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Barron's | Aerospace and Defense | Boeing Stock Won’t Budge Despite All the Bad News. This Is Why.

Here is the article. 

Huge losses, a contentious labor strike, and stock sales to repair a bad balance sheet. There is a lot for Boeing 

BA

-3.23%

 investors to deal with these days.

Through it all, the stock has been remarkably stable. There is a good reason for that.

First, a review of the bad news. Boeing reported a third-quarter loss of $6.2 billion, one of the worst financial results in the company’s history. Results were preannounced on Oct. 11

On Thursday, the stock fell 3.2% to $149.31, not too far from the roughly $151 level shares reached before the earnings preannouncement. They closed at $157 after the earnings were reported.

All that unfolded while some 33,000 workers in the Pacific Northwest were on strike. The action began on Sept. 13 after union employees rejected a deal that would have raised wages by about 25% over four years. They rejected another deal that would have raised wages by 35%.

Shares were trading at about $163 before the strike. They briefly traded above $163 on Oct 21.

Bernstein analyst Douglas Harned also downgraded Boeing on Tuesday to Hold from Buy. His price target went to $169, down from $195. He doesn’t have confidence the stock will outperform the market over the coming 12 months.

Boeing stock seems unaffected by all that troubling news. The reason is fairly simple: It’s half a trillion dollars. That’s roughly the value of Boeing’s backlog of orders for jets. Boeing can make money. It just needs to make planes.

Boeing delivered 806 planes in 2018. Wall Street believes Boeing can beat that number in 2028. Wall Street’s free cash flow estimate for 2028 is about $10 billion, according to FactSet.

The estimate hasn’t moved much over the past three months. There has been no change in the long-term cash flow outlook and no change in the stock price.

 Boeing shares yielded about 9% based on 2028 free cash flow at the start of 2024. They still yield about 9%—adjusted for the capital raise and potential debt paydown.

Free cash flow estimates started the year at about $14 billion. That was before an emergency door plug blew out of a 737 MAX 9 plane during a flight on Jan. 5. The incident led to slower production and more regulatory oversight. Boeing shares are down about 38% since then.

Airbus 

AIR

+0.30%

 stock is trading at about an 8% yield based on 2028 free cash flow numbers. Boeing is at about a 10% discount to rival plane maker Airbus. Some discount is warranted, but the two companies probably won’t trade that differently from one another.

So the big question for investors is what is the direction of 2028 free cash flow? Will it be better or worse than $10 billion? That’s hard to say. It’s a long way off, but that answer will determine how the stock does in the coming year or two.

And yes, Boeing management and workers need to make peace before that. The workers make the planes.

Aerospace & Defense | Boeing, union reach sweetened contract offer in bid to end strike, vote scheduled for Monday

Published Thu, Oct 31 20246:42 PM EDTUpdated 11 Min Ago 

Key Points

• Boeing’s more than 32,000 machinists rejected a previous contract proposal in a vote earlier this month.
• The unionized machinists walked off the job on Sept. 13 after rejecting an original tentative agreement.
• The walk-out has halted most of Boeing’s aircraft production.

• Boeing and its machinists’ union have agreed on a new negotiated offer to raise worker pay and potentially end a crippling strike that began almost seven weeks ago with a vote on the new proposal set for Monday.

  The union urged workers to approve the contract.

  “In every negotiation and strike, there is a point where we have extracted everything that we can in bargaining and by withholding our labor,” the International Association of Machinists and Aerospace Workers District 751 said Thursday. “We are at that point now and risk a regressive or lesser offer in the future.”

  The union said that asking its members to stay on strike longer “Wouldn’t be right as we have achieved so much success.”

  Boeing’s more than 32,000 machinists, mostly based in the Seattle area, walked off the job on Sept. 13 after turning down a tentative agreement. They rejected another proposal earlier this month, extending the strike.

  The new proposal includes 38% general wage increases over four years, up from a previous offer for 35%, bringing the compounding pay increases to close to 44%, the union said Thursday. It also gives workers the option of a $12,000 one-time ratification bonus or to choose a previous offer for a $7,000 ratification bonus and a $5,000 401(k) contribution.

  CEO Kelly Ortberg said on his first earnings call last week since taking the top job in August that the company has been “feverishly working to find a solution that works for the company and meets our employees’ needs.” Hours later, the workers rejected a negotiated proposal.

  Workers have repeatedly pushed for higher compensation as the cost of living in the Seattle area — where technology giants like Microsoft and Amazon have ramped up staffing — has surged in recent years.

