Boeing Goes From Bad to Worse as Coronavirus Crushes Air Travel
Between compensation payments related to the 737 MAX grounding, delayed aircraft deliveries resulting from customers' distress, and Boeing's need to support its supply chain, cash burn will likely continue to exceed reported losses for most if not all of 2020. While Boeing is doing its best to cut costs, dramatically lower production rates will put pressure on profit margins
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SBA watchdog probes small business loans as scrutiny intensifies
In his letter, Ware said the SBA inspector general's office started reviews of the PPP and the Economic Injury Disaster Loan program on April 24. “The Criminal Division’s Fraud Section is working with our law enforcement partners, the Small Business Administration and banks processing loans under the Paycheck Protection Program to identify outliers in the data," DOJ spokesperson Peter Carr said.
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Politico
Why Shares of Boeing Are Climbing Today
The results, as expected, were lousy, but investors were encouraged by production rate cuts that were less than feared and management actions to streamline the company and prepare for a commercial aerospace downturn. CEO David Calhoun said in a statement that the pandemic "is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability."
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Google
Netflix Plans to Raise $1 Billion Through Debt Offering
Because nearly all of Netflix’s original productions are currently on hold, that will “shift out some cash spending on content to future years,” the company said in the Q1 letter.With its current outlook and balance sheet, Netflix said it has more than 12 months of “liquidity and substantial financial flexibility.” The company ended Q1 with $5.2 billion in cash and equivalents and maintains an untapped $750 million line of credit.
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Google
Tesla ends 2019 with record profits and production
Tesla reported its second consecutive quarterly profit in the fourth quarter of 2019, after years of losses and production woes. With the company beating deadlines for production of its new model Y and promising more than 500,000 units in production for 2020, investor confidence in Tesla has increased, improving its stock price by 13 percent.
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Reuters