Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 1, 2024, Winnipeg, Manitoba B6 ● WINNIPEGFREEPRESS.COM BUSINESS I STOCKS THURSDAY, AUGUST 1, 2024 New CEO named as company fails to meet dismal expectations Boeing posts more than $1.4-billion Q2 loss BOEING named a longtime aerospace industry veteran as its next chief exec- utive Wednesday, who will take over a company rocked by legal, regulatory and production problems and mounting financial repercussions. Robert “Kelly” Ortberg, a former CEO at Boeing supplier Rockwell Col- lins, will succeed David Calhoun as CEO and president effective Aug. 8, the company said. Calhoun said in March that he would retire at the end of the year and analysts generally praised the quicker transition. Boeing announced its new CEO as it reported a loss of more than $1.4 billion on falling revenue during the second quarter. The loss was wider and the company’s revenue lower than Wall Street’s dismal expectations, as both Boeing’s commercial-airplanes busi- ness and defence unit lost money. The disappointing results come at a tumultuous time for Boeing, which is the subject of multiple investigations into its safety culture and manufactur- ing quality. The American aerospace giant agreed to plead guilty this month to a federal fraud charge in connection with its 737 Max jetliner and two crash- es that killed 346 people. The Federal Aviation Administration increased its oversight of the company and limited the number of planes it could produce after a panel blew off an Alaska Air- lines Max flying at an altitude of 16,000 feet. No one was seriously hurt but the frightening incident and subsequent scrutiny have damaged Boeing’s repu- tation. In a statement issued by Boeing, Ort- berg said, “There is much work to be done and I’m looking forward to getting started.” Calhoun will serve as a special ad- viser to the Boeing board until next March. Ortberg inherits the leadership of a company facing ongoing crises and criticism from inside and outside. Boeing, based in Arlington, Va., is pushing back against whistleblower allegations of manufacturing short- cuts that crimp on safety. It is dealing with supply-chain problems that are hindering production, which it hopes to fix in part by re-acquiring Spirit AeroSystems, a key contractor. It also faces a threatened strike this fall by its largest union, the International Associ- ation of Machinists. The company is still trying to per- suade regulators to approve two new models of the Max and a bigger version of its two-aisle 777 jetliner. And it faces a multi-billion-dollar decision on when to design a new single-aisle plane to re- place the Max. The quarterly earnings reported Wednesday reflected the continuing challenges at Boeing. The reported loss of $1.44 billion for the second quarter compared with a loss of $149 million a year earlier. Since the start of 2019, Boeing has lost more than $25 billion. Revenue dropped 15 per cent, to $16.87 billion, falling short of Wall Street’s average forecast of $17.35 bil- lion. The commercial airplanes division had an operating loss of $715 million, and revenue plunged 32 per cent as Boeing delivered fewer passenger jets to airlines — 92 planes, compared with 136 a year earlier. Boeing took a charge of $244 