  The strike has further pushed back Boeing leaders’ plans to stabilize the aerospace behemoth as it reels from the impact of production flaws and the fallout from safety issues, most recently a door plug that blew out midair from a Boeing 737 Max 9 at the start of the year.

  Boeing lost more than $6 billion in the last quarter and warned it would continue to burn cash through 2025.

  The Boeing strike is expected to dent Friday’s U.S. jobs report.

• 
  

安全驾驶汽车使用注意事项 安全驾驶汽车使用注意事项有哪些

 安全驾驶汽车使用注意事项

在驾驶汽车时，我们需要遵循一些安全使用注意事项，以确保驾驶员和车内人员的安全。

1. 座位的位置

座椅应该调整到正确的位置，不能离车内仪表板太近。此外，座椅的头枕和靠背必须根据驾驶员的坐姿进行调整，以保证汽车能与车内融为一体，发生特殊情况时系好安全带。

2. 座位的距离

座椅之间的距离必须结合驾驶员的右手，握住方向盘左转时手臂有一定的自然弯曲倾角。车祸时可以翻车或撞，手臂受到撞击时有弯曲空间，不会骨折。

3. 握方向盘的位置

驾驶汽车时，驾驶员的双手应放在方向盘的上下两侧，相当于时钟的9点钟和3点钟位置。因为司机在转弯时可以更快地操纵方向盘，有利于汽车安全气囊在发生危险时弹出。

4. 正确系好安全带

开车一定要系好安全带，不仅可以避免被电子监控摄像头惩罚，也可以在风险出现时更好更快的保护自己。背带必须从肩部开始，交叉到腹部，然后尽可能向下到臀骨的部分，并且必须符合身体。

5. 后排安全带的重要性

因为后排很多车都没有安全气囊，如果后排不系安全带，会对前排座椅造成二次伤害。严重时，后排工作人员会被甩出车外，造成更明显的不良影响。

6. 解安全带

当汽车发生道路交通事故，翻车时，此时不能随便解下安全带，否则会导致车内工作人员头部坠落，造成二次伤害。

7. 安全气囊

安全气囊弹出，有效缓冲乘员冲击力，保护乘员安全。

TFX stock | Earnings dip | My purchase | My loss

 

• Healthcare & Pharmaceuticals
• Commercial Strategy
• Medtech

Teleflex shares slump as hurricane impact weighs on annual revenue forecast

By Mariam E Sunny

October 31, 20249:02 AM PDTUpdated 5 hours ago

Uber stock | Earnings date | Dip to EMA 200 | Rebound

Bought 30 shares at $71.3501, sold at $70.26/ share, lowest price 69.37, EMA 200 price -  Purple color 69.2801/ Share

My research should include EMA 200 price - consider that it is a good support 

Barclays Sees AMD Taking Market Share from Intel (NASDAQ:INTC)

 Story Highlights

Barclays says it sees AMD taking significant market share from rival Intel.

As Advanced Micro Devices AMD -3.04% ▼ gets ready to report its third-quarter earnings today after the close, Barclays says it sees the chipmaker taking significant market share from rival Intel INTC -3.45% ▼ . Indeed, 4.6-star analyst Tom O’Malley noted that AMD is making notable gains in pricing and market share. Nevertheless, he pointed out that there may be some risks in Q4 as growth is dependent on a strong server market, as well as an increase in PC demand and higher average selling prices.

O’Malley projects that AMD’s CPU shipments rose 9% quarter-over-quarter, while Intel’s shipments were slightly down. This could give AMD an extra 200 basis points in market share, a trend that he expects to continue into early 2025. The server market shows a similar pattern, with AMD likely seeing mid-teens growth versus Intel’s low-single-digit increase, which equates to AMD taking around 160 basis points of market share.

General Server Market’s Weakness May Reduce Q4 Estimates

However, O’Malley warned that the general server market’s weakness this year may put pressure on AMD’s non-AI server growth targets and potentially reduce Q4 estimates. Still, he expects stronger pricing from AMD’s new Turin launch (AMD’s 5th generation EPYC server processors) to help offset these risks with unit growth of around 7% and average selling price growth of 5%. This would translate into another 200 basis points in revenue share gains.

It’s worth noting that, so far, O’Malley has enjoyed a 64% success rate on AMD stock, with an average return of 28.5% per rating. In addition, he has a Buy rating on AMD with a $180 per share price target.

Is AMD Stock a Buy, Sell, or Hold?

