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Boeing aims to launch its first Starliner flight with astronauts on Wednesday, in the latest attempt to fly the long-delayed spacecraft.
The launch is scheduled for 10:52 a.m. ET from Cape Canaveral, Florida. Two NASA astronauts will be aboard the Starliner capsule, which will be carried by United Launch Alliance’s Atlas V rocket to the International Space Station.
Wednesday is the latest in a series of attempts to launch the mission, which is known as the Boeing crew flight test. On Saturday, a launch attempt was called off in the final minutes of the countdown due to a problem with one of the computer’s that provides ground support to the rocket. In early May, another attempt was called off due to an issue detected with the rocket itself.
If the launch is postponed again, Boeing has a backup opportunity scheduled for Thursday.
United Launch Alliance – or ULA, a joint venture of Boeing and Lockheed Martin – replaced the rocket’s problematic valve after the May attempt and replaced a faulty part in the ground infrastructure computer after Saturday’s attempt.
The United Launch Alliance (ULA) Atlas V rocket with Boeing’s CST-100 Starliner spacecraft sits to Space Launch Complex 41 at the Kennedy Space Center in Cape Canaveral, Florida on June 3, 2024.
NASA astronauts Butch Wilmore, left, and Suni Williams.
Credit: Kim Shiflett | NASA
Butch Wilmore and Suni Williams are flying on Starliner, with the former serving as the spacecraft’s commander and the latter as its pilot.
Wilmore joined NASA in 2000 and has flown to space twice previously on the Space Shuttle and Russia’s Soyuz. Before NASA, Wilmore was a U.S. Navy pilot.
Williams was selected by NASA in 1998 and has also flown to space twice before, on the Space Shuttle and then the Soyuz. Williams was also a Navy pilot, like Wilmore, before joining the space agency.
Boeing’s Starliner spacecraft atop the United Launch Alliance Atlas V rocket is seen on the launch pad of Space Launch Complex-41 at Cape Canaveral Space Force Station in Florida on Thursday, May 30, 2024.
Isaac Watson | NASA
Starliner launches on ULA’s Atlas V. The rocket debuted in 2002, and the Starliner crew flight test represents its 100th launch.
The capsule itself is built to carry as many as four NASA astronauts per flight and more than 200 pounds of research and cargo. The spacecraft lands using a parachute and airbag system. Starliner is reusable, with each capsule designed to fly as many as 10 missions.
Boeing’s crew flight test aims to certify the Starliner system as capable of carrying NASA astronauts to and from the ISS.
If Starliner launches on Wednesday, it will fly in space for about 25 hours before a planned docking with the International Space Station at 12:15 p.m. on Thursday. The astronauts will then spend about a week on the ISS, focused on testing Starliner, before returning to Earth.
Rendering: A spaceship
propelled with Helicity Drive.
Commercial space technology company Helicity Space has found new investment from Lockheed Martin Corp. The Pasadena-based company received an undisclosed amount of funding from Lockheed Martin Ventures.
Helicity Space closed a $5 million seed funding round in December.
Helicity is developing fusion-based propulsion and power technology that can efficiently convert electricity into plasma heating. The technology is intended to enable and advance deep-space travel. Marta Calvo, chief operations officer at Helicity, said in a statement that the company is looking to establish “fast, sustainable and safe” in-space applications.
“This investment from Lockheed Martin Ventures furthers the work Helicity Space is doing to advance nuclear fusion propulsion technology, which is critical to the future of space exploration and commerce,” Calvo said.
Helicity was co-founded in 2018 by Calvo, Stephane Lintner and Dr. Setthivoine You. The company’s core technology, called Helicity Drive, is composed of scalable, compact fusion-propulsion engines. The engines are designed for in-space propulsion and require no radioactive fuel. In addition to investment from Lockheed Martin, Helicity will be able to work alongside Lockheed’s staff.
