For the first time in more than 30 years, Boeing Co. posted a decline in orders over a year.
Boeing (NYSE: BA) said it lost orders for 87 commercial airplanes, and it had more cancellations than orders. The plane manufacturer is dealing with the 737 Max crisis that forced the best-selling plane for the company to be grounded.
The controversy forced Boeing to part ways with CEO Dennis Muilenburg and halt production of the 737 Max this month.
To make matters worse for the company, American Airlines Group Inc. (Nasdaq: AAL) pulled the Max from its schedules until June — joining United Airlines Holdings Inc. (Nasdaq: UAL).
Money and Markets: Closing Bell*
S&P 500: 3,283 (-4 points, -0.1%)
DOW: 28,928 (+32 points, +0.1%)
NASDAQ: 9,251 (-22 points, -0.2%)
GOLD: $1,546 (-1.40, -0.1%)
BITCOIN: $8,734.71 (+539.66, +6.6%)
U.S. 10-YEAR YIELD: 1.81%
*- as of 4:16 p.m.
A Big Win
We had a couple of big wins from this morning’s Wall Street Wake-Up, including Delta Air Lines (NYSE: DAL) whose shares finished up 3.2% after the company reported strong quarterly revenues and earnings.
We also told you about GameStop Corp. (NYSE: GME) reporting sluggish holiday sales. As a result, the stock dropped 13.2%.
McKesson Corp. (NYSE: MCK) shares were up 4.8% after the pharmaceutical company raised its full-year outlook.
Finally, JPMorgan Chase & Co. (NYSE: JPM) had the best year of any U.S. bank, ever. Shares jumped 1.1% Tuesday.
M&A News
Visa Inc. (NYSE: V) is paying $5.3 billion to acquire Plaid, a fintech company. Plaid’s technology is used by payment apps such as Acorns and Venmo. Visa shares were up nearly 0.3% in midday trading Tuesday.
Golden Nuggets
Stronger global stocks pushed gold and silver down again Tuesday.
In midday trading, gold was priced at $1,542.30 an ounce, down $5.10 from the previous day. Silver was at $17.69 an ounce, down $0.22.
Cannabis Corner
Aphria Inc. (NYSE: APHA) reported a Q2 loss of $0.02 per share Tuesday, sending shares down.
The company posted revenues of $91.3 million for the quarter ending November 2019 — off about 9% from analysts’ estimates.
Shares of Aphria closed down 8.4%.
Conversely, shares of Aurora Cannabis Inc. (NYSE: ACB) closed up 5.2% Tuesday and Canopy Growth Corp. (NYSE: CGC) moved 3.2% higher.
Stock Market Update
U.S. markets were volatile Tuesday, but mostly flat.
The S&P 500 index fell 0.1%. The Dow Jones Industrial Average rose 32 points, or 0.1%, to 28,939. The Nasdaq fell 0.2%.
Today’s Big Winners:
(as of 3:29 p.m. EST)
Perrigo Company PLC (NYSE: PRGO) +11.6%
McKesson Corp. (NYSE: MCK) +4.4%
Incyte Corp. (Nasdaq: INCY) +5.1%
JPMorgan Chase & Co. (NYSE: JPM) +1.3%
Applied Materials Inc. (Nasdaq: AMAT) +0.9%
Today’s Big Losers:
(as of 3:29 p.m. EST)
Boston Scientific Corp. (NYSE: BSX) -6.3%
Wells Fargo & Co. (NYSE: WFC) -4.9%
Mercadolibre Corp. (Nasdaq: MELI) -5.9%
Martin Marietta Materials Inc. (NYSE: MLM) -4.2%
Align Technology Inc. (Nasdaq: ALGN) -3.5%
Check back for the most important news and numbers each day after the Closing Bell, only on Money and Markets.
Don’t forget about “Marijuana Markets: a POTcast,” featuring the biggest cannabis news and investment notes from Banyan Hill’s Anthony Planas, here on Money and Markets each Saturday morning.