Turning to Wall Street, analysts have a Strong Buy consensus rating on AMD stock based on 25 Buys, 

six Holds, and zero Sells assigned in the past three months, as indicated by the graphic below. After a 66% rally in its share price over the past year, the average AMD price target of $188.54 per share implies 15.5% upside potential.

Intel (NASDAQ:INTC) Plans to Raise Cash as Arrow Lake Sales Struggle

 Story Highlights

Intel is losing ground in the German market as evidenced by recent sales figures, but may be planning a different sale to raise cash: its network assets.

There seems to be more trouble at chipmaker Intel INTC -3.45% ▼ as early word emerges about Arrow Lake sales. But Intel may have a plan to raise some cash, though investors are not particularly happy to hear about it. Intel shares are down over 3% in Thursday afternoon’s trading.

A new report from Tom’s Hardware suggests that Germany’s largest PC hardware retailer, Mindfactory, is reporting sales for Intel that are little short of catastrophic. In fact, Mindfactory revealed that it has not sold a single Arrow Lake processor as yet. This is not a universal problem, however; both Amazon AMZN -3.40% ▼ and Newegg have sold out completely.

For Intel, however, this is bad news; to have so few sales already is bad enough, but Intel only accounts for 5% of processors sold on Mindfactory. The other 95% is all AMD AMD -3.04% ▼ , which suggests that Intel has all but lost the German market. It does not help matters, meanwhile, that the Core Ultra 9 285K represents a step backward in performance, at least as far as gaming goes.

Network Assets For Sale?

While the reports of Intel’s lack of sales will do it few favors, it may be working on a bigger sale: its network assets division. Reports from Light Reading suggest that Intel may be looking to sell off those assets and may have a buyer in mind: Ericsson ERIC -1.59% ▼ .

While the idea of someone buying all of Intel seems a bit unlikely due to Intel’s sheer size, even in its somewhat debilitated state, the idea of one particular segment getting sold is much more reasonable. And with Nokia NOK -1.36% ▼ moving to other chip suppliers, Ericsson may have a clear path to making such a move without raising regulatory ire.

Further, Intel’s push into Ohio is prompting change at community colleges, where classes are going on in fields specific to Intel. Intel has already been sharing information about how it makes chips and has been working with the schools to design curricula specifically for chip manufacturing at Intel, helping to ensure that Intel will have a workforce ready when the facilities go live.

Is Intel a Buy, Hold, or Sell?

Turning to Wall Street, analysts have a Hold consensus rating on INTC stock based on one Buy, 26 

Holds, and seven Sells assigned in the past three months, as indicated by the graphic below. After a 41.14% loss in its share price over the past year, the average INTC price target of $25.21 per share implies 16.66% upside potential.

Sabre described as "different company" as Q3 gains reported

 Sabre has reported gains across both its travel and hospitality solutions business units in the third quarter of 2024.

Travel solutions revenue increased 3% to $691 million with the rise attributed to an increase in air, hotel and other travel bookings. Distribution revenue was up 5% to $551 million due to the increase in bookings as well as an increase in average booking fees from $5.87 in Q3 2023 to $5.94 in Q3 2024.

During an analyst call, president and CEO Kurt Ekert said Sabre expects year over year air distribution bookings growth to continue “building momentum” as the company enters 2025. He said the growth would be driven by the company’s strategies which include the launch of SabreMosaic and further development of Sabre’s multi-source platform.

Revenue for the IT solutions business was down 5% to $140 million attributed to the impact of de-migrations although Sabre said this was partially offset by an increase in passengers boarded as well as other revenue.

Hospitality solutions revenue increased $5 million to $84 million, attributed to a “favorable mix within our customer base and an increase in central reservation system transactions driven by new customer deployments.” Transactions across the central reservation system increased 2% to $35 million.

“In the third quarter, Sabre delivered solid financial results across both segments of our business,” said Ekert.

“We reported continued revenue growth and margin expansion that drove double-digit improvements in adjusted EBITDA when compared to last year, as well as positive free cash flow. These results reflect the progress we are making against our strategic and financial priorities. I commend our team members for their dedication to our customers, and for making impressive progress against our six growth strategies."

He went on to describe Sabre as a “different company today.” 

“We are delivering innovative products such as SabreMosaic, designed to replace and modernize the traditional PSS, and Retail Studio, the next generation of hotel retailing. I am excited about the momentum we are building in our business and am confident in our ability to achieve long-term success,” he said.

Revenue for Q3 increased 3% to $765 million year over year while operating income increased to $70 million, up from $52 million year over year. Net loss attributable to shareholders was $63 million while adjusted EBITDA came in at $131 million, up from $110 million year over year.

