom critics say has failed to adequately deal with anti-Semitism on campus. (She also testified last month at the same congressional hearing that helped seal the fates of Gay and now-former University of Pennsylvania President Liz Magill.)
New report of Musk’s drug use raises questions about his behavior
Elon Musk made headlines in 2018 when he smoked marijuana during an interview on Joe Rogan’s podcast, with footage of their joint being caught quickly becoming the subject of discussion about the billionaire’s behavior and internet memes.
Musk did not break any laws, as recreational marijuana is legal in California, where the show was taped. But a report in the Wall Street Journal has accused him of consuming other substancesSome of which are illegal, have reignited debate about their behaviour.
Tesla and SpaceX directors have discussed Musk’s actions, According to The Journal, this included using ketamine (for which he said he had a prescription), LSD, and psychedelic mushrooms. Linda Johnson Rice, a Tesla board member, became so frustrated by the issue that she decided not to run for re-election in 2019, the report said.
why it matters, According to The Journal:
Illegal drug use would potentially be a violation of federal policies that could jeopardize SpaceX’s billions of dollars in government contracts. Musk is holding on to the value of his companies, potentially jeopardizing nearly $1 trillion of assets held by investors, thousands of jobs and large parts of the US space program. ,
In addition to violating federal contracts, any type of illegal drug use would break company policies at both SpaceX and Tesla, and raise questions about Musk’s executive role at publicly traded Tesla, where the board Management has a duty of care to its shareholders.
Elon Musk denied the report, His ex posted on social networks that after smoking on Rogan’s show, he agreed to a three-year random drug test at the request of NASA. ,Not a trace of quantity found Of any drugs or alcohol,” he wrote.
He later said that the media “nothing will stop To destroy X.”
Investors do not seem worried. Tesla shares were down only slightly in premarket trading.
“It’s like having the best bow and arrows in the gunpowder age.”
, mike madridThe anti-Trump Republican strategist is on a surge in fundraising from Nikki Haley’s heavy-hitting supporters. Supporters of the former South Carolina governor include investor Stanley Druckenmiller and metals magnate Andy Sabin (and Democratic tech entrepreneur Reid Hoffman), but Haley is trailing Donald Trump by double digits in Republican primary polls.
There’s plenty on the calendar this week to keep Wall Street busy, including JPMorgan Chase earnings and the latest inflation report. Here’s what to see.
Tomorrow: Grocery chain Albertsons reports third-quarter earnings.
Thursday: December consumer price index report is hope to show Headline inflation rose last month while “core” inflation, which excludes food and fuel, eased slightly. A more favorable reading could make the market more volatile, as Wall Street has already begun to reduce expectations for a Fed rate cut in the first quarter as inflation concerns persist.
Uniqlo’s parent company Fast Retailing has reported quarterly earnings.
Friday: This is a great earning opportunity. On deck are Bank of America, Bank of New York Mellon, BlackRock, Delta Air Lines, JPMorgan Chase, UnitedHealth Group and Wells Fargo.
Saturday: Taiwan faces a decisive presidential election as Beijing steps up pressure for unification on the self-ruled island.
Berkshire Hathaway settled a lawsuit On the valuation of Pilot Travel Centers, the truck-stop chain that Warren Buffett’s group purchased control of from the Haslam family. (CNBC)
The proposed $14.1 billion sale of U.S. Steel to Japan’s Nippon Steel is testing President Biden’s efforts to increase domestic industrial production. (NYT)
“wall Street Double fall on bonds(WSJ)
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