“Lockheed Martin Ventures is looking for new and transformative technologies to ensure the U.S. and its partners always maintain the strategic advantage,” said Chris Moran, VP and GM of Lockheed Martin Ventures.“Helicity Space’s fusion space propulsion and power technology has the potential to support future deep-space missions and support our customers’ mission success.”
PUNTLAND, SOMALIA – JANUARY 29: Puntland Maritime Police Forces (PMPF) are patrolling against the recently increasing pirate attacks off the coast in Puntland, Somalia on January 29, 2024. (Photo by Abuukar Mohamed Muhidin/Anadolu via Getty Images)
Anadolu | Anadolu | Getty Images
Somali pirates are back on the attack, with piracy around the Horn of Africa rising sharply in recent months and adding to concerns for shipping vessels, government forces and private security already locked in a battle in the Red Sea with Houthi rebels.
Over the past three months, there has been more piracy in the Horn of Africa region than at any point in the last six years, according to Royal United Services Institute (RUSI), an independent think tank, with high ransoms for seafarers or vessels, and robbing of ship passengers by pirates.
Piracy off the coast of Somalia had been on the decline in recent years after peaking in 2011 when Somali pirates launched 212 attacks. The United Nations Security Council (UNSC) passed seven resolutions targeting Somalia piracy between December 2010 and March 2022, permitting foreign naval and air forces to enter and patrol Somali waters and authorizing the European Union Naval Force Operation Atalanta, working with a U.S.-led task force, to use “all necessary means to repress piracy and armed robbery at sea.”
The cost of piracy to the global economy is a steep one. A 2013 World Bank study, still widelt cited today, estimated that piracy cost the global economy around $18 billion annually.
According to the UNSC, the anti-piracy measures in place to enforce the freedom of navigation off the coast of Somalia expired quietly after its last renewal for three months after December 3, 2021.
Since last November, merchant vessels have been the target of about 20% of Somali piracy-related incidents, according to Dan Mueller, lead analyst for the Middle Eastern Region for maritime security firm Ambrey. On December 14, The International Chamber of Shipping reported the hijacking of a Handymax bulk carrier, the first successful hijacking of a vessel off the coast of Somalia since 2017. The pirates have also been attacking fishing vessels, mostly Iranian, as well as many other small boats such as skiffs.
Ocean piracy is rising across the world
Data from 2023 shows that by many key measures, piracy is on the rise in key global shipping lanes.
There were 120 incidents of maritime piracy and armed robbery against ships reported in 2023, compared to 115 in 2022, according to the annual Piracy and Armed Robbery Report of the ICC International Maritime Bureau (IMB). The IMB also found increased threats to crew safety, with the number of crews taken hostage rising from 41 to 73 in 2023, and crews kidnapped from two to 14.
A spokesperson for the International Maritime Organization (IMO) which represents the seafarer spokesperson stressed to CNBC in an email, “The entire world depends on international shipping and seafarers, and therefore ships and cargoes should not be the subject of any type of attacks. The safety of seafarers are paramount – they are innocent victims who are simply doing their jobs in very harsh conditions.”
The UNSC did not respond to CNBC’s request for comment about reinstating anti-piracy resolutions related to Somalia.
The IMO said it is working very closely with countries in the region through the Djibouti Code of Conduct to address piracy and avoid any escalation, through capacity-building, national legislation, information sharing and regional coordination.
“We are also looking the possibility of updating the IMO guidance on piracy to take into account new threats and technologies that can affect the safety of seafarers,” said a spokesperson.
A 2010 photo of an armed Somali pirate keeping vigil on the coastline at Hobyo, northeastern Somalia, while the Greek cargo ship, MV Filitsa is anchored just off the shores of Hobyo where it was held by pirates after beimng captured some 513 nautical miles northeast of the Seychelles as it was sailing from Kuwait to Durban in South Africa loaded with fertilizer.
Mohamed Dahir | Afp | Getty Images
According to maritime security firm Dryad Global, shipping from the coast of the Horn of Africa to the coast of India is considered a “high risk zone.” There are 25 countries in the region with their naval forces, but given the size of the area, the numbers are not a sufficient guarantee of safe navigation.
