Losing Altitude: Boeing's first-quarter earnings

Boeing, the world's second-largest commercial aircraft manufacturer, reported its first quarter earnings today. It's been a tough few months for the company, as the recession has cut passenger air travel and air cargo. From fewer passengers to fewer flights to fewer planes is a fairly short trip, and the sinking demand pushed Boeing to cut 10,000 jobs in January. It also decided to cut production on its model 777 planes by 28 percent, while delaying a planned production increase on its 747-8 and 767 planes. These moves, which were designed to help the company level off and ride out the recession, also came with a drop of 38 cents per share.