RTX - Why Shares of Boeing and Its Suppliers Are Climbing Today
Airline stocks left for dead just a month ago are now soaring higher on the early signs of a post-pandemic recovery, and the elation sweeping through the sector is affecting shares of Boeing (NYSE: BA) as well as companies that make up the aerospace giant's supply chain.
Boeing shares traded up 17% as of 12:30 p.m. EDT on Friday, with shares of Triumph Group (NYSE: TGI) up 15%, Spirit AeroSystems Holdings (NYSE: SPR) up 11%, and shares of General Electric (NYSE: GE), Raytheon Technologies (NYSE: RTX), TransDigm Group (NYSE: TDG), and Heico (NYSE: HEI) all up more than 5% apiece.
It has been a rough year for airlines and the companies that sell to them. The COVID-19 pandemic has brought global travel to a screeching halt and caused carriers that came into 2020 focused on expansion to instead scramble for survival. Flights have been cut, and planes have been grounded, causing demand for new Boeing planes and spare parts to fall as well.