Boeing has revealed it suffered a hit of more than $1bn of revenues from the worldwide grounding of its troubled 737 Max aircraft. This morning the company withdrew its previous financial guidance for the year because it cannot predict when the Max, its biggest cash generator, will return to service. First-quarter revenues fell to $11.8bn from $12.9bn last year. Boeing said that reflected lower deliveries of 737 aircraft that were offset by higher margins on other planes. (FT)
AT&T reported a first-quarter revenue miss this morning as its premium TV and streaming service lost subscribers while the telecoms group said it was on track to meet its debt-reduction goals. The Texas-based company said revenues rose 17.8 per cent from a year ago to $44.8bn, primarily driven by its acquisition of Time Warner. The company lost 544,000 premium TV subscribers, which brought its total to 22.4m, but phone subscriptions increased by 80,000. (Alphaville)
The S&P 500 and Nasdaq Composite clocked fresh closing highs on Tuesday, driven by a strong batch of corporate earnings. The S&P 500 ended up 0.9 per cent higher at 2,933.68, nearly 3 points above its previous peak close on September 20, and just off its intraday high. It was a similar story for the Nasdaq, up 1.3 per cent yesterday to 8,120.82, a level that took it past its previous peak close from August last year. (WSJ)
With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.