Why Shares of Boeing Are Climbing Today
Shares of Boeing (NYSE: BA) traded up 5% on Wednesday morning following the aerospace giant's first-quarter earnings release. The results, as expected, were lousy, but investors were encouraged by production rate cuts that were less than feared and management actions to streamline the company and prepare for a commercial aerospace downturn.
Before markets opened, Boeing reported a first-quarter loss of $1.70 per share on revenue of $16.9 billion, falling short of consensus expectations for a $1.61-per-share loss on revenue of $17.3 billion. Investors came in bracing for the worst: Shares of Boeing have lost more than half their value year to date as airlines have been forced to retrench due to the COVID-19 pandemic.
Image source: Boeing.
Source Fool.com
