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iShares Ethereum Trust - iShares Ethereum Trust ETF

Ethan Allen Interiors Inc

Earnings

News

EBTC

Enterprise Bancorp Q3 EPS $0.80 Up From $0.79 YoY, Sales $44.16M Up From $42.99M YoY

The U.S. Securities and Exchange Commission (SEC) charged four major companies — Unisys Corp.(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UIS#NYSE">UIS</a>), Avaya Holdings Corp., Check Point Software Technologies (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHKP#NASDAQ">CHKP</a>) and Mimecast — with making materially misleading public disclosures related to <a href="https://www.benzinga.com/topic/cybersecurity">cybersecurity risks and breaches</a>.
SEC argued these four companies downplayed the seriousness of the SolarWinds Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SWI#NYSE">SWI</a>) Orion software supply chain attack in their filings, potentially misleading investors about the true impact of the breaches.
"As today's enforcement actions reflect, while public companies may become targets of cyberattacks, it is incumbent upon them to not further victimize their shareholders or other members of the investing public by providing misleading disclosures about the cybersecurity incidents they have encountered,"<a href="https://www.sec.gov/newsroom/press-releases/2024-174"> said</a> Sanjay Wadhwa, acting director of the SEC's Division of Enforcement.
Unisys, a major IT services provider, was hit with an additional charge for failing to implement proper disclosure controls and procedures. The company will pay a $4 million civil penalty, the highest among the four.
The SEC found that Unisys described cybersecurity risks as hypothetical in its public disclosures despite knowing that two SolarWinds-related breaches occurred, resulting in the exfiltration of gigabytes of data. According to the SEC, Unisys&#8217; disclosures were "materially misleading" partly due to its deficient internal controls.
Other fines include $1 million for Avaya, $995,000 for Check Point and $990,000 for Mimecast.
Avaya, a telecommunications firm, claimed the SolarWinds hackers accessed only a "limited number of email messages," while SEC findings revealed the cybercriminals accessed at least 145 files in Avaya's cloud file-sharing environment.
Check Point, an Israeli cybersecurity firm, allegedly minimized the breach by using vague descriptions of the cyber intrusions and their potential risks.
Mimecast, which specializes in cloud email and data security, was found to have underreported the extent of the attack by failing to disclose the type of code exfiltrated and the number of encrypted credentials compromised.
The SolarWinds hack was a major cyberattack in 2020, during which Russian state-sponsored hackers inserted malicious code into SolarWinds' Orion software. This &#8220;Sunburst&#8221; malicious code provided attackers with remote access to the systems of thousands of organizations, including private-sector firms such as Microsoft and FireEye and major U.S. government departments such as Homeland Security and Treasury.
Although the companies have not admitted to or denied the SEC&#8217;s findings, they have agreed to pay the fines and take corrective measures to strengthen their cybersecurity practices.
The SEC filed a lawsuit in October 2023, but this July U.S. District Judge Paul Engelmayer dismissed most of the accusations against SolarWinds, ruling that claims of defrauding investors were speculative.
Read Next:<a href="https://www.benzinga.com/news/large-cap/24/10/41465485/openai-appoints-former-uber-exec-as-compliance-officer-to-oversee-regulatory-issues"> </a> • <a href="https://www.benzinga.com/news/large-cap/24/10/41465485/openai-appoints-former-uber-exec-as-compliance-officer-to-oversee-regulatory-issues">OpenAI Appoints Former Uber Exec As Compliance Officer To Oversee Regulatory Issues</a>

