Stock Market Today, Oct. 27: Boeing Plummets 11% on Lower Production Rates and Missed Delivery Targets
Boeing (NYSE:BA) , a giant in aerospace and defense, closed at $168.18, today, Tuesday, down 10.69%. Investors sold the stock after Boeing said it would miss delivery targets because production rates are not improving as quickly as initially hoped. Trading volume reached 46.8 million shares, coming in about 588% above its three-month average of 6.8 million shares. S&P 500 (SNPINDEX:^GSPC) rose 0.60% to 7,723, while the Nasdaq Composite (NASDAQINDEX:^IXIC) gained 1.18% to 26,478. Among aerospace & defense sector rivals, AAR (NYSE:AIR) closed at $100.08, up 2.81%, and Lockheed Martin (NYSE:LMT) finished at $622.99, down 1.92%, highlighting the split reaction across the group. Boeing stock crashed today following disappointing Q3 earnings as investors lost faith in its ability to deliver its turnaround plan. Its quarterly revenue of $24.2 billion missed analysts' estimates of $23.8 billion, and its adjusted loss per share of $0.34 was well below the $0.25 forecast. Continue reading