InvestorsHub Logo
Followers 689
Posts 143817
Boards Moderated 35
Alias Born 03/10/2004

Re: None

Thursday, 02/04/2021 1:45:30 PM

Thursday, February 04, 2021 1:45:30 PM

Post# of 7084
Boeing to Cut 10% of IT Staff by Outsourcing to Dell
By: TheStreet | February 4, 2021

• Boeing will outsource the majority of its IT needs to Dell, a move that will eliminate about 600 jobs at the Chicago aerospace giant.

Boeing (BA) will start outsourcing a significant amount of its information technology work to Dell Technologies (DELL), a move that will eliminate 600 jobs at the Chicago aerospace giant.

The eliminated jobs represent about 10% of Boeing's IT staff, according to a message that Susan Doniz, Boeing's vice president for IT and data analytics, sent to employees, according to the Seattle Times.

Most of the affected employees are not unionized, Doniz said. They must find different work within the company, apply to work for Dell, or be laid off.

Boeing shares at last check were up 2.1% to $211.69. Dell traded up 1.3% at $78.76.

Boeing eliminated 20,000 jobs companywide last year and said it has plans to reduce headcount by another 11,000 this year.

“This is a change we would have made even without a global pandemic,” Doniz said, according to the Seattle Times. She also said the coronavirus pandemic "certainly quickened our pace."

The company did not specify where most of the layoffs would be initiated, but the Seattle Times suggested the biggest layoffs could come at major Boeing offices in the Puget Sound region, St. Louis and Charleston, S.C.

Last week, Boeing was double-upgraded to overweight from underweight at Morgan Stanley, with analyst Kristine Liwag calling the Chicago aerospace giant "a covid-19 recovery play with upside."

She lifted her share-price target to $230 from $165.

Boeing got all the bad news out in its “kitchen sink” earnings report in January, sending earnings estimates down and providing a “clear runway for Boeing” stock, Liwag said.

Read Full Story »»»



DiscoverGold

Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
• DiscoverGold

Volume:
Day Range:
Bid:
Ask:
Last Trade Time:
Total Trades:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
Recent BA News