Photo: Shutterstock

Government

Regulations

Legal

Global

Tech

CHKP

SEC Charges Four Companies Over SolarWinds Hacks, Issues Millions In Penalties

There will be many storylines for the 2024 National Basketball Association season, including new faces in new places, the return of LeBron James for a 22nd season and the arrival of James' son Bronny James <a href="https://www.benzinga.com/general/sports-betting/24/07/39678086/bronny-james-to-win-nba-rookie-of-the-year-summer-league-debut-not-scaring-away-bettors-he">in the league.</a>
NBA Opening Games: The 2024 NBA season kicks off with two matchups Tuesday, Oct. 23 featuring <a href="https://www.benzinga.com/m-a/24/07/39605195/going-out-on-top-boston-celtics-for-sale-after-nba-title-large-contracts-handed-to-star-players">four playoff teams from last season.</a>
The New York Knicks at Boston Celtics will air at 7:30 p.m. ET on TNT and the Minnesota Timberwolves at Los Angeles Lakers will air at 10 p.m. ET on TNT.
The two opening games mark the start of the final season of TNT's coverage of the league, with parent company Warner Bros. Discovery (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WBD#NASDAQ">WBD</a>) losing out to others in a new rights package that will<a href="https://www.benzinga.com/general/entertainment/24/07/39733479/nba-fans-rejoice-new-76b-deal-from-espn-amazon-nbc-will-bring-games-seven-days-a-week"> kick off next season.</a>
The Celtics won last year's NBA championship, with the team dominant from the start of the season to the end and favored to win the title many times throughout the season. In the 2024 NBA Playoffs, the Celtics lost only three games in four playoff series.
The Timberwolves were the number three seed in the Western Conference and lost in the Conference Finals to the Dallas Mavericks. The Knicks were the number two seed in the Eastern Conference and lost in the Conference Semifinals to the Indiana Pacers. The Lakers were the number seven seed in the Western Conference and lost in the first round to the Denver Nuggets.
The Celtics are favored by six points Tuesday night against the Knicks and the Timberwolves are favored by one point against the Lakers according to betting odds from sportsbook DraftKings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DKNG#NASDAQ">DKNG</a>).
Read Also: <a href="https://www.benzinga.com/general/education/24/10/41302910/why-mark-cuban-stepped-back-from-mavericks-ownership-his-kids-dont-need-all-that-abuse">Why Mark Cuban Stepped Back From Mavericks Ownership: His Kids Don&#8217;t Need &#8216;All That Abuse&#8217;</a>
<h3 class="wp-block-heading">LeBron And Bronny James Bets</h3>
One of the tipoff games features the debut of Bronny James in the NBA. In 2024, Bronny was drafted 55th overall by the Lakers — the same team his father had played for in the past six seasons.
Bronny James is a popular betting option to win Rookie of the Year, despite long odds. At DraftKings, Bronny James had odds of +25,000 to win the award, which would turn a $1 bet into a profit of $250.
At FanDuel, a unit of Flutter Entertainment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FLUT#NYSE">FLUT</a>), Bronny has odds of +50,000 to win Rookie of the Year.
In the NBA preseason, Bronny <a href="https://www.espn.com/nba/story/_/id/41878872/bronny-james-scores-17-points-lakers-preseason-finale-vs-warriors">struggled </a>in the first five games with eight total points scored on 4-20 shooting, including 0-7 for three-point attempts. In the preseason finale, Bronny James had 17 points, shooting 7-17 from the field.
As Benzinga previously reported, history isn't on Bronny's side. Only three second-round picks have ever won the Rookie of the Year award. Malcom Brogdon (36th overall pick) was the last to accomplish the feat in 2017. The other two winners happened in the 1960s.
LeBron averaged 25.7 points, 7.3 rebounds and 8.3 assists last season versus career averages of 27.8 points, 6.8 rebounds and 8.8 assists.
LeBron has odds of +15,000 to win the NBA MVP for the season, which would be his fifth time winning.
On Tuesday, DraftKings lists the over/under on LeBron James for points at 24.5 and there is no line for Bronny James points. There is a betting market for the combined points for LeBron and Bronny with 28 points or more at +13t5 and 30 points or more combined at +195.
FanDuel has several special betting markets on Bronny, including the rookie having his first made field goal assisted by his dad paying at odds of +250 and Bronny's first assist being on a made shot by his dad paying at odds of +200.
The betting platform also offers betting on what Bronny's first made basket type will be, scoring 20 points or more in any NBA game, having a double-double in any NBA game and other player props.
NBA Championship Odds: The four teams that kick things off Tuesday night are all among the favorites to win the 2025 NBA Championship for the 2024 season.
The Knicks, who are owned by publicly traded Madison Square Garden Sports (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSGS#NYSE">MSGS</a>) completed a trade to land NBA superstar Karl-Anthony Towns ahead of the season, which improved their odds of winning the championship.
Here are the current betting odds to win the NBA championship, with odds from July in parentheses:
<ul>
<li>Boston Celtics: +310 (+295)</li>
<li>Oklahoma City Thunder: +650 (+850)</li>
<li>New York Knicks: +800 (+950)</li>
<li>Denver Nuggets: +950 (+850)</li>
<li>Minnesota Timberwolves: +1,000 (+1,000)</li>
<li>Philadelphia 76ers: +1,000 (+800)</li>
<li>Dallas Mavericks: +1,000 (+1,000)</li>
<li>Milwaukee Bucks: +1,400 (+1,100)</li>
<li>Los Angeles Lakers: +3,000 (+3,000)</li>
<li>Phoenix Suns: +3,000 (+3,500)</li>
</ul>
The top 10 favorites to win the NBA title haven't changed, only the order of the betting odds.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/general/politics/24/10/41304838/nba-legend-shaq-admitted-that-he-never-voted-in-presidential-election-until-2020-as-he-urged-oth">NBA Legend Shaq Admitted That He &#8216;Never Voted&#8217; In Presidential Election Until 2020 As He Urged Others To Register: &#8216;One Thing I Never Like To Do Is Be A Hypocrite&#8217;</a></li>
</ul>
Image: Shutterstock

