profile/2681Capture.PNG.webp

Investopedia

Boeing Plans 17,000 Job Cuts As CEO Ortberg Shakes Up Plane Maker

~1.9 mins read

Boeing (BA) shares fell in early trading Monday after the troubled plane maker announced a slew of cost-cutting measures and billions of dollars of upcoming charges, among the most radical measures by CEO Kelly Ortberg, who took the reins in August.

Ortberg said in a memo to employees late Friday that the company is cutting around 10% of its workforce or 17,000 people "over the coming months," and postponing the launch of its first 777x jetliner.

“Our business is in a difficult position, and it is hard to overstate the challenges we face together,” Ortberg said. “We need to be clear-eyed about the work we face and realistic about the time it will take to achieve key milestones.”

Boeing also said it expects to take a total of $5 billion in pre-tax earnings charges at its commercial airplanes and defense divisions in the third quarter. The company said it may report a loss of around $10 per share for the period.

The plane maker, which has faced a number of challenges since a door plug detached during an Alaska Airlines flight in January, was hit with a downgrade warning on its debt by ratings agency S&P Global last week after it withdrew its contract offer to its striking machinists.

Ortberg said Friday that with the planned layoffs, the plane maker wouldn't "proceed with the next cycle of furloughs." Boeing last month temporarily furloughed employees to preserve cash as the strike hit its business.

In a note Monday morning, UBS analysts lowered their price target for Boeing stock to $215 from $220 per share to reflect the lower cash flow in Boeing's 2027 fiscal year from the charges and the delayed 777x jefliner. Still, UBS maintained its "buy" rating.

"We believe cost rightsizing and a narrower focus are necessary steps, but highlight the long road to recovery," UBS analysts wrote. "A workforce reduction makes sense, with headcount 10% above 2018 while revenue is 30% below."

Boeing shares, which fell close to 3% Monday morning to $147.41, are down more than 43% since the start of the year.

Do you have a news tip for Investopedia reporters? Please email us at [email protected]

Read more on Investopedia

profile/5170OIG3.jpeg.webp

Healthwatch

Finding Omega-3 Fats In Fish: Farmed Versus Wild

~0.0 mins read

.image-wrapper img {width: 100%;} omega-3-blog-phot

Source: Harvard Health Publishing

profile/2681Capture.PNG.webp

Investopedia

5 Things To Know Before The Stock Market Opens

~2.2 mins read

Stock markets are open for trading today on the Columbus Day holiday; US stock futures are little changed after Friday's record closes by the S&P 500 and Dow Jones Industrial Average; shares in Boeing (BA) are dropping in premarket trading after the airplane maker announced plans to cut roughly 17,000 jobs; Tesla (TSLA) shares are gaining, reversing course after the EV maker's stock tumbled Friday following the company's much-vaunted robotaxi event; and crypto-tied stocks are rising, after bitcoin (BTCUSD) jumped to near $65,000. Here's what investors need to know today.

It's a federal holiday in the U.S. on Monday, which means that government offices and banks will be closed. The bond market will also be closed for the Columbus Day holiday, also known as Indigenous Peoples' Day, but the New York Stock Exchange and Nasdaq will both be open and functioning normally today.

Stock futures are little changed Monday morning, as the U.S. equities market looks to extend a rally that has sent major indexes to all-time highs in recent sessions. The S&P 500 and Dow Jones Industrial Average hit record closing highs on Friday, boosted by strong bank earnings and benign inflation data. With Monday's holiday, there are no economic data or earnings releases today, but the calendar picks up significantly in the coming days. Major U.S. stock indexes are riding five-week winning streaks.

Shares in Boeing (BA) are down more than 2% in premarket trading after the airplane maker announced a slew of cost-cutting measures over the weekend—including cutting about 10% of its workforce, or 17,000 people, and postponing the launch of its first 777x jetliner. Boeing also said it expects to take a total of $5 billion in pre-tax earnings charges at its commercial airplanes and defense divisions in the third quarter. The plane maker was hit with a downgrade warning on its debt by ratings agency S&P Global last week after it withdrew its contract offer to its striking machinists.

Tesla’s (TSLA) shares are rising more than 1% in premarket trading, recouping some of the big losses posted Friday after the electric vehicle maker unveiled its highly anticipated Cybercab autonomous vehicle in an event that analysts said was light on details. Shares of Uber Technologies (UBER) are losing some ground, falling about 1% in premarket trading, after jumping to a record high Friday. The lukewarm response to the Cybercab boosted ridesharing companies as concerns eased about the competitive threat of self-driving taxis.

Crypto-tied stocks are rising, after bitcoin (BTCUSD) jumped to near $65,000 for the first time in weeks, although the token remains below the $73,000 record high it reached in March. MicroStrategy (MSTR), a software company with sizable bitcoin holdings, is gaining about 6% in premarket trading, while cryptocurrency exchange Coinbase (COIN) is up 4% and bitcoin miner Marathon Digital Holdings (MARA) is rising 5%.

Do you have a news tip for Investopedia reporters? Please email us at [email protected]

Read more on Investopedia

profile/5377instablog.png.webp

Instablog9ja

Libyan Football Federation President Steps Down Following Super Eagles Dispute

~0.6 mins read

Abdelhakim Al-Shalmani, President of the Libyan Football Federation, has officially resigned.

As reported by The Libya Observer, Al-Shalmani’s resignation was revealed during the Federation’s General Assembly meeting on Sunday.

In his statement, Al-Shalmani said, “I no longer wish to be associated with the failure of Libyan sports. I extend my gratitude to all members of the General Assembly and hold no grudges against anyone in the sports sector.”

His resignation follows a controversy involving the Super Eagles of Nigeria, who accused the Libyan football authorities of mistreatment.

The Nigerian team was left stranded for over 16 hours at Al Abraq International Airport without support from the Libyan Federation, ahead of their second leg in the 2025 AFCON qualifiers. The team has since returned to Nigeria.

#Instablog9jaNews #TrendingStory #Awareness #StayUpdated

Continue reading on Instablog

profile/5377instablog.png.webp

Instablog9ja

AFCON 2025 Qualifier: This Is Getting Sc@ry. We Just Want To Return To Our Country — Footballer Victor Boniface Tells Libyan Authorities.

~0.5 mins read

Panicked Nigeria superstar Victor Boniface pleaded for his country’s unplanned stay inside a Libyan airport to be ended immediately.

The Super Eagles are furious and are planning to forfeit Tuesday’s game after their AFCON 2025 qualifier was thrown into a state of flux with players revealing they have been without water, food and wifi. And fears over the ongoing stay in Libya – at a base which wasn’t the scheduled airport – has escalated in the wake of the Super Eagles star’s frightening update. A worried Boniface, posting to his social media, said: “This is getting scary now You guys can have the point. We just want to return to our country.”