Financial News

Thursday, October 24th
October 23, 2019
AP-NC Newswatch
October 23, 2019
Financial News

 

 

 

Stocks little changed…Boeing profit short, eyes 737 Max return…Global slowdown hurts Caterpillar

NEW YORK (AP) – Stocks are little changed in early trading following a mixed set of earnings report, where some big companies topped Wall Street’s expectations and others warned that the slowing global economy and trade tensions are hitting their profits. Overseas stock markets were mixed as the United Kingdom’s pending exit from the European Union appeared set for yet another delay.

 

CHICAGO (AP) – Boeing is reporting a big profit shortfall for the third quarter after costs related to the troubled 737 Max rose by $900 million. Still, shares jumped as Boeing says it expects the 737 Max to return to service by the end of the year and that it will gradually increase 737 production by late 2020.

 

NEW YORK (AP) – A slowing global economy is taking a toll on Caterpillar, which is cutting its outlook for the year after its profits and revenue slid in the third quarter. Dealers slashed inventories by about $400 million, hinting at a pull-back in spending by businesses. Caterpillar’s revenue and sales declined about 6%, and the company cut its outlook for the year.

 

WASHINGTON (AP) – The Food and Drug Administration wants women who are getting breast implants to receive stronger warnings about the possible risks and complications. The agency says manufacturers should add a boxed warning – the most serious type – to information given to patients. The recommendations are the agency’s latest attempt to manage safety issues with breast implants.

 

LONDON (AP) – British Prime Minister Boris Johnson is insisting he doesn’t want to delay Brexit beyond Oct. 31, though he appears to accept that it’s going to happen. The European Union is considering whether to postpone the U.K.’s departure after British lawmakers blocked Johnson’s attempt to fast-track his Brexit bill through Parliament. European Council President Donald Tusk says he will recommend that the 27 other EU leaders approve the request. Johnson asked for the delay after Parliament ordered him to.

 

AP-WF-10-23-19 1445GMT