CleanSpark, the Nasdaq-listed Bitcoin miner, has announced significant expansions to its mining operations with groundbreaking facilities in Wyoming.

This move positions CleanSpark as the second-largest Bitcoin miner in the United States by market cap, surpassing Riot Platforms whose stock has retreated for nine straight days although analysts at H.C Wainwrite are bullish on it. Marathon Digital Holdings is the largest crypto miner in the US by market cap at $5.8 billion.

Two new Bitcoin mining facilities coming to Wyoming

The first CleanSpark Bitcoin mining facility in Wyoming is located in Cheyenne and it is expected to be operational by the end of the year.

The company has secured 75 megawatts (MW) of power contracts in Wyoming, with 30 MW dedicated to running S21 immersion XP application-specific integrated circuits (ASICs).

This initiative is anticipated to increase CleanSpark’s hash rate by 2 exahashes per second (EH/s).

Additionally, the company is actively seeking further power sources for the new site to enhance its mining capabilities.

CleanSpark is also in the process of acquiring a second site in Wyoming, which will utilize the remaining 45 MW of contracted power. This site is expected to contribute an additional 3 EH/s to the company’s hash rate once operational.

CleanSpark is progressing on closing the underlying real estate for this second facility, underscoring its commitment to expanding its footprint in Wyoming.

CEO Zach Bradford expressed enthusiasm for the expansion, highlighting Wyoming’s supportive stance towards the cryptocurrency industry.

In a news release, Bradford said that CleanSpark was thrilled to expand in a state so publicly supportive of the Bitcoin mining industry especially coming on the heels of the University of Wyoming announcing the launch of its Bitcoin Research Institute and Senator Lummis introducing the BITCOIN Act.

CleanSpark also expanding into Tennessee

In addition to its Wyoming projects, CleanSpark is expanding into Tennessee through the acquisition of GRIID Infrastructure in a $155 million deal that will add over 400 MW of capacity over the next two years.

The acquisition also includes a co-location in New York, further broadening CleanSpark’s operational base.

CleanSpark has made substantial strides in expanding its operations this year. In February, the company added a new facility in Georgia to its existing six sites and entered Mississippi with three turnkey operations.

By June, it had increased its facilities in Georgia to a total of twelve, reflecting its rapid growth trajectory. During June alone, CleanSpark mined 445 Bitcoin, contributing to a yearly total of 3,614 BTC.

As of June 30, the company reported holding 6,591 BTC, having sold 8.06 BTC during the month.

CleanSpark’s expansion efforts highlight its strategic approach to scaling its Bitcoin mining operations, leveraging favourable regulatory environments and substantial investments in infrastructure.

This growth not only solidifies its position in the industry but also underscores its commitment to driving innovation and efficiency in cryptocurrency mining.

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Mobileye Global Inc. (NASDAQ: MBLY) faces a pivotal moment as it heads into its Q2 earnings report, set for tomorrow.

Already under pressure with a 54% drop in its stock value year-to-date, the company’s challenges were compounded today as J.P. Morgan downgraded the stock.

Citing concerns about the SuperVision product and inventory issues, analyst Samik Chatterjee lowered Mobileye’s rating from Overweight to Neutral and reduced the price target from $38 to $24.

This downgrade arrives at a time when the automotive sector grapples with a deteriorating volume outlook for electric vehicles, further impacted by the weak sales trends in ICE and hybrids.

High vehicle prices and rising interest rates are straining consumer demand, factors that Chatterjee believes could dampen the near-term outlook for Mobileye’s Advanced Driver Assistance Systems (ADAS) business.

Additionally, an inventory adjustment noted among semiconductor companies directly exposed to the auto sector suggests further risk to Mobileye’s operations.

Earlier this year, in April, Morgan Stanley also downgraded Mobileye due to a slowdown in EV adoption that surprised the market.

Analyst Adam Jonas noted that while Mobileye’s leadership in computer vision creates value, the unexpected slowdown presents a significant barrier to growth.

Jonas adjusted Mobileye’s rating to Underweight from Equal Weight and trimmed the price target slightly to $25 from $26.

This move reflects concerns over Mobileye’s valuation, which at 36 times FY26 PE, appeared fully valued amid downward pressures on consensus forecasts.

