Boeing’s Starliner Flight Was Postponed. What Happens Now?
After years of delays and a bungled first mission, the aerospace giant postponed a flight to the International Space Station
When Boeing Co. will attempt to launch its Starliner space taxi to the International Space Station remains unclear after its engineers detected a problem with valves on a propulsion system on the vehicle.
The launch of the aerospace giant’s Starliner capsule was scheduled for Aug. 3, but officials decided to postpone the flight because some valves on a Starliner propulsion system weren’t properly configured, according to the National Aeronautics and Space Administration.
Officials had said they could try to fly the vehicle to the space station on Aug. 4, but later nixed that possibility, saying engineers needed time to assess what happened with the valves.
Boeing has faced problems with the Starliner before. A botched effort in late 2019 dented the record of a company that has been at the forefront of U.S. space exploration, including the Apollo missions to the moon. The Starliner is the latest of an array of new rockets, capsules and other vehicles aimed at furthering U.S. ambitions in a new space race to the moon, Mars and beyond.
The Starliner would give the U.S. more options to reach low earth orbit and the space station. U.S. astronauts had to hitch rides on Russian Soyuz spacecraft to get there following the retirement of the Space Shuttle in 2011. NASA opted to outsource a replacement through its Commercial Crew Program and picked Boeing and Space Exploration Technologies Corp., the formal name for Elon Musk’s SpaceX, to provide space taxi services.
The CST-100 Starliner was slated to deliver more than 400 pounds of NASA cargo and crew supplies, and bring back material including oxygen tanks. A mannequin named Rosie the Rocketeer was also expected to be on board.
How can I watch the Starliner launch?
NASA plans to live stream the Starliner launch from the Cape Canaveral Space Force Station in Florida when the flight occurs.
NASA has said the Starliner mission is expected to run five to 10 days in all. The Starliner is expected to return to Earth at a facility in the White Sands Missile Range in New Mexico.
Wasn’t this supposed to launch on Tuesday?
The flight was postponed because of an issue with some valves in a vehicle’s propulsion system, the company and NASA said.
Boeing said its engineers conducting prelaunch checks of the Starliner initially detected the issue after electrical storms on Monday near the launch site.
Officials had scheduled the flight to begin July 30 but postponed it from that date after a Russian space vehicle mistakenly fired its thrusters while attached to the International Space Station the day earlier, forcing the facility into a tilt.
What went wrong with the 2019 mission?
The first uncrewed Starliner test flight in December 2019 failed to reach the space station. A software error left the spacecraft in the wrong orbit, ground controllers had difficulty communicating with the vehicle and another computer problem affected its thrusters. The spacecraft returned safely to Earth after two days, though NASA said it could have made it to the space station if astronauts were on board.
Boeing and NASA have completed multiple reviews and tests ahead of the latest launch. Working under a fixed-price contract with NASA, Boeing took a $410 million charge to pay for the second test mission, and will ferry the cargo to and from the space station for free.
When will the Starliner carry astronauts?
Before the Starliner can carry astronauts to the space station, Boeing needs to complete the test flight without crew members on board. A second Starliner capsule has been meant to carry astronauts to the space station as early as November, if the testing goes as planned and NASA certifies the Starliner. The reusable spacecraft is designed to fly 10 times and can be refurbished in six months.
How does it compare to the SpaceX Crew Dragon capsule?
The Starliner can carry seven astronauts or a mix of crew and cargo. It is launched on the same Atlas V series rockets developed by the joint venture between Boeing and Lockheed Martin Corp. that are used for military satellites. The spacecraft is autonomous, though there are backup controls that allow it to be piloted. It is designed for land-based returns, descending under parachutes, with air bags to cushion the landing.
The SpaceX Crew Dragon has carried cargo to the space station since 2012 and took its first astronauts to the space station in May 2020. The fully autonomous Dragon is launched on the SpaceX Falcon 9 rocket and has seven seats, though like the Starliner only four are used for NASA missions. It is designed to land under parachutes in the ocean.
What else does Boeing do in space?
Boeing is one of the world’s largest space companies, with analysts estimating annual revenue of around $6 billion from the business last year. It has already helped refurbish the International Space Station this year and builds a range of satellites.