A slight increase in piracy has also been recorded in the Gulf of Guinea on Africa’s West Coast, where 22 piracy incidents were recorded in 2023, compared to 19 in 2022, 35 in 2021, and 81 in 2020. According to the IMB, these waters accounted for three of the four globally reported hijackings, all 14 crew kidnappings, and 75% of reported crew hostages and two injured crew in 2023.
The Singapore Straits are another area of concern due to the high number of incidents in the region. While the IMB considers these incidents low-level opportunistic crimes, 95% of the reported incidents were successful.
“Crew continue to be harmed with nine taken hostage and two threatened. Guns were reported in three recorded incidents and knives in 15,” the IMB report noted.
Maritime security efforts
To help deter piracy and enhance maritime security, vessels deploy what’s called Best Management Practice (BMP) 5 when operating in the Red Sea, Gulf of Aden, Indian Ocean, and Arabian Sea.
“Private armed security teams have proven effective alongside BMP 5 measures,” Mueller said. “An adequate citadel has proven vital to enable the crew to remain safe until military responses can be coordinated.”
Citadels are a pre-determined fortified area on a vessel built to resist pirates from gaining entry for a period of time to protect a crew.
Dozens of companies in the maritime security space could see an increase in their business as the threats against commercial shipping widen. The size of the maritime safety market has grown to keep up with the flow of trade and will grow from $19.85 billion in 2023 to $21.18 billion in 2024, according to ResearchAndMarkets.com, and is forecast to reach $25.93 billion in 2028 at a compound annual growth rate of 5.2%. The list of major companies operating in the market of maritime safety systems includes several niche players as well as major industrials and defense contractors, such as Raytheon, Honeywell International, Elbit Systems Ltd., L3Harris Technologies, Lockheed Martin, and General Dynamics Corporation.
Mueller said the Indian Navy and Coast Guard along with the EU Operation Atalanta and national counter-piracy missions are active in the region where Somali pirates have attacked.
“Indian forces have successfully operated against PAGs [pirate action group] in four boarding incidents,” he said.
U.S. and allied defense
On February 1, the Biden Administration approved a $3.99 billion sale of drones and military equipment to India to be used to augment its maritime safety and surveillance. Included in the sale, according to the State Department: 31 Sky Guardian drones, 310 small-diameter bombs, 170 Hellfire missiles, and other related support equipment.
A spokesperson for the Atalanta anti-piracy effort based out of the Rota Naval Base, Spain, told CNBC via email that the coalition of maritime forces protecting against pirates around the Horn of Africa will be enhanced.
“In a week’s time, we will have additional ships and forces deployed to the area. We will do our utmost to continue fulfilling our missions, which include the fight against piracy and the protection of Word Food Programme vessels and all vulnerable vessels in our Area of Operations against these criminal networks,” the spokesperson wrote. “We will continue to work together with our international partners to maintain maritime security.”
Atalanta includes permanent flagship vessel ESPS VICTORIA and at certain periods of time, numerous other vessels to support the operation. EUNAVFOR currently has four more ships offering support: ITS Martinengo, FS Alsace, FS Languedoc, and ITS Duilio. The spokesperson said EU member state support allows the operation to increase the number of assets very quickly, if necessary.
In response to a question from CNBC about expanding Red Sea security coverage to the Somali Coast, a U.S. Navy spokesperson wrote,“To protect operational security and the safety of our service members, we do not discuss or forecast future operations or postures.”
“What we can tell you is that Operation Prosperity Guardian (OPG) is working with participating countries to utilize increased patrols in the Red Sea to offer reassurance to the shipping industry and protect maritime traffic,” the Navy spokesperson said.
In the Red Sea, the U.S. Navy is working with allies to increase efforts to prevent Houthi rebel attacks, which are continuing despite multiple U.S. airstrikes against Houthi targets. Much merchant vessel traffic is now taking the longer transit around the Cape of Good Hope instead of transiting the Red Sea. French ocean carrier CMA CGM is among firms to fully halt its Red Sea transits, according to a person familiar with the matter. It joins shipping giants MSC, Maersk, Hapag Lloyd and others who have earlier announced they were diverting away from the Red Sea. According to Kuehne + Nagel data, almost 100% of the former Red Sea traffic has been rerouted around the Cape of Good Hope.