Sports Betting

Sports

DKNG

FLUT

MSGS

Bronny James NBA Debut: Betting Odds As LeBron And Son Take The Court Together For First Time

Wells Fargo analyst Steven Cahall downgrades Interpublic Gr of Cos (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IPG#NYSE">IPG</a>) from Equal-Weight to Underweight and lowers the price target from $28 to $26.

Downgrades

Price Target

Analyst Ratings

Wells Fargo Downgrades Interpublic Gr of Cos to Underweight, Lowers Price Target to $26

Citigroup analyst Jason Bazinet maintains AppLovin (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/APP#NASDAQ">APP</a>) with a Buy and raises the price target from $155 to $185.

Citigroup Maintains Buy on AppLovin, Raises Price Target to $185

Citigroup analyst Ariel Rosa maintains Norfolk Southern (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NSC#NYSE">NSC</a>) with a Buy and raises the price target from $294 to $302.

Citigroup Maintains Buy on Norfolk Southern, Raises Price Target to $302

Citigroup analyst Judy Zhang downgrades UP Fintech Holding (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TIGR#NASDAQ">TIGR</a>) from Buy to Sell and raises the price target from $5 to $5.5.

TIGR

Citigroup Downgrades UP Fintech Holding to Sell, Raises Price Target to $5.5

Maxim Group analyst Jason McCarthy maintains AIM ImmunoTech (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/AIM#AMEX">AIM</a>) with a Buy and lowers the price target from $2 to $1.

Maxim Group Maintains Buy on AIM ImmunoTech, Lowers Price Target to $1

Controladora Vuela (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLRS#NYSE">VLRS</a>) reported quarterly earnings of $0.32 per share which beat the analyst consensus estimate of $0.21 by 52.38 percent. This is a 196.97 percent increase over losses of $(0.33) per share from the same period last year. The company reported quarterly sales of $813.00 million which beat the analyst consensus estimate of $805.59 million by 0.92 percent. This is a 4.13 percent decrease over sales of $848.00 million the same period last year.

