Why Boeing Stock Rose Today
Shares of Boeing (NYSE: BA) rose 3.6% as of 11 a.m. ET on Monday. The move probably comes from a combination of two factors. First, the CEO of France's aerospace giant Safran gave a newspaper interview and told investors the company would make 12,000 hires in 2022 due to his confidence in the aerospace recovery.
Safran is one of the largest aerospace companies in the world, with expected revenue of 15.6 billion euros in 2021. In addition, it's a joint venture partner of General Electric (NYSE: GE) in CFM International, a commercial engine manufacturer with engines on the Airbus A320 NEO and the Boeing 737 MAX. As such, what Safran says matters. It's interesting to note that GE stock and others in aerospace are up today.
Second, it's likely that investors are taking a look at some of the losers on the Dow last year and deciding that now is an excellent time to take advantage to play an aerospace recovery.
Source Fool.com