Q2 earnings preview

Looking ahead to Q2 earnings, analysts anticipate a challenging report with expectations set for a GAAP loss of $0.14 per share on revenue of $423.55 million.

This forecast contrasts sharply with last year’s Q2 performance, which featured a smaller loss of $0.03 per share on higher revenue of $454 million.

Despite these headwinds, Mobileye continues to push the envelope in the ADAS and autonomous driving arena.

The company’s REM (Road Experience Management) and RSS (Responsibility Sensitive Safety) systems underscore its commitment to enhancing safety and efficiency in autonomous navigation.

Furthermore, Mobileye’s strategy includes True Redundancy, ensuring that its environmental sensing technologies remain robust against potential system failures.

Financially, Mobileye’s journey has been marked by volatility. The company’s revenue in Q1 2024 sharply declined by 48% year-over-year, and the gross margin plummeted from 45.2% to 22.6%, reflecting significant inventory and pricing challenges.

As we approach the technical analysis segment of our discussion, it’s crucial to consider how these fundamental aspects, might influence Mobileye’s stock trajectory.

With the charts ready to tell more of the story, we’ll delve into what the numbers and trends suggest about Mobileye’s future in the stock market.

Both bulls and bears must remain cautious

Following its IPO in late 2022, Mobileye’s stock saw a rapid ascent and then remained largely rangebound within a $32-$48 range for a year.

However, after the company reported weak guidance for Q4 and 2023, the stock saw a massive drop at the start of 2024. Since then, it has remained in a downtrend.

Source: TradingView

Although the stock continues to display weakness across timeframes right now, bears must remain on guard because it has fallen substantially from $33 levels to $20 in just over a month and a bounce back seems imminent.

Whether that bounce back will cause it to gain strength and climb higher or will be used as a shorting opportunity remains to be seen.

Similarly, investors who are bullish on the stock must also refrain from taking a long position unless the stock shows some stability at current levels.

Even then, they should start with a small position and add to it only if the stock climbs above its medium-term resistance at $33.2.

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Uber Technologies Inc. has announced a significant expansion of its electric vehicle (EV) fleet, with plans to introduce around 100,000 EVs manufactured by Chinese automaker BYD Co. Ltd.

The initiative will initially focus on Europe and Latin America, with future expansions planned for the Middle East, Canada, Australia, and New Zealand.

The collaboration aims to reduce the total cost of EV ownership for Uber drivers and accelerate the adoption of EVs on the Uber platform globally.

New support measures for Uber drivers

To support its drivers in the transition to BYD electric vehicles, Uber will offer a range of incentives and assistance.

These include discounts on charging, vehicle maintenance, and insurance, as well as financing and lease options.

The company’s goal is to make the switch to electric vehicles more accessible and affordable for its drivers, thereby promoting a greener ride experience for millions of passengers worldwide.

Plans for autonomous-capable vehicles

In addition to the deployment of electric vehicles, Uber and BYD will collaborate on the development and integration of autonomous-capable vehicles.

Uber is positioning itself as a leader in autonomous vehicle technology, with plans to bring this technology to a global audience at scale.

The integration of autonomous-capable vehicles is seen as a key step in Uber’s strategy to enhance its service offerings and improve operational efficiency.

Strategic implications for Uber

This partnership marks a significant step for Uber as it strives to transition to a more sustainable and technologically advanced fleet.

The introduction of 100,000 electric vehicles is expected to not only reduce the company’s carbon footprint but also lower operational costs in the long term. By partnering with BYD, a leading player in the electric vehicle market, Uber is leveraging cutting-edge technology to enhance its competitive edge in the ride-hailing industry.

Impact on the electric vehicle market

The collaboration between Uber and BYD is anticipated to have a considerable impact on the electric vehicle market. By adding such a large number of EVs to its fleet, Uber is likely to drive up demand for electric vehicles and related infrastructure. This move is expected to spur further investments in EV charging stations and other supporting technologies, contributing to the broader adoption of electric vehicles globally.

Future expansions and global reach

After the initial rollout in Europe and Latin America, Uber plans to expand its EV initiative to the Middle East, Canada, Australia, and New Zealand.

