Why Shares of Boeing Are Up Today
Shares of Boeing (NYSE: BA) traded up 5% on Wednesday after a key executive said the $25 billion in new debt the company raised earlier this year should be enough to get through a multiyear global aviation crisis.
Boeing has been hit hard by the COVID-19 pandemic, which has caused airlines to rethink growth plans and instead ground large portions of their existing fleets. With travel demand expected to be weak for years to come, Boeing is likely facing a long period of sluggish new jet sales.
Its shares lost nearly 70% of their value earlier in the year on fears the pandemic could create a liquidity crisis at the sprawling aerospace company, but Boeing was able to solidify its cash balance via a $25 billion bond sale in April.
Source Fool.com