It is a pivotal year for Boeing’s space ambitions. Beyond the Starliner, it makes the main body of the Space Launch System, an enormous deep space rocket that will carry astronauts. After years of delay, a ground test in March paved the way for a potential launch by the end of the year as part of NASA’s Artemis moon exploration program.
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- Stock down 6.9% yesterday
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- Glaxo Anemia and Covid Data Key Events in 2H21
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- Delivery Hero (DHER TH) +1.5%
- Delivery Hero Reinstated Buy at Goldman; PT 185 euros
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- Voestalpine 1Q Ebitda Beats Estimates
- ArcelorMittal (ARRD TH) +1.3%
- BMW (BMW TH) +1%
- TeamViewer (TMV TH) +1%
- MorphoSys (MOR TH) -1%
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DAX:
- Delivery Hero (DHER TH) +1.5%
- Delivery Hero Reinstated Buy at Goldman; PT 185 euros
- BMW (BMW TH) +1.2%
- Siemens Energy (ENR TH) -1.1%
- Siemens Energy Specifies Lower Margin Guidance After Gamesa Miss
MDAX:
- Varta (VAR1 TH) +1.9%
- Aixtron (AIXA TH) +1.9%
- Evotec SE (EVT TH) +1.2%
- Hugo Boss (BOSS TH) +0.7%
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- Lufthansa (LHA TH) +0.7%
- China’s Air Travel Recovery Hit as Carriers Scrap Flights Again
- Commerzbank (CBK TH) -0.3%
- Commerzbank 2Q Revenue Misses Estimates
- MorphoSys (MOR TH) -1%
SDAX:
- VERBIO Vereinigte (VBK TH) +4.2%
- Stock gained 7% yesterday
- Schaeffler (SHA TH) +4.1%
- Schaeffler Boosts FY Adjusted Ebit Margin Forecast
- Grenke (GLJ TH) +3.2%
- Grenke Maintains FY Net Income EU60M to EU80M
- ADVA Optical (ADV TH) +1.9%
- Eckert & Ziegler (EUZ TH) +1.4%
- Deutsche PBB (PBB TH) +1%
Credit and PE are ‘next frontiers’ for quants, Man Group CIO says
Sandy Rattray predicts ‘invasion of quants’ will reach markets typically traded by humans
The quantitative investment industry is set to push deeper into previously inhospitable markets like corporate debt and private equity, shaking up areas dominated by human financiers, according to Man Group’s Sandy Rattray.
The UK hedge fund’s chief investment officer, who is retiring later this year after three decades in the industry, argues that despite ups and downs over his career, the “invasion of quants into fund management has been unstoppable”.
Rattray said the coming decade will see quants, which use data and systematic computer-driven models to make investment decisions, seizing more territory in areas of finance long considered treacherous terrain for algorithmic strategies.
“Markets have in almost every area become significantly more quantitative, and that will probably continue. There are some holdouts, but they are also going to fall eventually,” he said in an interview with the Financial Times. “People in finance seem to think it’s somehow exceptional, but it’s just another industry, and all industries are going to become much more technology and data-driven.”
The crown jewel of Man Group is its systematic, computer-powered AHL unit, whose assets under Rattray’s stewardship climbed from $11.9bn at the end of 2013, when he was made its chief executive, to $50.7bn this year. In 2017 he was made CIO of Man Group overall, and has helped the group’s total assets under management rise to a record $135bn.
Rattray joined Man in 2007, before which he was one of Goldman Sachs’s top equity derivatives strategists. There, he led the overhaul of the Vix volatility index to create derivatives based on the “fear gauge”. That has made him one of the industry’s best-known names. “Sandy is a quant’s quant,” said Mark Anson, the head of Commonfund, a non-profit investment group that manages $26bn on behalf of foundations and charities.
Over the course of Rattray’s career, one of the biggest transformations has been the speed and cost of trading, and the broader investment industry’s embracing of more quantitative approaches. “Twenty years ago, if you had talked to a fund manager about an earnings yield factor they’d look at you like you had two heads,” he said, referring to one of many varieties of data that quant funds input into their investment decisions.
The next two corners of finance to feel the invasion of quants will be the corporate bond market — where systematic strategies are now beginning to spread — and private equity, Rattray predicts.