These regions represent significant growth opportunities for Uber, and the introduction of electric vehicles in these markets is expected to enhance the company’s sustainability credentials and appeal to environmentally conscious consumers.

Challenges and considerations

Despite the promising prospects, Uber and BYD will need to address several challenges as they roll out this initiative.

These include ensuring adequate charging infrastructure, managing the costs associated with the transition to electric vehicles, and addressing regulatory and market-specific hurdles in different regions.

Effective coordination between Uber and BYD will be crucial to overcoming these challenges and achieving the desired outcomes.

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Provided that you haven’t been living under a rock and are at least somewhat up-to-date with what’s latest in the crypto market, it’s more than likely that you have heard of Memeinator.

It’s an up-and-coming blockchain-based platform that has made waves since the start of 2024.

Many believe the native AI-enabled meme coin of Memeinator called the “MMTR” could be the next big thing this year. Let’s explore why.

Memeinator had a blockbuster presale

To begin with, the numbers speak volumes to what the future holds for Memeinator. MMTR absolutely crushed its presale, raising well over $6.0 million.

That’s way more than pocket money, folks. What it signals is serious interest from the investment community that sees exciting potential in this blockchain-based project.

What distinguishes Memeinator from the rival meme coins is its resemblance to Terminator. Remember how Arnie was after Sarah Connor in the 1984 blockbuster? Memeinator, much in the same way, is after weaker tokens to dominate the meme coin market – and its weapon of choice to find them is artificial intelligence.

By incorporating AI – the hottest trend in the tech space right now – into its core mission, Memeinator has positioned itself well to ride two strong waves: the ongoing crypto boom and the AI revolution. That’s a potent combination to drive some serious growth.

MMTR could ride the crypto boom

Memeinator may be an exciting investment for 2024 also because things are heating up in the crypto market at large.

Spot Bitcoin and Ethereum exchange-traded funds have already went live, BTC has gone through the halving event, and there’s no end in sight to the institutional interest in cryptocurrencies.

Together, these contributors aim at producing a huge tide that lifts all boats – including the MMTR coin.

But while other meme coins in the crypto space may benefit from the aforementioned broader tailwinds, the AI-enabled strategy of Memeinator could see it materially outperform its peers moving forward.

As MMTR continues to deliver on its promise of identifying and eliminating weaker meme coins, it will climb the ranks even faster and attract more and more investments in the coming months.

Memeinator (MMTR) may see volatility ahead

Nonetheless, not everything about Memeinator is unicorns and rainbows. You must remember that meme coins are notorious for excessive volatility. Plus, MMTR will likely face immense competition now that we live in times where a new meme coin enters the market every other day.

Lastly, regulatory uncertainties could always throw a wrench in the works. 

That said, Memeinator may still be a good investment for 2024 if you’re searching for a meme coin with a bit more substance behind it. A successful presale, AI integration, and ambitious goals, all indicate that MMTR is positioned for a sizable run this year.

Remember, though, meme or not, it’s never a good idea to invest more than you can afford to lose in a cryptocurrency or any other asset for that matter.

If you’d like to dive deeper into Memeinator before finalising your decision to park some of your capital in MMTR, click here to visit the project website now.

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In a significant development within the US accounting industry, CBiz, America’s only publicly traded accountancy firm, has announced its acquisition of Marcum, a prominent player that audits more US-listed companies than any firm outside the Big Four.

The deal, valued at $2.3 billion, is set to further consolidate the accounting profession as firms seek to expand their market share and service capabilities.

Details of the acquisition

CBiz disclosed on Wednesday that it would acquire Marcum for $2.3 billion, with the payment structure comprising approximately half in cash and half in stock.

This strategic move will create the seventh-largest accounting firm in the US, with combined annual revenues of $2.8 billion.

The merger represents a significant step for CBiz, positioning it as a major competitor in the industry.

Marcum currently audits over 400 US public companies, holding a market share of 6%, according to Ideagen Audit Analytics.

The firm’s client base includes numerous special purpose acquisition companies (Spacs), which have been a significant revenue driver during the Spac boom of the past four years.

However, Marcum’s involvement in the Spac market has not been without controversy, as the firm faced a $13 million fine from regulators last year due to quality failures related to its Spac work.

