The Boeing Company (NYSE:BA) Chief Executive Dennis Muilenburg faced another round of tough questions
Boeing Chief Executive Dennis Muilenburg faced another round of tough questions on Wednesday, with lawmakers calling out the aerospace giant for not holding top leaders accountable after two deadly crashes.
The second round of congressional hearings into the Boeing 737 MAX again probed details of the accidents, but featured a more pointed focus on Muilenburg’s responsibility for the tragedies.
Lawmakers asked Muilenburg why he had not resigned or taken a pay cut. In 2018, Muilenburg’s total compensation package was $23.4 million, according to a securities filing.
“Why are you not giving up any money?” demanded Representative Steve Cohen, a Tennessee Democrat.
Muilenburg said that his pay was set by the board of directors.
“You’re saying you’re not giving up any compensation?” Cohen said. “After these two horrific accidents that caused all these people to disappear, to die, you are not taking a pay cut. You are not accountable.”
The exchange was among the most tense during a House hearing on the MAX, the aircraft involved in Lion Air and Ethiopian Airlines crashes that claimed 346 lives. It has been grounded globally since March.
Earlier this month, Boeing ousted commercial plane chief Kevin McAllister, the first major departure following the accidents.
The company also stripped Muilenburg of his title as chairman.
Muilenburg said he had not offered his resignation after the tragedies.
“These two accidents happened on my watch. I feel responsible to see this through,” he said.
“I grew up in a farm on Iowa and my Dad taught me that you don’t run away from challenges and this is a challenging situation,” he said. “My responsibility is to stick to it and to help our team work through it and to get Boeing ready for the future.”
Muilenburg pointed to the loss of the chairman title as an example of accountability and said he agreed because it gave him more time to focus on returning the MAX to service.
“I am responsible. I am also accountable,” Muilenburg said during an exchange with Democratic Representative Rick Larsen of Washington,
“As additional reviews are complete, we’ll take additional actions,” Muilenburg said. “The flying public deserves safe planes.”
Overall, the bias in prices is: Downwards.
Note: this chart shows extraordinary price action to the downside.
By the way, prices are vulnerable to a correction towards 357.68.
The projected upper bound is: 365.86.
The projected lower bound is: 326.83.
The projected closing price is: 346.35.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 4 white candles and 6 black candles for a net of 2 black candles. During the past 50 bars, there have been 25 white candles and 24 black candles for a net of 1 white candles.
A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 63.4084. This is not an overbought or oversold reading. The last signal was a buy 5 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 41.24. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 6 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -32. This is not a topping or bottoming area. The last signal was a buy 4 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 26 period(s) ago.
Rex Takasugi – TD Profile
BOEING CO closed down -2.870 at 346.060. Volume was 34% below average (neutral) and Bollinger Bands were 48% wider than normal.
Open High Low Close Volume___
345.790 350.000 343.350 346.060 546,521
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 344.19 365.61 369.34
Volatility: 52 35 35
Volume: 1,139,253 816,064 992,071
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
BOEING CO is currently 6.3% below its 200-period moving average and is in an downward trend. Volatility is high as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of BA.N at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on BA.N and have had this outlook for the last 16 periods.
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