“If I had my time again, I think being a quant in private equity would be a good place to be. Private equity has been a big supporter of tech businesses, but they’re about as un-tech savvy as you can imagine in their own businesses,” he said.
Private equity investments may be lumpy and it is almost impossible to systematise untraded markets, but there is still plenty that the buyout industry can learn from the quantitative world, Man’s retiring CIO argued.
“You can relieve private equity managers of a lot of the manual, boring stuff they do by making algorithms do it, such as modelling companies, getting peer data in or analysing industry trends,” he said.
An example of this is a massive database, created by Man Group, that mapped out business-to-business relationships of companies across the world, so it could see how news ripples through the entire supply chain. “That was incredibly useful in the public markets, and would be incredibly useful in private markets as well,” Rattray said.
For the quant industry itself, he thinks the next big frontiers will be improving how well machines analyse text, rather than just numbers, and harnessing the potential power of machine learning, another field of artificial intelligence.
Rattray points out that the volume of textual data is exploding, and machines are gradually getting better at sifting it for profitable trading patterns. “They’re all right at it today, but the next frontier is them getting really good at it,” he said. “Machines can’t read bond prospectuses as well as a human. But they might eventually get there, and when they do, the good news is that they never get tired or bored of reading them.”
Machine learning has been one of the most hyped areas in finance, and Rattray admits that Man Group has had both successes and failures in the field. Its machine learning strategies were tripped up in the Covid-triggered market tumult last year, yet he remains “absolutely convinced” that it will play a big role in the future of investing.
“What has taken us so far is very simple, linear models, and markets are not linear,” he said. “I think there’s still room for better models, but it’s generally a bunch of steps forward and then something goes wrong.”
Another area that has changed radically since Rattray started his career is how people with scientific and computing backgrounds are paid compared with well-heeled investment bankers and trader jocks. “Thirty years ago quants weren’t well paid, but they’re making top dollar now,” he noted.
Despite that, Rattray is leaving his post to pursue a degree in architectural history and cultivate his passion for Scandinavian modernism. “It’s a way to stretch my mind in a different direction,” he said. “After that I don’t know what I’ll do. If I lack imagination I might end up back in finance, but that’s not the plan.”
Short sellers double bets against China Evergrande’s bonds
Investor sentiment sours further against hugely indebted property developer facing cash crunch
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International investors have more than doubled their bets against under-pressure developer China Evergrande’s bonds, in a sign of market sentiment souring further on one of Asia’s most prominent dollar borrowers.
The face value of Evergrande bonds that have been lent out to other investors has risen close to $400m, more than twice what it was at the start of June, according to data from Markit.
Almost $170m of the company’s $2bn bond that matures in 2022 is out on loan, up from $50m at the start of the year. The bond was trading at 57 cents on the dollar on Wednesday, compared with almost par in May.
The data serves as a proxy for bearish bets against Evergrande. Investors short bonds by borrowing and selling them, hoping to buy them back later at a cheaper price and return the bond to its original holder having pocketed a profit.
The investor moves against Evergrande have coincided with a traumatic period for the business and China’s other massively indebted developers.
Evergrande has sought to reduce its vast debts as part of a state-ordered deleveraging effort across the sector. But the developer has been besieged by an almost daily stream of incidents that have raised concerns about its financial health, including asset freezes and sales suspensions on some pre-sold developments.
Evergrande had Rmb674bn ($104.3bn) of interest-bearing liabilities as of March. Its shares are down 64 per cent this year.
China is the second-largest dollar corporate bond market in the world at $425bn, trailing only the US, according to Bank of America, with more than half of its $100bn high yield market trading at distressed levels. Evergrande makes up 6 per cent of the Bloomberg Barclays Asia High Yield index.
Markets were already on edge this year after the default of China Fortune Land Development, which included BlackRock and HSBC funds among its investors, as well as delays in the release of bad debt manager China Huarong Asset Management’s financial results. Bank of America analysts warned in July that the potential for strain in the Chinese market to ricochet across the globe “represents the most significant risk to global credit markets at this point”.
Evergrande is not the only Chinese developer being targeted by short sellers. Bonds issued by Yuzhou Group Holdings and Shimao Group Holdings that have been loaned out are up from less than $200m at the start of June to $280m and over $400m, respectively.