Earnings Beats

VLRS

Controladora Vuela Q3 EPS $0.32 Beats $0.21 Estimate, Sales $813.00M Beat $805.59M Estimate

Editor&#8217;s note: This story has been updated to state that Boeing reports earnings premarket Wednesday, not after the closing bell. 
Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) and its striking machinists reached a preliminary agreement to resolve the five-week strike over the weekend. Union members will vote <a href="https://www.benzinga.com/markets/equities/24/10/41416584/tentative-deal-announced-to-end-boeing-strike-union-will-vote-wednesday">on the proposal on Wednesday.</a>
The Details: The proposed contract includes 35% wage increases over four years, a one-time ratification bonus of $7,000, guaranteed minimums in Boeing's annual bonus program and higher 401(k) contributions.&nbsp;
Analysts at BofA Securities noted they are "more optimistic" about members voting in favor of the contract due to mounting pressure from both sides to end the strike and the involvement of U.S. Secretary of Labor Julie Su who met with both parties earlier this week.
"With the help of Acting U.S. Secretary of Labor Julie Su, we have received a negotiated proposal and resolution to end the strike, and it warrants presenting to the members and is worthy of your consideration," the International Association of Machinists and Aerospace Workers District 751 said in a statement Saturday.
Read Next: <a href="https://www.benzinga.com/news/24/10/41418987/nuclear-energy-stocks-are-hot-heres-a-list-of-tickers-to-watch">Nuclear Energy Stocks Are Hot: Here&#8217;s A List Of Tickers To Watch</a>
While some see the offer as an improvement, others view it as insufficient. Boeing&#8217;s new contract offer does not include the reinstatement of a defined-benefit pension plan, which was one of the key demands of the striking workers. One machinist interviewed by Seattle's KREM 2 News said he was disappointed by the proposed contract.&nbsp;
&#8220;It&#8217;s just another slap in the face just like the past 10 years have been,&#8221; the union member said <a href="https://www.youtube.com/watch?v=OkLBAXTxzXA">in the interview</a>.
What's Next: Boeing is also set to report its third-quarter <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41341169/boeing-analysts-see-silver-lining-as-troubled-plane-maker-plans-to-shore-up-balance">financial results</a> premarket Wednesday before the union vote concludes. 
A ratified contract with the workers would be a win for new CEO Kelly Ortberg who held Boeing's top executive position for only a month before the strike began.
"If union members do agree to end the strike — the supply chain, investors, and Boeing management will share a collective sigh of relief," BofA Securities wrote.&nbsp;
BA Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Boeing shares are up 23.22% at $160.01 at the time of publication Monday.
Read Also:&nbsp;
<ul>
<li>&nbsp;<a href="https://www.benzinga.com/news/24/10/41415824/lucid-ceo-peter-rawlinson-talks-saudi-investment-elon-musks-political-views-and-taking-business-from">Lucid CEO Peter Rawlinson Talks Saudi Investment, Elon Musk&#8217;s Political Views And Taking Business From Tesla</a></li>
</ul>
Photo: Shutterstock&nbsp;

Movers

Boeing Stock Rises Ahead Of Wednesday's Union Vote: Will Investors Breathe 'A Sigh Of Relief?' (CORRECTED)

Barclays analyst Brandt Montour maintains Viking Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VIK#NYSE">VIK</a>) with a Overweight and raises the price target from $39 to $43.

Barclays Maintains Overweight on Viking Holdings, Raises Price Target to $43

Barclays analyst Jared Shaw maintains Western Alliance (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WAL#NYSE">WAL</a>) with a Overweight and lowers the price target from $110 to $105.

Barclays Maintains Overweight on Western Alliance, Lowers Price Target to $105

The dividend is payable&nbsp;Dec. 10, 2024, to shareholders of record as of&nbsp;Nov. 8, 2024, and is the company&#39;s 458th consecutive quarterly common stock cash dividend. AEP has paid a cash dividend on its common stock every quarter since&nbsp;July 1910.

