TheStreet’s Conway Mittens brings you the biggest news of the day, including what investors are watching and just ow bad Boeing’s fourth quarter real was.
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00:00I'm Conway Giddens reporting from the New York Stock Exchange. Here's what we're watching on the street today.
00:05Investors are taking some money off the table one day after the S&P 500 closed above
00:106,100 for the first time in history.
00:13American Express is on the radar.
00:15Quarterly profits at the credit card company jumped 12% as higher income consumers whipped out that card during the holidays,
00:21but that number was a whisper below forecast.
00:25Turning to other business headlines,
00:27$4 billion. That's how much money Boeing lost in the fourth quarter alone,
00:33according to preliminary results released by the company. The aerospace giant has been befuddled by a number of problems,
00:40including quality concerns, labor tensions,
00:43problems at its space division, and a national port worker strike that led to supply chain hiccups.
00:49That $4 billion loss is roughly triple what Wall Street was expecting and puts Boeing on track to post a
00:57$12 billion loss for all of 2024. A loss of that sheer size matches the same historic loss of
01:052020. That 2020 loss was due to the unprecedented
01:09pandemic shutdown of air travel. This 2024 money-losing year, however, was nearly all of Boeing's making.
01:17Boeing has been bleeding billions since 2019 after two fatal plane crashes involving the
01:23737 MAX airplane. Safety and quality concerns
01:26resurfaced in 2024 after a door panel blew off a Boeing plane mid-flight, prompting a temporary grounding of the plane.
01:34Then came the very expensive strike of 33,000 workers, which halted production for seven weeks.
01:41Boeing took a fourth quarter charge of nearly $1 billion to reflect the higher labor costs it agreed to.
01:47All these problems led to fewer planes being delivered, which for Boeing meant fewer billions of dollars
01:54flying into its bank account.
01:56That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.