Sun, June 04, 2023

737 Strikes Boeing Down – Again | Wibest Broker

737: Boeing 737 Max test vehicle.

The Boeing 737 MAX scandals yanked the airline down with them when the airline faced multiple charges. Reports questioned the plane’s return to service after several software malfunctions, which halted hundreds of lives.

Boeing’s shares dropped 2% to $337.20. The drop added to their 18% decline since the plane’s second deadly crash in Ethiopia.

Brokerages claim there is an increasing possibility that Boeing may have to halt the plane’s production altogether.

The airline’s shares fell nearly 7% on Friday when the US demanded an immediate explanation for its return.

The drama began a year ago when the Lion Air Flight 610 crashed into the Java Sea shortly after take-off. All 188 passengers and seven crew members died.

In response, Boeing outlined the correct operating procedures for how to deal with an Augmentation System. Pilot unions complained about how the system could affect the plane in question under certain circumstances.

Another Boeing 737 MAX similarly crashed shortly after take-off last March. China told all Chinese carriers to ground their corresponding planes because it was now a safety hazard.

Other US Futures Rise at US-China Progress

Boeing scandals aside, US futures hopped up. Investors looked forward to the US and China’s progress from the trade war.

Credit Suisse downgraded its stock to a neutral status and cut its target price by $93 to $323, 6% below Boeing’s Friday closing price of $344

Microsoft Corp climbed 0.8% in premarket trading when SAP said it signed a three-year partnership with them. The big technology company set to report its third-quarter earnings later this week.

S&P 500 index ended its second weekly gain, while Nasdaq rose for three weeks in a row.

Dow e-minis went up 29 points, or 0.11% while S&P 500 e-minis stepped up 6.25 points or 0.21%. Nasdaq 100 e-minis rose 21 points, or 0.27%.

Unfortunately, S&P 500 futures dropped 3.1% compared to last year, marking the first contraction since 2016.

Halliburton Co dipped 0.4% after reporting a 32% drop in their third-quarter earnings.

US opioid epidemic trials pushed Cardinal Health Inc and McKesson Corp down 4.1% last Friday.

Analysts predicted Boeing Co. to extend a slide from last week’s session as two brokerages downgraded their stocks.


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