million to cover a fine it agreed to pay as part of its plea deal with the Justice Depart- ment in connection with development of the Max. A federal judge in Texas will soon consider whether to approve the agreement, which also calls for the appointment of an independent compli- ance monitor and for Boeing to invest at least $455 million “in its compliance, quality and safety programs.” Many families of the people who died in the two Max crashes, which took place off the coast of Indonesia in 2018 and in Ethiopia less than five months later, oppose the deal and plan to ask the judge to reject it. Boeing shares rose two per cent in morning trading. — The Associated Press DAVID KOENIG LEWIS JOLY / THE ASSOCIATED PRESS FILES Robert “Kelly” Ortberg will take over as CEO and president of embattled manufacturer Boeing on Aug. 8. Rogers jumps aboard TIFF as top sponsor of film festival but not year-round events TORONTO — The Toronto Inter- national Film Festival reports it has signed up Rogers Communications as its new “presenting sponsor,” but only for the film festival itself and only for a single year. The agreement with the telecom- munications giant spans TIFF’s annual 11-day event but does not cross over to its year-round activities, or naming rights for its Toronto headquarters, unlike the arts organization’s previ- ous long-standing top partnership with Bell. TIFF’s new sponsor joins the belea- guered festival as it emerges from one of the most difficult periods in its hist- ory to launch this year’s edition Sept. 5 and mark next year’s 50th anniversary. The “people’s festival,” as it’s often called, faced a run of hurdles over the past several years as the COVID-19 pandemic knocked the sparkle out of festivities and then dual strikes by Hollywood writers and actors pre- vented many celebrities from promot- ing their projects on the red carpet and festival events. The festival runs Sept. 5 to 15 and opens with David Gordon Green’s Nut- crackers, starring Ben Stiller. — The Canadian Press DAVID FRIEND Fed Chair says fall interest rate cut could be ‘on the table’ as inflation cools WASHINGTON — Federal Reserve Chair Jerome Powell on Wednesday set the stage for the central bank’s first rate cut in four years, citing greater progress toward lower inflation as well as a cooler job market that no longer threatens to overheat the economy. Still, the Fed kept its key interest rate unchanged at a 23-year high of 5.3 per cent, despite calls from some econo- mists and Democratic politicians to implement a cut Wednesday. Instead, Powell said that, if inflation continues to fall, “a reduction in our policy rate could be on the table” when the Fed next meets Sept. 17-18. “We’re getting closer to the point at which it’ll be appropriate to reduce our policy rate,” Powell said, “but we’re not quite at that point.” A rate cut by the Fed is unlikely to have much immediate impact because it is largely expected by financial mar- kets. Yet over time, lower Fed rates should reduce borrowing costs for con- sumers and businesses, including mort- gage and auto-loan rates. Rate cuts could also bolster the economy and potentially improve Vice-President Kamala Harris’s pros- pects in the upcoming presidential elec- tion. Former President Donald Trump