Dividends

American Electric Power Boosts Quarterly Cash Dividend From $0.88 To $0.93 Per Share

ALERT CAME IN AT 11:23 AM EDT
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="787" height="798" src="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/22201423/Screen-Shot-2024-10-22-at-4.10.27-PM.png" alt="" class="wp-image-2606" style="width:624px" srcset="https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/22201423/Screen-Shot-2024-10-22-at-4.10.27-PM.png 787w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/22201423/Screen-Shot-2024-10-22-at-4.10.27-PM-296x300.png 296w,https://contributor-assets.benzinga.com/wp-content/uploads/2024/10/22201423/Screen-Shot-2024-10-22-at-4.10.27-PM-768x779.png 768w" sizes="(max-width: 787px) 100vw, 787px" /></figure>
Booking Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKNG#NASDAQ">BKNG</a>) today experienced a Power Inflow, a significant event for those who follow where smart money goes and value order flow analytics in their trading decisions. 
Today, at 11:23 AM on October 22nd, a significant trading signal occurred for Booking Holdings, Inc. as it demonstrated a Power Inflow at a price of $4371.59. This indicator is crucial for traders who want to know directionally where institutions and so-called "smart money" moves in the market. They see the value of utilizing order flow analytics to guide their trading decisions. The Power Inflow points to a possible uptrend in Booking&#8217;s stock, marking a potential entry point for traders looking to capitalize on the expected upward movement. Traders with this signal closely watch for sustained momentum in Booking&#8217;s stock price, interpreting this event as a bullish sign.
Signal description
Order flow analytics, aka transaction or market flow analysis, separate and study both the retail and institutional volume rate of orders (flow). It involves analyzing the flow of buy and sell orders, along with size, timing, and other associated characteristics and patterns, to gain insights and make more informed trading decisions. This particular indicator is interpreted as a bullish signal by active traders.&nbsp;
The Power Inflow occurs within the first two hours of the market open and generally signals the trend that helps gauge the stock&#8217;s overall direction, powered by institutional activity in the stock, for the remainder of the day.&nbsp;
By incorporating order flow analytics into their trading strategies, market participants can better interpret market conditions, identify trading opportunities, and potentially improve their trading performance. But let's not forget that while watching smart money flow can provide valuable insights, it is crucial to incorporate effective risk management strategies to protect capital and mitigate potential losses. Employing a consistent and effective risk management plan helps traders navigate the uncertainties of the market in a more controlled and calculated manner, increasing the likelihood of long-term success
If you want to stay updated on the latest options trades for BKNG, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.&nbsp;
<a href="https://benzinga.com/apis?_gl=1&#x2A;1hlgn5i&#x2A;_ga&#x2A;MTY1NjE2NTYxMi4xNzE0NzQ4MTAy&#x2A;_ga_V7ZK73W7N0&#x2A;MTcxNDc0ODEwMi4xLjEuMTcxNDc0ODQyOC4wLjAuMA..">Market News and Data brought to you by Benzinga APIs</a> and include firms, like <a href="https://finitusa.com/en/">Finit USA</a>, responsible for parts of the data within this article. 
&#xA9; 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved
After Market Close UPDATE:
The price at the time of the Power Inflow was $4371.95. The returns on the High price ($4396.24) and Close price ($4376.96) after the Power Inflow were respectively 0.5% and 0.1%. That is why it is important to have a trading plan that includes Profit Targets and Stop Losses that reflect your risk appetite. 
Past Performance is Not Indicative of Future Results

Signals

Trading Ideas

General

BKNG

Tradepulse Power Inflow Alert: Booking Holdings Inc. Moves Up Over 24 Points In 2 Hours After Alert

Barclays analyst Jason Goldberg maintains Zions Bancorp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ZION#NASDAQ">ZION</a>) with a Underweight and raises the price target from $47 to $52.

