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Starbucks Shanghai stores reopen American Airlineraisevenue

2022-06-09 13:23

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Starbucks Shanghai stores reopen, American Airlines raises revenue guidance, Boeing redesign delayed

Yahoo Finance Live checks out several stocks tied to leading industry stories, including American Airlines decision to raise guidance amid the current travel boom and Boeing facing a two-year delay for its 737 jetliner re-designs.

SEANA SMITH:Its time for our triple play here with 30 minutes to go until the closing bell. Three stocks that we are watching. My play, American Airlines. Lets take a look at this because, certainly, a tough day for the airliner. The stock off just around 7 and 1/2%. This comes after the company updated its guidance. Now American Express-- American expects capacity will be toward the low end of its prior guidance. And a big reason for that is the staffing issues. Now they simply dont have enough pilots.

The shortage has left all airlines scrambling for solutions. American expects available seat miles to drop 7% to 8% from 2019 levels. Its previous forecast was a 6% to 8% decline. And Pras, we talk about, obviously, they are not the only ones that are struggling with the pilot staffing issues. United coming out earlier this week with a plan of hopefully addressing the shortage. But certainly, a concern here for so many of those companies.

PRAS SUBRAMANIAN:Yeah, you know, and its funny. You go to an airport now-- its completely slammed with travelers trying to board their flights. Youre hearing about flight cancelations because of these lack of pilots. I think Americans doing a bus service from Allentown to Philadelphia to kind of alleviate some of that traffic in that area. So its really kind of a wild time in the airline industry.

Sticking with airlines and Boeing, today, CEO Dave Calhoun said the company was not going to actually work on a new narrowbody jet for the next, at least, two years, talking about how the development of engine program costs too much money. Its not worth the trouble at this point. Meanwhile, a lot of their clients are clamoring for new airplanes because they want to get more people on those planes.

So, right now, theyre saying they want to kind of focus on getting the Dreamliner out, get that production back up, and also working on that backlog of 737 MAxs that are sitting in these warehouses, and they cant deliver enough of them. And Dow Jones just posted that theyre having an issue. They had to pause production. They have so many 737 MAXs sitting around an airfield.

JARED BLIKRE:Theyve had several-- theyve had too many 737 MAXs around for years. Its amazing, the hangover from that problem that they-- Im glad they were able to address it. But it looks like theres still evidence coming out that the regulatory authorities were in not the best of sites with some of the upper management there. So I think that investigation is going to be really interesting to see that ongoing here.

I want to change gears here and talk about Starbucks because they are reopening their Shanghai stores. This is the third day. Theyre not fully letting people inside the stores just yet. Its mainly digital. But I think theyve almost opened 600 of 940, something like that. I do have a quote, I think, from one of the representatives there. They said theyre reopening its Shanghai stores after a wave of COVID-19 infections and government lockdowns hurt their business in this key Chinese market.

Now, Ive already gone here, and I cant read that, but if you could just scroll down there. Thank you so much. All right, we have a spokeswoman. She said this might-- Starbucks is moving quickly to restart business in this country, as of just the third day of Shanghais official reopening. Most stores are offering mobile ordering only. But the company said its working to begin in-store dining soon. We will continue to reopen the rest of our store portfolio, with most of our stores providing mobile ordering only. We are also working with the local authorities to gradually resume indoor dining as soon as possible, Seana.

SEANA SMITH:Yeah, I mean, we know that China is so critical for Starbucks. In their most recent earnings report, they were saying that the same store sales in China was down 23% while they were closed down because of COVID. So, certainly a step in the right direction. 600 of their over 900 stores in the region reopening. Hopefully, theyll be able to stay open because thats a big question mark going forward.

PRAS SUBRAMANIAN:Yeah, and a lot of questions about how closed down, really, is China. How bad is it out there? And for instance, the Tesla and auto plants, their workers staying there, I think, through June. So well see whats going to happen with that. At least, thats good news for the Starbucks roasteries.

JARED BLIKRE:Yeah, it is. And the whole reopening thing, thats great. But youve got to wonder how much demand has been-- will be pulled forward because this is their second major lockdown. So I think its going to be interesting to see how this plays out.

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