Shares of Embraer (NYSE: ERJ) were up more than 8% on Monday thanks to another positive development in the race to create a COVID-19 vaccine. The Brazilian plane maker has had a terrible year in 2020, and needs to see the pandemic under control if it is to have any hope of staging a recovery.
Embraer shares have lost nearly 70% of their value in 2020, weighed down by the pandemic and a failed attempt to combine with Boeing . The pandemic has caused travel demand to evaporate and has led to airlines cutting expansion plans. It is also the primary reason Boeing decided to abandon a $4 billion deal in May that would have given it control of Embraer's commercial operations.
Image source: Embraer.
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Why Shares of Embraer Are Flying High Today