Shares of The Boeing Company (NYSE: BA), once one of the great industrial companies of the world, remain down 39% so far in 2020, against the S&P 500 which is up 10%. No one should expect a recovery.
Boeing has received some good news. Its crash-prone 737 MAX will return to the skies over the U.S. and Europe. But, the airline industry has been scorched by a drop in passenger traffic due to COVID-19. Even with a vaccine, many experts believe normal passenger traffic will not return for years. In the meantime, carriers, some of which are bankrupt and other teetering in that direction, will not need new planes at any time in the foreseeable future. Boeing’s customers are as badly crippled as it is, if not worse.
Boeing’s third-quarter results were ugly. Revenue dropped 29% to $14.1 billion. Boeing lost $401 million compared to a profit of $1.3 billion in the year-earlier period. Negative operating cash flow was $4.8 billion compared with a negative cash flow of $2.4 billion in the same period a year ago.
The revenue picture was worse for Boeing’s commercial aircraft business, down 56% to $3.6 billion. At least its Defense, Space & Security operations did much better. Revenue was off only 2% to $6.8 billion. Boeing should consider spinning this business out to give investors something of substance to hold onto.
President and Chief Executive Officer Dave Calhoun commented as the results were released: “The global pandemic continued to add pressure to our business this quarter, and we’re aligning to this new reality by closely managing our liquidity and transforming our enterprise to be sharper, more resilient and more sustainable for the long term.”
The problem is that the pandemic’s effects will go on for years.
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Democratic presidential nominee Joe Biden says there’s “no excuse whatsoever” for the ongoing looting and violence in Philadelphia.
The city’s been rocked for two straight nights by unrest following the death of 27-year-old Walter Wallace Jr., a Black man who was fatally shot by police on Monday.
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The former vice president, speaking with reporters after he and his wife Jill Biden cast their ballots in early voting in their hometown if Wilmington, Del., emphasized that “there is no excuse whatsoever for the looting and the violence. None whatsoever.”
Biden stressed that “to be able to protest is totally legitimate, totally reasonable.”
But in criticizing the looting, he pointed to the victim’s father. Walter Wallace, Sr. condemned the violence, telling reporters on Tuesday that “I would feel like everybody having respect for my family and my son to stop this violence and chaos that’s going on in this city with people that have businesses.”
Biden highlighted that moving forward, the questions of “how you diminish the prospect of lethal shooting and circumstances like the one we saw” will have to be answered.
And he said that if elected president, “that’s going to be part of the commission I set up to determine how we deal these changes.”
The Trump administration says it “stands proudly with law enforcement.” And in a statement, the White House charged that “the riots in Philadelphia are the most recent consequence of the Liberal Democrats’ war against the police.”
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Several hundred members of the Pennsylvania National Guard are being sent to the city at the request of Philadelphia County to assist with responding to the unrest.
President Trump is set to return to the campaign trail in Florida
Former Florida Attorney General and Women for Trump co-chair Pam Bondi reacts to President Trump returning to the campaign trail, starting in Florida.
President Trump on Sunday indicated that he no longer has the coronavirus and claimed that he is now "immune" from the disease as he is set to rejoin the campaign trail soon.
"Yes, and not only that, it seems like I'm immune, so I can go way out of a basement, which I would have done anyway," Trump said in response to a question from "Sunday Morning Futures" host Maria Bartiromo about whether his doctor's note indicates he no longer has the coronavirus. There is not yet confirmation that Trump has tested negative for the virus.
"The president is in very good shape to fight the battles," Trump added. "I beat this crazy horrible China virus… I passed the highest test, the highest standards, and I'm in great shape. And I have to tell you I feel fantastically. I really feel good."
Trump made the comments the day after his first public appearance since being diagnosed with the coronavirus Saturday. The interview is a continuation of a virtual media blitz the president has been engaged in this week as he convalesces.
The president also addressed criticism of his Saturday event.
"The White House doctors are the best .. .they said totally free of spreading, there's no spread," Trump said, adding that he was on the White House balcony for his Saturday event. There was some mask-wearing at the event but very little social distancing amongst the attendees of the event, similar to the highly-criticized Rose Garden event announcing Trump's nomination of Judge Amy Coney Barrett to the Supreme Court.
Trump also defended his record from the initial stages of the pandemic, noting that he was initially criticized for barring travel from China in January.
"It should have never happened, it's China's fault," Trump said, saying there were some predictions that more than 2 million people could die and the U.S. dead count is now above 200,000. "There are those that say we did a phenomenal job."
Trump's conversation with Bartiromo also comes just weeks ahead of a presidential election and on the eve of the first day of Senate hearings for his Supreme Court nominee, Amy Coney Barrett.
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Meanwhile, the Trump administration is also working to negotiate a coronavirus stimulus package with House Speaker Nancy Pelosi, D-Calif. Trump on Friday said he wants legislation with a larger price tag than Pelosi had previously been asking for, just days after saying he had shut down negotiations on any bill before the presidential election.
Bartiromo asked Trump about the status of the stimulus negotiations.
"Republicans want to do it we're having a hard time with Nancy Pelosi, she thinks she can influence the election," Trump said. "The Republicans want to do it. We want to do stimulus, we want to help the airlines again."
