Dow Jones Today, Stocks Mixed Ahead Of Fed News, Biden Speech; Google Rallies, Microsoft Slides On Earnings

Alphabet led the Nasdaq and S&P 500, Visa topped the Dow, but stocks opened mixed ahead of the Federal Reserve's rate policy news. Read More...


Boeing stock drops after losses narrowed but were wider than expected, while FCF beat forecasts

Shares of Boeing Co. dropped 1.2% in premarket trading Wednesday, after the aerospace and defense giant reported a wider-than-expected first-quarter loss and revenue that was roughly in line, as a miss in the commercial airplanes business was mostly offset by a beat in defense, space and security. Net losses narrowed to $561 million, or 92 cents a share, from $641 million, or $1.11 a share, in the year-ago period. Excluding nonrecurring items, the core per-share loss of $1.53 was wider than the FactSet loss consensus of 97 cents. Revenue fell 10.0% to $15.22 billion, compared with the FactSet consensus of $15.24 billion. Among Boeing’s business segments, commercial airplanes revenue dropped 31% to $4.27 billion, below the FactSet consensus of $5.09 billion, even as deliveries increased to 77 from 50. Defense, space and security revenue rose 19% to $7.19 billion, beating expectations of $6.35 billion, while global services revenue declined 19% to $3.75 billion to fall shy of expectations of $3.87 billion. Free cash flow was negative $3.68 billion, beating expectations of negative $3.94 billion. “While the global pandemic continues to challenge the overall market environment, we view 2021 as a key inflection point for our industry as vaccine distribution accelerates and we work together across government and industry to help enable a robust recovery,” said Chief Executive Dave Calhoun. The stock has rallied 13.3% year to date through Tuesday, while the Dow Jones Industrial Average has advanced 11.0%.

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