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Tourney nets $401,500 for Summit Foundation
Chattanooga businessman John “Thunder” Thornton, former Tennessee Volunteers football head coach Phillip Fulmer and Chattanooga surgeon Dr. Rob Headrick helped lead the effort to raise $401,500 for the Pat Summitt Foundation earlier this month at the Chattanooga Golf and Country Club.
Since its founding in 2011 when Pat Summit announced her illness, her foundation has worked to advance research and treatment options for those suffering with Alzheimer’s disease by raising over $13 million. Summitt, renowned eight-time national champion head coach for the Tennessee Lady Volunteers’ basketball team, is one of the winningest women’s basketball coaches ever in the NCAA.
Thornton, CEO of Chattanooga-based Thunder Enterprises, and Fulmer were introduced by Summitt.
“After Summitt was diagnosed, she looked to do something bigger and make a difference, and this foundation is working towards that,” Thornton said in a statement.
Fulmer has been working with the Tennessee Alzheimer’s Association for 25 years, and Thornton has served on the Pat Summitt Foundation board previously along with years of supporting its work. Fulmer and Thornton developed the Pat Summitt Invitational, an annual golf tournament held in Chattanooga to assist the foundation’s fundraising efforts.
First Republic shares drop 60% this week
First Republic Bank’s stock slid again Wednesday and an ongoing rout has erased 60% of its value just this week on concerns about the bank’s financial health in the wake of two other bank collapses.
Shares slumped almost 30% following an even more severe tumble the previous day after the bank revealed depositors withdrew more than $100 billion last month after the collapse of Silicon Valley Bank and Signature Bank.
The bank said late Monday that it was only able to stop the bleeding after a group of large banks stepped in to save it by depositing $30 billion in uninsured deposits.
The San Francisco bank plans to sell off unprofitable assets, including low interest mortgages it provided to wealthy clients. It also has plans to lay off up to a quarter of its workforce, which totaled about 7,200 employees at the end of last year.
With deposits fleeing, First Republic was forced to borrow from federal programs to shore up its balance sheet. The interest the bank has to pay on those funds is much steeper than what it has to pay out on deposits, and the added expense will reduce net income.
Citi analyst downgraded First Republic on Wednesday, saying in a note to clients that there’s still a large level of uncertainty in outcomes and expected losses beyond the next year.
Boeing losses bigger than Street forecasts
Boeing lost $425 million in the first quarter — more than Wall Street expected — but said Wednesday that it plans to boost production of its best-selling plane, the 737 Max, later this year.
Revenue rose 28% from a year earlier, as airlines scooped up new jets to meet rising travel demand, and the company stood by its forecast of producing $3 billion to $5 billion in cash flow this year.
Shares of Boeing rose nearly 5% before settling to close up less than 1%.
CEO David Calhoun called it a “solid first quarter.”
“We continue to make real progress, steady progress, in our recovery,” he said on a call with analysts. “Challenges remain, there’s more to do, but overall we feel good about the operational and financial outlook.”
Boeing’s passenger jets have been plagued by production problems, and the quarterly loss was due largely to the cost of reworking planes to fix production flaws. It also took a write-down for a military tanker.
Calhoun said again that Boeing will delay deliveries of some planes that airlines were expecting for the busy summer travel season. The delays are due to unapproved fittings that a contractor, Spirit AeroSystems, installed where the tail meets the fuselage on most 737 Max jets built since 2019.
Pilgrim’s Pride profits down from a year ago
Pilgrim’s Pride Corp. on Wednesday reported earnings of $5.2 million, or 2 cents per share, in its first quarter.
Although the company showed improvements from the fourth quarter, the poultry processor said it earned $280.4 million, or $1.15 per share, in the first quarter of 2022.
The Greeley, Colorado-based company said quarterly earnings so far this year, adjusted for non-recurring costs, were 8 cents per share.
The poultry producer posted revenue of $4.17 billion in the first quarter of 2023, which was was down slightly from a year ago.
“Despite improving market fundamentals during the quarter, business conditions remained difficult given elevated input costs, persistent inflation and ample protein availability,” Pilgrim’s Pride CEO Fabio Sandri said. “Nonetheless, our team members’ relentless determination supported an improvement in margins relative to the prior quarter in all geographies.”
Pilgrim’s Pride has more than 62,000 employees at facilities in 14 states, including more than 1,000 employees at its plants in Chattanooga.
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