What a September. The Yankees fade during the stretch and don't make the play-offs. And Yankee Stadium, The House That Ruth Built, has closed, forever. Meanwhile, the stock market frequently looks like it wants to close.
Well, at least Boeing (NYSE: BA) is doing well. No, wait, Boeing too is closed, temporarily, due to a strike.
And now there's word that Boeing will reassess its 787 Dreamliner delivery schedule for the Japanese market once the ongoing strike ends, Reuters reported Tuesday.
Analysts fear that a failure of Boeing and the International Association of Machinists and Aerospace Workers to reach an agreement that has idled 27,000 machines could further push-back the 787's delivery timetable. The IAM strike began September 6. Boeing has already delayed delivery of its next-generation 787 airplane by 18 months. Boeing's shares rose $1.52 to $56.99 Tuesday afternoon amid a broader market rally.
Not a September Sinatra would sing about
"I guess this September was meant to be a month with all bad news, because it certainly seems that way," Stock Analyst C. Leonard Bauer said. "Boeing was one of the few bright spots on a pretty dismal domestic economic landscape. Great new products, solid orders, a good future for the company and the stock. But then management and the union can't agree on compensation. Pretty sad."
Bauer predicted that Boeing and the IAM will have "about three or four weeks more to come to terms" before airlines start to reschedule or cancel orders for the 787, under the assumption that Boeing will have to push-back its delivery timetable for the plane. Bauer added that he does not have a rating on or own shares in Boeing.
Bauer said Boeing and the union "need to come to their senses."
"It's not as if there isn't an alternative plane out there. Airbus has the A350. The 787 is a superior plane. It's more fuel efficient. It has more creature comforts. It's cheaper," Bauer said. "But in the airline business, what counts is good planes that are delivered within a reasonable time table, and right now Boeing and the union are pushing the patience limits of the airlines."
Boeing & Economic Analysis: The eternal optimist in yours truly would argue that the worst news is behind us, from a financial and business standpoint, were it not for the Congressional stalemate on the bailout bill and the fact that the next month is October.
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