This year, investors in Chinese developer bonds have on average lost 13 per cent versus losses of 2.7 per cent across the entire Asian high yield market, according to Barclays data.
“Investors have had to rethink their views about the sector,” said Avanti Save, head of Asia credit strategy at Barclays, adding that the Chinese government “wants [its] contribution to the economy to be less than it has been in the past”.
Investors had piled into Chinese real estate via dollar-denominated bonds market on the back of rapid urbanisation across the world’s most populous country. The high yields available also offered an attractive alternative to low interest rates in the west.
But the government’s “three red lines” policy, which aims to limit developer borrowing according to a trio of balance sheet metrics, has signalled Beijing’s concerns over debt and raised questions over its future role in the economy.
>>> Up
* Fortum PT Raised to 30 euros from 23 euros at Berenberg
* Fortum PT Raised to 30 euros from 23 euros at Berenberg
* Sonova Raised to Buy at Bank Vontobel; PT 430 Swiss francs
>>> Down
>>> Down
* Acea Cut to Add at Intesa Sanpaolo; PT 22.80 euros
* Infineon Cut to Hold at Liberum; PT 36 euros
* Legrand Cut to Hold at Berenberg; PT 100 euros
* Prima Industrie Cut to Add at Intesa Sanpaolo; PT 24.30 euros
>>> Initiation
* Aberdeen Standard Rated New Outperform at RBC; PT 140 pence
* Prima Industrie Cut to Add at Intesa Sanpaolo; PT 24.30 euros
>>> Initiation
* Aberdeen Standard Rated New Outperform at RBC; PT 140 pence
* Cairn Energy Re-Initiated Hold at Peel Hunt; PT 130 pence
* Cherry Rated New Buy at Hauck & Aufhaeuser; PT 48.50 euros
* Delivery Hero Reinstated Buy at Goldman; PT 185 euros
* Hutchmed China ADRs Rated New Buy at China Merchants; PT $54.60
* OX2 Rated New Buy at ABG; PT 81 kronor
* Traton Rated New Buy at LBBW; PT 32 euros
>>> Call
>>> Call
* Fortum, Verbund PTs Upped on Carbon Price Bullishness: Berenberg
* Legrand in ‘Great Shape,’ But Limited Upside Risk: Berenberg
* Legrand in ‘Great Shape,’ But Limited Upside Risk: Berenberg
Asian stocks edged up Wednesday as concerns over China’s latest technology clampdown eased and as traders weighed the spread of the delta strain of Covid-19. The dollar dipped.
Hong Kong stocks rallied after Chinese state media tempered language attacking gaming companies, bolstering Tencent Holdings Ltd. Shares slipped in Japan, where SoftBank Group Corp. retreated on a potential block of its $40 billion sale of Arm Ltd. to chip company Nvidia Corp. U.S. equity contracts fluctuated in the wake of a record S&P 500 close on robust earnings. Investors continue to assess regulatory risks in China as Beijing pushes on with a crackdown on technology giants. Alibaba Group Holding Ltd.’s revenue missed estimates for the first time in over two years, a sign of the clampdown’s toll.
The 10-year U.S. Treasury yield held its retreat, while Japan’s 10-year yield fell to zero for the first time since December. Oilweakened toward $70 a barrel. The delta strain is exacerbating concerns that the rebound from the pandemic is losing steam. New Zealand jobs data strengthened rate-hike bets, bolstering its currency and sapping the 10-year bond.
Solid earnings have propelled U.S. and European shares to all-time highs, weathering the spread of the more contagious Covid-19 variant as well as a burst of inflation attributed to pandemic-linked bottlenecks. In comparison, the mood in Asia is more somber amid China’s regulatory broadsides and lagging vaccination rates that are delaying economic reopening across the region.
