• 2 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.

Category

🥇
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.

Recommended

1:58
I
Up next
32,000 Boeing employees may go on strike
The Street
1:59
33,000 Boeing workers hit the picket lines
The Street
2:01
Boeing withdraws pay raise offer to striking workers
The Street
2:05
Boeing strike to continue after union rejects latest offer
The Street
1:54
Boeing to borrow $10 billion and raise an additional $25 billion
The Street
2:02
Boeing workers vote to accept new deal
The Street
1:57
Boeing implements hiring freeze amid strike
The Street
2:01
Boeing increases offer to striking workers
The Street
1:43
Boeing pleads guilty to defrauding the FAA
The Street
2:01
Boeing door incident causes hundreds of flight cancellations
The Street
1:59
Another Boeing plane was found to have structural issues.
The Street
0:49
Boeing Worker's 'Strike At Midnight' Threatens Aircraft Production As Financial Risks Loom After 30,000 Workers Vote For Industrial Action
Benzinga
2:03
World’s richest get richer after Trump election win
The Street
1:51
Delta delays and cancellations cost company $500 million
The Street
1:54
Spirit Airlines won’t file for bankruptcy
The Street
2:06
FTX sues Binance for $1.8 billion
The Street
2:00
Port strike over as workers agree to new deal
The Street
1:53
More affluent Americans are living paycheck to paycheck
The Street
1:50
NFL ordered to pay billions in 'Sunday Ticket' case
The Street
1:46
Threatened flight attendant strike could impact your next trip on American Airlines
The Street
2:01
Big corporations will increase pay by almost 4% in 2025
The Street
1:45
The United State Postal Service lost $6.5 billion, despite predicting otherwise
The Street
1:51
Major U.S. airlines sue DOT over new transparency rules
The Street
1:52
Delta officially sues CrowdStrike over July meltdown
The Street
2:26
TD Bank hit with record fine
The Street