Why Shares of Boeing Are Climbing Today
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. CEO David Calhoun said in a statement that the pandemic "is affecting every aspect of our business, including airline customer demand, production continuity and supply chain stability."
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While the market waits for the critical OPEC+ production cut deal to kick in, early data on OPEC’s April production suggests that it hit 13-month highs in April--30.25 million bpd. This is the second production cut the company announced in the last couple of weeks.
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Boeing Goes From Bad to Worse as Coronavirus Crushes Air Travel
Between compensation payments related to the 737 MAX grounding, delayed aircraft deliveries resulting from customers' distress, and Boeing's need to support its supply chain, cash burn will likely continue to exceed reported losses for most if not all of 2020. While Boeing is doing its best to cut costs, dramatically lower production rates will put pressure on profit margins
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Luckin Coffee: Scandal-hit chain raided by regulators in China
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