US After Hours : INSP +13.3%, GDOT +8.5%, PAYC +6.4%, COUR +4.1% higher on earnings; CDLX -20.3%, LPSN -14.7%, AYX -6.9%, SPWR -5.8% lower on earnings; CHNG -7.4% falls on TheInfo report that DOJ may sue to block acquisition
Nikkei -0.24% Hang Seng +0.99% CSI +0.64% Shanghai +0.69% Shenzen +1.35%
Eur$ 1.1872 CNH 6.4582 CNY 6.4615 JPY 109.08 GBP 1.3925 CHF 0.9036 RUB 72.89 TRY 8.3945 WTI$ 70.35 -0.28% Gold 1812.59 +0.12% BTC 37850 -215 ETH 2490 +5
S&P -0.03% Nasdaq +0.14% EuroStoxx +0.39% FTSE +0.16 Dax +0.37% SMI +0.30%
Macro :
- UK To Advise 16 and 17-Year-Olds to Get Covid Vaccine:Telegraph
- La Liga Agrees to sell 10% stake to CVC Capital for ~$3b: NYT
Spacs :
- Cohen SPAC Is Said to Merge With Business Services Firm Pico
Keep an eye on :
Keep an eye on :
- MT NA : ArcelorMittal CEO Says Steelmaker Faces Difficult Transition in Cutting Emissions
- CNE LN : Cairn Energy a Hold at Peel Hunt, Sees Visibility Improving
- CBK GY : Commerzbank Sticks to Revenue Target After Missing Estimates
- COR PL : Corticeira Amorim 1H Net Income Rises 15% to EU39.4M (1)
- CSGN SW : Credit Suisse To Face Trial Over Mozambique Deal, FT Says
- CSGN SW : Credit Suisse To Face Trial Over Mozambique Deal, FT Says
- EVD GY : CTS Eventim to Develop EU180m Multipurpose Arena in Italy
- BN FP : Danone Delves Into Hidden Plant World in Search of Health Foods
- DOCS LN : Dr. Martens Former CEO David Suddens Offers Shares: Terms
- DWF LN : DWF Group Holder Equiniti Financial Services Offers 13.4m Shares
- NEXI IM : Nexi to Buy 51% of Alpha Merchant Acquiring Business for EU157m
- GAM SW : GAM Holding 1H Net Outflows Investment Mgmt CHF2.2B
- GLJ GY : Grenke Maintains FY Net Income EU60M to EU80M
- HAG GY : Hensoldt Maintains FY Adjusted Ebitda Margin About 18%
- BOSS GY : Hugo Boss Sees Recovery Continuing in 2H, Affirms July Forecast
- IMCD NA : IMCD 1H Operating Ebita EU192.3M Vs. EU131.4M Y/y
- JDEP NA : JDE Peet's 1H Revenue Meets Estimates
- MOCORP FH : Metso Outotec 2Q Sales Miss Estimates
- NOEJ GY : Norma 1H Revenue EU568.1M Vs. EU445M Y/y
- PST IM : Poste Italiane 2Q Net Income Beats Estimates
- RHM GY : Rheinmetall Prelim 1H Sales EU2.58B
- RHM GY : Rheinmetall Piston Writedown Shows Combustion Auto Slide: React
- RILBA DC : Rilba 1H Core Earnings DKK727M Vs. DKK530.0M Y/y
- RNBS SS : RNB Retail and Brands Considers Converting Bonds Into Shares
- ROG SW : SoftBank Is Said to Build $5 Billion Stake in Pharma Giant Roche
- RR/ LN : Langley Holdings in Pact to Buy Bergen Engines From Rolls-Royce
- SESG FP : SES Sees FY Adj Ebitda EU1.08B to EU1.10B, Saw EU1.06B to EU1.1B
- SHA GY : Schaeffler Boosts FY Adjusted Ebit Margin Forecast
- ENR GY : Siemens Energy Specifies Lower Margin Guidance After Gamesa Miss
- STM FP : Lattice Semi 3Q Revenue Forecast Beats Estimates
- HO FP : Thales Boosts FY Ebit Margin View As Agrees To Sell Rail Unit
- HO FP : Thales in Talks to Sell Unit to Hitachi for About $2B: Rtrs
- VOE AV : Nord Stream 2 Pipeline Supplier Entangled by Texas Pollution
- VOE AV : Voestalpine 1Q Ebitda Beats Estimates
- WKL NA : Wolters Kluwer Sees FY Adj. Oper Margin 25%, Saw 24.5% to 25%
