Why Spirit AeroSystems Stock Is Crashing Today
On Thursday, the airline industry was hit by fresh bad news, and stocks of companies that rely on airlines for profits are taking it on the chin on Friday. Shares of Spirit AeroSystems Holdings (NYSE: SPR) fell as much as 14% on concerns a new COVID-19 variant could push back airline growth plans and crimp demand for new planes. As of market close Friday, shares were down 8.3%.
Spirit makes fuselages and other large pieces of planes for Boeing, its former parent, and Airbus. The company is in the middle of a very complex supply chain and needs strong demand for its customers' products in order to make a profit.
Image source: Spirit AeroSystems.
Source Fool.com
