JetBlue Reports Losses

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JetBlue has made a name for themselves lately by offering low cost tickets on flights all across the country–indeed they have cornered the market on low priced flights. However, they had some bad news today–their first quarter revenue simply wasn’t enough to make up for their first quarter losses.

“While we are disappointed to report a loss for the quarter, we are confident that we are taking the right steps to return to sustained profitability,” said Dave Barger, JetBlue’s chief executive. The first-quarter report was reminiscent of the high-cost issues the Forest Hills, N.Y.-based firm warned about at the beginning of the year. Much of the shortfall came from higher fuel costs, and a $15 million one-time charge to switch to a new reservation system.

They certainly seem to be feeling upbeat about such large losses–and I will say that I see why. The losses are quite temporary and the one-time charge of $15 million makes the earnings look a lot worse than it really is.

Stock Market: Mixed Monday in Light of Goldman Sachs

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The stock market has been a bit of a mixed bag recently. Monday continued to follow that trend, with financial stock rebounding while others fell. Investors were able to set aside some of their concerns about Goldman Sach’s problems with investigations for the SEC long enough to send financial stocks surging.

The Dow Jones industrial average rose 73 after sliding for much of the day. The advance followed a drop of 126 points Friday after the Securities and Exchange Commission filed civil fraud charges against Goldman Sachs related to mortgage investments.

The Standard & Poor’s index rose, while the Nasdaq composite index fell.

Analysts said reports that the SEC voted 3-2 along party lines to press its case against Goldman Sachs eased some of investors’ worries. Investors seemed placated by the fact the vote wasn’t unanimous. A rebound in Goldman shares helped lift stocks.

The future of the investigation into Goldman Sachs could have major repercussions for the rest of the industry as a whole. We’ll have to wait and see.

Billionaires Duel

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The Forbes List of Billionaires, which comes out yearly, has been dominated by Microsoft tycoon Bill Gates for the past fifteen years, with Berkshire-Hathaway chairman Warren Buffet close behind. However, Carlos Slim has skipped ahead this year, claiming the blue ribbon.

Mr. Slim is the first person other than Mr. Gates or Mr. Buffett to top the list since 1994. That year was the last time a billionaire from outside the United States led the ranking — the Japanese real estate tycoon Yoshiaki Tsutsumi.

“We’ve been watching Slim for a while and kind of wondered when the stars would align and he would take over,” Luisa Kroll, a senior editor at Forbes, said in an interview on Wednesday.

More than 80 percent of Mr. Slim’s holdings are in five public stocks, she said.

Mr. Slim is obviously a gifted businessmen and we should expect to see him at the top of future Forbes lists, too. Bill Gates and Warren Buffet aren’t done either, though, especially with Bill Gates only half a billion down.

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