After Hours Summary: INSP +13.3%, GDOT +8.5%, PAYC +6.4%, COUR +4.1% higher on earnings; CDLX -20.3%, LPSN -14.7%, AYX -6.9%, SPWR -5.8% lower on earnings; CHNG -7.4% falls on TheInfo report that DOJ may sue to block acquisitionAfter Hours Gainers:
Companies trading higher in after hours in reaction to earnings/guidance: CERS +17.2%, INSP +13.3%, BXC +11.5%, NVTA +10.3%, NPTN +10.1%, GDOT +8.5%, PAYC +6.4%, GBT +6%, ATVI +5.8%, QUAD +5.1%, DVA +4.9%, CZR +4.3%, COUR +4.1%, DENN +3.6%, LYV +3.2%, PSA +3.2%, SKY +3.2%, RGA +3%, RNG +2.9%, UNM +2.8%, SKT +2.7%, IOSP +2.1%, FNF +1.9% (also raises dividend and announces 25 mln share repurchase authorization), VREX +1.9%, TX +1.7%, CAR +1.6%, FRG +1.2%, RDN +1.2%, MCHP +1% (also raises dividend), NDLS +1%, OKE +1%, APAM +0.8%, LSCC +0.8%, PRU +0.8%, JAZZ +0.6%, KAI +0.6%, LSI +0.6%, LYFT +0.6%, DVN +0.5% (also declares fixed-plus-variable dividend of $0.49/sh), NBIX +0.5%, KFRC +0.3%, OI +0.3%, AFG +0.2%, WTI +0.2%, DEI +0.1%, KWR +0.1% (also raises dividend), NSA +0.1%, SHO +0.1%
Companies trading higher in after hours in reaction to news: LMRK +8.9% (receives $16.25/unit asset purchase proposal from Melody Investment Advisors), TISI +5.5% (announces commercial launch of SmartStop Isolation Technology), AFRM +2.8% (follow up to report that co will partne with Apple for buy now, pay later service), NOG +2.7% (increases dividend), MCFE +2.5% (declares special cash dividend of $4.50/sh), AMSC +1% (announces $21 mln of new energy power system orders), APO +0.7% (to acquire LUMN's incumbent carrier operations in 20 states for $7.5 bln), ETH +0.2% (declares special cash dividend of $0.75/sh), CWH +0.2% (increases stock buyback program by $125 mln), BCO +0.1% (names new COO), VLRS +0.1% (reports July preliminary traffic results), NDAQ +0.1% (reports July 2021 metrics), GOL +0.1% (signs agreements for 28 additional BA 737 MAX-8 aircraft)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings/guidance: ZY -68.7% (no longer expects product revenue in 2021; CEO steps down), CDLX -20.3%, LPSN -14.7%, OSUR -11.4%, AYX -6.9%, SPWR -5.8%, KAR -5.1%, HTA -4.6% (also CEO resigns; also raises dividend slightly), MTCH -4.1%, INFN -3.7%, NCR -3.7%, AKAM -3.2%, KTOS -3.1%, SKLZ -3.1%, LUMN -2.8% (LUMN also to sell local incumbent carrier operations in 20 states to APO for $7.5 bln), ICHR -2.7%, PACB -2.4%, TSLX -2.4% (also declares supplemental dividend), ET -1.7%, NEWR -1.7%, H -1.5%, HPP -1.1%, AMGN -0.8%, HST -0.7%, MRCY -0.7%, LMT -0.7% (CFO retires; reaffirms FY21 sales guidance, lowers EPS due to charge impact; announces reduction of pension obligation by $4.9 bln), PRO -0.4%, OXY -0.3%, RRD -0.3%, AIZ -0.2%, FMC -0.2%, PAA -0.2%, DK -0.1%, NVST -0.1%, SRC -0.1%
Companies trading lower in after hours in reaction to news: TELL -7.4% (stock offering), CHNG -7.4% (DOJ may sue to block UNH's acquisition of CHNG, according to The Information), UTL -4.2% (stock offering), RIGL -2.4% (files for $100 mln mixed securities shelf offering), OPCH -1.4% (stock offering), UP -1.3% (stock offering), AAL -0.5% (SAVE and ALL cancel hundreds of flights amid staff shortages, according to Bloomberg), IR -0.4% (stock offering), SAVE -0.4% (SAVE and ALL cancel hundreds of flights amid staff shortages, according to Bloomberg), SDC -0.3% (issues statement on manufacturing facility incident)