The Houthis most recent attacks on commercial vessels in the Red Sea this week were against a commercial container vessel and a U.S.-owned bulker vessel carrying U.S. cargo. The Houthis have attacked commercial shipping a total of 39 times.
A trader works, as a screen displays a news conference by Federal Reserve Board Chairman Jerome Powell following the Fed rate announcement, on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 31, 2024.
Brendan McDermid | Reuters
This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.
Wall Street retreats U.S. stocks lost ground on Monday and Treasury yields rose amid lingering concerns that the Federal Reserve may not cut rates as much as expected. The blue-chip Dow fell over 200 points. The S&P 500 also slumped after hitting a record high last week. The Nasdaq Composite also dropped 0.2%.
Oil’s supply crunch The oil market faces a supply crunch by the end of 2025 as the world is not replacing crude reserves fast enough, according to Occidental CEO Vicki Hollub. About 97% of the oil produced today was discovered in the 20th century, she told CNBC.
Palantir surges Shares of Palantir spiked 19%in extended trading after the company reported revenue that topped analysts’ estimates. In a letter to shareholders, Palantir CEO Alex Karp said demand for large language models in the U.S. “continues to be unrelenting.”
Red Sea tensions Higher shipping costs due to tensions in the Red Sea could hinder the global fight against inflation, said the Organisation for Economic Co-operation and Development. Clare Lombardelli, chief economist at the OECD, told CNBC that shipping-driven inflation pressures remain a risk rather than its base case.
[PRO] Banking allure The banking sector offers attractive opportunities despite an increase in volatility, according to fund manager Cole Smead. “It’s the banks that made bad decisions that are making [other] banks look attractive in pricing,” Smead told CNBC, who picked two bank stocks that are in play.
Investors are once again getting ahead of themselves on the Fed’s next move.
Markets were rattled after Federal Reserve Chair Jerome Powell reiterated the central bank is unlikely to rush to lower interest rates.
Wall Street has been parsing his hawkish comments, yet in essence what Powell said over the weekend was no different than what he shared at Wednesday’s press conference: that he wants to see more evidence that inflation is coming down to a sustainable level.
Still, the debate over the timing of rate cuts unsettled Fed watchers.
This sparked a sell-off spurred by higher bond yields. The yield on the 10-year Treasury spiked for a second day, trading around 4.163%. Typically, higher yields tend to indicate investors think the Fed will take longer to cut rates.
Fresh data out Monday also didn’t help. A new survey showed the U.S. services sector expand at a faster-than-expected clip in January.
This on top of the booming jobs report released Friday, fueled investor worries that rates may stay elevated for much longer.
Wall Street will now look ahead to the swath of Fed speakers this week. Perhaps they will shed more light on the path for rate cuts.
Citi has released a list of 20 large-cap growth stocks that it says present opportunities in the event of a pullback.
“Our call since early summer has been to hold Growth and look to buy on pullbacks,” Citi analyst Scott Chronert said in a note released Monday, adding that Citi has had a tactical preference for cyclicals. “However, on the heels of the strong Cyclicals surge during June and July, and our upwardly revised S&P 500 target of 4600, the messaging has been to buy on pullbacks more broadly,” he wrote.
Citi also notes that the Russell 1000 Growth Index RLG
has sold off more than 6% from its mid-July high, although two-thirds of the stocks in the index are down 10% or more, with one-third down more than 20%. “This sets up for interesting intermediate to long-term stock selection opportunities,” Chronert said.
The analyst acknowledged that there is still a risk of economic softening ahead, if not a recession. “Yet, the argument that Growth stocks can show fundamental resilience during periods of broader economic weakening is a theme that we have considered for several years now,” he said.
