WASHINGTON – Homebuilders are feeling increasingly pessimistic about their industry, more evidence that the economic recovery is slowing.
The National Association of Home Builders said Monday that its monthly reading of builders’ sentiment about the housing market sank to 14 – the lowest level since March 2009. Readings below 50 indicate negative sentiment about the market.
The weak job market and an increasing number of foreclosed properties have prompted builders to limit construction of new homes. A modest revival in sales over the past year ended in May after federal tax credits expired at the end of April.
Emirates Airline orders 30 more Boeing 777s
FARNBOROUGH, England – Planemaker Boeing Co. unveiled more than $12 billion in new aircraft orders during the first day of the Farnborough International Airshow in Britain, the largest aerospace trade event of the year.
Chicago-based Boeing announced an order for 30 Boeing 777-300ERs with a list price of $9.1 billion from Emirates Airline. The rapidly expanding Dubai-based carrier is the world’s largest 777 operator with a fleet of 86 of the long-range twin-aisle planes and an additional 16 of the planes previously on order.
From wire reports
• The long-planned breakup of Motorola Inc., one of the founders of the U.S. electronics industry, came a step closer Monday with a deal to sell most of its wireless networks division. The deal to sell the division for $1.2 billion to Nokia Siemens Networks, a Finnish-German joint venture, sets Motorola up to separate its cell phone manufacturing operations from the police radio business early next year.
• Halliburton Co. on Monday reported an 83 percent surge in second-quarter profits. The results beat Wall Street expectations, and shares rose more than 5 percent.
• IBM Corp. jacked up its 2010 guidance Monday on the technology company’s belief that it can wring more profit from its workhorse services and software divisions. IBM’s second-quarter profit topped Wall Street’s forecasts, but revenue fell short.
• Delta Air Lines Inc. reported its largest quarterly profit in a decade. The world’s largest airline said its second-quarter net income was $467 million, or 55 cents per share. That reversed a year-ago loss of $257 million, or 31 cents a share. Delta’s revenue rose 17 percent.
Click here to comment on this story »