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Why Shares of Spirit AeroSystems Are Up Today

TheMotleyFool

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Why Shares of Spirit AeroSystems Are Up TodayPhoto, wide shot, wide-angle lens, Construction equipment, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.midjourneyapi.xyz/temp/96af5505-e3c8-4496-bbb7-e4a5eba91e77.png

Shares of Spirit AeroSystems (NYSE: SPR) climbed more than 10% on Wednesday after the aerospace supplier announced a series of moves designed to help it weather the impact of the COVID-19 coronavirus pandemic. The one-time Boeing (NYSE: BA) subsidiary said it was suspending production on Boeing programs and cutting costs the best it can.

Spirit AeroSystems has long tried to get out from under Boeing's shadow, but the company still relies on its former parent for more than two-thirds of revenue. With airlines grounding their fleets and cutting costs, Boeing has responded by halting production of new aircraft. That, in turn, is trickling down to suppliers like Spirit.

Image source: Getty Images.

Source Fool.com

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