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.
How the markets moved today
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.
What this means for investors
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.
Numbers aside, the big issue for Boeing is that it will miss its targets to deliver the planned 500 737 Max jets this year. It will also take longer than first thought to increase its production rates, which will slow its route to profitability.
Boeing has had a turbulent few years, as accidents and quality-control issues rocked confidence. However, it clocked some big wins recently: The Federal Aviation Administration (FAA) approved its 737-10 Max planes earlier this month, and in September, it won a key fighter jet contract for the U.S. Navy. Unfortunately, today's results undermine some of that positive news and show recovery will continue to be a bumpy ride.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Aar, Boeing, and Lockheed Martin. The Motley Fool has a disclosure policy.
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