It has been a rollercoaster month for investors of beleaguered airline Boeing (BA). To recap: the stock dropped during the first three weeks of March all the way down to $95 per share, an amazing loss of 66%. However, last week’s relief rally saw the share price reclaiming 70% of its value. Will the volatility continue? Possibly, as there are currently a wide variable of unknowns concerning the A&D giant’s future.Nevertheless, Credit Suisse’s Robert Spingarn slashed his price target on Boeing shares to $187 (from $367), which still implies about 23% upside from current levels. Despite the profit potential, the analyst can't quite see his way clear to actually recommending "buying" BA stock, assigning the shares only a "neutral" rating. (To watch Spingarn’s track record, click here)Questions have been raised concerning Boeing’s financial health, following a request for $60 billion in federal aid to assist its ailing ecosystem. Last week’s developments,...
Low-cost U.S. carrier Spirit Airlines Inc said on Monday it will cancel all flights to and from New York, Connecticut and New Jersey after U.S. officials warned against travel to the area because of the COVID-19 pandemic. Spirit, which appeared to be the first major U.S. carrier to cancel all flights to the so-called tri-state region, said it was responding to this weekend's Centers for Disease Control and Prevention advisory warning against all non-essential travel to and from the area. Spirit said it will suspend service to the airports it serves in the region - New York LaGuardia, Newark, Hartford, Niagara Falls and Plattsburgh - through at least May 4....
Editor's Note: Please join my colleagues and Tori Barnes from the U.S. Travel Association online at noon on April 1 for a live discussion of these issues and themes. We'll present details from multiple industry sectors as well as explain what we know as of now. You can register here. I hope to (virtually) see […]...
(Bloomberg) -- A group of sixteen banks will have to provide $23 billion of loans to T-Mobile US Inc. in order to allow the mobile carrier to close its planned acquisition of Sprint Corp., after the Covid-19 outbreak disrupted plans to sell the debt to third-party investors.The banks were formally notified Monday that they will need to make the funds available on April 1, so that the two companies can finalize their long-awaited merger, according to people familiar with the matter, who asked not to be identified because the conversations are private.The banks will have to come up with the loan at a time when they’re already being hit by requests from companies to draw billions of dollars from revolving credit facilities. Companies in the Americas have tapped lenders for more than $190 billion through existing revolvers or new short-term loans since March 9, according to data compiled by Bloomberg.Read more:...
Apple (AAPL), the world’s most successful company, was in the midst of preparations for one of its most anticipated launches ever the unleashing of the iPhone 12, the first Apple model to boast 5G capabilities.At investment firm Wedbush, however, there is growing concern regarding the planned launch date. Wedbush's Daniel Ives lays out 3 different scenarios regarding Apple’s flagship product’s new release.Worst case scenario, Ives says, involves the supply chain up and running to full capacity by June, with key 5G iPhone product launches pushed back past holiday season until mid FY21. This indicates consumer demand in the US and Europe is back to normal by December while “demand across China rebounds, but demand destruction (no 5G phone) is clear throughout this key region.”On the other end of the scale, the best-case scenario involves the supply chain revving back to full capacity by late April, the launch goes ahead as planned...
Mar.30 -- Real estate billionaire Tom Barrack, Colony Capital's chairman, founder and chief executive officer, talks about the state of the commercial mortgage market and if the Federal Reserve is doing enough to help it. He speaks to Erik Schatzker on "Bloomberg Markets."...