Consolidation wave in the accounting industry

The acquisition is a notable example of the ongoing consolidation trend in the accounting sector, driven by the need for firms to scale up and enhance their service offerings amid increasing regulatory scrutiny and market complexities.

By merging with Marcum, CBiz aims to leverage Marcum’s extensive client base and industry expertise to bolster its market position and service capabilities.

The combined entity is expected to offer a broader range of services and improved resources, potentially attracting more clients and increasing its market share.

This consolidation is likely to trigger further mergers and acquisitions in the industry as firms strive to stay competitive and meet the evolving demands of their clients.

There could be regulatory challenges though

While the acquisition presents significant growth opportunities, it also comes with challenges. Marcum’s recent regulatory issues highlight the importance of maintaining high audit quality and compliance standards.

The new combined firm will need to address these concerns to ensure sustained trust and credibility in the market.

The deal also underscores the dynamic nature of the accounting profession, where firms must continuously adapt to regulatory changes and market conditions.

As the industry evolves, the ability to integrate and streamline operations will be crucial for the success of such large-scale mergers.

CBiz’s acquisition of Marcum for $2.3 billion marks a pivotal moment in the US accounting industry, creating the seventh-largest firm by revenue.

This merger is a clear indicator of the consolidation wave sweeping the profession, driven by the need for enhanced service capabilities and market positioning.

As the combined entity navigates regulatory and market challenges, its success will depend on its ability to maintain high standards and leverage the strengths of both firms.

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In the wake of Microsoft’s fiscal fourth-quarter earnings report, Wall Street’s reaction was mixed, reflecting a divide between bullish optimism and cautious skepticism.

The tech giant reported earnings per share of $2.95, slightly above expectations, and revenue of $64.7 billion, marking a 15.1% increase year-over-year.

What do the analysts say?

On one hand, Wedbush Securities analyst Dan Ives maintained an Outperform rating and a $550 price target on Microsoft, praising the company’s conference call as a “validation” for AI monetization trends, particularly with Azure expected to accelerate growth in the latter half of the year.

Ives highlighted Microsoft’s strong commercial bookings and Azure’s robust baseline growth as key indicators of sustained momentum.

Conversely, Citi analyst Tyler Radke offered a more measured perspective, acknowledging a “skinny revenue/EPS beat” while pointing out a slowdown in Azure’s growth and weaker-than-expected guidance for the next quarter.

Despite these concerns, Radke remained optimistic about the AI and commercial bookings growth, maintaining a Buy rating but slightly reducing his price target to $500 from $520.

Radke suggested that the near-term estimate revisions might be negative, yet he believed any weakness would be transient, bolstered by solid leading indicators.

Bank of America’s Brad Sills also projected a positive outlook, particularly noting that Azure’s expected second-half acceleration indicates that any current softness should be short-lived.

Sills emphasized the strength of Microsoft’s AI services on Azure and the company’s ability to leverage its platform to mitigate capital expenditure pressures.

His updated capital expenditure forecast for fiscal 2025 rose to $58.3 billion from $53.8 billion, reflecting anticipated revenue growth and platform scalability.

KeyBanc Capital Markets analyst Jackson Ader focused on Azure’s current capacity constraints and significant capital expenditure, suggesting that while these might pose challenges, they also provide Microsoft with flexibility to manage its growth trajectory effectively.

Ader reiterated an Overweight rating and a $490 price target, optimistic about Microsoft’s potential to manage spending effectively as it scales.

Q2 earnings in detail

Microsoft’s performance in Q4 FY2024 paints a complex picture of a tech behemoth navigating the choppy waters of rapid innovation and expansive growth amid heightened market expectations.

Driving Microsoft’s growth is its diversified business model, with significant contributions from its Productivity and Business Processes, Intelligent Cloud, and More Personal Computing segments.

Notably, the Intelligent Cloud segment, which includes the Azure cloud platform, reported a 21% year-over-year growth, albeit slightly below expectations.

Azure’s growth, while still impressive at 29% year-over-year, has shown signs of deceleration from previous quarters.

Despite this, Azure remains a cornerstone of Microsoft’s growth strategy, particularly as the company continues to integrate AI capabilities across its offerings.

Financially, Microsoft remains a powerhouse, generating $37.2 billion in cash flow from operations and $23.3 billion in free cash flow during Q4.

