Why Boeing Shares Are Down Today
Boeing's (NYSE: BA) top competitor has secured a massive new commercial order from China worth an estimated $37 billion, a deal that highlights the U.S. aerospace manufacturer's difficulties selling into that important market. Investors were disappointed, sending Boeing shares down as much as 6.2% in Tuesday trading. They were still down 2.34% as of 1:30 p.m. ET.
Boeing and Airbus enjoy a duopoly in the commercial aircraft market, but the battle between the two companies is intense. Airbus won a key battle over the weekend when it announced China's top three airlines have committed to order nearly 300 jets, one of Airbus' largest-ever single-day orders and China's first big aviation move since the beginning of the pandemic.
Asia, and China in particular, are a big part of the growth plan for both Airbus and Boeing. Boeing still has hundreds of planes on order with Chinese and Hong Kong-based carriers, but the size and scale of this order is a huge win for Airbus.
Source Fool.com