ZION

Barclays Maintains Underweight on Zions Bancorp, Raises Price Target to $52

Starbucks Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) shares are cooling off in Tuesday&#8217;s after-hours session after the coffee giant reported weak preliminary results and <a href="https://www.benzinga.com/pressreleases/24/10/b41465852/starbucks-reports-preliminary-q4-and-full-fiscal-year-2024-results">suspended its guidance</a>.
What Happened: Starbucks reported preliminary financial results for the fourth quarter after the market close on Tuesday showing that it expects consolidated net revenues to decline 3% and global comparable sales to fall 7%. Starbucks also said it anticipates earnings of 80 cents per share, down 25% year-over-year. 
&#8220;Given the company&#8217;s CEO transition coupled with the current state of the business,&nbsp;guidance&nbsp;will be suspended for the full fiscal year 2025. This will allow ample opportunity to complete an assessment of the business and solidify key strategies, while stabilizing and positioning the business for long-term growth,&#8221; the company said.
Ahead of the pre-announcement, analysts were expecting Starbucks to report fourth-quarter earnings of $1.03 per share and revenue of $9.375 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Starbucks still plans to release its audited fourth-quarter results after the market close on Oct. 30.
Starbucks said its results were primarily impacted by softness in North America revenues in the quarter, specifically a&nbsp;6%&nbsp;decline in U.S. comparable store sales, which was driven by a&nbsp;10%&nbsp;decline in comparable transactions. Additionally, China comps fell 14%, driven by an 8% decline in average ticket and a 6% decline in comparable transactions.
&#8220;Despite our heightened investments, we were unable to change the trajectory of our traffic decline, resulting in pressures in both our top-line and bottom-line. While our efficiency efforts continued to produce according to plan, they were not enough to outpace the impact of the decline in traffic,&#8221; commented Rachel Ruggeri, CFO of Starbucks.
&#8220;We are developing a plan to turn around our business, but it will take time. We want to amplify our confidence in the business, and provide some certainty as we drive our turnaround. For that reason, we have increased our dividend.&#8221;
From Last Week: <a href="https://www.benzinga.com/news/24/10/41312974/starbucks-shifts-strategy-fewer-deals-more-focus-on-quality-coffee-and-holiday-favorites">Starbucks Shifts Strategy: Fewer Deals, More Focus on Quality Coffee and Holiday Favorites</a>
Starbucks board approved an increase in the company&#8217;s quarterly cash dividend from&nbsp;57 cents&nbsp;to&nbsp;61 cents&nbsp;per share. The next dividend will be payable on Nov. 29 to shareholders of record as of Nov. 15. 
&#8220;Our&nbsp;fourth quarter&nbsp;performance makes it clear that we need to fundamentally change our strategy so we can get back to growth and that&#8217;s exactly what we are doing with our ‘Back to Starbucks&#8217; plan,&#8221; said Brian Niccol, chairman and CEO of Starbucks.
&#8220;We are energized and the team is already moving quickly. I&#8217;ll share more details at our upcoming earnings call, but invite you to listen to my initial thoughts on our <a href="https://investor.starbucks.com/ir-home/default.aspx">investor relations website</a>.&#8221;
Niccol officially <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40376234/chipotle-ceo-brian-niccol-jumps-ship-to-starbucks-6-analysts-weigh-implications-und">took over at Starbucks</a> in September. October marks his first full month as the coffee giant&#8217;s chief. Niccol previously served as Chipotle's CEO and chairman of the board. Chipotle shares more than tripled over the last five years under Niccol's leadership.
SBUX Price Action: Starbucks shares were down 3.57% at $93.36 after-hours at the time of publication Tuesday, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Guidance

After-Hours Center

SBUX

Starbucks Stock Stumbles After Company Reports Weak Preliminary Results, Suspends Guidance

