The Street
  • 3 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Boeing stands to lose billions during the strike.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:04Wall Street is trading in record territory one day after the Federal Reserve cut interest rates by half a percentage point.
00:11Investors are also upbeat after policymakers indicated more rate cuts are coming before the end of 2024.
00:17Fed Chairman Jerome Powell expressed his intention to prevent a severe decline in the labor market.
00:24Fresh data released Thursday showed an unexpected drop in new claims for unemployment benefits for the week ended September 14th.
00:32In other news, the workers' strike at Boeing is only in its early days, but the company is already losing millions.
00:38According to estimates by Anderson Economic Group, the week-long walkout by more than 30,000 machinists has cost Boeing
00:45$572 million so far.
00:48The near collapse of the company's lucrative airplane manufacturing division is taking its toll.
00:53The strike means that airplanes on the production line won't be completed until it's over, and Boeing does not make any money until
01:00those planes are delivered to waiting customers.
01:03Boeing is already taking measures to preserve money since it was burning through cash even before the strike began.
01:10It had to find $8 billion in the first half of the year to cover expenses due to a drop in sales.
01:16Now, because of the strike, executives, managers and other staff members are being furloughed one out of every four weeks.
01:24Senior executives are taking a pay cut. Hiring is on ice, and so are supplier orders.
01:30Borrowing is an option, but that is likely to come at a higher cost.
01:34Boeing's credit rating is in jeopardy as this labor strike, combined with plane delivery delays due to several safety issues,
01:41cripples Boeing's financial outlook.
01:43That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.

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