The company’s disciplined approach to capital return is evident in its $8.4 billion distribution to shareholders through dividends and share repurchases.

However, a closer look reveals a narrowing gap between revenue growth and operating expenses, sparking some concern about future margin expansions. Nevertheless, the management’s guidance for FY2025 suggests confidence, projecting double-digit revenue growth against a backdrop of single-digit growth in operating expenses.

Microsoft’s elevated valuation

Valuation-wise, Microsoft’s forward P/E ratio stands at 35.39, slightly above its five-year average and the sector median.

This elevated valuation reflects the market’s high expectations, particularly in terms of growth and innovation in cloud computing and AI technologies.

The company’s strategic investments in these areas, including a significant increase in CAPEX spending, are aimed at boosting long-term growth but also present risks if the anticipated returns on these investments lag.

Despite these strong financials, Microsoft’s stock reacted negatively in pre-market trading today, dropping over 3%.

This dip likely reflects the market’s high expectations and concerns over future growth sustainability amidst aggressive capital spending.

Microsoft’s guidance for the upcoming quarter was also cautious, projecting first-quarter revenue to be between $63.8 billion and $64.8 billion, slightly below the analysts’ expectations.

Having delved into Microsoft’s Q4 earnings and analysts’ views, we must now pivot to a technical analysis of its stock performance.

This analysis will delve into recent price movements, and trading volumes all of which are crucial for answering the pressing question faced by investors: Given the mixed views from Wall Street following Microsoft’s Q4 earnings, should one sell their holdings or see this as an opportunity to buy more?

Is the long-term rally over?

Microsoft’s stock has seen a strong uptrend since the start of 2023, doubling in price from that time.

However, this strong uptrend seems to be coming to an end with the stock dropping over 10% from the all-time highs it made earlier this month.

Moreover, the stock is poised to open today below its long-term bullish trendline as can be seen in the daily chart below.

MSFT chart by TradingView

Considering that bulls should become cautious as the next support for the stock lies near $388, falling below which the stock can enter a downtrend or period of medium-term range bound movement.

Any bullish position should only be considered if the stock bounces back and closes above its 50-day moving average, which currently is far away at $439.0

Bearish traders can make use of this shift in momentum to short the stock but must analyze how the stock behaves after opening today.

If the stock falls further after opening that will suggest a major sentiment change and they can short the stock with a stop loss at $432 and an initial profit target of $388.  

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Boeing has announced the appointment of Kelly Ortberg as its new chief executive, tasking the former leader of aerospace supplier Rockwell Collins with navigating the plane maker through one of the most challenging periods in its history.

Ortberg, 64, will succeed Dave Calhoun, who has led Boeing since 2020 and previously announced his intention to step down by the end of the year.

Former Rockwell Collins head to take the helm on August 8

The decision to bring in Ortberg, effective August 8, was spearheaded by Boeing’s board chair, Steven Mollenkopf.

Mollenkopf emphasized Ortberg’s extensive experience and respect within the aerospace industry, highlighting his reputation for building strong teams and managing complex engineering and manufacturing operations.

“Kelly has the right skills and experience to lead Boeing in its next chapter,” Mollenkopf stated in a letter to employees, signalling a strategic pivot as the company seeks stability and renewed growth.

A challenging backdrop for new leadership

Ortberg’s appointment comes at a critical juncture for Boeing.

The company has been grappling with significant challenges since January when a door panel detached from a 737 Max during a commercial flight.

Although the incident did not result in fatalities, it injured several passengers and revived memories of the twin fatal crashes in 2018 and 2019 involving the 737 Max.

These crashes led to a prolonged grounding of the aircraft, extensive regulatory scrutiny, and substantial financial losses for Boeing.

In his initial remarks, Ortberg expressed both honour and humility at joining Boeing, acknowledging the substantial work ahead.

There is much work to be done, and I’m looking forward to getting started.

Ortberg’s background and experience

Kelly Ortberg brings a wealth of experience from his tenure at Rockwell Collins, where he served as CEO for five years.

During his leadership, Ortberg played a pivotal role in the 2017 merger with United Technologies, a significant consolidation in the aerospace industry that underscored his capability to manage large-scale operations and strategic partnerships.

