Welcome to Seeking Alpha's Wall Street Lunch, our afternoon update on today's market action news and analysis.

Good afternoon. Today is Wednesday, October 23rd I'm your host Kim Khan. Our top story so far. Is Boeing at a bottom?

There's a case to be made that all the bad news is baked into the planemaker stock,

which shares down slightly after Boeing reported a

six point billion dollar quarterly loss and the market is down overall.

In line with an earlier warning, Boeing reported a net loss of 997 a share on revenue of 17.8 billion.

The company burned through 1.3 billion in cash, leaving it with about 10.5 billion at the end of September.

CEO Kelly Ortberg says the company has lots of work to do ahead before it can build a newly designed plane.

We need to know what's going on, not only with products but with our people he said in a memo to employees

And most importantly we need to prevent the festering of issues and work better together to identify fix and understand the root cause.

He said the company must fix a broken culture, get smaller, and improve execution on new

plane models that have been delayed for years.

Ortberg's memo included remarks from his first earnings call.

Boeing in the past six years has worked to overcome two deadly crashes of its popular

737 max jet, the pandemic's effect on air travel, and global supply chains, a criminal

conviction, factory delays, a blow out of a door panel on an Alaska Airlines flight, and

a strike by 33,000 machinists.

Essay investing group leader, Diron Betche, says a 1% decline in sales for the entire company is not extremely bad,

but it should be noted that the biggest part of the impact of the work stoppage

would likely be felt in Q4. The results were not pretty, but with the challenges Boeing faces,

a $2 billion free cash flow burn while a lot is actually quite okay.

Also reporting this morning AT&T followed suit like its pure Verizon and posted a small

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