Turkish Airlines has placed an order for five Boeing Co. 777-300ER jetliners. The order is valued at $1.36 billion at list prices. The airline currently operates a fleet of 65 Boeing planes, including leased 777-300ERs. The 777-300ER can seat up to 365 passengers on flights up to 9,100 miles. As of April 28, Boeing had 7 net orders for 2009, not including the Turkish Airlines’ order. At that time, Boeing had received 40 gross orders but logged in cancellations for 33 aircraft orders.
Airbus cuts rate for A380 deliveries
Airbus said Wednesday it would postpone deliveries of some of its superjumbo A380 aircraft from 2009 to 2010 as a result of weaker demand amid the economic crisis. Airbus now will deliver 14 A380 aircraft in 2009 instead of the 18 it had predicted in January. As a result, in 2010 it will deliver more than the previously expected 20 A380 aircraft, the company said in a statement, without providing a specific number. Airbus confirmed that it would stick to its objective to deliver 483 aircraft in 2009, the same number as in 2008, the statement said.
Cisco earnings fall 21 percent
Cisco Systems Inc. said Wednesday that earnings fell 21 percent in its latest quarter, but the profit comfortably beat Wall Street expectations amid signs that the market is stabilizing. Chief Executive John Chambers said customers are “finally seeing something reasonably solid underneath their feet,” and the company itself has seen order rates apparently bottom out. The world’s largest maker of computer networking gear posted a profit of $1.3 billion, or 23 cents per share, for the fiscal third quarter, which ended April 25. That was down from $1.8 billion, or 29 cents per share, in the same quarter last year. Excluding the cost of stock-based compensation and other items, Cisco’s earnings were 30 cents per share, 5 cents above the average forecast of analysts polled by Thomson Reuters.
About 12 big banks need more reserves
Government stress tests are expected to show that nearly a dozen of the nation’s largest banks do not have enough money to survive if the economy worsens and will need to raise billions of dollars as a precaution. Findings of the government’s long-awaited tests of 19 banks leaked out Wednesday, ahead of an announcement. Investors cheered reports that American Express, JPMorgan Chase and Bank of New York Mellon have enough to endure and even pushed up the stocks of banks that may need capital. But the public nature of the assessments also raised questions among some critics about whether the findings will reflect the banks’ actual conditions. The tests put banks through two scenarios: one that reflected expectations about the current recession and another that envisioned a recession deeper than what analysts predict.
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