Aerospace Industry Sees Gradual Recovery Thanks to Low Cost Airlines, According to Bear Stearns; Could a Production Shift be in Store for Boeing?Business Editors NEW YORK--(BUSINESS WIRE)--June 3, 2002 A new Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. survey of 50 airlines and leasing companies finds low cost carriers have largely paced a gradual recovery in the aerospace industry. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the study by Bear Stearns aerospace analyst Steve Binder binder: see combine. An earlier Microsoft Office workbook file that let users combine related documents from different Office applications. The documents could be viewed, saved, opened, e-mailed and printed as a group. , traffic trends are slowly beginning to improve, with the declines diminishing in the U.S., picking up in Europe and strengthening in Asia. However, yields remain weak, with selected improvement cited in parts of Asia and in Europe. Binder expects the world's airlines will order only 500 planes this year, roughly half the annual rate of previous years. But of those planes, nearly 300 will come from the low cost carriers. "Low cost carriers have already accounted for 70% of total order activity this year," Binder said. "The low cost carriers are simply prospering." Easyjet and Ryanair placed two big orders this year. Binder predicts the low cost carriers will account for 20% to 25% of the manufacturers' deliveries by 2005, compared to roughly 10% this year. According to Binder, Boeing (BA) should be able to capture about half of the annual deliveries in 2003 and 2004. He also believes Boeing's narrowbody 737NG and 777 programs will ultimately make up a bigger part of the company's sales. In fact, Binder estimates these two programs will account for about 80% of Boeing's volume in 2005 compared to 55% in 2002. To learn more, or to speak with Steve Binder, members of the press may contact Monica Orbe at 212-272-9294 or morbe@bear.com. Founded in 1923, Bear, Stearns & Co. Inc. is a leading worldwide investment banking and securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the and brokerage firm, and the major subsidiary of The Bear Stearns Companies Inc. (NYSE NYSE See: New York Stock Exchange :BSC (Binary Synchronous Communications) See bisync. ). With approximately $31.1 billion in total capital, Bear Stearns serves governments, corporations, institutions and individuals worldwide. The company's business includes corporate finance and mergers and acquisitions, institutional equities and fixed income sales, trading and research, private client services, derivatives, foreign exchange and futures sales and trading, asset management and custody services. Through Bear, Stearns Securities Corp., it offers prime broker and broker dealer services, including securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. . Headquartered in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , the company has approximately 10,500 employees worldwide. For additional information about Bear Stearns, please visit the firm's Web site at http://www.bearstearns.com. |
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