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It's a record-breaking day for the Dow Jones Industrial Average (DJINDICES:^DJI) which traded above the 16,000 mark for the first time ever. This week also brings two major shows for the aviation and automotive industries. The Dubai Airshow is one of the aviation industry's biggest and offers insight to the health of the sector itself. Meanwhile, in Los Angeles, automakers are preparing to unveil at least 56 new models at a show that opens to the media Tuesday. Here are some of the major developments at these respective events.
Boeing (NYSE:BA) is a big winner in the Dow on Monday, trading nearly 2% higher at 2:45 p.m. EST after dominating the aviation show in Dubai -- the aerospace giant claimed more than $100 billion in orders for its commercial aircraft. Boeing launched sales of its 777X program today, and the twin-aisle product certainly stole the show with agreements for 259 airplanes between four customers. Emirates topped the list in committing to 150 airplanes; Qatar Airways took another 50; Lufthansa grabbed 34, and Etihad Airways ordered 25.
Those orders add up to a value of $95 billion at list prices. Overall, Boeing secured 342 orders worth more than $100 billion. That is soundly ahead of its main rival, Airbus, which brought in 142 orders worth roughly $40 billion.
The surge in orders was enough to send a ripple effect through multiple companies. General Electric (NYSE:GE) which produces the 777X's advanced GE9X jet engine, is trading more than 0.2% higher today. With the advanced engine, among other factors, the 777X will be 12% more fuel efficient than any other competing airplane, according to Boeing. Spirit AeroSystems, which produces multiple parts for Boeing aircraft, is trading 3% higher after news of Boeing's sales hit the headlines.
Ford (NYSE:F) and cross-town rival General Motors (NYSE:GM) have been having a strong year as the automotive industry continues its rebound. While both automakers will hold off major rollouts, such as Ford's next-generation Mustang and F-150, for the Detroit auto show, the LA Auto Show still has some very important vehicles being unveiled.
One of those vehicles is the Chevrolet Colorado. General Motors and Ford both exited the midsize pickup segment after sales continually sunk lower. However,as consumers now continue to downsize vehicles, General Motors decided to bring back its offering with a redesigned 2015 Colorado. While Ford may disagree at the moment, as it's not reentering the segment, I think it's a good move for GM.
Sales in the segment are likely to never reach previous highs, but there's more to consider here. These midsize pickups are often for younger drivers, and this gives GM the opportunity to capture those consumers and later step them up to the company's most profitable vehicle, the full-size Silverado pickup.
Also in L.A., Ford is unveiling a concept version of its next-generation Edge midsized crossover. The Edge is the crossover between the Escape and the Explorer in Ford's lineup. Consumers have been buying smaller SUVs by the droves and the midsize SUV is the second fastest growing segment in the U.S. this year.
Fool contributor Daniel Miller owns shares of Ford and General Motors. The Motley Fool recommends Ford and General Motors. The Motley Fool owns shares of Ford and General Electric Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.