Shares of Boeing Co. dropped 3.6% in premarket trading Wednesday, putting them on track to open at the lowest price seen during regular-session hours since November 2020, after the aerospace and defense giant’s first-quarter results missed expectations by wide margins. Analyst Robert Stallard at Vertical Research Partners said that while the 737 MAX situation has improved and the 787 situation should improve this year, there is now a two-year 777X delay and the T-7 trainer joining the list of fixed price development programs in the defense division that are now losing money. “This was another dreadful quarter from Boeing,” Stallard wrote in a note to clients. “And what we think will really worry investors is that we keep getting MORE bad news.” Boeing’s stock has plunged 31.1% over the past 12 months through Tuesday, while the Dow Jones Industrial Average has slipped 2.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
