9:43 am: Boeing burns through $4.3 billion in cash, seeks to cut 10% of workforce as coronavirus hurts demand
Boeing posted a first-quarter loss of $641 million Wednesday and said it burned through $4.3 billion in cash during the first quarter as the company faces the coronavirus crisis and the 13-month-long grounding of its best-selling plane, the 737 Max.
The company said it is planning to reduce aircraft production, including the 787 Dreamliner, and to cut payroll by about 10% through voluntary measures and “involuntary layoffs as necessary.”
Boeing had about 160,000 employees at the end of last year. —Leslie Josephs
9:35 am: Dow surges more than 400 points as positive Gilead news lifts hope for coronavirus treatment
Stocks jumped Wednesday on the back of positive data from a potential coronavirus treatment from Gilead Sciences while investors digested a sharp drop in U.S. economic activity.
The Dow Jones Industrial Average traded more than 400 points higher at the open,…
