Why Shares of Spirit AeroSystems Are Up Today
Boeing's (NYSE: BA) 737 Max took to the skies on Monday, and shares of Spirit AeroSystems (NYSE: SPR) joined the airplane in gaining altitude. Shares of Spirit, a key supplier to Boeing that makes the fuselages for the 737 Max, were up 11% in midday trading on Monday.
Spirit is a onetime Boeing subsidiary that still relies on its former parent for the bulk of its revenue. The stock has been under pressure since well before the COVID-19 pandemic, weighed down by issues with the 737 Max that have caused the plane to be grounded for more than a year.
Boeing continued to manufacture 737 Max planes during much of the grounding, but the inventory of built-but-not-yet-delivered aircraft has caused the company to slow production plans into 2021.
Source Fool.com
