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Boeing Co.’s (BA) aircraft deliveries continued to decline in May, while order cancellations increased as travel restrictions tied to the coronavirus pandemic have throttled commercial jet demand.Last month, the ailing plane maker delivered 4 planes, compared with 6 in April, adding up to a total of 58 in the first five months of this year, as air travel demand has been halted in an effort to contain the coronavirus pandemic. The report comes after France-based planemaker Airbus SE (EADSF) said earlier this week that it did not receive a single order in May.Boeing reported order cancellations of another 18 planes last month, including 14 of its 737 MAX jets. Last year, the U.S. planemaker suspended production of the MAX jets following a second crash. It recently resumed production of the jets at its factory in Renton, Washington, albeit at a low rate.Against this, Boeing did get 9 new orders for wide...
Shares in pet e-tailer Chewy Inc (CHWY) pulled back 2% in Tuesday’s after market trading, despite the company posting a strong beat and raise fiscal first quarter. The stock is already up 78% on a year-to-date basis.Specifically, Q1 GAAP EPS of -$0.12 beat Street expectations by $0.05. Revenue of $1.62B also easily beat estimates by $90M and delivered strong 45.9% year-over-year growth thanks to record Customer Net Adds and healthy “COVID cohort” purchases. Adj. EBITDA of $3.4M smashed the -$14.9M consensus, and active customers net additions came in at 1.6MM, 2x the average in FY19.“We had a strong start to 2020 with first quarter net sales increasing 46 percent year-over-year and gross margins expanding 50 basis points. We also achieved a significant milestone by delivering our first ever quarter of positive adjusted EBITDA,” stated Sumit Singh, CEO of Chewy.“We are proud to be the e-tailer of choice for millions of new and existing...
(Bloomberg) -- Stocks in Europe advanced along with U.S. equity-index futures after a mixed session in Asia Wednesday as investors awaited the Federal Reserve’s next move on monetary policy. The dollar headed for a three-month low against a basket of peers.Banks and carmakers led a broad advance in the Stoxx Europe 600 index. S&P 500 futures rose after the index on Tuesday halted a surge that drove it into the black for 2020. Benchmarks dipped in China and Japan. Hong Kong stocks fluctuated, while South Korea and Australia eked out modest gains. Treasury yields edged lower, and crude oil retreated.While the Fed is all but certain to keep its benchmark overnight rate unchanged when it wraps up its two-day meeting Wednesday, investors will be looking for reassurance on the central bank’s willingness to continue to support the economy as it recovers from the coronavirus pandemic. Policy makers may also discuss targeting...
Denali Therapeutics Inc. (DNLI) announced that it is pausing clinical studies of DNL747, its neurological drug candidate for the treatment of Alzheimer’s disease and ALS, sending shares down some 7% in after-market trading on Tuesday.The stock dropped almost 7% to $23.95 in late market trading after the biotech company said that the decision was made following results from Phase 1b studies of the small molecule RIPK1 inhibitor DNL747 in Alzheimer's disease and amyotrophic lateral sclerosis (ALS).The study was conducted in partnership with Sanofi (SNYNF) to develop small molecule inhibitors of the RIPK1 enzyme, a new class of potential therapeutic agents for a range of neurological and inflammatory diseases, including ALS.The data demonstrated “emerging evidence that higher levels of target inhibition may be required for maximizing efficacy, and challenges to achieving higher doses imposed by molecule-specific toxicity findings with DNL747”.“Together with our partner Sanofi, we have decided to pause clinical studies with...
(Bloomberg Opinion) -- The Covid-19 pandemic has brought the usually resilient aerospace industry to its knees. Air passenger traffic has collapsed by 90% in Europe and isn’t likely to get back to pre-virus levels for several years. Airlines are fighting for survival and have grounded their fleets. Passenger-jet makers Airbus SE and Boeing Co., after years of briskly building planes to meet booming demand, are slashing investments, jobs and production in a world where nobody wants new aircraft. Their suppliers are equally suffering.Nothing like this has been seen since the “Boeing Bust” of the early 1970s, when defense cutbacks, airliner belt-tightening and a consumer recession led to losses and bailouts across the industry. Boeing survived, but its hometown of Seattle was scarred by layoffs. A billboard was put up to reflect the mood: “Will the last person leaving Seattle turn out the lights.”French President Emmanuel Macron is understandably keen to avoid this kind of bust...
(Bloomberg Opinion) -- The Covid-19 pandemic has brought the usually resilient aerospace industry to its knees. Air passenger traffic has collapsed by 90% in Europe and isn’t likely to get back to pre-virus levels for several years. Airlines are fighting for survival and have grounded their fleets. Passenger-jet makers Airbus SE and Boeing Co., after years of briskly building planes to meet booming demand, are slashing investments, jobs and production in a world where nobody wants new aircraft. Their suppliers are equally suffering.Nothing like this has been seen since the “Boeing Bust” of the early 1970s, when defense cutbacks, airliner belt-tightening and a consumer recession led to losses and bailouts across the industry. Boeing survived, but its hometown of Seattle was scarred by layoffs. A billboard was put up to reflect the mood: “Will the last person leaving Seattle turn out the lights.”French President Emmanuel Macron is understandably keen to avoid this kind of bust...