Boeing Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>) will report its third-quarter 2024 earnings on Wednesday, Oct. 23, <a href="https://www.benzinga.com/earnings">ahead of the market opening</a>.
The report comes as the company continues to grapple with significant financial pressures and a high-stakes labor vote that could end <a href="https://www.benzinga.com/news/24/10/41433623/boeing-stock-rises-ahead-of-wednesdays-union-vote-will-investors-breathe-a-sigh-of-relief">a 41-day strike. </a>
The aerospace giant is expected to post an adjusted loss per share of $8.11, with revenues projected at $17.9 billion, as per <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102224&amp;t=be2bearmibe3na1">Benzinga Pro</a> estimates, underscoring the challenges Boeing faces across its commercial and defense segments.
See Also: <a href="https://www.benzinga.com/trading-ideas/technicals/24/10/41464837/stock-of-the-day-gm-earnings-fuel-breakout-shares-accelerate-past-key-resistance-level">GM Earnings Fuel Breakout, Shares Accelerate Past Key Resistance Level</a>
<h3 class="wp-block-heading">Boeing Labor Vote Could End Strike</h3>
Union members from the International Association of Machinists and Aerospace Workers (IAM 751) are set to decide whether to accept a new labor deal that could bring an end to the work stoppage. 
The strike, which began on September 13 after workers rejected a previous proposal, has halted production at key Boeing facilities and disrupted supply chains.
The latest labor proposal, announced on Oct. 19, offers wage increases of 35% over the contract's duration, which extends through September 2028. 
Workers would also receive a one-time ratification bonus of $7,000. Boeing has agreed to contribute $5,000 to employees&#8217; 401(k) plans, while also matching employee contributions up to 8% of their annual pay.
By the end of the contract, hourly wages for some of the most experienced workers could reach $70 per hour, equivalent to approximately $140,000 annually, before overtime and additional bonuses.
The proposal, however, does not include the defined benefit pension that union workers had been seeking.
If ratified, this deal could allow Boeing to resume normal operations, easing the financial strain the strike has placed on the company. 
Analysts, including Ronald J. Epstein of Bank of America, are &#8220;optimistic about members voting in favor of the deal,&#8221; given the involvement of U.S. Secretary of Labor Julie Su in negotiations.
The deal only requires a simple majority for approval, but even a narrow victory would be a critical turning point for Boeing, enabling it to refocus on production and implement broader restructuring plans, including a potential $25 billion equity raise and a 10% workforce reduction.
&#8220;If union members do agree to end the strike — the supply chain, investors, and Boeing management will share a collective sigh of relief,&#8221; Bank of America wrote.&nbsp;
<h3 class="wp-block-heading">Financial Challenges And Heavy Charges in Q3</h3>
Boeing expects results to reflect the impact of significant charges stemming from delays in key programs.
As explained by Goldman Sachs analyst Noah Poponak, CFA, the company anticipates a $2.6 billion pre-tax charge on its 777X program due to updated assessments of certification and delivery timelines. 
The first delivery of the 777-9 is now expected in 2026, while the 777-8 is pushed out to 2028. These delays, compounded by disruptions from the IAM strike, have weighed heavily on Boeing's cash flow and margins last quarter. 
In addition, the company is facing a $0.4 billion charge related to the winding down of 767 freighter production, as Boeing transitions to producing only the 767-2C model for the KC-46A Tanker program starting in 2027.
In addition, the company expects a $2 billion pre-tax charge across various defense programs, including the T-7A and KC-46A. The T-7A program is facing higher estimated costs on production contracts extending into 2026 and beyond, resulting in a $0.9 billion charge. 
Meanwhile, the KC-46A program will see a $0.7 billion charge, partly due to the decision to end 767 freighter production and the impacts of the ongoing strike.
<h3 class="wp-block-heading">Stock Performance Under Pressure</h3>
Boeing's stock has had a rough year, down 38% year-to-date, positioning the company for its worst annual performance since 2008. 
However, there have been some signs of recovery in October, with shares rising 5% so far this month, which could mark an end to a two-month losing streak.
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