has said the Fed shouldn’t cut rates be- fore the election. After September, the Fed’s next meeting is two days after the election in November. In a statement Wednesday, the Fed said that “job gains have moderated” and acknowledged that the unemploy- ment rate has risen. The Fed is required by Congress to pursue stable prices and maximum employment, and the state- ment said the central bank is “attentive to the risks” to both goals. — The Associated Press CHRISTOPHER RUGABER Agnico Eagle Mines L 106.53 2.41 1,088 105.99 59.36 Alamos Gold Inc. 23.53 0.39 592 24.50 14.80 AltaGas Ltd. 32.92 0.20 791 33.07 24.67 ARC Resources Ltd. 23.89 0.93 1,521 26.17 19.02 AtkinsRéalis Group 59.48 1.28 415 60.55 37.09 Bank of Montreal 116.45 2.12 8,595 133.95 102.67 Bank of Nova Scotia 64.47 0.26 2,924 70.40 55.20 Barrick Gold Corpora 25.58 0.45 3,127 26.58 18.65 BCE Inc. 46.57 0.09 2,693 58.10 42.58 BMO MSCI EAFE Index 23.42 0.21 8 23.57 19.11 BMO S&P 500 Index ET 83.30 1.02 362 84.71 62.27 BMO S&P/TSX Capped C 30.95 0.37 74 30.75 25.04 Brookfield Infrastru 43.63 0.31 473 47.34 29.12 Brookfield Renewable 33.64 0.86 480 39.85 27.43 BRP Inc. Subordinate 100.03 0.38 179 122.20 77.42 CAE Inc. 25.12 0.31 607 33.87 23.74 Cameco Corporation 62.84 1.49 2,189 76.66 42.12 Canadian Apartment P 48.00 -0.98 745 54.60 40.52 Canadian Imperial Ba 71.40 0.40 2,926 71.50 47.44 Canadian National Ra 159.83 0.31 863 181.34 143.13 Canadian Natural Res 49.02 1.65 4,402 56.50 38.91 Canadian Pacific Kan 115.78 2.02 2,781 123.37 94.45 Canadian Tire Corpor 141.78 -1.28 721 184.04 126.25 Canadian Tire Corpor 215.00 2.00 0 297.89 202.50 Canadian Utilities L 32.33 -0.03 455 33.35 28.13 CCL Industries Inc. 75.91 0.42 0 77.15 53.01 CCL Industries Inc. 75.11 0.92 272 75.53 52.82 Cenovus Energy Inc. 27.82 0.73 3,727 29.96 19.82 CGI Inc. Class A Sub 157.43 6.93 700 160.40 129.00 Colliers Internation 186.07 0.43 160 194.25 115.00 Constellation Softwa 4356.29 109.32 41 4476.50 2585.25 Descartes Systems Gr 140.42 1.14 107 143.33 95.03 Dollarama Inc. 129.43 -1.44 491 132.23 84.19 Element Fleet Manage 26.41 -0.06 694 26.92 18.50 Emera Incorporated 49.84 0.03 2,194 53.87 43.67 Empire Company Limit 36.50 0.23 471 40.69 31.45 Enbridge Inc. 51.67 0.13 13,577 52.34 42.75 Fairfax Financial Ho 1628.23 33.98 36 1624.48 1036.96 Fairfax Financial Ho 1107.00 0.00 0 1144.11 764.34 First Quantum Minera 16.90 0.90 2,947 39.13 9.31 FirstService Corpora 240.73 -2.27 90 245.63 187.25 Fortis Inc. 57.72 0.60 1,577 57.73 49.82 Franco-Nevada Corpor 177.92 1.80 407 198.00 139.19 George Weston Limite 213.82 0.92 93 217.28 144.41 Gildan Activewear In 56.22 0.41 386 56.20 36.42 Great-West Lifeco In 41.47 -0.01 2,267 45.18 37.06 Hydro One Limited 43.27 0.18 1,205 43.17 32.79 IGM Financial Inc. 39.12 0.52 275 41.28 30.34 Imperial Oil Limited 98.91 2.38 692 101.63 68.84 Intact Financial Cor 250.90 6.22 396 246.50 188.22 iShares Core MSCI EA 38.37 0.35 322 38.77 31.30 iShares Core S&P 500 57.70 0.89 171 59.23 43.31 iShares Core S&P/TSX 36.87 0.44 233 36.67 29.75 iShares S&P/TSX 60 I 35.03 0.41 3,310 34.75 28.49 Ivanhoe Mines Ltd. 18.05 0.49 2,345 21.32 9.89 Keyera Corp. 38.95 0.03 1,088 39.27 30.08 Kinross Gold Corpora 12.55 0.45 4,578 12.86 5.91 Loblaw Companies Lim 170.25 0.85 213 171.99 110.52 Lundin Mining