UPS; UAL; USAir; JetBlue; Wachovia; WaMu
UPS; the world's largest package-delivery company,
said despite +6.7% revenue; Q2 profit fell 21% as fuel costs rose and the cooling economy damped domestic shipments.
CFO Kurt Kuehn: "Slow U.S. economic activity and fuel-price increases hit us and our customers during the quarter."
Domestic next-day air shipments fell 6.1%, the 2nd straight decline. Average daily U.S. volume dropped -1.3% and
is expected to decline another 2% in the 2nd half of this year.
UAL, worlds #2 airline; $2.7 billion loss; will cut 13% or 7000 jobs; jet-fuel expense climbed 53%.
US Airways $567 million loss; will start charging $2 for beverages including coffee, bottled water and soda on Aug. 1.
It already has fees of $15 to check one bag and $25 for a second. All inflight movie equipment will be removed from planes to save fuel.
JetBlue Airways $7 million loss as revenue climbed 18%, said it plans
to cut seating capacity by 10% in September to counter record fuel prices and deferred delivery of 10 Embraer E190 regional jets.
CEO Dave Barger: "We currently do not plan to grow in 2009."
Wachovia, #4 US lender, a record $8.9 billion loss;
the 1st time the bank posted consecutive losses in over 20 years; $6.1 billion charge tied to declining asset values.
$4.5 billion in reduced value of commercial loans; slashed the dividend 87% and eliminated 6,350 jobs.
14% of Wachovia's option-ARM customers have zero or negative equity in their homes.
WaMu, the biggest US S&L; a $3.3 billion loss with estimates of another $13 billion in write downs to come...
cost of uncollectible loans +58% to $2.2 billion; provisions for losses $5.9 vs 3.5 billion...
The Nattering One muses... Amex Airline Index up 18% and DJIA jumped +135 on all this "great" news.
We have three words for you: Sell into "strength".
said despite +6.7% revenue; Q2 profit fell 21% as fuel costs rose and the cooling economy damped domestic shipments.
CFO Kurt Kuehn: "Slow U.S. economic activity and fuel-price increases hit us and our customers during the quarter."
Domestic next-day air shipments fell 6.1%, the 2nd straight decline. Average daily U.S. volume dropped -1.3% and
is expected to decline another 2% in the 2nd half of this year.
UAL, worlds #2 airline; $2.7 billion loss; will cut 13% or 7000 jobs; jet-fuel expense climbed 53%.
US Airways $567 million loss; will start charging $2 for beverages including coffee, bottled water and soda on Aug. 1.
It already has fees of $15 to check one bag and $25 for a second. All inflight movie equipment will be removed from planes to save fuel.
JetBlue Airways $7 million loss as revenue climbed 18%, said it plans
to cut seating capacity by 10% in September to counter record fuel prices and deferred delivery of 10 Embraer E190 regional jets.
CEO Dave Barger: "We currently do not plan to grow in 2009."
Wachovia, #4 US lender, a record $8.9 billion loss;
the 1st time the bank posted consecutive losses in over 20 years; $6.1 billion charge tied to declining asset values.
$4.5 billion in reduced value of commercial loans; slashed the dividend 87% and eliminated 6,350 jobs.
14% of Wachovia's option-ARM customers have zero or negative equity in their homes.
WaMu, the biggest US S&L; a $3.3 billion loss with estimates of another $13 billion in write downs to come...
cost of uncollectible loans +58% to $2.2 billion; provisions for losses $5.9 vs 3.5 billion...
The Nattering One muses... Amex Airline Index up 18% and DJIA jumped +135 on all this "great" news.
We have three words for you: Sell into "strength".
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