Set against this backdrop, the analyst firm has compiled a tech-heavy list of 20 stocks that have a buy rating from Citi, have at least 75% of market cap assigned to growth, according to Russell, and have experienced a decline of 10% or more from year-to-date highs since March 31. Other common characteristics of the stocks include consensus estimates of free cash flow per share above March 31 levels and free cash flow per share within or above market-implied five-year-forward estimates.
Shares of Apple, which recently launched its iPhone 15, are down 5.5% in the last three months. Shares of chip maker NVIDIA are up 2.8% over the same period, while Lockheed Martin is down 8.9% and DraftKings is up 8.6%. Las Vegas Sands is down 21.8% and Chipotle is down 8.8%, while Netflix is down 7.8%.
The Russell 1000 Growth Index has climbed down from its year-to-date highs, which Citi believes has set up a “buy growth on a pullback” opportunity. The broader growth leadership index is up 25% in 2023 on a total return basis and peaked at 34% on July 19. Since then, the index has pulled back more than 6%, with significant underlying single-stock dispersion, according to strategist Scott Chronert. Almost two-thirds of the stocks in the index have fallen 10% or more from their 2023 highs, with one-third of the names more than 20% below their year-to-date peaks. “The implication is that there has been more single-stock pressure under the surface than index price action would suggest,” Chronert wrote in a note from Friday. “Essentially, we think there is an attractive medium-term setup for Growth as we should have a decent margin of safety for fundamentals.” Citi screened for growth names to consider on a pullback. The stocks below met the following criteria: A buy rating from the firm. At least 75% of market cap assigned to growth-style per Russell. Down 10% or more from year-to-date highs (after March 31). Consensus free cash flow per share estimates above March 31 levels. FY5 free cash flow per share greater than or equal to market-implied estimates. Take a look at some of the names on the list and where analysts see the stocks headed next. Defense and aerospace company Lockheed Martin is down 18% from its 2023 high in April. In contrast, the company’s free cash flow per share consensus estimate has risen nearly $5 since the end of March. The company has struggled with supplier issues for its aircraft and reduced its full-year delivery forecast for F-35 jets earlier in the month. Shares have fallen 15% year to date. Although image-sharing company Pinterest has had a modest rally following its recent investor day, shares are still down 14% from their year-to-date highs. The stock is still up 8.8% in 2023. The company’s management is forecasting revenue expansion of about 8% this year after a slowdown in 2022 and 2023. The full-year free cash flow per share estimate has gained $2.03 since the end of the first quarter. Chipmakers Nvidia and KLA also made the list. Nvidia, which has surged more than 188% year to date, is now down 18% from its highest level in late August. While Nvidia’s monumental year-to-date rally may have some suspecting the stock is overbought, its average price target suggests shares could rally an additional 47.7% from Friday’s close. Nearly 95% of analysts covering the stock rate it a buy. Dutch-based KLA, meanwhile, has declined 14% from its 2023 peak. The stock is still more than 20% higher for the year. — CNBC’s Michael Bloom contributed to this report.
US Space Force General B. Chance Saltzman, Chief of Space Operations, testifies about the Fiscal Year 2024 Budget request during a Senate Armed Services Subcommittee on Strategic Forces hearing on Capitol Hill in Washington, DC, March 14, 2023. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images)
Saul Loeb | Afp | Getty Images
When Gen. Chance Saltzman took the stage for his keynote at the Space Symposium in Colorado Springs, Colorado, this week, his message was simple: The U.S. is in a new era of space activity.
“The threats that we face to our on-orbit capabilities from our strategic competitors has grown substantially,” Saltzman, the U.S. Space Force’s second-ever chief of space operations, said in a CNBC interview after the speech. “The congestion we’re seeing in space with tracked objects and the number of satellite payloads, and just the launches themselves, have grown at an exponential rate.”
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“I want to make sure that we are thinking about our processes and procedures differently,” he said in an interview for CNBC’s “Manifest Space” podcast, his first broadcast interview since becoming the service’s highest-ranking military official last November.