Corpor 13.94 0.07 4,379 17.97 8.18 Magna International 61.27 0.73 697 87.00 55.93 Manulife Financial C 36.78 0.64 7,815 37.46 23.69 Metro Inc. 82.22 0.26 259 83.16 65.43 Molson Coors Canada 74.00 0.00 0 94.63 65.00 Molson Coors Canada 72.85 -0.15 0 93.06 65.04 National Bank of Can 115.48 0.41 1,542 118.77 84.27 Newmont Corporation 67.76 2.12 301 66.91 39.96 Open Text Corporatio 43.52 0.38 439 60.00 37.92 Ovintiv Inc. 64.17 0.51 317 76.63 53.61 Pan American Silver 31.74 1.08 797 33.20 16.50 Pembina Pipeline Cor 53.51 0.31 2,178 53.36 38.79 Power Corporation of 39.96 -0.01 1,533 40.59 32.33 RB Global Inc. 109.99 0.03 223 113.58 74.04 Restaurant Brands In 96.67 0.95 732 112.12 84.73 Restaurant Brands In 97.02 2.52 0 109.74 84.00 Rogers Communication 55.87 0.37 2 64.95 50.50 Rogers Communication 53.39 0.34 1,352 64.71 48.67 Royal Bank of Canada 154.28 0.38 2,522 154.94 107.92 Saputo Inc. 31.73 0.11 453 32.15 25.28 Shopify Inc. Class A 84.56 2.56 2,733 123.20 63.16 Sprott Physical Gold 26.21 0.31 76 26.22 19.15 Sprott Physical Gold 18.99 0.35 1 19.15 14.00 Stantec Inc. 121.48 3.28 267 120.65 82.50 Sun Life Financial I 68.54 -0.59 2,604 74.94 61.84 Suncor Energy Inc. 55.14 1.92 2,997 56.69 40.01 TC Energy Corporatio 58.62 1.52 5,167 58.58 44.70 Teck Resources Limit 67.80 2.48 3 74.15 44.46 Teck Resources Limit 67.68 2.03 1,335 74.37 47.47 TELUS Corporation 22.29 0.16 2,738 25.94 20.04 TFI International In 214.91 3.23 344 220.93 144.42 Thomson Reuters Corp 223.75 1.19 355 242.92 163.01 TMX Group Limited 41.96 0.19 624 42.19 28.32 Toromont Industries 128.40 2.62 175 135.53 100.81 Toronto-Dominion Ban 81.53 0.79 5,150 87.10 73.67 Tourmaline Oil Corp. 60.75 1.57 988 74.21 53.45 Vanguard S&P 500 Ind 135.30 1.70 207 137.50 101.01 Vanguard U.S. Total 102.28 1.15 40 103.72 76.35 Waste Connections In 245.55 1.18 221 251.99 174.74 West Fraser Timber C 122.43 1.04 180 122.88 88.61 Wheaton Precious Met 82.55 0.99 1,672 86.22 52.15 WSP Global Inc. 229.34 2.83 184 230.98 174.39 VOLUME 52-WK 52-WK STOCK CLOSE CHG (000S) HIGH LOW (by market capitalization) TSX Top 100 MARK E T WAT CH Daily Mutual Movers Biggest gainers and losers base on percentage change in daily net asset value per share. Data supplied by Fundata. All Funds COMPANY CLOSE CHG Evolve NASDAQ Tec Id Hg A 20.64 4.32 IG Mac Gb Sci & Tec Fd C 44.14 3.82 Fidelity Dis Auto Cl B 9.78 3.68 Fid Japan Fund Ser B 20.44 3.51 Fid USFocStkSysCHFd A 19.48 3.37 Fid US Gr Op SCH Cl A 16.50 3.30 Fid AsiaStar Fund B 31.10 3.20 Fid USFoStkFd B 114.91 3.16 Fid USGrwOppInvTr O 19.03 3.10 Fid US Grw Opp Cl A 18.67 3.10 Fid Far East Fund B 39.87 3.04 Inv Amer Fran Fd A 23.32 3.00 Inv Amer Fran Cl A 40.60 3.00 Canadian Equity COMPANY CLOSE CHG Desj Cdn Equ Foc Fd A 25.24 1.66 Fid Con Cdn Equ Pvt Pl B 28.02 1.41 Fid Cdn Equity Priv Pl B 26.12 1.40 RBCI Eq Fd Inv 70.85 1.38 Sionna CdnEqFd A 21.16 1.37 Fid CdnFundamentalEqM-A O 15.43 1.36 DFA Cdn Vector Equ Fd A 14.93 1.35 DFA Cdn Core Equity Fd A 27.97 1.31 Desj CdnEquityFd A 10.80 1.29 SEI Cdn Equity Fd O 25.23 1.28 Inv Pure Cdn Equ Fd A 28.67 1.27 Rus Inv M-F CdnEquPool B 12.62 1.26 NEI Cdn Equ Pl I 13.39 1.25 Canadian Fixed Income COMPANY CLOSE CHG IA Wlth C Bd Pl A 11.69 0.47 Rus Inv Fx Inc Pl B 10.21 0.47 Rus Inv Cdn Fix Inc Fd O 111.42 0.46 BrgHs