On this edition of Stock Movers:
- Boeing (BA) shares are higher after the planemaker said it’s made more progress in the past four to five months on the long-delayed new presidential aircraft than at any point in the last four years as it identifies ways to streamline the complex program. “As we go forward, we have been able to see our way through some of these requirements that were just physically impossible to do,” Steve Parker, the interim head of Boeing’s defense business, told journalists at the Paris Air Show on Monday. “We’re just making really, really good progress.” The pair of new Air Force One jets have suffered cost overruns and delays because of the complexities associated with building an aircraft that needs to perform secure missions, withstand possible missile attacks and function as a de-facto White House in the sky.
- Roku (ROKU) shares jumped after the company announced a partnership with Amazon Ads, saying that advertisers will now have access to more than 80% of US households with connected TV though the Amazon DSP marketing tool. The partnership “enhances addressability” across services including the Roku Channel, Prime Video and other companies’ streaming platforms, according to the statement announcing the move.
- American Express (AXP) shares are up after it teased updates coming later this year to its travel-focused Platinum credit cards, announcing what it called its “largest investment ever” in a credit-card refresh. “We’re going to take these cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel,” Howard Grosfield, Amex’s group president for US consumer services, said in a statement Monday. Amex raised its Platinum card annual fee to $695 in July 2021, when it also added $200 in annual hotel credits. Since then, the New York-based company has faced intensifying competition for premium credit-card customers, including from JPMorgan Chase & Co.’s Sapphire Reserve card and Capital One Financial Corp.’s Venture X Rewards card. The Amex update will apply to both the US consumer and business Platinum cards, the company said. It didn’t provide more specifics on what changes are coming.
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