Fast Food Not So Fast Today; “Grossly Negligent” BP; Bloomberg’s Baaaack

Supersize that?

Image courtesy of rakvatchada torsap/FreeDigitalPhotos.net

Image courtesy of rakvatchada torsap/FreeDigitalPhotos.net

Hungry? Well if you want something quick, it’s probably best to skip the fast food today because it will be anything but. That’s because from coast to coast, in 150 cities, hundreds of fast-food workers are on strike, rallying and, in some cases, getting arrested all in an effort to get unionized and a $15.00 minimum wage. McDonalds, whose workers were certainly well-represented in today’s today protests, tried to explain that the company does not actually set the wages in its 3000 franchises, which might (or might not) put a crimp in the workers’ arguments. However, you can be sure that if the fast-food workers are successful, those increased wages will be passed onto you. Or cut into the companies’ profits or both. But if you suddenly find that you’re paying a whole lot more for your fast-food burger, then at least you’ll know the reason why.

Guilty…

Image courtesy of suwatpo/FreeDigitalPhotos.net

Image courtesy of suwatpo/FreeDigitalPhotos.net

“Grossly negligent” were just a couple of the un-endearing words used to describe energy giant BP, as New Orleans US District Judge Carl Barbier handed down a guilty verdict to the company which bears the dubious distinction of having caused the biggest US offshore oil spill. Ever. Naturally, BP is appealing on the basis that the ruling “does not support the evidence” used in other trials (note the plural) against the energy company. Hmmm. That catastrophic spill cost the lives of 11 individuals and under the Clean Air Act, provided BP is unsuccessful in its appeal, the company will have to pay $4,300 per spilled barrel. Multiply that by an estimated 4.2 million barrels of oil and BP could be liable to pay up to $18 billion. That’s in addition to the tens of billions of dollars the company had to pay up from some of those other trials and tens of billions of dollars it had to pay for other expenses related to the disasterBut don’t feel so bad for them as that settlement will be divvied up (though not equally) between BP, Halliburton and Swiss company, Transocean.

Welcome back, Mr. Mayor…

Image courtesy of hywards; FreeDigitalPhotos.net

Image courtesy of hywards; FreeDigitalPhotos.net

Former NYC Mayor Michael Bloomberg is going back to work. Even though he said he had no plans to go back to his namesake company, Bloomberg LP, he just couldn’t resist the pull of his old digs. I suppose it helps that he happens to own 88% of the company. CEO Daniel Doctoroff, who has been at the helm since 2008, will sit on the Bloomberg throne until the end of the year. Founded in 1981 as a way to provide real time information to traders and investors, the company is currently valued at a whopping $30 billion. Under Doctoroff’s leadership, the company pulled in over $9 billion in revenue this year. Not bad for a guy whose last name is not Bloomberg.

 

Hamas Terrorists/Murderers Win Big Over the FAA, Boeing Not Up Up and Away and Facebook Sooo High Up

Yes, the terrorists have won…

Image courtesy of FrameAngel/FreeDigitalPhotos.net

Image courtesy of FrameAngel/FreeDigitalPhotos.net

It looks like the murderous terrorist Hamas organization scored a major victory against the world, and the US commercial airline industry as it got the FAA to ban flights to Israel. All major carriers including Delta and United Airlines have canceled flights because they are concerned that bloodthirsty Hamas will bring down aircraft with its never-ending supply of missiles obtained with lots of assistance from its nuke-happy friends in Iran. It’s a curious ban since there isn’t one in place for Afghanistan, Pakistan or Yemen – which begs the question as to whether or not the ban was really born out of safety concerns or just blatant run-of-the-mill anti-Semitism and sympathy for terrorists. Hmmm. The ban is expected to reduce revenue for airlines by tens of millions of dollars –  if not more. A major coup for Hamas, no doubt. But at least former New York City Mayor Michael Bloomberg who knows a things or two about money and politics, showed some major falafel balls by coming to Israel on an El Al flight to show solidarity for a country that is under constant attack by butchers whose sole purpose in life is to murder every single Jewish person on the planet.

Not exactly taking off?

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Image courtesy of Stuart Miles/FreeDigitalPhotos.net

Aerospace and defense company Boeing released its earnings today and all I can say is: Wow. “Wow” for two very distinct reasons. Reason number one is that the Chicago, Illinois-based company pulled in a profit of over 50% with a net income of close to $1.7 billion and $2.24 earnings per share. Boeing didn’t just beat the Street’s estimates it pummeled them. As for “wow” reason number two: The stock isn’t soaring, flying high or (insert any number of aviation-related analogies here) despite its amazing profits. That’s because Boeing’s $22.04 billion revenue was lower than Wall Street’s $22.3 billion estimate. Potatoes. Puhtatoes, I know, but still, when Wall Street has expectations, you best meet them. The company delivered 181 new aircraft this year – a 7% increase –  with over 780 more in the works. It’s all very promising but Wall Street wasn’t as smitten with the fact that the company got a one-time $524 million tax-cut that helped bring in that profit. It probably also didn’t help that Malaysia Airlines flights 370 and 17 were both Boeing jets.

“Like”

Image courtesy of Master isolated images/FreeDigitalPhotos.net

Image courtesy of Master isolated images/FreeDigitalPhotos.net

But guess who did soar? Facebook. Okay so that’s not exactly shocking news. Maybe just a little bit to the investors who were a tad bit skeptical over Facebook’s lack of mobile ad revenue. But it looks like this quarter cleared up those concerns as the social media giant is up over 60% propelled by those very ads and the cash they are bringing in – even as I write this. Analysts expected sales of $2.8 billion but hellooooo – this is Facebook we’re talking about and it pulled in more – $2.9 billion, naturally. Net income was up over $790 million and $.30 a share. That’s way more than double from a year ago. And with 1.5 million advertisers, and over 1.3 billion users, Facebook and its investors have a lot to “like.”