SPR - Why Boeing and Its Suppliers Are Falling Today
Shares of Boeing (NYSE: BA) traded down 6% on Tuesday morning after the company reportedly lost a couple of large orders for its 737 MAX plane. Some of Boeing's major suppliers were doing even worse, with shares of Triumph Group (NYSE: TGI) and Spirit AeroSystems (NYSE: SPR) down 8% apiece as of 11:30 a.m. EDT.
Commercial aerospace has been hit hard by the COVID-19 pandemic, with airlines responding to falling demand by grounding planes and slowing new deliveries. But for Boeing and its suppliers, the issues started well before the pandemic. Boeing's 737 MAX has been grounded since March 2019 after a pair of fatal accidents.
Image source: Boeing.