Boeing's wallet takes a nosedive

Boeing sees free cash burn in 2024 as deliveries remain sluggish, Lotto Powerball has jackpotted to $30 million this weekend, 2 Cheap Cars has reported a record annual net profit after tax of $6.2 million, anti-Israel boycotts hurting McDonald’s and KFC in Asia, Tesla slashes Model Y production in Shanghai, and NZ ministers give more detail on new social housing plans.

May 25, 2024

Good Morning,

Boeing sees free cash burn in 2024 as deliveries remain sluggish, Lotto Powerball has jackpotted to $30 million this weekend, 2 Cheap Cars has reported a record annual net profit after tax of $6.2 million, anti-Israel boycotts hurting McDonald’s and KFC in Asia, Tesla slashes Model Y production in Shanghai, and NZ ministers give more detail on new social housing plans.

Let's jump in.

Before The Bell

Markets

  • An uncertain New Zealand sharemarket followed a sharp fall on Wall Street, now losing faith in an early interest rate cut, with a small loss after a late recovery in the day (GR)

  • Rising US debt burden spooks some bond investors ahead of November election (RT)

Earnings and Data

  • Used-car dealer 2 Cheap Cars has reported a record annual net profit after tax of $6.2 million, up 383% despite a slight dip in vehicle sales (NBR)

News Summary

  • US Space Force looks to tie in allies, including New Zealand (RNZ)

  • Ministers give more detail on new social housing plans (RNZ)

  • Consumer confidence rises but still below long-term average (RNZ)

  • MFAT cuts spending by less than 1 percent (RNZ)

  • Schools hit by wave of winter illnesses, worsening teacher shortage (Herald)

  • Wellington Harbour search for man who fell off ferry continues, police seek public information (Herald)

  • Lotto Powerball has jackpotted to $30 million this weekend (Herald)

  • Air New Zealand passengers in five-hour ordeal as Dunedin flight turns back to Auckland (Herald)

  • The Ministry for Culture and Heritage is slashing 17.6% of jobs (Herald)

  • Man behind A$395m NDIS investment fraud gets 12 years in prison (AFR)

  • Elon Musk’s X accountable for hate speech posts in Australia: ruling (AFR)

  • Anti-Israel boycotts hurting McDonald’s, KFC in Asia, Mideast (BBG)

  • Canva goes after Adobe users with work tools to speed up growth (BBG)

  • Boeing sees free cash burn in 2024 as deliveries remain sluggish (RT)

  • North Korea preparing to launch military satellite, South says (RT)

  • Live Nation 'suffocates its competition,' US says in monopoly lawsuit (RT)

  • Exiled Chinese businessman's $1 bln fraud trial to begin in US (RT)

  • Greenpeace activists climb up building near TotalEnergies HQ ahead of shareholder meeting (RT)

  • Tesla slashes Model Y production in Shanghai (RT)

  • JPMorgan to pay $100 million over CFTC trade reporting violations (RT)

Deal Flow

Investments / M&A

  • HMC Capital has kicked off its push into the private credit sector with a A$127.5 million buyout of Melbourne’s Payton Capital (AFR)

Daily Picks

  • Rapper Sean Kingston arrested in California after SWAT team raids his Florida home (Herald)

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