Stocks to Watch: Boeing, Vera Bradley, Molecular Templates

Dow Jones

Oct 12, 2024

By Connor Hart

Boeing will cut 10% of its global workforce, or roughly 17,000 jobs, and warned of deeper losses in its operations. In addition to the layoffs, the company will further delay the launch of a new airplane, the 777X, which is already years behind schedule. It will also discontinue the 767 cargo plane. Shares fall 1.8%, to $148.25, in after-hours trading.

Vera Bradley's board unanimously approved the adoption of a limited duration shareholder rights plan. Under the plan, one right would be issued for each outstanding share of the company's common stock if a person, entity or group acquires beneficial ownership of 15% or more of the company's shares in a transaction not approved by the board. The poison pill comes as macroeconomic headwinds continue to dampen the company's turnaround efforts. Shares rise 7.3%, to $5.56, in postmarket trading.

Molecular Templates' board unanimously approved the liquidation and wind up of the company. The biotechnology company, which began exploring strategic alternatives with third-party advisers more than a year ago, said that there are no other options currently available. The company doesn't expect its stockholders will receive value for their shares in connection with a dissolution. Shares tumble 18%, to $1.21, in after-hours trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 11, 2024 18:08 ET (22:08 GMT)

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