The message comes at a key moment as space rapidly commercializes and a heightened geopolitical backdrop increasingly sees threats extending beyond Earth to a domain for which rules of engagement remain unclear.
Follow and listen to CNBC’s “Manifest Space” podcast, hosted by Morgan Brennan, wherever you get your podcasts.
Military experts say space is likely to be the front line in any future conflicts – a battlefield that could extend to the private sector and impact civilians in real time. Look no further than Russia’s invasion of Ukraine as an example: Recall the unprecedented cyberattack on the European communications network of U.S. satellite operator Viasat just as Russian soldiers mobilized to cross sovereign boundaries.
Saltzman said the space-based tactics of adversaries like Russia and China run the gamut, from the communications jamming of the GPS constellation; to lasers and “dazzlers” that interfere with cameras on-orbit to prevent imagery collection; to anti-satellite missiles like the one Russia tested in late 2021.
“We’re seeing satellites that actually can grab another satellite, grapple with it and pull it out of its operational orbit. These are all capabilities they’re demonstrating on-orbit today, and so the mix of these weapons and the pace with which they’ve been developed are very concerning,” he said.
It speaks to why, despite a wave of fervent debate, the Space Force was briskly stood up in 2019 as the first new branch of the U.S. armed services in seven decades.
To respond to evolving threats and secure space assets more quickly, Saltzman is looking to further augment the service’s capabilities to make satellite constellations more resilient and acquire more launch services by tapping into a burgeoning cadre of commercial space players.
Case in point: the Space Force’s recently announced procurement strategy for more launch services. The new “dual-lane acquisition approach” is intended to create more opportunities for rocket startups to compete for national security launch contracts.
With business to be awarded next year, the National Security Space Launch Phase 3 is estimated to run into the billions of dollars and is expected to draw bids from the likes of Rocket Lab, Relativity Space and Jeff Bezos‘ Blue Origin, among others. Phase 2 awards went to SpaceX and United Launch Alliance, a joint venture of Lockheed Martin and Boeing.
An expanding budget helps, too. While still just a fraction of the country’s overall defense budget, the Space Force’s $30 billion request for fiscal 2024 represents a 15% increase from this year’s enacted levels.
“This is a team sport and none of us is going to be successful going in alone,” Saltzman said.
“Manifest Space,” hosted by CNBC’s Morgan Brennan, focuses on the billionaires and brains behind the ever-expanding opportunities beyond our atmosphere. Brennan holds conversations with the megamoguls, industry leaders and startups in today’s satellite, space and defense industries. In “Manifest Space,” sit back, relax and prepare for liftoff.
Despite last week’s market tumble, there are some stocks that are in overbought territory. The S & P 500 tumbled 2.7% for the week , its biggest weekly decline since December. Concerns over persistent inflation and the prospects of higher rates for longer dented investor sentiment. The core personal consumption expenditures index — the Federal Reserve’s preferred inflation measure — rose more than expected in January . The data sparked a broad market sell-off, with the S & P 500 losing 1%. .SPX 5D mountain Tough week for stocks Still, investors should consider easing exposure to names that are still overbought. They can gauge this with the relative strength index, which measures a stock’s momentum. A stock is considered overbought if its 14-day RSI goes above 70. This indicates that it may be overextended after a strong run. Meanwhile, a stock with a 14-day RSI under 30 is considered oversold, meaning it may want more to that name. CNBC Pro screened for S & P 500 stocks in overbought territory, using the relative strength index. Here are the top 10. Insurance company Arch Capital topped the list, with an RSI of 87.7. The stock bucked the broader market negative trend’s last week, advancing 2%. Year to date, Arch Capital is up 10%. The stock is well liked by analysts, with nearly 80% rating it a buy. PepsiCo also made the list. Its 14-day RSI came in at 70.7. The stock was a relative outperformer last week, losing just 0.2%. Still, only one-third of analysts covering the snack and beverage giant rate it a buy. Defense contractors Northrop Grumman and Lockheed Martin also made the list. Northrop’s RSI came in at 72.7, while Lockheed’s was 70.6. CNBC Pro also screened for S & P 500 stocks in oversold territory. Here are the top 10. Topping the oversold list is First Republic , with an RSI of just 10.3. The stock is well liked by analysts, receiving buy ratings from 52% of those covering it, and the average price target implies upside of 19% over the next 12 months. To be sure, First Republic shares are down 1.2% year to date, lagging SPDR S & P Regional Banking ETF (KRE) — which is up 5% in 2023. Lumen Technologies also made the cut, with an RSI of 13.13. To be sure, the stock is not liked by analysts with just 14% of them rating Lumen as a buy. Earlier this month, Lumen issued weaker-than-expected adjusted EBITDA guidance for 2023. Its full-year outlook for free cash flow was also well below expectations. Other stocks that made the list include Alaska Air , Abbott Laboratories and Weyerhaeuser .