His background in cabin equipment manufacturing and integration of complex systems positions him well to address Boeing’s multifaceted challenges.

Immediate priorities and industry expectations

As Ortberg steps into his new role, immediate priorities will likely include restoring confidence in Boeing’s aircraft safety, strengthening relationships with regulators and airlines, and stabilizing the company’s financial performance.

The 737 Max incidents have left a lasting impact on Boeing’s reputation and market position, necessitating a robust and transparent approach to crisis management and operational excellence.

Industry analysts will be watching closely to see how Ortberg leverages his expertise to drive Boeing’s recovery.

His experience with Rockwell Collins suggests a focus on innovation and efficiency, which could be critical in re-establishing Boeing as a leader in aerospace manufacturing.

The appointment of Kelly Ortberg as Boeing’s new chief executive marks a significant leadership transition aimed at steering the company through its current challenges.

With a background in managing complex aerospace operations and a track record of strategic leadership, Ortberg’s role will be pivotal in addressing Boeing’s safety concerns, regulatory relations, and overall market position.

As the company looks to recover from its recent setbacks, the industry will be closely monitoring Ortberg’s strategies and their impact on Boeing’s future.

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Boeing reported a nearly 90% jump in its net loss for the quarter ending June 30, compared to the same period last year with lower commercial delivery volumes and losses in defense development programs dragging down its earnings in a big way. 

The company also announced Robert K Ortberg as the new president and CEO who will succeed Dave Calhoun when he steps down by the end of this year.

Ortberg, 64, is an aerospace industry veteran who last helmed Rockwell Collins as its CEO, and steered its integration with United Technologies and RTX until he retired from RTX in 2021.

Boeing’s net loss rises to $1.4 billion

The beleaguered aircraft manufacturer reported a net loss of $1.44 billion, or $2.33 per share, compared with a loss of $149 million, or 25 cents per share during Q2 last year. 

On an adjusted basis, the company reported a loss of $2.90 per share, coming in nearly $1 per share under analyst expectations, according to LSEG.

Revenue declined by about 15% to $16.87 billion against an estimated $17.23 billion. Debt came at $57.9 billion, up from $47.9 billion at the beginning of the quarter due to the issuance of new debt.

The company has been under heightened regulatory scrutiny and its reputation has taken a massive hit following the door-plug blowout incident in January this year.

The quarter in question also saw the company plead guilty to a criminal fraud conspiracy charge to resolve a US Justice Department investigation linked to two 737 MAX fatal crashes in 2018 and 2019. 

“Despite a challenging quarter, we are making substantial progress strengthening our quality management system and positioning our company for the future,” said Calhoun.

We are executing our comprehensive safety and quality plan and have reached an agreement to acquire Spirit AeroSystems. While we have more work ahead, the steps we’re taking will help stabilize our operations and ensure Boeing is the company the world needs it to be. We are making important progress in our recovery and will continue to build trust through action and transparency.

Fall in commercial airplane delivery drag down earnings

The quarter saw its delivery of commercial aeroplanes- its mainstay- decline by 32%, leading to a corresponding decline in revenues from the segment. It delivered 92 planes this quarter compared to 136 planes during the same quarter last year. 

However, it still has a delivery backlog of over 5,400 aeroplanes valued at $437 billion.

“During the quarter, the company submitted its comprehensive safety and quality plan to the Federal Aviation Administration (FAA). The 737 programs gradually increased production during the quarter and still plans to increase production to 38 per month by year-end,” Boeing said in a statement. 

It added that the 787 program maintains plans to return to 5 per month by year-end. 

In July, the company announced an agreement to acquire Spirit AeroSystems, and the 777X program began FAA certification flight testing after obtaining type inspection authorization.

Losses in the defense, space and security segment

Revenue for the defense, space and security segment stood at $6 billion.

The operating margin reflected a $1 billion loss on certain fixed-price development programs, including a $391 million loss on the KC-46A program largely driven by a slowdown of commercial production and supply chain constraints, the company said. 

During the quarter Boeing received the award of seven MH-139A helicopters from the US Air Force and delivered the first CH-47F Block II Chinook to the US Army.

Backlog in the segment was valued at $59 billion, of which 31% represents orders from customers outside the US, it said. 

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