The 5 Dumbest Things on Wall Street This Week: June 21
2. Pratt's Spat
Maybe they should rename it the Paris "Hot" Air Show considering all the trash talk going on at this year's gathering.
We won't say he went ballistic, but Bob Saia, Pratt & Whitney's head of commercial engine development, certainly unloaded on rival jet-engine maker CFM this weekend when he called the fuel-saving claims made by the GE (GE) -Safran SA joint venture "garbage," according to Bloomberg. CFM Executive Vice President Chaker Chahrour boasted to reporters ahead of the Paris show that his company's engines are less expensive to maintain on Airbus SAS's A320neo airliner than the offering from United Technologies' (UTX) Pratt & Whitney unit.
"We've never been more bullish," crowed Chahrour. "This is going to be the most robust and reliable engine on a narrow-body plane and the market reaction really supports that." Chahrour also jacked his savings estimate over the life of each jet to $4 million from $3.5 million last year.Says you buddy! Or at least that's what Pratt President Dave Hess is saying. "You'd have to violate the laws of physics and economics for what they're saying to be true," hissed Hess. Hey, you can't blame Hess for getting hot-headed when you consider the economics at stake. Some reports put the narrow-body plane market at 70% of an estimated $4.8 trillion in new aircraft sales over the next 20 years. You also can't blame us for getting excited by this escalating war of words. What can we say? This type of ridiculousness really revs our engines.
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