The Street
The Street
  • 4 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Southwest Airlines is making big changes.

Category

🥇
Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange. Here's what we're watching on the street today. An economic surprise on Thursday
00:06could offset earnings angst one day after the biggest stock market sell-off in a year and a half. The U.S. economy
00:13expanded at a 2.8 percent annual rate during the second quarter
00:17according to gross domestic product figures released by the Commerce Department.
00:21Economic growth showed a healthy uptick from the 1.4 percent rate seen the prior quarter.
00:26Earnings season, however, remains a concern for Wall Street.
00:30There was a huge earnings miss at Ford and profits at American Airlines slumped 46 percent.
00:37Sticking with airlines for the first time in its 50-year history,
00:42Southwest Airlines is ditching open seating. The airline says,
00:46quote, the research is clear and indicates that 80 percent of Southwest customers and
00:5286 percent of potential customers prefer an assigned seat.
00:56When a customer elects to stop flying with Southwest and chooses a competitor,
01:00open seating is cited as the number one reason for the change.
01:05Southwest is also shaking up the passenger experience in other ways.
01:08It is redesigning the inside of the plane to create premium seating with more legroom,
01:13which of course means higher ticket prices. In addition, it will start flying red-eye overnight flights for the first time as well.
01:20The changes come amid
01:22intense competition across the airline industry with a glut of airline seats chasing increased demand. In its latest quarter,
01:30Southwest posted a 51 percent drop in profit.
01:34That'll do it for your daily briefing from the New York Stock Exchange. I'm Conway Gittins with The Street.

Recommended

2:01
I
Up next
Southwest Airlines reveals how new boarding process will work
The Street
1:54
Spirit Airlines won’t file for bankruptcy
The Street
1:51
Major U.S. airlines sue DOT over new transparency rules
The Street
1:45
United Airlines is switching up its boarding process to save time
The Street
2:08
Delta customers sue for refunds over flight cancellations
The Street
1:51
Delta delays and cancellations cost company $500 million
The Street
1:52
Delta officially sues CrowdStrike over July meltdown
The Street
1:51
Biden Administration introduces “fee-free family seating” proposal
The Street
2:06
U.S. airlines push for fewer flights to China
The Street
1:59
Another Boeing plane was found to have structural issues.
The Street
1:43
Boeing pleads guilty to defrauding the FAA
The Street
0:36
'We Watch Where Taylor Goes Because Our Demand Booms:' Taylor Swift's Eras Tour Sparks 25% Flight Demand Surge For United Airlines
Benzinga
2:05
Boeing strike to continue after union rejects latest offer
The Street
1:58
32,000 Boeing employees may go on strike
The Street
1:56
Delta turns profit in Q3, but hurt by CrowdStrike glitch
The Street
2:01
Boeing withdraws pay raise offer to striking workers
The Street
2:02
Boeing workers vote to accept new deal
The Street
1:59
33,000 Boeing workers hit the picket lines
The Street
1:37
Southwest Flight Cancellations: Latest From Company, FAA, Ted Cruz
The Street
1:53
More affluent Americans are living paycheck to paycheck
The Street
2:01
Boeing increases offer to striking workers
The Street
2:10
Wizz Air introduces $550 “all you can fly” subscription
The Street
1:57
Boeing implements hiring freeze amid strike
The Street
2:01
Boeing door incident causes hundreds of flight cancellations
The Street
1:46
Threatened flight attendant strike could impact your next trip on American Airlines
The Street