Broke On: Friday, 17 May 2024
Amid ongoing investigations and financial struggles, Boeing CEO Dave Calhoun was re-elected to the board during the annual shareholder meeting on May 17, 2024. Calhoun's tenure has been marked by crises including a midflight door plug panel blowout and strained relationships with regulators and customers. Boeing shares have plunged 30% this year due to concerns over the company's ability to turn around, with potential U.S. prosecution looming following a violation of a 2021 settlement.
Broke On: Friday, 17 May 2024
Microsoft is reportedly bringing Call of Duty (possibly Black Ops 6) to Xbox Game Pass, marking a strategic shift and potential boost for subscriber numbers. The game, rumored to be set during the Gulf War era and developed by Treyarch Studios, could launch as soon as Microsoft's June 9th showcase event.
Broke On: Friday, 17 May 2024
The Dow Jones Industrial Average surpassed 40,000 for the first time on May 17, 2024, driven by sustainable profits in the technology sector and supportive monetary and fiscal policies. Despite concerns about economic headwinds, these factors contribute to the market's upward trend.
Broke On: Thursday, 16 May 2024
The Dow Jones Industrial Average broke through 40,000 points for the first time on [publishedOn-1] as the S&P 500 surpassed 5,300. Long-term investing in high-quality stocks was emphasized by experts Todd Morgan and Thomas Martin, who attributed the market's advance to optimism around interest rates and growth sectors. The Dow Jones Industrial Average saw a slight decrease despite reaching an intraday high of 40,051.05.
Broke On: Friday, 17 May 2024
China's local governments plan to purchase unsold homes and convert them into affordable housing to revive the struggling property market, following a prolonged slump that has raised concerns about the economy and household spending. The move, reminiscent of the US TARP program during the 2008 housing crisis, could provide relief for millions of unsold homes and ease affordability issues.
Broke On: Thursday, 16 May 2024
Detroit and several southern cities, including Celina and Fulshear in Texas, experienced population growth from 2022 to 2023. Detroit saw its first population increase in decades with a gain of 1,852 people. The South dominates the nation's fastest-growing cities due to strong jobs markets and robust housing construction in areas like Dallas-Fort Worth and Houston.
Broke On: Friday, 17 May 2024
China's economy showed signs of an uneven recovery in April, with retail sales growing at the slowest pace since 2022 while industrial production accelerated. Industrial output grew at a faster-than-expected rate of 6.7%, up from a revised growth rate of 4.5% in March, driven by key industries such as automobiles and electronics. However, consumer spending slowed down, with declines reported in auto sales and clothing purchases, raising concerns about the sustainability of China's economic rebound.
Broke On: Thursday, 16 May 2024
Spirit AeroSystems, Boeing's largest supplier, announces layoffs of 400-450 hourly employees due to slower delivery rates of commercial aircraft. The reduction in workforce is attributed to high inventory levels and the need to align with customer needs. First-quarter deliveries decreased by 31% compared to the same period in 2023, and overall deliveries were down 11.3%. About 70% of Spirit AeroSystems' revenue comes from Boeing, and the company is currently in talks to be acquired by Boeing.
Broke On: Thursday, 16 May 2024
Walmart reports a 6.0% revenue increase in Q1 2024, driven by strong grocery sales due to inflation and consumer shift towards home cooking. The company also experiences growth in digital sales and launches new private label brand Bettergoods.
Broke On: Wednesday, 15 May 2024
Michigan's largest egg producer, Herbruck's Poultry Ranch, lays off 800 employees due to bird flu outbreak affecting five facilities. Avian flu is highly contagious and deadly to hens, impacting other dairy herds in the state and causing labor shortages in agriculture industry.