Cal-Maine Foods — Cal-Maine shares shed 15% after reporting earnings that fell short of Wall Street’s expectations even as the egg producer reported record sales. The company said the avian flu outbreak limited supply and pushed prices up.
Lockheed Martin — The defense contractor’s stock rose nearly 1% following news that its Sikorsky unit is contesting a U.S. Army helicopter contract awarded to Textron. It said proposals for the $1.3 billion contract were not evaluated fairly. Textron shares were last up 1.9%.
Tesla — Tesla shares gained more than 7% after selling off during the previous sessions and 37% this month. The stock’s headed for one of its worst months, quarters and years ever.
Apple — The iPhone maker’s stock rose more than 3% after hitting its lowest level since June 2021 earlier in the week.
General Electric — Shares rose 1.7% amid news that General Electric’s health-care spinoff will join the S&P 500 when it starts trading separately on Jan. 4. GE Healthcare will replace Vornado Realty Trust, set to join the S&P MidCap 400.
ImmunoGen — Shares added 6.2% after the biotechnology company announced CFO Susan Altschuller would not return from her time off. Renee Lentini, the vice president and chief accounting officer, was named interim CFO. The stock initially dropped in premarket trading.
German lawmakers have given the go-ahead for a series of defense procurement projects, including the purchase of Lockheed Martin F-35 fighter jets, as Berlin begins to spend a huge fund to strengthen the country’s military
BERLIN — German lawmakers on Wednesday gave the go-ahead for a series of defense procurement projects, including the purchase of Lockheed Martin F-35 fighter jets, as Berlin begins to spend a huge fund to strengthen the country’s military.
Germany in mid-March announced plans to replace aging Tornado bomber jets with 35 F-35A Lightning II aircraft capable of carrying nuclear weapons. That was one of a series of projects worth a total of nearly 13 billion euros (nearly $13.8 billion) that have now been approved by parliament’s budget committee.
Air force commander Ingo Gerhartz said that pilot training on the F-35s will start in 2026 and the first planes should come to Germany in 2027.
The German military has no nuclear weapons of its own, but as part of the system of nuclear deterrence developed during the Cold War it maintained bombers capable of carrying U.S. atomic bombs, some of which are stationed in Germany.
The budget committee, which has to approve any military procurement project larger than 25 million euros, gave the green light for eight projects in total on Wednesday. They also included the purchase of new assault rifles and radio systems and an upgrade to Puma armored personnel carriers.
Much of the funding comes from the 100 billion-euro fund to upgrade the military that Chancellor Olaf Scholz announced days after Russia invaded Ukraine in February and that parliament approved in June.
Defense Minister Christine Lambrecht dismissed suggestions that the government had been too slow to get going on its defense spending drive. She said officials have moved fast but that “such projects must be carefully negotiated — this is tax money.”
Officials acknowledge that the German military, the Bundeswehr, has for years suffered from neglect and in particular from aging, poorly functioning equipment. Scholz’s center-left Social Democrats and the main center-right opposition party, which led the government for 16 years under ex-Chancellor Angela Merkel, have blamed each other for that.