Trump this week said he wanted a stimulus package with a larger price tag than either Pelosi or Republicans are asking for, which would be higher than $2 trillion. It was a stark reversal from earlier in the week when he said he was telling his representatives to stop negotiating a stimulus package before the presidential election. Even if Pelosi and Trump's administration can agree on a coronavirus stimulus package, it could face a tough fight in the Senate where Republicans have been reluctant to support any spending more than $1 trillion.
White House physician says Trump is no longer considered a COVID-19 transmission risk to others
White House Chief of Staff Mark Meadows, joins ‘Justice with Judge Jeanine,’ says President Trump ‘is ready to get back to work and on to the campaign trail.’
WASHINGTON – President Donald Trump's doctor said Saturday the president is no longer at risk of transmitting the coronavirus.
In a memo, Navy Cmdr. Dr. Sean Conley says Trump meets the Centers for Disease Control and Prevention criteria for safely discontinuing isolation and that by "currently recognized standards" he is no longer considered a transmission risk.
The memo follows Trump's first public appearance since returning to the White House after being treated for the coronavirus. Hundreds of people gathered Saturday afternoon on the South Lawn for a Trump address on his support for law enforcement from a White House balcony.
Trump took off a mask moments after he emerged on the balcony to address the crowd on the lawn below, his first step back onto the public stage with just more than three weeks to go until Election Day. He flouted, once more, the safety recommendations of his own government just days after acknowledging that he was on the brink of "bad things" from the virus and claiming that his bout with the illness brought him a better understanding of it.
His return was a brief one. With bandages visible on his hands, likely from an intravenous injection, Trump spoke for 18 minutes, far less than at his normal hour-plus rallies. He appeared healthy, if perhaps a little hoarse, as he delivered what was, for all intents and purposes, a short version of his campaign speech despite the executive mansion setting.
Though billed as an official event, Trump offered no policy proposals and instead delivered the usual attacks on Democrat Joe Biden while praising law enforcement to a crowd of several hundred, most of whom wore masks while few adhered to social distancing guidelines.
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"I'm feeling great," said Trump, who said he was thankful for their good wishes and prayers as he recovered. He then declared that the pandemic, which has killed more than 210,000 Americans, was "disappearing" even though he is still recovering from the virus.
In either an act of defiance or simply tempting fate, officials organized the crowd just steps from the Rose Garden, where exactly two weeks ago the president held another large gathering to formally announce his nomination of Judge Amy Coney Barrett to the Supreme Court. That event is now being eyed as a possible COVID-19 superspreader as more than two dozen people in attendance have contracted the virus.
Trump had hoped to hold campaign rallies this weekend but settled for the White House event. But even as his health remained unclear, he planned to ramp up his travel with a rally in Florida on Monday, followed by trips to Pennsylvania and Iowa on subsequent days. It was not clear if Trump posed a risk to those he would fly with on Air Force One or encounter at the rally sites.
Before the speech, White House officials said they had no information to release on whether the president was tested for COVID-19, meaning he made his first public appearance without the White House verifying that he's no longer contagious.
Security was stepped up around the White House before the event, which was called a "peaceful protest for law & order" and predominantly attended by Black and Latino supporters. Police and the Secret Service closed surrounding streets to vehicles and shut down Lafayette Square, the park near the White House that has long been a gathering place for public protest.
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As questions linger about his health — and Democratic opponent Joe Biden steps up his own campaigning — Trump has more frequently called into radio and TV programs to speak with conservative interviewers, hoping to make up for lost time with just over three weeks until Election Day and millions already voting.
Biden's campaign said he again tested negative on Saturday for COVID-19. Biden was potentially exposed to the coronavirus during his Sept. 29 debate with Trump, who announced his positive diagnosis barely 48 hours after the debate.
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When a small group of people gathered in the White House's map room on Monday to help President Trump prepare for the next evening's debate, none of them was wearing a mask, said former New Jersey Gov. Chris Christie, who was among the participants.
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"We were – the group was – about five or six people in total," Christie said on ABC's "Good Morning America" on Friday. Just four days later, the president announced on Twitter that he and first lady Melania Trump had tested positive for COVID-19, the disease that has killed more than 205,000 Americans and upended Trump's reelection bid.
Top aide Hope Hicks previously displayed symptoms of the virus and subsequently tested positive.
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She was also among the group helping Trump prepare for his first face-off with Democratic opponent Joe Biden, which took place in Cleveland, Ohio, on Tuesday.
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"Hope seemed completely fine," Christie said. "I didn't see any symptoms from either of them."
Christie told GMA he himself is not showing any symptoms but plans to get tested.
Trump's personal attorney, Rudy Giuliani, was also involved in the debate prep, as well as Trump campaign manager Bill Stepien and White House adviser Stephen Miller.
White House chief of staff Mark Meadows and national security adviser Robert O’Brien were among Trump's guests at Tuesday's debate, as well as the first lady and several of Trump's adult children.
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Members of the Trump family and his administration did not wear masks inside the debate hall, which were required by the Cleveland Clinic, and refused to take ones offered to them by the venue.
During the debate, Trump mocked Democratic nominee Joe Biden for wearing a mask constantly to help stop the spread of the virus.