11.06.2020 Boeing Daily Analysis

11.06.2020 Boeing Daily Analysis

Boeing today is trading at $203.41, it is trading lower with $13.33  mainly because Aircraft parts maker Spirit AeroSystems Holdings announced on Wednesday a 21-day layoff for staff doing production and support work for the Boeing 737 program. Spirit, which makes the 737 fuselages, said the temporary layoffs and furloughs of roughly 900 workers at its Wichita, Kansas, facility would be effective June 15. The company cited impacts of the COVID-19 pandemic and uncertainty surrounding the 737 MAX's return to service following fatal crashes as reasons for the cuts. Spirit's announcement comes two weeks after Boeing said it resumed production of the 737 MAX, with a goal of handing jets over to airlines in the third quarter so this is not good for Boeing stock. The 737 MAX has been grounded since March 2019 after two fatal crashes killed 346 people.