Guidance for Q4 2024 was reported as $715 million in revenue and adjusted EBITDA of $115 million.

Oct 31 2024 | SABR | Earnings date | 25% dip

 

TFX stock | Morningstar.com

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商业策略与展望

过去十年，Teleflex 从一家多元化的工业、商业和医疗保健公司转型为一家专注于外科和微创手术一次性医疗设备的公司。该公司严重依赖收购和资产剥离，未来可能仍会继续收购。该公司通常以收入在 5000 万至 3 亿美元范围内的公司为目标，以扩大其投资组合和业务范围。该公司优先开发和收购相对便宜的设备（通常低于 1,000 美元），这些设备不太可能成为医疗设备中介为了节省成本而瞄准的目标。例如，在医院住一晚可能会产生超过 10,000 美元的费用，而 Teleflex 的产品约占 500 美元，占医院总费用的 5%。

除了收购之外，Teleflex 还通过研发投资其基础业务，并计划通过美国食品药品管理局更快的 510(k) 和 de novo 审批流程将新产品推向市场。虽然 510(k) 和 de novo 审批的专利保护可能不如上市前通知等需要进行人体试验的替代方案那么全面，但上市时间缩短了，这一策略使 Teleflex 将研发成本保持在收入的 4%-5% 左右，低于同行。

我们认为，Teleflex 的增长和利润前景强劲，未来几年很可能保持中等个位数的营收增长。尽管 2024 年短期内面临阻力，但产品组合的变化应该会提高公司的利润率，该公司的利润率通常落后于同行。我们预计，包括麻醉、外科和血管通路在内的核心业务将在较长时期内保持中等个位数的增长，医院设备的需求不太可能面临重大阻力。我们预计，Teleflex 将受益于人口老龄化，需要更多的介入产品，例如血管通路设备，90% 的住院患者都使用这种设备，以及用于治疗良性前列腺增生的 UroLift 等植入物，这种植入物影响了一半的 50 岁以上男性。

Teleflex Incorporated | TFX stock

 Teleflex Incorporated, headquartered in Wayne, Pennsylvania, is an American provider of specialty medical devices for a range of procedures in critical care and surgery. Teleflex has annual revenues of $2.4 billion, operations in 40 countries, and more than 15,000 employees. By 2011, the company had substantially realigned to focus on its current business as a medical-device manufacturer, having undergone several years of active acquisitions and divestitures.^[4] Teleflex has been associated with Irish corporate tax avoidance tools.^[5] Teleflex's chief executive officer (CEO) is Liam J. Kelly; Kelly is also the company's president and former chief operating officer.^[6]

Compared to Estimates, Sabre (SABR) Q3 Earnings: A Look at Key Metrics

In This Article:

SABR

-21.10%

Sabre (SABR) reported $764.71 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 3.3%. EPS of -$0.04 for the same period compares to -$0.06 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $773.46 million, representing a surprise of -1.13%. The company delivered an EPS surprise of -100.00%, with the consensus EPS estimate being -$0.02.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Sabre performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

• Travel Solutions - Air Bookings: 78.65 million compared to the 78.19 million average estimate based on three analysts.

• Travel Solutions - Lodging, Ground and Sea Bookings: 14.15 million versus the three-analyst average estimate of 14.56 million.

• Travel Solutions - Passengers Boarded: 177.27 million compared to the 176.35 million average estimate based on three analysts.

• Travel Solutions - Total Bookings: 92.8 million versus 92.75 million estimated by three analysts on average.

• Hospitality Solutions - Central Reservations System Transactions: 34.52 million versus 35.42 million estimated by two analysts on average.

• Revenue- Hospitality Solutions: $84 million versus $86.72 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +6.9% change.

• Revenue- Travel Solutions- Distribution Revenue: $551 million versus the three-analyst average estimate of $547.79 million. The reported number represents a year-over-year change of +5%.

• Revenue- Eliminations: -$10.58 million versus -$11.11 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +5.3% change.

• Revenue- Travel Solutions: $691.30 million compared to the $697.84 million average estimate based on three analysts. The reported number represents a change of +2.9% year over year.

• Revenue- Travel Solutions- IT Solutions Revenue: $140.30 million versus the three-analyst average estimate of $150.05 million. The reported number represents a year-over-year change of -4.6%.

View all Key Company Metrics for Sabre here>>>

Shares of Sabre have returned +17.1% over the past month versus the Zacks S&P 500 composite's +1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.