Boeing (BA) - Get Report CEO Dennis Muilenburg said on Monday that hypersonic jets with the ability to transport passengers to New York from Shanghai in two hours will come to market sooner rather than later.
"I think in the next decade or two you're going to see them become a reality," Boeing CEO Dennis Muilenburg told CNBC.
The Chicago-based airline manufacturer believes hypersonic jets, flying at up to Mach 5, or 3,800 mph, could serve a small but important market of travelers willing to pay more to reach far away destinations in less time.
Currently, a commercial flight to Shanghai from New York takes about 15 hours.
However, Muilenburg admitted that Boeing still has to prove there are enough people around who are willing to pay for an ultra-fast flight to the other half of the world.
"Still work to do on closing the business case to make sense for our customers," said Muilenburg. "But we see future innovations where you could connect around the world in about two hours."
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL) - Get Report stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.
After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.
"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."
Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.