Cdn Bond Fd A 9.44 0.45 Rus Inv Fx Inc Cl B 11.44 0.45 En Cdn Bond Fund A 9.47 0.45 Dyn Act Core Bond Pv Pl F 8.48 0.45 Dyn Advant Bond Fd A 4.02 0.44 Fid Sys Cdn Bon Idx ETF B 8.86 0.44 Dyn Cdn Bond Fd A 4.74 0.44 NEI Fixed Income Pool I 9.09 0.44 CounselCanCoreFixIncSerO 8.97 0.44 Invsc Cdn Core +Bond Fd A 5.32 0.43 Global Equity COMPANY CLOSE CHG Canadian Dollar 40,842.79 17,599.40 DOW NASDAQ S&P 500 S&P/TSX +99.46 +451.98 +85.86 +286.14 5,522.30 23,110.81 -0.09+3.18 OIL GAS GOLD SILVER US$77.91 US$2.04 US$2,473.00 US$28.94 +21.10 +0.41 DOLLAR 72.42¢ +0.22 22,500 23,150 21,850 23,800 21,200 DAILY CLOSE, PAST 30 DAYS June July I Manitoba Stocks Ag Growth Int’l Inc. 56.97 0.15 54,192 Artis REIT 6.74 -0.05 91,271 BCE Inc. 46.57 0.09 2,692,816 Bird River Resources Inc. 0.04 0 - Boyd Group Services Inc. 231.48 3.42 130,880 Buhler Industries Inc. 2.03 0 - Delta 9 Cannabis Inc. 0.01 0 - Exchange Income Corp. 48.59 -0.28 60,786 FP Newspapers Inc. 0.50 0 - Gossan Resources Ltd. 0.04 0 - Great West Lifeco Inc, 41.47 -0.01 2,267,377 Hudbay Minerals Inc, 11.52 0.66 2,777,216 IGM Financial Inc, 39.12 -0.04 275,119 Kane Biotech Inc. 0.15 0 121,500 Medicure Inc. 1.10 -0.16 800 NFI Group Inc. 17.15 0.33 368,858 North West Co. Inc. New 44.71 0.4 77,102 Pollard Banknote Ltd. 28.21 -0.38 8,894 Winpak Ltd. 47.56 -0.21 38,520 Marwest Apartment REIT 0.709 0 0 COMPANY CLSE CHG VOL COMPANY CLSE CHG VOL Futures Trading — Grain quotes CANOLA COMPANY OPEN HIGH LOW CLOSE YESTERDAY Nov ‘24 617.70 627.60 616.90 623.90 617.70 Jan ‘25 625.40 635.40 624.70 632.00 625.00 Mar 631.90 641.80 631.40 638.80 631.50 May 637.00 645.40 634.60 642.40 634.90 Jul 641.60 647.20 640.20 643.90 635.90 Nov 611.00 611.00 609.00 609.90 604.80 Jan ‘26 - 612.20 - 612.20 607.10 Mar - 608.90 - 608.90 604.90 May - 610.90 - 610.90 605.90 Jul - 608.40 - 608.40 603.40 Nov - 605.90 - 605.90 600.90 SOURCES: THE BANK OF CANADA, FUNDATA, ICE FUTURES CANADA, CME GROUP S&P/TSX Composite Index Foreign Exchange Rates These are indicative wholesale rates for foreign currency provided by the Bank of Canada on Wednesday. Quotations in Canadian funds. Australian dollar 0.9019 Brazilian real 0.2443 Chinese renminbi 0.1913 European euro 1.4949 Hong Kong dollar 0.1768 Indian rupee 0.0165 Indonesian rupiah 0.000085 Japanese yen 0.00918 Mexican peso 0.0741 New Zealand dollar 0.8205 Norwegian krone 0.1265 Peruvian new sol 0.3709 Russian ruble 0.016 Saudi riyal 0.3681 Singapore dollar 1.0326 South African rand 0.07584 South Korean won 0.001007 Swedish krona 0.129 Swiss franc 1.5702 Taiwanese dollar 0.04222 Turkish lira 0.0417 UK pound sterling 1.7735 US dollar 1.3809 A U.S. dollar cost $1.3809 based on daily average Fidelity Dis Auto Cl B 9.78 3.68 Fid Gbl Innov CN Cl A 29.04 2.77 BMO Glo Innov FdA 15.24 2.73 Fid Glo Innovat Inv Tr O 29.83 2.41 Fid Gbl Innova Cl A 34.14 2.41 GQG PartnersGloQualityEqA 15.45 2.17 Global Iman Fund Series A 42.64 2.08 Dyn Pwr Gbl Grwth Cl A 17.01 2.08 Lys-Tri All Cou Equ Fd A 16.29 2.00 En Equity Fd A 23.51 1.99 Fid Ttl Meta ETF Fd B 13.05 1.98 Fid Founders CN Cl A 19.79 1.89 Barometer Glo Equ Cl A 18.04 1.81 These companies will have headquarters or major operations in Manitoba. Closing values are as of the end of trading. Provided by Wellington-Altus Private Wealth. ;